Here are 1-3 brief analogies for Sigma Lithium (SGML):

• An emerging Albemarle, focused on developing new lithium mines in Brazil.
• The Vale or Rio Tinto of lithium mining in Brazil.

• Lithium Concentrate: A processed form of lithium extracted from their mineral deposits in Brazil, intended for further refining into battery-grade lithium chemicals.

Sigma Lithium (SGML) primarily sells its lithium products to other companies. Its major customers are:

• LG Energy Solution
• Mitsui & Co.

Both of these companies are public. Their symbols are as follows:

• LG Energy Solution: 373220.KS (Korea Exchange)
• Mitsui & Co.: 8031.T (Tokyo Stock Exchange), MITSY (OTC)

• Metso Outotec (MEO)

Ana Cabral-Gardner, Co-Chairperson and Chief Executive Officer

Ana Cabral-Gardner co-chairs Sigma Lithium since its inception in 2012 and serves as its CEO. She is a co-founder of A10 Investimentos, a Brazilian private equity boutique focused on sustainable investments, which later became the controlling shareholder of Sigma Lithium. With over 30 years of experience as a venture capital investor and senior banker, she held positions at global investment banks including Head of Latin American Capital Markets and a Managing Director at Goldman Sachs. Her career includes involvement in over 150 capital markets and M&A transactions totaling more than $120 billion.

Felipe Peres, Chief Financial Officer

Felipe Peres was appointed sole Chief Financial Officer in August 2025, consolidating the entire finance team under his leadership. He joined Sigma Lithium in 2020 and served as CFO from 2020 to January 2023, during which time he led the company to its Nasdaq listing in 2021. Mr. Peres has over 30 years of experience as an executive in large multinational companies within the natural resource sectors, with global responsibilities. Before joining Sigma Lithium, he worked at Vale International, where he was a member of various teams including Global Treasury and Corporate Finance.

Matthew DeYoe, Executive Vice President for Corporate Affairs and Strategic Development

Matthew DeYoe joined Sigma Lithium in October 2023. His career has focused on chemical, lithium, and energy investments, and he previously served as the leading coverage research director for lithium and chemical companies at Bank of America.

Alexandre Matos, VP of Health, Safety, Environment, and Community Relations

Alexandre Matos joined Sigma Lithium in October 2023. He has an 18-year track record overseeing various aspects of environmental operations in the metals and mining industry, including over a decade at Kinross Mineração Brazil.

Anna Hartley, Head of Investor and Global Banking Relations

Anna Hartley returns to Sigma Lithium as Head of Investor and Global Banking Relations. She is a partner at A10 Invest, has previously served on Sigma Lithium's Board, and led the company's Investor Relations until 2022. Ms. Hartley brings over 30 years of experience in equity asset management, equity analysis, and investor relations from prominent financial institutions in London and New York.

The key risks for Sigma Lithium (SGML) are:

1. Regulatory and Operational Challenges with Mine Operations: Sigma Lithium faces significant risks related to regulatory scrutiny and operational halts at its Grota do Cirilo mine in Brazil. Brazil's Labor Ministry ordered the shutdown of three waste piles at the mine, citing "grave and imminent risk" to workers and the local community, which led to a substantial decline in the company's share price. While Brazil's National Mining Agency (ANM) later stated that the waste piles posed no "imminent risk" and saw no need for closure, the conflicting regulatory assessments create considerable operational uncertainty. The mine has been inactive since October, complicating efforts to resume full production and causing significant operational and economic impacts. The structural complexity of Brazil's dual-agency oversight system, with differing risk assessment methodologies, creates uncertainty that can impact the entire critical minerals supply chain.
2. Lithium Price Volatility: The company's financial performance is highly susceptible to the volatile prices of lithium spodumene concentrate. The lithium market has experienced significant price swings, directly impacting Sigma Lithium's revenue and gross margins. For example, the company strategically withheld product from the market in Q2 2025 due to intense price volatility, which sharply impacted revenue for that quarter. This ongoing market fluctuation poses a considerable risk to the company's profitability and revenue stability.
3. Financial Health and Liquidity: Sigma Lithium exhibits signs of financial stress, including liquidity strain with a current ratio below 1 (0.85 as of Q3 2025), a high reliance on debt financing (debt-to-equity ratio of 1.62), and challenges in consistently achieving profitability. Despite revenue increases, the company has reported EBITDA and net losses in recent quarters. The prolonged operational disruptions at its mine and potential delays in restarting production could further pressure the balance sheet and may necessitate a capital raise, which could dilute existing shareholders.

The clear emerging threat for Sigma Lithium, similar to how new technologies or business models disrupted incumbents, is the rapid development and potential widespread adoption of alternative battery chemistries, most notably **sodium-ion batteries**. These batteries do not rely on lithium, and as major battery manufacturers and automotive companies invest heavily in their development and commercialization, their success could significantly reduce the future demand for lithium, directly impacting companies like Sigma Lithium that mine and supply the material.

The addressable market for Sigma Lithium's main product, lithium, is global, with significant growth driven by the electric vehicle (EV) and energy storage sectors.

The global lithium market size was estimated at approximately USD 32.38 billion in 2025 and is projected to reach USD 96.45 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 14.5% from 2026 to 2033. Other projections indicate the global lithium market size was valued at USD 43.26 billion in 2025 and is expected to reach USD 186.54 billion by 2034, growing at a CAGR of 17.63%. Another report estimates the market at USD 16.46 billion in 2025, with a projected increase to USD 78.49 billion by 2034, at a CAGR of 18.90%. The global lithium market is also predicted to increase from USD 12.40 billion in 2026 to approximately USD 34.43 billion by 2035, expanding at a CAGR of 12.04% from 2026 to 2035.

The increasing demand for lithium is largely fueled by vehicle electrification and the rising production of lithium-ion batteries for electric vehicles, consumer electronics, and energy storage systems.

For Sigma Lithium (SGML), several key drivers are expected to fuel future revenue growth over the next two to three years:

1. Increased Production Volume and Capacity Expansion: Sigma Lithium's primary growth driver is the significant expansion of its production capacity. The company's core growth plan involves doubling its nameplate capacity to 520,000 tonnes annually by 2026 through the expansion of its Grota do Cirilo project. Projections indicate the addition of new production lines in 2025 and 2026, targeting a total of 890,000 tonnes of lithium concentrate, with an aim to reach 550,000 tons by 2027. This increased volume is expected to lead to substantial revenue growth.
2. Favorable Lithium Market Prices: As a commodity company, Sigma Lithium's revenue is highly sensitive to global lithium price fluctuations. Analysts and company statements suggest that stabilizing and a predicted long-term uptrend in lithium prices will positively impact the company's top and bottom lines. Continued rapid global electric vehicle (EV) adoption and strong decarbonization policies are anticipated to maintain robust lithium demand, supporting higher sales volumes and potential price recovery, which can drive significant revenue and earnings growth.
3. Cost Reduction and Operational Efficiency: The company's focus on cost reduction and operational efficiency is a crucial indirect driver of revenue growth by enhancing profitability and resilience. Sigma Lithium aims to maintain its position as one of the lowest-cost producers in the industry, enabling it to navigate price cycles more effectively. The company has demonstrated success in reducing its all-in sustaining costs (AISC), with expectations for further decreases to $560 in 2026 and $500 in 2027. These efficiencies contribute to stronger margins and improved financial health.
4. Monetization of High-Purity Middlings: Sigma Lithium is diversifying its revenue streams through the sale of high-purity middlings. The planned sale of 950,000 tonnes of these materials is expected to generate approximately $33 million, providing an additional cash injection. This strategy allows the company to create multiple revenue streams from its mining operations, utilizing processing innovation to recover valuable materials previously considered waste.
5. Strategic Commercial Strategy and Offtake Agreements: An optimized commercial strategy, including strategic partnerships with clients and efficient navigation of lithium price fluctuations, is contributing to revenue growth. The company has demonstrated its ability to manage sales volumes strategically, even withholding product during periods of intense price volatility to preserve pricing power and protect long-term margins. This disciplined approach to market engagement ensures more stable and potentially higher revenues.

Share Issuance

• In December 2021, Sigma Lithium closed a private placement of common shares, raising approximately C$136.7 million (around US$107 million at the time), which included an investment from BlackRock.
• The number of outstanding shares has generally increased over the last few years, from 99 million in 2021 to 111.38 million as of March 2026, indicating share issuances to support company growth.

Inbound Investments

• In December 2021, funds and accounts managed by BlackRock invested approximately C$64.2 million (US$50 million) in Sigma Lithium as part of a private placement.
• Sigma Lithium secured a development bank credit line of US$100 million from the Brazilian National Development Bank (BNDES) to fully fund the construction of its Phase 2 expansion. This loan, equivalent to BRL 487 million, was committed in Q3 2024.

Capital Expenditures

• Total capital expenditure for the Phase 1 project, which began production in April 2023, was approximately $123 million.
• The Phase 2 expansion, intended to nearly double lithium production capacity to 520,000 tonnes per year, has an expected capital expenditure of $100 million. The budget for Phase 2 construction capex was approximately $107.5 million as of November 2025.
• Capital expenditure during 2024 totaled US$23.8 million, including approximately US$8.0 million for maintenance expenses.