Sigma Lithium Corporation · NASDAQ:SGML
Sigma Lithium — Q3 2026 Earnings Presentation
44 slides from Sigma Lithium's earnings presentation, November 2026
Slide 1: 3Q 26 Earnings Preview
3Q 26 Earnings Preview November 2026 : SGML : SGML : S2GM34
Slide 2: Disclaimer
Disclaimer No Offer or Solicitation Regarding Securities This presentation has been prepared by Sigma Lithium Corporation (“Sigma”) for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Sigma or its affiliates in any jur
Slide 3: Disclaimer
Disclaimer (…) to risks associated with its reliance on consultants and others for mineral exploration and exploitation expertise; The current COVID-19 pandemic could have a material adverse effect on Sigma’s business, operations, financial condition and stock price; If Sigma is unable to ultimately
Slide 4: Disciplined Financial and ESG Execution Steered the Company During 3Q
Disciplined Financial and ESG Execution Steered the Company During 3Q Resumed Operations Successfully Landmark Victories for ESG Credentials Financial Discipline: High Gross Margins, Low Cost, Commercial Strength Extended Debt Maturity Until June 2027 page 4
Slide 5: Industrial Technological Upgrade Enabled Larger Production Volumes
Industrial Technological Upgrade Enabled Larger Production Volumes: Triggered Upgrade of Mining Operations, Primarizing Production Volumes by Quarter ▪ Precise Execution ▪ 2Q 26 Mining Ramp Up Reached 2024 2025 1H 2026 1 35kt, Surpassed Guidance (+6%) Industrial Demobilization Production Cadence Con
Slide 6: Execution of Mining Primarization: Achieved Targets in 2Q 26
Execution of Mining Primarization: Achieved Targets in 2Q 26 Continues to Ramp Up During 4Q 26 ▪ During 3Q 26 Local Production Volumes by Quarter Authorities Stopped Operations 2025 2026 2027 ▪ Early 4Q 26 Sigma was Awarded by State and Industrial 1 Federal Courts Protection Production Resumes Indus
Slide 7: Cleantech Plant Upgrade: Producing More With Just One Plant
Cleantech Plant Upgrade: Producing More With Just One Plant 330,000t in 2027 • 2H 2026: Continues to Execute Mining Primarization • 2027: Returns to Industrial Production Cadence Average Daily Industrial Lithium Production 920t 950t 800t 720t 660t 579t 528t 431t 92t 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q2
Slide 8: Reprocessing Circuit: 100% Circularity
Reprocessing Circuit: 100% Circularity, Lithium Oxide Fines and Intermediate Lithium Oxide Delivers Strong Cash Flow to Self Fund page 8
Slide 9: Competitive Advantage of Low Costs in Lithium Concentrate
Competitive Advantage of Low Costs in Lithium Concentrate: Result from Financial Discipline and Calibrated Execution (1) (2) Plant Gate Cost CIF Cash Cost (FCA Sales) USD/Tonne USD/Tonne $670 +15% $623 +6% $551 $543 $515 $513 $518 $458 $442 $452 $427 $424 $401 $424 $397 $395 $364 $349 $348 $318 1Q24
Slide 10: Remained Cost Leader in Lithium Concentrate
Remained Cost Leader in Lithium Concentrate: Creates Resilience From Price Pressures of New Regions and Refining Innovation (1) Hard-Rock Lithium CIF China Cost-Curve Total Cash Cost (AISC) 1,400 CIF China US$/t Cost of Lithium Concentrate 2025 Updated Guidance Lithium Concentrate Price CIF China (S
Slide 11: 1,175+ Days With ZERO Accidents and Fatalities
Sigma Lithium Uniquely Combines Low Cost with a Top Global Safety Record: 1,175+ Days With ZERO Accidents and Fatalities Rigorous Safety Protocols ▪ Employee engagement & strict processes ▪ Direct connection to factory floor ▪ Enhanced performance (1) 1,175+ Consecutive Days Without Lost Time Injury
Slide 12: Production and Capacity: 2026/2027 Operational Outlook
Production and Capacity 2026/2027 Operational Outlook
Slide 13: Strong Cash Flow Resilient to Lithium Prices
Strong Cash Flow Resilient to Lithium Prices with Production Back on Track: 330,000t Forecasted for 2027 with Current Capacity (1) Cash Flow Forecast (Plant 1) Production Forecast (Plant 1) (US$ Millions) (2) 12 Months Forward FY 2027 240,000t/Year Next 12M 330,000t/Year 2027 $440 +38% $320 330,000
Slide 14: Commercial Partnership With SANY China
Commercial Partnership With SANY China: Upgrade of Mining Fleet and Capacity Increase Primarized and Upgraded Mining in Record Timetable page 14
Slide 15: Continues Planned Execution of Fleet Upgrade During 3Q 26
Continues Planned Execution of Fleet Upgrade During 3Q 26 Delivered on 1H 26 targets for 40% increase in mining scale Fleet Upgrade Excavators (75t => 105t) 40% Trucks (60t => 75t) 25% Primarized and Upgraded Mining in Record Timetable Second Stage of Deployment of Large Equipment (75t Trucks/105t E
Slide 16: Cashflow Generation Outlook
Cashflow Generation Outlook Low-cost position makes Sigma Lithium resilient to lithium prices Estimated 12 Estimated Production Volumes and Costs per Tonne Estimated Estimated Month Period FY 2027 (US$/t) Plants 1 & 2 Plants 1, 2 & 3 (Plant 1) (Plant 1) Production Volumes 240,000t 330,000t 580,000t
Slide 17: Lithium is AI-Enabled and Geoeconomics-Enabled
Lithium is “AI-Enabled” and “Geoeconomics-Enabled”: Battery Demand Growth With AI and Rising Energy Prices SGML Share Price x Lithium Oxide Price AI is Unlocking a New Wave of Lithium Demand Spodumene 6% Li2O (US$/tonne) ▪ U.S. energy storage growth, projected at a 29% (1) SGML Close (USD/Share) CAG
Slide 18: 3Q Financial Highlights
3Q 26 Financial Highlights
Slide 19: Financial Discipline in 3Q Maintained Low-Cost Leadership
Financial Discipline in 3Q Maintained Low-Cost Leadership in 3Q (US$ millions) Pro Forma Short Term Production Low-Cost Leadership Gross Revenues (1) Debt Refinancing 3Q 26 3Q 26 3Q 26 QoQ QoQ YoY 7,293t (23%) Volume US$424/t US$23M US$125M 6,000t Plant Gate 3Q 26 Pre-Deal Short Term Debt Intermedia
Slide 20: Extension of Maturity Brings Short Term Debt Decrease in 4Q 26
Extension of Maturity Brings Short Term Debt Decrease in 4Q 26 Demonstrated Disciplined Execution: 83% Decrease Since 3Q 25 (3) Net Total Debt = Short-Term Bank Trade Finance Debt + Shareholder & Development Bank Debt US$ Millions Debt repaid under the transaction (Synergy export prepayment) (3) -85
Slide 21: Strong Cash Flow Generating Capacity and Low Debt Levels
Sigma Lithium: Strong Cash Flow Generating Capacity and Low Debt Levels Unlocks Funding Options 2Q26 Next 12 Months Debt repaid under the transaction US$ Millions (Synergy export prepayment) 1.6x 1.2x 0.6x 0.4x Net Debt / EBITDA (Cash Flow) $320M $200M $120M $125M $103M $80M $97M $28M Net Debt Annua
Slide 22: Maintained Healthy Gross Margins in 3Q 26
Maintained Healthy Gross Margins in 3Q 26: Discipline and Cost Controls Gross Margin as % 3Q 2025 vs 3Q 2026 (YoY) 2Q 2026 vs 3Q 2026 (QoQ) 60% 32% 32% (5%) 3Q25 3Q26 2Q26 3Q26 page 22
Slide 23: Healthy Liquidity Pipeline Supported by Contracted Sales
Healthy Liquidity Pipeline Supported by Contracted Sales and Upcoming Offtake Prepayments Cash Flow Bridge 3Q 26 Receivables from 1 Lithium Materials (1) Sold 3 $32 Net Outflows: $ 4 million Includes Prepaid 1 $2 2 Installments of 3 $20 High-Grade Sales(2) 2 $19 ($25) $10 ($1) $0 1 $2 $17 Other Sour
Slide 24: Impeccable ESG Credentials Prevailed in Court of Law
Impeccable ESG Credentials Prevailed in Court of Law
Slide 25: Adheres to Highest Global Mining Standards: Quintuple Zero Lithium
Sigma Lithium: Adheres to Highest Global Mining Standards Quintuple Zero Lithium, Fully Traceable Quintuple Zero Lithium Rock Piles – Active Germination with Grass Zero Tailings Zero Hazardous Zero Dams Chemicals Accidents 100% Water Recycling 100% Renewable Zero Use of Potable Electricity Water Zer
Slide 26: Sigma-Fuelled Jobs: Shared Prosperity Business Model
“Sigma-Fuelled Jobs”: Shared Prosperity Business Model Prevailed Over 19,000 Jobs 80,000 Family Members High Purity Lithium, Responsibly Sourced
Slide 27: Landmark Victories of Impeccable Environmental and Social Credentials
Landmark Victories of Impeccable Environmental and Social Credentials
Slide 28: Institutional Stability: Brazil's Rule of Law Has Upheld Sigma's Licenses
Institutional Stability: Brazil’s Rule of Law Has Upheld Sigma’s Licenses and Operations Brazil Institutional Strengths vs. Other Low-Cost Jurisdictions Limited Financial Exposure: Rule of Law and Democracy: ▪ Legal Decisions Resulted in Negligible Costs for ▪ Rule of Law/Due Legal Process the Compa
Slide 29: Brazil is a Mining Jurisdiction With Rule of Law and Democracy
Brazil is a Mining Jurisdiction With Rule of Law and Democracy Minas Gerais state is Brazil’s 2nd largest economy and host to 300+ operating mines 1 Brazil Mining Sector Overview Minas Gerais is a Pro Mining State Revenue Minerals Produced ~US$45 billion >90 per annum² commodities Taxes & Tributes C
Slide 30: WA Australia is Top – But Brazil is Well Positioned vs Others
Nevada Ontario Saskatchewan Brazil South Australia* Arizona Western Australia Botswana Norway* Sweden *Between 5 and 9 survey responses. Saudi Arabia Finland Alaska Queensland Selected peers Newfoundland & Labrador Morocco* New Mexico* Tasmania* San Juan Source: Fraser Institute Annual Survey of Min
Slide 31: TAC With Minas Gerais State
TAC With Minas Gerais State
Slide 32: Final Result
Final Result page 32
Slide 33: Regeneration of Rock / Overburden Piles: Polymers Early-Stage Growth
Regeneration of Rock / Overburden Piles: Polymers Early-Stage Growth page 33
Slide 34: Fully Regenerated Mining Area – Up to 6 Months
Regeneration of Rock / Overburden Piles: Fully Regenerated Mining Area – Up to 6 Months page 34
Slide 35: Fully Regenerated Mining Area - 18 Months
Regeneration of Rock / Overburden Piles: Fully Regenerated Mining Area - 18 Months page 35
Slide 36: Access Roads for Houses: Infrastructure improvements
Access Roads for 2 Houses: Infrastructure improvements Tailings pressed into Patrolling roads in the Graveling roads in the paving Wetting andstones for of application communities communities community polymers onimprovements community access roads High Purity Lithium, Responsibly Sourced page 36
Slide 37: Preserved Water For The Community – Created Two Pits
Preserved Water For The Community – Created Two Pits Divided by Ribeirão Piauí Stream page 37
Slide 38: Aerial View: Ribeirão Piauí Stream Fully Preserved
Aerial View: Ribeirão Piauí Stream Fully Preserved page 38
Slide 39: Conclusion and Priorities
Conclusion and Priorities
Slide 40: Sigma Operates Normally, With a Too Big to Stop Federal Court Ruling
Sigma Operates Normally, With a “Too Big to Stop” Federal Court Ruling Awarded Rule of Law and TAC – “No Fault” Federal Superior Court Ruled Favorably Awarding Institutional • Favorable ruling to Sigma Classification “Too Big To Stop” Sigma • Resulting from significant economic impact in the state o
Slide 41: Priority: Execute and Achieve the Re-Rating
Priority: Execute and Achieve the Re- Rating
Slide 42: Sigma Lithium to Deliver Substantial Returns to Shareholders in 2026-2027
Sigma Lithium to Deliver Substantial Returns to Shareholders in 2026-2027 1. Significant Growth Profile of Production ✓ Significant Incremental Industrial Capacity: Building Two Plants During 27/28 2. Proven Execution Capabilities and Experienced Team ✓ Primarized Mining Operations 3. Operational Re
Slide 43: Low-Cost and Cash Generation = Repositioned for a Re-Rating
Sigma: Low-Cost and Cash Generation = Repositioned for a Re-Rating Bonds are convertible into ASX (CDI Shares) Producers Non-Producers $20.0 150 kt LCE 137 kt LCE (1) $1 8.0 Market Cap (US$ B) 130 kt LCE $1 6.0 83 kt LCE FY27 Production Capacity (kt LCE) 11 0 kt LCE $1 4.0 90 kt LCE $1 2.0 70 kt LCE
Slide 44: Sigma Lithium
W\4 SIGMA LITHIUM