Sigma Lithium Corporation · NASDAQ:SGML
Sigma Lithium — Non-Deal Roadshow (April 2025)
42 slides from Sigma Lithium's roadshow presentation, Apr 7, 2025
Slide 1: US Non-Deal Roadshow with BMO
US Non-Deal Roadshow with BMO April 7, 2025 – Boston Apil 8, 2025 – New York : 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: 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: 100% Owned Tier 1 Mines: • 70% Lithium Recovery • 107Mt @ 1.4% Li2O •
Slide 5: Sequential Improvements to the Greentech Plant Delivered 4Q24 Outstanding Production Results
Sequential Improvements to the Greentech Plant Delivered 4Q24 Outstanding Production Results Version 2.0 Version 3.0 x2 Version 1.0 Module 2: Improvements in Present Day Module 3: Tailings Dry Stacking and Water DMS Lithium Recovery Circuit Plant Reusage Circuit Total Reengineering Module 1: Increas
Slide 6: Sigma Lithium Continues to Deliver Operational Excellence
Sigma Lithium Continues to Deliver Operational Excellence Operational Highlights 1 Achieved a 28% Increase In Quarterly Production Of Quintuple Green Zero Lithium, Surpassing 77,000t 2 Increased Quarterly Sales Volumes by 29% to 73,900t, Significantly Above Guidance 3 Strengthened Commercial Strateg
Slide 7: Delivered Robust Financial Performance
Delivered Robust Financial Performance Financial Highlights Demonstrated Significant Quarterly Cost Decreases in 4Q24: 1 ▪ 19% Plant Gate Cash Cost to US$ 318/t ▪ 17% CIF China Cash Cost to US$ 427/t ▪ 22% AISC to US$ 592/t Reported Robust Margins in 4Q24 Demonstrating Resilience and Ability to Gene
Slide 8: 600+ Consecutive Days Without a Lost Time Injury
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$) Production Annualized Quarterly Production Expansion FY24 Production Volumes 4Q24 Production Volumes FY25E 240,828t 77,000t 300,000t Current Production Annualized FY25 2025E Quarterly Production FY26E 270,000t 67,500t 520,000t Costs Plant Gate Cash Cost CI
Slide 10: Production Levels Increase of 28% Achieved in 4Q24 Reinforces FY2025 Production Guidance
Production Levels Increase of 28% Achieved in 4Q24 Reinforces FY2025 Production Guidance Production Sales Annualized Production Phase 1 Phase 2 308kt 520kt 240kt 216kt 196kt 250kt 300kt +28% 30kt 77kt 74kt 54kt 60kt 57kt 270kt 270kt 53kt 49kt 53kt 1Q24 2Q24 3Q24 4Q24 FY2025 FY2026
Slide 11: Achieved Operational Cadence of Production Volumes @270,000t/y
Achieved Operational Cadence of Production Volumes @270,000t/y Tonnes Produced by Quarter 2025E: ~270,000t 77,000 68,300 67,500 67,500 67,500 59,900 60,200 54,200 49,400 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25E 3Q25E 4Q25E
Slide 12: Reported Low Costs on an All-In Basis
Reported Low Costs on an All-In Basis: Demonstrating Operational Strength and Resilience Throughout Price Cycles (1) (2) (3) Plant Gate Cost CIF Cash Cost with Royalties All-In Sustaining Costs USD/Tonne USD/Tonne USD/Tonne -22% $775 $779 $761 -17% $592 -19% $551 $515 $513 $427 $397 $395 $364 $318 1
Slide 13: Reported Cash Cost Better than Target
Reported Cash Cost Better than Target: Achieved “Economies of Scale” from Increased Production Volumes 4Q24 Unit Operating Cash Cost Bridge Description 2 3 $39 $32 Plant-Gate cost ~20% Q/Q: higher 1 production volumes in 4Q24 $43 $17 1 $49 Ocean Freight costs have 2 declined by ~$11/t Q/Q: scale $42
Slide 14: 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 and 26E 77,000t/Q = 308,000t/Y 270,000t/Y 520,000t/Y Financial Expenses SG&A & Others $660 Maintenance Capex $592 $70 $70 $55
Slide 15: Financial Updates
Financial Updates
Slide 16: Financial Performance Highlights
Financial Performance Highlights: In US$ 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 $12.3 mm 26%
Slide 17: Reported Strong 4Q24 Revenues and Operating Profit Support Underlying Financial Results
Reported Strong 4Q24 Revenues and Operating Profit Support Underlying Financial Results Revenue (US$ Millions) Operating Profit (US$ Millions) 4Q24 FY24 4Q24 FY24 4x 4x ($29) ($29) $32 $181 ( $3 ) $151 $8 $5 ($8) $47 ($5) Underlying 2023 Adj Prov Stock Based Reported Revenue Underlying 2023 Adj Prov
Slide 18: Reported 4Q24 EBITDA Validates Underlying FY24 EBITDA
Reported 4Q24 EBITDA Validates Underlying FY24 EBITDA EBITDA 4Q24 EBITDA FY24 US$ Millions US$ Millions 4x ($29) $46 ($8) ($2) $17 $12 $10 $9 Reported Adjusted Stock Compensation Reported EBITDA Underlying 2023 Price Reported Stock Reported EBITDA EBITDA Adjustment Adjusted Compensation EBITDA EBITD
Slide 19: Reported Robust Margins in 4Q24 Demonstrates Sigma's Resilience
Reported Robust Margins in 4Q24 Demonstrates Sigma’s Resilience: Ability to Generate Cash Flows in Current Price Environment Reported Gross Margin vs Avg Realized CIF SC6% Prices Reported EBITDA Margin (Adjusted for Non-Cash Stock Comp) $1, 100 Reported Gross Margin Agv Realized CIF SC6% Price 35% 4
Slide 20: Liquidity and Debt Position
Liquidity and Debt Position
Slide 21: 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 ( $16 ) Dec-26 Maturity $62 Equivalent to 4 Months of Sales at current $46 prices $3.3 $3.3 $3.3 $2.6 $0.6 $0.
Slide 22: Deleveraged and Lowered the Cost of ST Debt
Deleveraged and Lowered the Cost of ST Debt: Improved Working Capital Efficiency Working Capital Needs Supported by ST Trade Finance Significant Decrease in Interest per Ton in 4Q24 Facilities $ 120 25.00% $ 2,500 $ 80 Interest (Accrued) and Average Interest Rates (US$ M) Export Prepayment Trade Fin
Slide 23: 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$) Short-Term Debt Long-Term Debt Interest/ton $1 40/t $ 200,000 $127/t $1 20/t $100,000 $100,000 $1 00/t $ 150,000 $87/t $
Slide 24: Forecasts Consistent with Reported Cost, Demonstrating Resilience in Cash Flow Generation
Forecasts Consistent with Reported Cost, Demonstrating Resilience in Cash Flow Generation in the Current Price Environment: Further Increases at Scale Cost Guidance per Tonne (US$/t) 4Q24 FY2025E FY2026E Production Volumes 77,000t 270,000t 520,000t CIF China Cash Cost ($427) ($500) ($427) Maintenanc
Slide 25: Operational Updates
Operational Updates: ▪ Quarterly Performance ▪ Plant 2 Construction Update ▪ 2025 Outlook
Slide 26: We Can Build Fast: Building Plant 2 is 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 ~1 year
Slide 27: Existing Infrastructure and Mining Operations of Plant 1 will Expedite Construction of Plant 2
Existing Infrastructure and Mining Operations of Plant 1 will Expedite the Construction of Plant 2 Plant Part P1 P2 Water Pipelines X Power Substation X Greentech Line Moving High Voltage Power Lines X Sweage Water Treatment Plant X Support Infrastructre X Pre-Strip Mine 2027 Mine Infrastructure 202
Slide 28: Appendix
Appendix
Slide 29: Technical Report Summary
Technical Report Summary Last update as per NI 43-101 Technical Report published on March 31, 2025 Reserve & Resource Estimate Key Highlights Proven & Probable(1) Classification Tonnage (Mt) Li2O Proven 39.9 1.33% Large-Scale Resource: Total Measured and Indicated Resources of 93.2 Mt at 1.40% Li₂O
Slide 30: 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 $101 M $101 M Updated NI 43-101 Report - Mar25 Capex P2 Capex P3 1000kt US$ 5000 /t BMI 4Q22 Price Grade Adjusted BMI 2Q24
Slide 31: 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 Realized Price per Ton Volume Produced $2,500 11 00kt 895kt 895kt 900kt $2,000 700kt $1,679 $1,625 546kt 500kt $1
Slide 32: EV Growth in China Drives Global Lithium Demand
EV Growth in China Drives Global Lithium Demand: 66% of EV Market China NEV Sales Long-Term Demand is Resilient (kmt LCE) 2020 2021 2022 2023 2024 2025 1,800 1,600 Thousands of EVs 1,400 1,200 Between 2024 and 2,882 1,000 2030 the world will 800 need 50 new Sigmas, 7 600 in 2024 and 2025 400 200 0 2
Slide 33: 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 Lithium Concentrate SC6 Price / t CIF China USD 1,200 New Aus operation Larg
Slide 34: Plant 2 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 guarantee. Will reimburse capex spent 99% Capex since 1Q24 Terms: Maturity: 16 Years Grace Period: 18 Months % Fixed Interest Rate: USD
Slide 35: Sigma Lithium Continues its Expansion to Cement Global Leadership in Lithium Industry
Sigma Lithium Continues its Expansion to Cement Global Leadership 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 Ph
Slide 36: Resilience Demonstrated by Pro-Forma Cash Flow Increase in 2024 vs 2023
Resilience Demonstrated by Pro-Forma Cash Flow Increase in 2024 vs 2023 Cash-Flow Reconciliation FY2024 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 borrow
Slide 37: Appendix Financial Statements
Appendix Financial Statements
Slide 38: 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 December Consolidated Statements of Cash Flows 31, 2024 December 31, 2023
Slide 39: 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 Consolidated Statements of Income (Loss) 31, 2024 31, 2024 31,
Slide 40: 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 USD Asset
Slide 41: 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 Twelve Months Ended EBITDA December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 CAD CAD USD USD Revenues 67,206 208,747 47,336
Slide 42: Sigma Lithium
W\4 SIGMA LITHIUM