Sigma Lithium (SGML) Investor update summary

Operating performance and outlook

• 3Q26 production was 7,293t; volumes also included 6,000t of intermediates and 15,000t of low-grade material on a high-grade-equivalent basis. Stoppages disrupted production, which resumed early in 4Q26.

• Plant 1 output guidance is 240,000t over the next 12 months and 330,000t in FY27; return to industrial production cadence is targeted for 2027.

• Mining ramp-up reached 35kt in 2Q26, 6% above guidance; 60t trucks haul 50% more than the previous fleet, with 75t and 100t trucks planned to increase hauling capacity.

• Reprocessing recovers intermediate products, supports circularity and frees high-grade circuit capacity; historical plant output was 68,000t per quarter before mining primarization.

• Through Oct. 30, 9,000t of high-grade concentrate had been produced, with 21,000t of 3Q inventory available for 4Q sale.

Financial performance and balance sheet

• 3Q26 gross revenue was US$23M and gross margin 32%; plant-gate cash cost was US$424/t and CIF China cash cost US$518/t.

• FY26 AISC guidance was reduced 6% to US$668/t from US$710/t; FY27 AISC guidance remains US$620/t.

• Total debt was US$125M at Sep. 30, 2026, including US$97M under the Synergy Capital agreement; more than US$90M had been repaid since 2Q24, reducing total debt ~40% over two years.

• Convertible-bond refinancing extended over 90% of debt maturities; the Synergy maturity moved from Dec. 2026 to Jun. 2027. Short-term debt was reduced from US$125M to US$28M, with US$13M remaining to roll over.

• Cash and equivalents were US$10M at quarter-end; potential short-term liquidity was up to US$62M from receivables, low-grade inventory and remaining offtake installments. At 330,000t FY27 output, modeled cash flow ranges from US$110M to US$440M at US$1,000–US$2,000/t realized prices.

Safety and environmental performance

• As of Oct. 25, operations had recorded 1,175+ consecutive days without a lost-time injury and a YTD total recordable injury frequency rate of 0.00.

• Environmental commitments include zero tailings dams, zero hazardous chemicals, 100% water recycling, zero potable-water use and 100% renewable electricity with no coal power.

• Rock and overburden piles were shown regenerating within up to 6 months and at 18 months; community initiatives included road improvements and paving stones made from pressed tailings.