Slide 1: Fourth Quarter 2024 Earnings Release Presentation
y \4 Fourth Quarter 2024 SIGMA Earnings Release Presentation | LITHIUM March 2025 se | 4 nasdaq: saML _ T9: SGML [B) =" :szemsa ~<.
Slide 2: No Offer or Solicitation Regarding Securities
'No Offer or Solicitation Regarding Securities ‘This presentation has been prepared by Sigma Lithium Corporation ("Sigma") for general information purposes only and doss not constitute an offer to sell or 2 solicitation of an offer to buy any securities of Sigma or ite affiliates in any juriadiction
Slide 3: Cautionary Note Regarding Forward-Looking Statements
(to riaks aeeociated with ite reliance on coneultante and others for mineral exploration and exploitation experties: The current COVID-12 pandemic could have a material adverse effect on Sigma’s business. operations, financial condition and tock prios; If Sigma ia unable to uttmataly generate ‘uffic
Slide 4: Sigma Lithium is an Integrated Industrial and Mineral Operation
Sigma Lithium is an Integrated Industrial and Mineral-Operation: Industrial Proprietary Cleantech to Process Lithium Producing Lithium Oxide Concentrate in an Environmentally Sustainable Process Greentech Lithium Industrial Plant: * 70% Lithium Recovery * 100% Clean Power * 100% Water Recycling 100%
Slide 5: Sequential Improvements to the Greentech Plant Delivered 4Q24 Production Results
Sequential Improvements to the Greentech aes Delivered 4Q24 Outstan Production Results Version 1.0 Version 3.0 Module 3: Tailings Dry Stacking and Water Reusage Circuit Total Reengineering ae ss "Module 3: Dry Stacker
Slide 6: Sigma Lithium Continues to Deliver Operational Excellence
Sigma Lithium Continues to Deliver Operational Excellence Operational Highlights A Achieved a 28% Increase In Quarterly Production Of Quintuple Green Zero Lithium, Surpassing 77,000t Increased Quarterly Sales Volumes by 29% to 73,900t, Significantly Above Guidance Strengthened Commercial Strategy Ac
Slide 7: Delivered Robust Financial Performance
Delivered Robust Financial Performance P EEE Reported Robust Margins in 4Q24 Demonstrating Resilience and Ability to Generate Cash Flows in Current Price Environment * 42% Cash Operating Margin _* 26% Adjusted EBITDA a 1 a ee ee om US$ 46 Million Cash in the Bank , Es : os id ana Improved Working Ca
Slide 8: Operational Excellence Driven by a Culture of Safety and Processes
Operational Excellence Driven by a Culture of Safety and Processes Workplace Safety Commitment Focus Areas = Strengthening Health, Safety & Environment Strategy = Employee Engagement & Safety Leadership = Workshops & Safety Culture Development 600+ Consecutive Days Without a Lost Time Injury (LTI) 2
Slide 9: Operational Performance Highlights
Operational Performance Highlights (in US$) To Annualized Quarterly Production Expansion FY24 Production Volumes 4Q24 Production Volumes Ycoe, 240,828t 77,000t 300,000t Current Production Annualized FY25 § 2025E Quarterly Production FY26E 270,000t 167,500t 520,000t Plant Gate Cash Cost CIF Cash Cost
Slide 10: Production Levels Increase of 28% Achieved in 4Q24 Reinforces FY2025 Guidance
Production Levels Increase of 28% Achieved in 4Q24 Reinforces FY2025 Production Guidance Production mSales mAnnualized Production 216kt 196kt 54kt 53kt 1Q24 2Q24 mPhase1 = Phase 2 308kt 520kt 240kt 250kt + | 6Okt 57kt FY2025 3Q24 4Q24 FY2026 <]
Slide 11: Reported Low Costs on an All-In Basis
Reported Low Costs on an All-In Basis: Demonstrating Operational Strength, and Resilience Throughout Price Cycles Se oe USD/Tonne USD/Tonne USD/Tonne 7 i 17% $592 19% $55 [ $515 $513 | $427 97 $395 oo $364 $318 1924 2Q24 3024 4024 1924 2024 3024 4024 1924 2924 3024 4024 {0 Plant Gate costs incidea m
Slide 12: Reported Cash Cost Better than Target
Reported Cash Cost Better than Target: Achieved “Economies of Scale” from Increased Production Volumes $39 $32 © Plant-Gate cost ~20% Q/Q: higher production volumes in 4Q24 $43 $17 @ Ocean Freight costs have 2 declined by ~$11/t Q/Q: scale $427 improves costs $367 3 COGS = (+) D&A (-) Shipping Cost
Slide 13: Reported All-In Sustaining Cost Demonstrates Ability to Generate Positive Cash Flow
Reported All-In Sustaining Cost Demonstrates Ability to Generate Positive Cash Flow Forecasting 2025-2026 AISC based on 4Q24 achieved cost position Reported 4Q24 Forecast 25E 26E 77,000t/Q = 308,000t/Y I 270,000t/Y 520,000t/Y Financial Expenses SG&A & Others I $660 Maintenance Capex $592 ' $70 : $60
Slide 14: Financial Updates
Financial Updates
Slide 15: Financial Performance Highlights
Financial Performance Highlights: In US$ Revenue 4Q 24 COGS 4Q 24 Cash Gross Margin 4Q 24 $47 mm $32 mm 42% Underlying Revenue FY 24 COGS FY 24 Underlying Cash Gross Margin FY 24 $181 mm $120 mm 41% (Excl. 2023 prov price adj) (COGS Excl. D&A) Adj. EBITDA Q4 24 Adj. EBITDA Margin Q4 24 $12.3 mm 26%
Slide 16: Reported Strong 4Q24 Revenues and Operating Profit
Reported Strong 4Q24 Revenues and Operating Profit Support Underlying « Financial Results Revenue (US$ Millions) Operating Profit (US$ Millions) 4Q24 FY24 4Q24 FY24 ($29) ($29) $32 $181 + | _ ($8) ~ 3 Revenue Underlying 2023 AdjProv Reported Underiying Stock Based Reported Cones ne Goenrseneare iad
Slide 17: Reported 4Q24 EBITDA Validates Underlying FY24 EBITDA
Reported 4Q24 EBITDA Validates Underlying FY24 EBITDA EBITDA 4Q24 EBITDA FY24 US$ Millions US$ Millions ($29) $46 ($8) ($2) | se | . | | Reported Adjusted Stock Compensation Reported EBITDA Underlying 2023 Price Reported Stock Reported EBITDA EBITDA Adjustment Adjusted Compensation EBITDA EBITDA
Slide 18: Reported Robust Margins in 4Q24 Demonstrates Sigma's Resilience
Reported Robust Margins in 4Q24 Demonstrates Sigma’s Resilience: Abilityto Generate Cash Flows in Current Price Environment Reported Gross Margin vs Avg Realized CIF SC6% Prices Reported EBITDA Margin (aqustea tor Non-Cash Stock Comp) 26% mam Reported Gross Margin ——Agv Realized CIF SC6% Price 35% 3
Slide 19: Liquidity and Debt Position
Slide 20: Operating Cash Generation Enables Healthy Liquidity Position
Operating Cash Generation Enables Healthy Liquidity Position: Supported by. Manageable Debt Amortization Profile YE24: Bridge ST Debt to Cash LT Debt Amortization Profile: 2025 - 2031 $103.0 Dec-26 Maturity Equivalent to 4 Months of Sales at current $46 prices iow $3.3 $3.3 $3.3 $2.6 $03 YE24Short-
Slide 21: Deleveraged and Lowered the Cost of ST Debt
Deleveraged and Lowered the Cost of ST.Debt: Improved Working.Capital Efficiency I Needs hn by ST Trade Finance Ss ant Decrease in Interest per Ton in 4Q24 $101 $2,088 Short-Term Interest per Ton Export Prepayment Trade Finance Balance (US$ M) $9 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2023 1Q 20
Slide 22: Further Decrease in Interest per Ton as Production Expands
Further Decrease in Interest per Ton as Production Expands Production Expansion to be Financed with Lower-Cost Subsidized Debt from BNDES Debt and Cost of Financing Forecast (US$) mam Short-Term Debt mmmLong-TermDebt —=Interest/ton $109,601 $114,090 H $113,999 $109,260 2023 2024 ' 2025E 2026E 100kt
Slide 23: Forecasts Consistent with Reported Cost, Demonstrating Resilience
Forecasts Consistent with Reported Cost, Demonstrating Resilience in Cas Flow Generation in the Current Price Environment: Further Increases at Sca Cost Guidance per Tonne (US$/t) 4024 FY2025E FY2026E Production Volumes 77,000t 270,000t 520,000t CIF China Cash Cost ($427) ($500) ($427) Maintenance C
Slide 24: Operational Updates
Operational Updates: =" Quarterly Performance « Plant 2 Construction Update =" 2025 Outlook
Slide 25: We Can Build Fast: Replicating Sigma's Speed of Execution
We Can Build Fast: Building Plant 2 is Replicating Sigma’s Speed of Execution & Successful Track-Record of Plant 1 May 2022 April 2023
Slide 26: Existing Infrastructure Will Expedite the Construction of Plant 2
Existing Infrastructure and Mining Operations of Plant 1 will Expedite the Construction of Plant 2 Plant Part Water ieee Power Substation 4s = fio Moving High Voltage poe Lines Soe a Treatment Plant Support finrasicre Pre-Strip Mine Mine Infrastructure Earthworks and Foundations Water Drainage/Recyc
Slide 27: Appendix
Appendix
Slide 28: Technical Report Summary
Technical Report Summary Last update as per NI 43-101 Technical Report published on March 31, 2025 Key Highlights Large-Scale Resource: Total Measured and Indicated Resources of 93.2 Mt at 1.40% Li2O (3.2 Mt LCE). High-Grade Concentrate: Producing high quality 5.3% Liz0 spodumene concentrate. Produc
Slide 29: Enhanced Long-Term Value Through Extended Project Life and Phased Capacity Expansion
Enhanced Long-Term Value Through Extended Project Life and Phased Capacity Expansion NPV Comparison Between Jan-23 and Mar-25 Technical Reports Previous NI 43-101 Report - Jan23 mmm Updated NI 43-101 Report - Mar25 ——BMI 422 Price Grade Adjusted ——BMI 2024 Grade Adusted 895kt B95kt = we 277kt FY23 F
Slide 30: Model Assumptions in NI 43-101 Underpin Long-Term Performance
Model Assumptions in NI 43-101 Underpin Long-Term Performance, with Low Costs and High Volumes Ensuring Strong Cash Flow Despite Price Cycles C1 Plant Gate Cash Cost per Ton AISC per Ton mmm Realized Price per Ton Volume Produced ' ' ' ' ' ' ' 1 ! $1,679 ' ' ' { $1,237 ' 298kt : ' H $905 $901 ! ' '
Slide 31: EV Growth in China Drives Global Lithium Demand
EV Growth in China Drives Global Lithium Demand: 66% of EV Market Long-Term Demand | 2020 2021 2022 = 2023 = 2024 2025 1,800 1,600 Fd 4,400 3 1200 Between 2024 and seen 1000 2030 the world will § 800 | need 50 new Sigmas, 7 3 600 | in 2024 and 2025 400 i ‘| | \ |! Ee 200 ° Feb Mar Apr May Jun ul Aug
Slide 32: Industry is Responding to Lower Prices by Cutting Volumes
Industry is Responding to Lower Prices by Cutting Volumes Importantly, even China is proving to be price sensitive to volatility Market is testing and holding floors at much higher levels than last cycle USD 1,400 USD 1,300 USD 1,200 USD 1,100 USD 1,000 USD 900 USD 800 USD 700 USD 600 Lithium Concen
Slide 33: Plant Fully Financed by BNDES Loan
Plant 2 Fully Financed by BNDES Loan Highly Attractive Development Loan for Project Financing Financial Committment: BRL 487 mm First loan disbursement pending bank i ee o guarantee. Will reimburse capex spent tsi " 99% Capex since 1024 Hi ig Terms: ogy ee Maturity: 16 Years % Fixed Interest Rate: U
Slide 34: Sigma Lithium Continues its Expansion to Cement Global Leadership
Sigma Lithium Continues its Expansion to Cement Global aeons in Lithium Industry Organic Growth Plans to Reach 120,000t of LCE Capacity by 2026 Nameplate Capacity (tonnes of LCE) 2024: Efficiency 2025: Completion of 2026: Completion of 2027: Completion of Initiatives to Plant 1 Phase 2 Plant Phase 3
Slide 35: Resilience Demonstrated by Pro-Forma Cash Flow Increase
Resilience Demonstrated by Pro-Forma Cash Flow Increase in 2024 vs 2023 (Cash-Flow Recon: ion Y2024 Fy2023) Cash Beginning of the Period 48,584 71,094 Net cash used in operating activities (18,146) (23,385) Adjustment for interest accrued in 2023 11,978 (11,978) Capex (23,756) (61,623) Net borrowing
Slide 36: Appendix: Financial Statements
Appendix Financial Statements =
Slide 37: Consolidated Statements of Cash Flow Summary
Consolidated Statements of Cash Flow Summary Audited Financial Statements for the years ended December 31, 2024 and 2023 ($000) Twelve Months Ended December Twelve Months Ended = Twelve Months Ended December — Twelve Months Ended Decembe Consolidated Statements of Cash Flows 31,2024 December 31, 202
Slide 38: Consolidated Statements of Income (Loss) Summary
Consolidated Statements of Income (Loss) Summary Audited Financial Statements for the years ended December 31, 2024 and 2023 ($000) Three Months Ended December Twelve Months Ended December Three Months Ended December Twelve Months Ended| lated Statements of Income (Loss) 31,2024 31,2024 31,2024 Dece
Slide 39: Consolidated Statements of Financial Position Summary
Consolidated Statements of Financial Position Summary Audited Financial Statements for the years ended December 31, 2024 and 2023 ($000) Consolidated Statements of Financial Position As of December 31, 2024 As of December 31, 2023 As of December 31, 2024 As of December 31, 2023 CAD CAD USD USL Asset
Slide 40: EBITDA Bridge
EBITDA BRIDGE Audited Financial Statements for the years ended December 31, 2024 and 2023 ($000, Three Months Ended Twelve Months Ended Three Months Ended December 31, 2024 December 31, 2024 December 31, 2024 CAD CAD USD Revenues 67,206 208,747 47,336 151,352 Cost of goods sold & distribution (45,30
Slide 41: Sigma Lithium
W\ 4 SIGMA LITHIUM