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• The Intel of green lithium.
• The green Barrick Gold of lithium.

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• Battery-grade Lithium Concentrate (Spodumene): A high-purity lithium ore concentrate used as a key raw material for producing lithium chemicals essential for electric vehicle batteries.

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Sigma Lithium (SGML) sells primarily to other companies (business-to-business or B2B) rather than directly to individuals. Its product, lithium concentrate, is an industrial raw material used primarily in the manufacturing of batteries for electric vehicles and other applications.

The major customer companies for Sigma Lithium include:

• Glencore plc (LSE: GLEN): A global diversified natural resource company and one of the world's largest producers and marketers of commodities. Glencore has been involved in purchasing initial commercial shipments of Sigma Lithium's concentrate.
• LG Energy Solution, Ltd. (KRX: 373220): A leading global manufacturer of lithium-ion batteries for electric vehicles and energy storage systems. Sigma Lithium has a binding off-take agreement with LG Energy Solution for a portion of its future production.

While Sigma Lithium also sells a portion of its production on the spot market to various other industrial buyers, Glencore and LG Energy Solution represent its most significant named customers and strategic partners.

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• Metso (MEO1V.HE)

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Ana Cabral-Gardner co-chaired Sigma Lithium since its inception in 2012. She is a co-founder and Managing Partner at A10 Investimentos, a private equity boutique focused on sustainable investments, which became the controlling shareholder of Sigma Lithium. She has over 30 years of experience as a senior banker at global investment banks, including Goldman Sachs, Barclays, and Merrill Lynch, where she was former Head of Latin American Capital Markets and a Managing Director at Goldman Sachs. She has been involved in over 150 capital markets and M&A transactions, totaling more than $120 billion, including the privatization of Vale in 1996 and the Brazilian government partial divestiture of Petrobras in 2000.

Felipe Peres was appointed sole Chief Financial Officer in August 2025, having previously served as CFO from 2020 to January 2023. He joined Sigma Lithium in 2020 and led its Nasdaq listing in 2021. He has over 30 years of experience as an executive in large multinational companies within the natural resource sectors, with global responsibilities. Prior to Sigma Lithium, he worked at Vale International, where he was involved in Global Treasury, Corporate Finance Reporting, and IFRS Consolidation. He also held positions at Shell and CSN.

Anna Hartley is a partner at A10 Invest, the private equity firm that is the largest shareholder of Sigma Lithium. She previously served on the Board of Sigma Lithium and led the company's Investor Relations until 2022. She has over 30 years of experience in equity asset management, equity analysis, and investor relations at prominent financial institutions in London and New York.

Daniel Abdo has over two decades of experience in investment banking and consulting. He previously served as a Senior Advisor in the Turnaround & Transformation and Corporate Finance & Strategy practice areas at Boston Consulting Group, and was formerly a Head of Investments.

Alexandre Matos brings over 18 years of experience in the mining and engineering sectors, having held leadership roles at multinational companies across Brazil and internationally. He holds a degree in Environmental Engineering, an MBA in Business Administration, and a Master's degree in Territorial Planning and Environmental Management.

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1. Lithium Price Volatility: Sigma Lithium's profitability is highly sensitive to the fluctuating market prices of spodumene concentrate. Significant drops in lithium prices could lead to the company burning cash, making it challenging to fund capital expenditures and expansion plans. The company's stock performance over the last year has also reflected this extreme volatility in the lithium market.
2. Financial Health and Liquidity Strain: Sigma Lithium faces substantial financial risks, including a high debt-to-equity ratio and a current ratio below 1.0, indicating that short-term assets may not fully cover short-term liabilities. The company has reported EBITDA and net losses, and there have been concerns regarding delays in securing new financing and prepayment deals, which can exacerbate liquidity challenges.
3. Operational Execution and Production Delays: The company faces uncertainties related to production, including increased risks following a decision to switch mining contractors. There are also potential delays in the execution of key expansion projects, such as Plant 2, which are critical for future revenue growth and the company's long-term solvency story.

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1. The accelerating commercialization and widespread adoption of Sodium-ion (Na-ion) battery technology by major battery manufacturers. Na-ion batteries offer a viable, lower-cost alternative to lithium-ion batteries for specific applications, such as grid storage and certain segments of the electric vehicle market, potentially reducing future demand growth for lithium and impacting pricing for lithium producers.

2. Significant advancements and commercial scalability in Direct Lithium Extraction (DLE) technologies. DLE methods promise more efficient, potentially lower-cost, and environmentally friendlier extraction of lithium from unconventional sources like brines and geothermal fluids compared to traditional hard-rock mining methods like those employed by Sigma Lithium. Widespread adoption of DLE could significantly increase global lithium supply at reduced production costs, altering market dynamics and potentially eroding the competitive advantage of current hard-rock operations.

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Sigma Lithium's main product is high-purity battery-grade lithium concentrate, often referred to as "Green Lithium," which is a crucial component for lithium-ion batteries used predominantly in electric vehicles and energy storage systems.

The addressable markets for Sigma Lithium's products are substantial and global in scope:

• Global Lithium Market: The global lithium market was valued at approximately USD 37.43 billion in 2024 and is projected to reach USD 164.77 billion by 2033, growing at a compound annual growth rate (CAGR) of 17.9% from 2025 to 2033. Another estimate places the global lithium market size at USD 28.08 billion in 2024, with a projection to reach USD 74.81 billion by 2030, at a CAGR of 18.2% from 2025 to 2030. The market is also estimated to grow from USD 22.48 billion in 2025 to USD 155.7 billion by 2035.

• Global Lithium-ion Battery Market: The global lithium-ion battery market was valued at an estimated USD 83.6 billion in 2024 and is expected to grow to USD 448.8 billion by 2034, at a CAGR of 18.3%. Other projections indicate the market size was USD 194.66 billion in 2025 and is projected to reach USD 426.37 billion by 2033, with a CAGR of 10.3%. Furthermore, the market was valued at USD 53.96 billion in 2024 and is estimated to reach USD 140.51 billion by 2033, exhibiting a CAGR of 11.14% from 2025 to 2033.

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1. Increased Production Volume and Capacity Expansion: Sigma Lithium is strategically expanding its production capabilities. The company anticipates adding two new production lines between 2025 and 2026, targeting a total of 890,000 tonnes of lithium concentrate. After producing 240,000 tonnes in 2024, an additional 250,000 tonnes are expected to be commissioned in 2025, followed by another 400,000 tonnes in 2026 with Phase 3 of the project. This expansion aims to double the company's capacity by 2026. The construction of Plant 2 is also underway, projected to double the nameplate capacity to 520,000 tonnes per year.
2. Stabilizing and Recovering Lithium Prices: Experts predict a long-term uptrend in lithium prices, which are currently stabilizing. Sigma Lithium's management has demonstrated the ability to secure higher prices, contributing to stable revenues. Analysts forecast lithium price recoveries, potentially reaching approximately $1,600 per tonne by the end of 2024 and $2,000 by mid-2025. The company also employs a disciplined commercial strategy, at times withholding product during periods of high price volatility to preserve pricing power and long-term margins.
3. Continued Cost Reductions and Operational Efficiency: Sigma Lithium has consistently maintained some of the lowest cash unit operating costs in the global lithium industry. Significant cost savings led to a 22% reduction in CIF cash costs between Q4 2023 and Q3 2024. Planned operational upgrades are expected to further reduce plant gate costs by 20%. The company's operating cash costs, such as the CIF China cash operating costs, remained below target in Q2 2025 at an average of $442 per tonne.
4. High Demand for "Triple Zero Green Lithium": Sigma Lithium's production of eco-friendly "Triple Zero Green Lithium" positions it uniquely in the market, making it highly attractive to electric vehicle manufacturers. The company has noted "spectacular demand" for its Triple Zero Green By-product due to its purity, with demand currently exceeding supply.
5. Expansion of Mineral Resources: Sigma Lithium has announced a potential increase in its mineral resource estimate to over 110 million tonnes, positioning it among the largest globally. The company anticipates its total mineral resource, encompassing Phases 1 through 5, to reach 130 million tonnes, ensuring a robust and long-term supply for future production increases.

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Inbound Investments

• Sigma Lithium received a binding commitment for a development loan of approximately $92 million (487 million Brazilian real) from the Brazilian development bank BNDES in August/September 2024.
• This 16-year loan is intended to fully finance the construction of the company’s second carbon-neutral Greentech lithium plant in Brazil.
• The BNDES loan covers nearly 99% of the capital expenditure budget for the new plant and has an annual interest rate of 7.45%, secured by a letter of credit from a BNDES-accredited financial institution.

Capital Expenditures

• Capital expenditures for the Grota do Cirilo project were $1.06 million in 2020, $14 million in 2021, $84 million in 2022, and $52 million in 2023.
• A Final Investment Decision (FID) was made on April 1, 2024, to construct a second production line (Phase 2 Industrial Greentech Plant) with an initial targeted capital expenditure of $100 million (FEL3). Recent reports, as of January 2025, indicate the capital expenditure for the second line is expected to be $136 million (FEL3).
• The Phase 2 expansion aims to add 250,000 tonnes per annum of 5.5% Green Lithium production capacity, increasing the total annual capacity at Grota do Cirilo to 520,000 tonnes. Commissioning of Phase 2's crushing circuit is targeted for late Q2 2025, with commercial production commencing in Q3 2025.