Sigma Lithium (SGML) 34th Annual BMO Global Metals, Mining & Critical Minerals Conference summary

Business Model, Operations, and Sustainability

• Operates mining and industrial businesses producing high-purity lithium oxide concentrate with net zero carbon, zero tailings, zero chemicals, and 100% clean power using dense media separation technology.

• Achieves 70% lithium recovery rates, comparable to more complex methods, while maintaining low costs due to location and technology.

• Maintains high safety and health standards, with over 1.5 years accident-free and a 1.24 TRFIR, ranking second at ICMM for traceability and safety.

• Traceability, ethical sourcing, and organized labor practices support compliance and enable sales to major global supply chains.

• Achieved zero potable water usage, zero carbon-intensive electricity, and 100% water recycling, reinforcing ESG credentials.

Scale, Growth, and Expansion Plans

• Achieved rapid scale-up to top-five global lithium producer, with annualized production of 270,000 tonnes in 2024 and plans to triple capacity to 120,000 tonnes LCE by 2026.

• Holds mineral reserves sufficient for 60+ years at current capacity, with only 25% of the land package drilled and reserves increased by 40%.

• Expansion fully funded by a 16-year BNDES development loan at 2.5% dollar-equivalent rate, covering 99% of Phase 2 capex.

• Construction of new facilities is rapid due to existing infrastructure and low CapEx requirements, with Phase 2 completion in 2025 and Phase 3 in 2026.

• Plans to add lithium sulfate production by 2027, focusing on CapEx efficiency and further ESG improvements.

Financial Performance and Cost Leadership

• Delivered strong financial results: FY24E underlying revenue of $181 million, EBITDA of $46 million, and a 41% cash gross margin.

• Maintains one of the lowest cash cost structures in the industry, with 4Q24 CIF cash cost at $427/t and plant gate cost at $318/t.

• Fully funded growth strategy ensures positive cash flow before interest, projected at $57M–$111M in 2025 and $124M–$228M in 2026, depending on market prices.

• Capex intensity among the lowest globally, supporting incremental supply to meet growing demand.

• Guidance for the coming year is conservative, aiming to exceed expectations.