Sigma Lithium Corp.

Sigma Lithium Corp. is a mid-tier lithium producer headquartered in Toronto, Canada, operating primarily in Brazil. The company's portfolio consists of 1 operating mine. Key assets include Grota Do Cirilo. The company's business model is centered on being a vertically integrated commercial producer of high-purity concentrate through a phased operational approach. Its processing capabilities are distinguished by a proprietary "Greentech Plant" that utilizes a fully automated, digital Dense Media Separation (DMS) process, which operates without hazardous chemicals and relies on 100% renewable energy and recycled water. This technology produces a primary high-grade concentrate and a secondary saleable by-product, underpinning a strategic goal of achieving a "zero tailings" environmental footprint. Operational synergies are built into the expansion strategy, with future production lines designed to replicate the initial plant's flowsheet and leverage its established infrastructure. Competitive positioning is anchored in this environmentally sustainable production method, which management has branded as "Quintuple Zero," and its status as one of the largest hard rock beneficiation complexes. The enterprise manages distribution through a dedicated commercial team and a network of trading companies, with products shipped via sea freight to international customers.

Strategic priorities are focused on a capital-efficient tripling of production capacity, financed primarily through a development loan. Near-term objectives involve the construction of a second processing plant, which is expected to double output by the end of 2025. Operational optimization initiatives are centered on enhancing commercial performance by reducing freight costs through the consolidation of shipments into larger vessels and strategically timing deliveries to align with seasonal demand peaks. Further operational enhancements include increasing screening efficiency with new crusher plant screens and sustaining production rates above the designed nameplate capacity. The long-term growth strategy involves expanding the mineral asset base through continued greenfield and brownfield exploration, with a 2025 drilling program of approximately 10,000 meters aimed at extending the operational life. This approach is designed to solidify the organization's market position as a key supplier of sustainably produced, high-purity materials for the battery supply chain.

Executive leadership is headed by CEO Ana Cabral, who has over 20 years of experience as a senior banker at global investment banks, and CFO Rogério Marchini, a finance executive with more than 24 years of experience, including at Embraer. The board of directors is composed of 5 members, with 3 (60%) classified as independent. Board oversight is structured through 4 committees, 3 of which are chaired by independent directors. The Audit, Finance and Risk Committee consists of 3 independent members. A key governance consideration is the significant influence of A10 Fund, which holds approximately 42.86% of outstanding shares, with certain directors and officers also being associated with the fund. The governance framework includes a Code of Business Conduct and Ethics; however, management has reported that material weaknesses in internal controls over financial reporting existed as of December 31, 2024, creating a risk that a material misstatement of financial statements may not be prevented or detected in a timely manner.

The sustainability strategy is defined by a "quintuple zero" commitment, signifying operations with zero net carbon, zero tailings dams, zero hazardous chemicals, zero use of potable water, and zero non-renewable power. This is supported by a processing methodology that is chemical-free, utilizes 100% hydroelectric power, and recycles process water. The company has engaged third-party firms for an ISO-compliant life cycle assessment and to validate its carbon offsetting projects to support a net-zero declaration. Environmental stewardship includes a "zero tailings" initiative to upcycle 100% of by-products, progressive land revegetation, and advanced dust suppression systems. Social programs focus on local hiring and upskilling within the community. The health and safety framework includes an Internal Accident Prevention Committee, weekly best-practice sharing meetings, and workshops with contractors to align on core safety values. Governance is highlighted by female leadership at the CEO and Co-Chairperson levels and 40% female and LGBTQ representation on the board.

The corporate structure consists of the parent company wholly owning Sigma Lithium Holdings Inc., which in turn wholly owns the primary operating subsidiary, Sigma Mineração S.A., and Sigma Industrial de Lítio S.A. A key structural element is the significant ownership stake held by A10 Fund, which controlled 42.86% of outstanding shares as of December 31, 2024, granting it substantial influence over corporate governance and strategy. In 2022, the company terminated a heads of agreement with Mitsui & Co. Ltd. to maintain commercial flexibility. The company's expansion is supported by significant financing agreements, including a US$100 million pre-export facility secured in 2022 with Synergy Capital and a binding commitment for a R$486.8 million development loan from BNDES received in 2024. Certain surface rights for operations are held by related parties, including Arqueana and Miazga, in which the CEO holds an indirect economic interest, under assignment arrangements with the operating subsidiary.