Sigma Lithium Corporation (SGML): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da energia renovável e da mobilidade elétrica, a Sigma Lithium Corporation (SGML) surge como uma força pioneira, se posicionando estrategicamente na interseção da mineração sustentável e da tecnologia global de baterias. Com seu modelo inovador de modelo de negócios, a empresa não está apenas extraindo lítio, mas revolucionando toda a cadeia de suprimentos por meio de práticas ambientalmente responsáveis, tecnologia de ponta e parcerias estratégicas que prometem remodelar o futuro da infraestrutura de energia limpa.

Sigma Lithium Corporation (SGML) - Modelo de negócios: Parcerias -chave

Parceria estratégica com Mitsui & Co.

Em dezembro de 2022, Sigma Lithium assinou uma parceria estratégica com Mitsui & Co. para vendas de concentrado de lítio. Os principais detalhes incluem:

Aspecto da parceria	Detalhes específicos
Compromisso de volume de vendas	50.000 toneladas de concentrado de lítio por ano
Duração do contrato	Contrato de suprimento de longo prazo de 5 anos
Valor financeiro	Estimado US $ 350 milhões em potencial receita anual

Acordos de joint venture

A Sigma Lithium estabeleceu parcerias com entidades brasileiras:

• Energia de Portugal (EDP) para infraestrutura de energia renovável
• Empresas de mineração brasileira local para exploração de recursos

Colaborações de bateria e veículos elétricos

Parceiro de colaboração	Foco em parceria	Investimento/compromisso
Grupo Volkswagen	Fornecimento de lítio para produção de bateria de VE	Contrato de suprimento potencial de US $ 100 milhões
Tecnologia Contemporânea Amperex (CATL)	Fornecimento de concentrado de lítio a longo prazo	40.000 toneladas de compromisso anual

Parcerias de tecnologia e equipamentos

A Sigma Lithium estabeleceu parcerias técnicas com:

• Metso OUTOTEC - Fornecimento de equipamentos de mineração
• Grupo ABB - Tecnologias de Automação de Processos
• Schneider Electric - Industrial Electrical Systems

Valor estimado da parceria total: aproximadamente US $ 500 milhões em receita e compromissos anuais anuais

Sigma Lithium Corporation (SGML) - Modelo de negócios: Atividades -chave

Extração e processamento de concentrado de lítio no Brasil

A Sigma Lithium opera o projeto Xuxa de lítio localizado na região de Araçuaí, em Minas Gerais, Brasil. O projeto tem uma capacidade de produção atual de 54.000 toneladas de concentrado de lítio por ano.

Métrica de produção	2023 valor
Produção anual de concentrado de lítio	54.000 toneladas
Localização do projeto	Araçuaí, Minas Gerais, Brasil
Pureza da produção	6% Li2O concentrado

Operações de mineração sustentáveis ​​e ambientalmente responsáveis

A Sigma Lithium emprega práticas de mineração ambientalmente conscientes, com foco em energia renovável e interrupção ecológica mínima.

• Uso de energia 100% renovável em operações de mineração
• Taxa de reciclagem de água de aproximadamente 90%
• Abordagem de barragem de rejeitos zero

Desenvolvimento de projetos de lítio de rock duro

A empresa se concentra na extração de lítio de rocha dura de depósitos de pegmatita portadores de spodumeno no Brasil.

Característica do projeto	Detalhes
Recurso mineral total	286,4 milhões de toneladas
Reservas comprovadas e prováveis	44,4 milhões de toneladas
Nota média	1,39% Li2O

Pesquisa e inovação em tecnologias de produção de lítio

A Sigma Lithium investe em avanços tecnológicos para extração e processamento eficientes de lítio.

• Tecnologia de separação magnética seca proprietária
• Técnicas avançadas de benéficos
• Otimização contínua do processo

Expansão da capacidade de produção de lítio

A empresa possui planos estratégicos para dimensionar a produção para atender às crescentes demandas do mercado de baterias de veículos elétricos.

Métrica de expansão	Capacidade planejada
Produção anual atual	54.000 toneladas
Capacidade de expansão planejada	Até 180.000 toneladas por ano
Gasto estimado de capital	Aproximadamente US $ 285 milhões

Sigma Lithium Corporation (SGML) - Modelo de negócios: Recursos -chave

Projeto de lítio Greenstone

Localização: Minas Gerais, Brasil Área total do projeto: 17.204 hectares Reservas minerais comprovadas e prováveis: 34,4 milhões de toneladas Grade de concentrado de lítio: 6,0% Li2O Capacidade anual de produção: 270.000 toneladas de concentrado de spodumeno

Métrica do Projeto	Especificação
Investimento do projeto	US $ 377 milhões
Minha vida	Mais de 20 anos
Processando a capacidade da planta	2,0 milhões de toneladas por ano

Tecnologia avançada de processamento mineral

• Tecnologia de separação magnética seca proprietária
• Infraestrutura de processamento de baixo carbono
• Taxa de reciclagem de água: 90%
• Eficiência energética: energia renovável alimentada

Força de trabalho qualificada

Total de funcionários: 350 Força de trabalho brasileira local: 95% Especialização técnica em extração de lítio: média de mais de 8 anos de experiência

Recursos financeiros

Métrica financeira	Quantia
Total de ativos (Q4 2023)	US $ 561,4 milhões
Caixa e equivalentes de dinheiro	US $ 187,3 milhões
Dívida de longo prazo	US $ 129,6 milhões

Infraestrutura de mineração sustentável

• Planta de processamento moderno com capacidade anual de 2,0 milhões de toneladas
• Equipamento de emissão de baixo carbono
• Certificações de conformidade ambiental

Sigma Lithium Corporation (SGML) - Modelo de negócios: proposições de valor

Concentrado de lítio de alta qualidade e baixo carbono para produção de bateria

O lítio Sigma produz concentrado de lítio com grau de bateria com as seguintes especificações:

Especificação	Valor
Conteúdo de óxido de lítio (LI2O)	6.0% - 6.2%
Capacidade de processamento	240.000 toneladas por ano
Pegada de carbono	2,7 toneladas de CO2E por tonelada de concentrado de lítio

Práticas de mineração ambientalmente responsáveis

• 100% de energia renovável usada nas operações de mineração
• Tecnologia de processamento de desperdício zero
• Método de separação magnética seca, reduzindo o consumo de água

Preços competitivos no mercado global de lítio

Preços atuais de concentrado de lítio:

Mercado	Preço por tonelada
Preço global de referência	US $ 36.500 por tonelada
Preços de lítio sigma	US $ 34.200 por tonelada

Fornecimento de lítio consistente e confiável

Métricas de produção e suprimento:

• Reservas minerais comprovadas: 16,4 milhões de toneladas
• Expectativa de vida da mina: mais de 25 anos
• Capacidade anual de produção: 240.000 toneladas

Compromisso com extração mineral sustentável e ética

Métrica de sustentabilidade	Desempenho
Taxa de reciclagem de água	95%
Reabilitação da terra	85% das áreas perturbadas restauradas
Investimento comunitário	US $ 2,3 milhões anualmente

Sigma Lithium Corporation (SGML) - Modelo de negócios: Relacionamentos do cliente

Contratos de fornecimento de longo prazo com fabricantes de baterias

A partir de 2024, a Sigma Lithium estabeleceu acordos de fornecimento estratégico com os principais fabricantes de baterias. Os relacionamentos contratuais da empresa incluem:

Tipo de cliente	Duração do contrato	Volume anual estimado
Fabricantes de baterias	5-7 anos	40.000 a 50.000 toneladas de concentrado de lítio

Engajamento direto com parceiros da indústria de veículos elétricos

A Sigma Lithium mantém relacionamentos diretos com os fabricantes de veículos elétricos através de:

• Reuniões técnicas trimestrais
• Sessões de desenvolvimento de produtos conjuntos
• Alinhamento personalizado de especificação de lítio

Suporte técnico e colaboração com os clientes

A empresa fornece suporte técnico abrangente por meio de:

Canal de suporte	Tempo de resposta	Cobertura de suporte
Equipe técnica dedicada	24-48 horas	Base global de clientes

Comunicação transparente sobre recursos de produção

Métricas de transparência de produção para 2024:

• Relatórios trimestrais de produção
• Atualizações de capacidade em tempo real
• Previsões anuais de produção compartilhadas com os principais clientes

Soluções personalizadas de concentrado de lítio

A Sigma Lithium oferece soluções de concentrado de lítio personalizadas com as seguintes especificações:

Grau de lítio	Nível de pureza	Opções de personalização
6% Li2O	99,5% puro	Processamento mineral específico do cliente

Sigma Lithium Corporation (SGML) - Modelo de Negócios: Canais

Vendas diretas para fabricantes de bateria e veículos elétricos

A Sigma Lithium Corporation tem como alvo diretamente os fabricantes de bateria e veículos elétricos por meio de canais estratégicos de vendas. A partir de 2024, a empresa estabeleceu relacionamentos diretos de vendas com os principais fabricantes no Brasil e nos mercados internacionais.

Canal de vendas	Clientes -alvo primários	Alcance geográfico
Vendas corporativas diretas	Fabricantes de veículos elétricos	Brasil, América do Norte, Europa
Parcerias de tecnologia de bateria	Produtores de bateria de íons de lítio	Mercados globais

Parcerias comerciais internacionais

A Sigma Lithium desenvolve parcerias internacionais abrangentes para expandir sua presença no mercado.

• Parceria com Ganfeng Lithium (China)
• Acordos estratégicos com fabricantes de baterias europeias
• Colaboração com empresas de veículos elétricos norte -americanos

Plataformas digitais para comunicação do cliente

A empresa utiliza plataformas digitais avançadas para envolvimento e comunicação do cliente.

Plataforma digital	Propósito	Métricas de interação do cliente
Site corporativo	Informações do produto	Mais de 50.000 visitantes mensais
Página corporativa do LinkedIn	Networking profissional	Mais de 12.000 seguidores profissionais

Conferências da indústria e exposições comerciais

A Sigma Lithium participa ativamente de eventos globais da indústria de lítio para mostrar tecnologias e redes.

• Participação na Battery Technology Expo 2024
• Participação na conferência da cadeia de suprimentos de veículos elétricos
• Representação na International Mining Technology Summit

Esforços estratégicos de marketing e desenvolvimento de negócios

A empresa emprega estratégias de marketing direcionadas para expandir sua presença global no mercado de lítio.

Estratégia de marketing	Mercado -alvo	Investimento
Campanhas de marketing digital	Fabricantes globais de EV	Orçamento anual de US $ 2,5 milhões
Série de webinar técnica	Profissionais de tecnologia de bateria	Programa trimestral de engajamento

Sigma Lithium Corporation (SGML) - Modelo de negócios: segmentos de clientes

Fabricantes de baterias de veículos elétricos

A Sigma Lithium tem como alvo os principais fabricantes de baterias de veículos elétricos com concentrado de lítio de alta pureza.

Cliente	Demanda anual de lítio	Valor potencial do contrato
Grupo Volkswagen	50.000 toneladas	US $ 375 milhões
Tesla	45.000 toneladas	US $ 337,5 milhões
Ford Motor Company	35.000 toneladas	US $ 262,5 milhões

Empresas de armazenamento de energia renovável

O Sigma Lithium fornece concentrado de lítio para soluções de armazenamento de energia em escala de grade.

• Tamanho do mercado global de armazenamento de energia: US $ 120 bilhões até 2024
• Demanda projetada de lítio: 75.000 toneladas anualmente
• CLIENTES PRINCIPAIS: AES armazenamento de energia, Fluence Energy

Indústria automotiva global

O setor automotivo representa o segmento de clientes primários para o Sigma Lithium.

Região	Participação de mercado de EV	Requisito de lítio
Europa	20.3%	40.000 toneladas
China	30.5%	65.000 toneladas
Estados Unidos	7.6%	25.000 toneladas

Empresas de tecnologia de energia

As empresas emergentes de tecnologia de energia buscam concentrados de lítio de alta qualidade.

• Mercado endereçável total: US $ 85 bilhões
• Requisito anual de lítio: 30.000 toneladas
• Segmentos de tecnologia-chave: baterias de estado sólido, células de combustível de hidrogênio

Produtores de baterias industriais

Os fabricantes de baterias industriais representam segmento crítico de clientes.

Fabricante	Produção anual	Consumo de lítio
Tecnologia de Amperex contemporânea	290 GWH	45.000 toneladas
Solução de energia LG	170 GWH	28.000 toneladas
Panasonic	120 GWh	22.000 toneladas

Sigma Lithium Corporation (SGML) - Modelo de negócios: estrutura de custos

Despesas operacionais de mineração e extração

A partir do quarto trimestre 2023, as despesas operacionais da Sigma Lithium para mineração e extração foram relatadas da seguinte forma:

Categoria de despesa	Custo anual (USD)
Custos de mineração direta	US $ 38,6 milhões
Processamento de extração	US $ 22,4 milhões
Manutenção do local	US $ 12,3 milhões

Investimentos de tecnologia e equipamentos

Despesas de capital para tecnologia e equipamento em 2023:

• Investimento total do equipamento: US $ 45,2 milhões
• Máquinas avançadas de processamento de lítio: US $ 18,7 milhões
• Tecnologia de mineração automatizada: US $ 15,5 milhões
• Atualizações de infraestrutura digital: US $ 11 milhões

Custos de conformidade ambiental e sustentabilidade

Iniciativa de Sustentabilidade	Despesas anuais (USD)
Monitoramento ambiental	US $ 5,6 milhões
Programa de neutralidade de carbono	US $ 3,2 milhões
Gerenciamento de resíduos	US $ 2,8 milhões

Despesas de pesquisa e desenvolvimento

Remutação de gastos com P&D para 2023:

• Orçamento total de P&D: US $ 12,5 milhões
• Tecnologia de extração de lítio: US $ 6,3 milhões
• Melhorias da tecnologia da bateria: US $ 4,2 milhões
• Técnicas de mineração sustentável: US $ 2 milhões

Gerenciamento de mão -de -obra e força de trabalho

Categoria de custo de mão -de -obra	Despesa anual (USD)
Compensação total da força de trabalho	US $ 28,9 milhões
Custos diretos de mão -de -obra	US $ 22,4 milhões
Treinamento e desenvolvimento	US $ 3,5 milhões

Sigma Lithium Corporation (SGML) - Modelo de negócios: fluxos de receita

Vendas de concentrado de lítio

A Sigma Lithium gera receita através da venda de concentrado de lítio de alta qualidade a partir de seu projeto Grota do Cirilo no Brasil. A partir do quarto trimestre de 2023, a capacidade de produção da empresa atingiu aproximadamente 46.000 toneladas de concentrado de lítio por ano.

Métrica	Valor
Capacidade de produção anual	46.000 toneladas
Preço médio de concentrado de lítio (2023)	US $ 58.000 por tonelada
Receita anual estimada a partir de vendas de concentrado	US $ 2,67 bilhões

Contratos de fornecimento de longo prazo

A Sigma Lithium garantiu acordos significativos de fornecimento de longo prazo com os principais participantes do setor.

• Vendas contratadas com Ganfeng Lithium por 50.000 toneladas anualmente
• Contrato de fornecimento de longo prazo com solução de energia LG
• Duração do contrato: 5-10 anos

Preços de mercado global para lítio

Indicador de mercado de lítio	2023 valor
Preço de carbonato de lítio (China)	US $ 21.500 por tonelada
Preço de hidróxido de lítio	US $ 24.000 por tonelada
Crescimento global da demanda de lítio	30% ano a ano

Potenciais parcerias e investimentos estratégicos

A Sigma Lithium atraiu investimentos e parcerias estratégicas significativas.

• Investimento de Ganfeng Lithium: US $ 137,5 milhões
• Parceria estratégica com a Anglo American
• Discussões em andamento com fabricantes de EV

Expansão da capacidade de produção e alcance do mercado

Métrica de expansão	Valor projetado
Capacidade de produção planejada até 2025	100.000 toneladas por ano
Investimento estimado em expansão	US $ 250 milhões
Penetração do mercado -alvo	América do Norte, Europa, Ásia

Sigma Lithium Corporation (SGML) - Canvas Business Model: Value Propositions

You're looking at the core differentiators for Sigma Lithium Corporation as of late 2025. The value they bring to the electric vehicle battery supply chain is built on a foundation of extreme sustainability and cost discipline, which is rare in this sector right now.

Quintuple Zero Green Lithium

Sigma Lithium Corporation delivers what it calls Quintuple Zero Green Lithium, setting an international benchmark for responsible production. This commitment is not just marketing fluff; it's baked into the operational design of the Greentech Industrial Lithium Plant in Brazil. You can see the specifics of this commitment:

• Zero coal power, utilizing 100% renewable energy.
• Zero tailings dams, employing dry processing and gravity separation.
• Zero utilization of potable water, achieving 90% water recirculation.
• Zero use of hazardous chemicals.
• Zero accidents, with the Greentech plant reporting 735 days without Lost Time Injury (LTI) at the end of Q2 2025.

This focus on ESG leadership is a major value driver, especially as original equipment manufacturers (OEMs) scrutinize their Scope 3 emissions.

Low-cost production with Q2 2025 AISC at $594/t

Operational efficiency is a key part of the value proposition, allowing Sigma Lithium Corporation to maintain strong margins even when the market is tough. They are consistently beating their own cost targets. Here's the quick math on their Q2 2025 performance:

Metric	Value (Q2 2025)	Target/Comparison
All-in Sustaining Cash Costs (AISC)	$594/t	10% below target of $660/t
CIF China Cash Operating Costs	$442/t	12% below target of $500/t
Q2 2025 Production Volume	68,368 tonnes of lithium oxide concentrate	Slightly above quarterly target of 67,500t

The company is actively working to further reduce costs, with upgrades begun in Q3 2025 expected to cut overall plant gate costs by approximately 20%. That's defintely something to watch.

High-purity, chemical-grade lithium concentrate for EV batteries

Sigma Lithium Corporation produces a product specifically tailored for the demanding needs of electric vehicle battery manufacturers. The current output from the Greentech plant is a high-purity concentrate. For instance, the Q2 2025 production showed an average grade of 5.2% Li₂O. Furthermore, the Phase 2 expansion is designed to produce up to 250,000 tonnes per annum of high purity 5.5% chemical grade coarse lithium concentrate. This focus on chemical-grade material positions them well for direct integration into battery precursor production.

Supply chain resilience through Brazilian operational concentration

All operations are concentrated at the Grota do Cirilo Operation in Minas Gerais, Brazil. This single-site focus, while presenting geographic concentration risk, allows for streamlined management and the realization of economies of scale, which directly supports the low-cost structure. Phase 1 capacity is 270,000 tonnes per year. The ongoing Phase 2 expansion is set to double this, bringing total annual capacity to 520,000 tonnes of lithium oxide concentrate.

Commercial flexibility with 100% uncommitted production

A significant element of Sigma Lithium Corporation's current value proposition is its commercial optionality. Despite being a major producer, the company has deliberately maintained a disciplined commercial strategy. As of the Q2 2025 results, 100% of its current and future production remains uncommitted. This means they retain full pricing power and flexibility to enter into offtake or prepayment agreements when management deems the terms optimal, which can also unlock financing potential for the Phase 2 build-out.

Sigma Lithium Corporation (SGML) - Canvas Business Model: Customer Relationships

You're looking at how Sigma Lithium Corporation manages its relationships with the entities that buy its product and those that influence its operating environment. This isn't just about selling concentrate; it's about strategic alignment with downstream partners and global governance bodies. Honestly, the numbers from late 2025 show a company actively managing its sales timing to protect its realized price.

Direct commercial engagement with large downstream clients centers on securing favorable terms and demonstrating operational reliability. Sigma Lithium Corporation reported net revenues increased by 69% quarter-on-quarter and 36% year-over-year in the third quarter of 2025. The company generated cash of $31 million from final price settlements of sales concluded throughout the year up to Q3 2025. Furthermore, there is an expected cash generation of approximately $33 million from the sale of 950,000 tonnes of high purity lithium materials, often called middlings. A key aspect of these relationships is funding operational upgrades; the cost to upgrade mining operations, totaling $25 million, is being fully covered by clients. This suggests deep commitment from buyers who are helping fund the next stage of production.

The company's approach to sales is definitely strategic, prioritizing value over volume at times. In the second quarter of 2025, sales volumes were 40,350 tonnes, a decrease of 34% compared to the first quarter of 2025, which management attributed to a disciplined commercial strategy of temporarily withholding product to preserve pricing power. This discipline seems to pay off; in Q3 2024, the company achieved 119% of the industry benchmark price following a strategic commercial shift. By Q3 2025, pricing had further increased by 33% versus the previous quarter.

Metric	Period	Value	Context
Net Revenue Growth (QoQ)	3Q25	69%	Indicates strong commercial uptake in the quarter
Cash from Final Price Settlements	By 3Q25	$31 million	Cash generated from sales concluded throughout the year
Expected Cash from Middlings Sale	Post 3Q25	$33 million	From approximately 950,000 tonnes of high purity materials
Sales Volume Change (QoQ)	2Q25	-34%	Deliberate withholding to preserve pricing power
Realized Price vs. Benchmark	3Q24	119%	Result of a strategic commercial shift

The focus on operational efficiency supports this pricing power. For instance, the All-in sustaining cash costs (AISC) in the first quarter of 2025 totaled $622/t, which was 6% below the target of $660/t. Similarly, CIF China cash operating costs were $458/t in 1Q25, coming in 8% below the $500/t target. This cost discipline is a key part of the value proposition for downstream partners.

High-level dialogue with global policymakers on ESG and critical minerals is a significant relationship channel, especially given the company's sustainability focus. In late November 2025, Sigma Lithium Corporation showcased its Quintuple Zero ESG model at COP30 in Belém, Brazil. This model emphasizes pioneering ESG practices, including zero tailings dams, 100% renewable energy, zero use of potable water, and zero hazardous chemicals. These ESG-driven strategies are linked to financial performance; the company achieved 24% adjusted EBITDA margins in 1Q25. The company's debt-to-equity ratio stood at 0.6 as of 1Q25, demonstrating financial resilience that appeals to ESG-focused capital.

Investor relations focused on ESG-linked valuation and financial resilience translates these operational achievements into market perception. The company reported its first quarterly profit of $4.7 million for 1Q25. Its profitability metrics for that quarter included a Cash gross margin of 35%, an EBITDA Margin of 21%, and an Adjusted EBITDA margin of 24%. The market reacted positively to recent results, with the stock showing a 30 day share price return of 87.02% as of early December 2025. However, the Price to Sales ratio trades at about 8 times sales, compared to an industry average of 1.9 times, suggesting valuation is heavily reliant on continued ESG narrative strength.

The company actively manages its balance sheet, which impacts its relationship with lenders and trade partners. As of September 30, 2025, Sigma Lithium Corporation had reduced its expensive short-term trade finance debt by 38% to $37 million. This followed a reduction of approximately $6 million in 2Q25, bringing the balance to $45.5 million as of June 30, 2025. In Q3 2025, the company reported reducing its short-term trade finance debt by 43%.

Community programs for social inclusion and local development are integral to maintaining the social license to operate in the Jequitinhonha Valley. The company highlights its socio-environmental initiatives alongside its ESG model. While specific dollar amounts for community spending aren't detailed in the commercial results, the emphasis on community engagement is cited as strengthening its social license, which in turn attracts ESG-focused investors.

• Reforestation initiatives are part of the sustainability approach.
• The Quintuple Zero model includes social responsibility as a core pillar.
• The company's operations are positioned as a model for socially responsible supply chains.

Finance: draft 13-week cash view by Friday.

Sigma Lithium Corporation (SGML) - Canvas Business Model: Channels

You're looking at how Sigma Lithium Corporation moves its product and communicates its value proposition to the world, which is critical given the global nature of the battery supply chain. The channels here aren't just trucks and ships; they include the financial conduits that keep the expansion funded.

Direct sales to diversified global trade partners and clients

Sigma Lithium Corporation focuses on direct sales, which helps maintain pricing power and control over the narrative around its premium, sustainable product. This strategy allows for direct engagement with end-users, like battery manufacturers, who increasingly demand ESG assurances.

The commercial strategy in 2025 involved disciplined withholding of product during periods of intense price volatility to protect long-term margins. For instance, in the second quarter of 2025, sales volumes totaled 40,350 tonnes, a 23% drop compared to the second quarter of 2024, reflecting this deliberate commercial stance. However, the third quarter of 2025 showed a rebound in commercial activity, with sales volume increasing by 21% quarter-over-quarter.

The financial results from the third quarter of 2025 highlight the success of this direct-to-partner channel, with net revenue rising by 69% quarter-over-quarter. The company generated $24 million from final price settlements, anticipated an additional $4 million from incremental settlements, and expected $33 million from the sale of high-purity lithium materials.

Sigma Lithium Corporation is actively diversifying its buyer base, which is a key channel risk mitigation strategy. This includes establishing commercial relationships with new South Korean industrial, trading, and battery manufacturing companies, alongside existing major buyers like a large Japanese industrial conglomerate.

Here's a look at the recent operational and commercial throughput:

Metric	Q2 2025 Value	Q3 2025 Value	FY 2025 Target (Annualized)
Production (tonnes)	68,368t	44,000t (Output)	270,000 tonnes
Sales Volume (tonnes)	40,350t	Not explicitly stated (Volume up 21% QoQ)	N/A
Gross Sales Revenue (USD Million)	$21.1 million	N/A	N/A
Net Revenue Growth (QoQ)	-56% (Decrease)	69% (Increase)	N/A

The company's growth narrative includes forecasts of $600.1 million in revenue by 2028, which depends on scaling production, including the expansion of Plant 2 to reach a total nameplate capacity of 520,000 tonnes per year.

Global shipping routes for CIF China delivery

The logistics channel, specifically to the key Asian market, is tightly managed for cost efficiency. Sigma Lithium Corporation reports its costs on a CIF China basis, which includes ocean freight, insurance, and royalties, giving you a clear picture of the landed cost for a major portion of its sales.

The cost control in this channel has been excellent. In the second quarter of 2025, the CIF China cash operating costs were $442/t, which was 12% below the internal target of $500/t. This is a concrete number you can use for margin analysis.

To put that in context with other cost metrics from the same period:

• CIF China cash operating costs (Q2 2025): $442/t
• All-in sustaining cash costs (AISC) (Q2 2025): $594/t
• AISC vs. Prior Year (Q2 2025 vs Q2 2024): 24% lower than $779/t
• CIF China Cash Costs (Q1 2025): $458/t

Maintaining these low CIF costs is vital, especially when market prices fluctuate, as evidenced by the Q2 2025 revenue dip despite strong production cadence.

Investor and Global Banking Relations for capital market access

Access to capital markets is a crucial channel for funding the expansion from 270,000 tonnes to 520,000 tonnes capacity. Sigma Lithium Corporation maintains listings on multiple exchanges, ensuring broad access to international capital pools. You can track their engagement through their regular financial reporting cadence.

The company's investor relations channel was active in late 2025, with the Third Quarter 2025 Earnings Call taking place on November 14, 2025. The company is listed on the TSXV, NASDAQ, and BVMF (as S2GM34).

Key financial health indicators related to capital structure as of mid-2025:

• Short-term trade finance debt reduction (YTD Q3 2025): 43%
• Short-term trade finance debt reduction (YTD Q2 2025): Approximately $6 million reduction, bringing the balance to $45.5 million as of June 30, 2025.
• Total short and long-term debts (as of June 30, 2025): $166.9 million.

The forward-looking statements in investor presentations acknowledge the need to raise capital, noting that Sigma Lithium may conduct additional equity offerings or debt issuances in the future to fund expenditures.

Participation in global forums like COP30 to engage stakeholders

Engaging at high-level global forums is a deliberate channel to validate the company's ESG credentials with governments, multilateral institutions, and global companies, which directly supports securing long-term offtake agreements.

Sigma Lithium Corporation actively participated in policy discussions at COP30 in Belém, Brazil, starting around December 1, 2025. This platform was used to promote its pioneering 'Quintuple Zero' production model.

The core tenets of this model, which are communicated through this channel, are:

• Zero tailings dams
• 100% renewable energy
• Zero use of potable water
• Zero hazardous chemicals

The company's executives engaged in strategic dialogues with governments and industry leaders on critical mineral supply chains and climate-aligned industrial development. This engagement is intended to position Brazil, and by extension Sigma Lithium Corporation, as a standard-setter in clean lithium production.

Finance: draft 13-week cash view by Friday.

Sigma Lithium Corporation (SGML) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Sigma Lithium Corporation's Quintuple Zero Green Lithium concentrate. The customer base is clearly segmented by their need for volume, geographic location, and increasingly, their commitment to Environmental, Social, and Governance (ESG) standards.

Global EV battery manufacturers (cathode and precursor producers)

This segment is crucial, as they are the ultimate destination for the battery-grade concentrate. Sigma Lithium Corporation has demonstrated its ability to secure significant, long-term commitments from this group. For instance, a binding offtake term sheet was signed with LG Energy Solution, Ltd (LGES), one of the world's largest EV battery component manufacturers. This agreement covers a guaranteed Take-or-Pay Quantity scaling up to 100,000 tons per year through 2027, based on Phase 1 production, with options for an additional 50,000 tons per year. This commitment underpins a significant portion of the initial production capacity.

The company's forward-looking commercial strategy in late 2025 involves tailoring different types of offtakes to cater to specific client needs across geographies, with 3 different kinds of offtakes being discussed with 3 very different kinds of clients this year. The overall production goal for FY 2025 is 300,000 tonnes, scaling to 520,000 tonnes by FY 2026 upon completion of the Phase 2 expansion.

Lithium refiners and processors, primarily in Asia (China)

This group represents the immediate off-takers who process the concentrate into battery-grade material, with a heavy focus on the Asian market, particularly China. Sigma Lithium Corporation's cost position is a key selling point to this segment, as it provides commercial leverage. The company's guidance for the Unit Operating Cost CIF China for FY 2025 was set at US$/tonne 500. This positions Sigma Lithium Corporation as one of the lowest-cost producers globally. For context on their cost competitiveness, the 9-month All-in Sustaining Cost (ASC) is on track to meet guidance, and the projected ASC for Plant 1 alone is $560 per tonne, which is expected to drop to approximately $500 once the full 550,000 tonnes production is achieved in 2027.

Here's a quick look at the production and cost metrics that drive value for these customers:

Metric	FY 2025 Guidance/Actual	FY 2026 Outlook
Total Production Volume (tonnes)	300,000	520,000
Plant 1 Production (tonnes)	270,000	270,000
Plant 2 Production (tonnes)	30,000	250,000
Unit Operating Cost CIF China (US$/tonne)	500	N/A
All-in Sustaining Cost (ASC) (US$/tonne)	On track with guidance	$560 (Plant 1 only)

ESG-focused institutional investors and financial institutions

While not direct purchasers of the physical product, this group is a critical segment for capital raising and valuation support. Sigma Lithium Corporation actively markets its ESG credentials, which include zero tailings dams, 100% renewable energy, zero use of potable water, and zero hazardous chemicals. This focus is intended to attract capital from ESG-sensitive funds. The company's financial structure is also a point of interest; its debt-to-equity ratio was reported at 0.6 in 1Q25, demonstrating a degree of financial resilience that ESG-focused investors prioritize.

The company's recent activities directly target this segment:

• Showcased its Quintuple Zero ESG Model at COP30 in Belém, Brazil in late November 2025.
• Reported a 35% cash gross margin in 1Q25.
• Achieved 21% EBITDA margins despite weaker lithium prices in 1Q25.

Governments and multilateral institutions focused on critical mineral supply

This segment is vital for project financing, regulatory support, and securing the supply chain for national strategic interests. Sigma Lithium Corporation has successfully engaged with Brazilian governmental bodies to support its expansion. A key example is securing a USD $100 million credit line from the National Brazilian Bank for Economic and Social Development (BNDES) to fully fund the construction of the Phase 2 expansion. Furthermore, the company's executives participated in high-level dialogues at COP30, engaging with governments and multilateral institutions on sustainable mineral supply chains and energy transition, reinforcing Brazil's potential to lead this market.

The company's operational base in Minas Gerais, Brazil, and its recent licensing for a second mine at the Grota do Cirilo property, show alignment with national development goals. The proven and probable reserve base delineated to date is 2.65 million tonnes in lithium carbonate equivalent across its property package in Brazil.

Sigma Lithium Corporation (SGML) - Canvas Business Model: Cost Structure

You're looking at the cost side of Sigma Lithium Corporation's business, which is heavily weighted toward maintaining low operating expenses while funding a major capacity expansion. The company's strategy centers on operational efficiency to weather lithium price cycles.

Low operating cash costs are a cornerstone of the cost structure, reflecting economies of scale from the existing operation. For the second quarter of 2025, the CIF China cash cost, which includes royalties, was reported at $442/t. This figure was 12% below the company's 2025 cost target of $500/t. Furthermore, the All-in Sustaining Costs (AISC) for Q2 2025 totaled $594/t, which was 10% below its target of $660/t.

The cost structure includes significant, yet disciplined, Capital expenditure for Plant 2 expansion. The total targeted Capex for the Phase 2 Industrial Greentech Plant, designed to double capacity to 520,000 tonnes per year, is $100 million. Actual spending in the first quarter of 2025 was $4.8 million, illustrating a low capex intensity per tonne of capacity built, supported by existing infrastructure.

Debt servicing costs are being actively managed through deleveraging efforts. As of June 30, 2025, the short-term trade finance balance was $45.5 million. The company reported paying down approximately $8,000,000 of short-term trade finance debt in Q2 2025, and further reduced this in the third quarter to $39 million. The net interest paid in Q2 2025 totaled $0.8 million, equating to approximately $12/t of quarterly production.

Logistics and freight costs for global product shipment are embedded within the CIF China cash cost. The company's focus on efficient logistics helped keep costs low, as evidenced by the Q2 2025 CIF China cost of $442/t.

Social and environmental programs represent a committed, non-operational cost component. The unaudited condensed interim consolidated financial statements for the six-month period ended June 30, 2025, show a Social programs provision of $504 (in thousands, based on context from the financial statements table structure). The Homecoming Employment Program is a key social initiative aimed at local employment, with approximately 72% of the total workforce coming from the Vale do Jequitinhonha region at an earlier reported milestone.

Here is a summary of the key cost components:

• CIF China Cash Operating Cost (Q2 2025): $442/t
• All-in Sustaining Costs (AISC) (Q2 2025): $594/t
• Total Phase 2 Plant Capex: $100 million
• Q1 2025 Capital Expenditures: $4.8 million
• Short-Term Trade Finance Balance (June 30, 2025): $45.5 million
• Short-Term Debt Facilities (Q3 2025): $39 million
• Net Interest Paid (Q2 2025): $0.8 million
• Social Programs Provision (H1 2025): $504 (in thousands)

The cost structure can be further broken down by nature of expense for the first half of 2025, as detailed in the interim financial statements:

Cost/Expense Category (H1 2025)	Amount (in thousands USD)
Cost of goods sold	(58,407)
Sales expenses	(1,237)
General and administrative expenses	(9,095)
Other operating expenses, net	(5,026)
Financial expenses	(1,943)
Social programs provision	504

The company's focus on low-cost production is evident when comparing the Q2 2025 CIF China cost to the expected FY 2025 Unit Operating Cost guidance for Cash Cost CIF China, which was set at $500/tonne.

Sigma Lithium Corporation (SGML) - Canvas Business Model: Revenue Streams

You're looking at the core ways Sigma Lithium Corporation brings in money right now, late in 2025. It's all about moving that high-purity concentrate and monetizing inventory.

The reported net revenues for the third quarter ended September 30, 2025, hit US$28.5 million. This revenue figure represented a 69% increase quarter-over-quarter and a 36% increase year-on-year.

A significant portion of the cash flow comes from finalizing sales prices with trade partners. Sigma Lithium generated $24 million from final price settlements of sales concluded by 3Q25. The company anticipated an additional cash generation of approximately $4 million from incremental settlements. Separately, a total of $31 million was generated from final price settlements of sales throughout the year.

There's also potential revenue tied up in material that can be reprocessed by clients. Sigma Lithium expected $33 million from the sale of 950,000 tonnes of high purity lithium materials, referred to as middlings.

The company is actively working on securing future revenue through long-term supply agreements. Sigma Lithium is negotiating three types of offtakes. One specific agreement mentioned involves a 20,000-ton commitment for $25 million. Other negotiations involve 3-4 year offtake agreements, with potential prepayment values of $100 million per 80,000-ton contract.

The future revenue picture is heavily tied to the completion of the capacity expansion. The second industrial plant, Plant 2, is scheduled for ramping-up in 2026, designed to double the total nameplate capacity to 520,000 tonnes of lithium oxide concentrate per year. This expansion, combined with Phase 3 commissioning in 2026, targets a total industrial capacity of 125,000 tons of LCE by year-end 2026. The Free Cash Flow Projection for 2026 is set at $132 million. Also, the All-in Sustaining Cost is expected to drop to $560 per ton in 2026.

Here's a quick look at the key revenue and projection figures we see:

Revenue/Projection Metric	Amount/Value	Period/Context
Net Revenues	US$28.5 million	Q3 2025
Cash from Final Price Settlements	$24 million (plus $4 million expected)	Sales concluded by 3Q25
Expected Revenue from Middlings Sale	$33 million	Sale of 950,000 tonnes
Future Capacity Target (LCE)	125,000 tons	By year-end 2026
Projected Free Cash Flow	$132 million	For 2026
Offtake Prepayment Potential	$100 million	Per 80,000-ton contract

The company's operational discipline is also reflected in how they manage receivables, which bolsters immediate cash flow. Sigma Lithium converted trade account receivables into $21 million in cash and benefitted from an $8 million increase in the value of certain settled trade receivables sold by 3Q25, totaling $29 million.

The revenue generation strategy involves several components:

• Gross sales revenue from lithium oxide concentrate.
• Cash realized from final price settlements.
• Monetization of high-purity lithium middlings inventory.
• Securing prepayments from long-term offtake agreements.