Sigma Lithium (SGML) has scheduled its initial shipment containing 30kt of battery-grade lithium and by-products for July 27. This shipment includes 15kt of battery-grade Green Lithium and 15kt of high purity 1.3% Li2O Green By-Products. The next shipment is scheduled by the end of August 2023. We believe the market will treat this news very positively, although it is not quite new. This initial 30kt shipment was in transit in late May when 50% of pre-payments were first announced (read note). We do like that Sigma is now providing revenue and soft cost guidance. We anticipate US$58M in revenue from this first shipment alone, which was partially received in May. Green By-Products account for 10% of the revenue which was not incorporated into the original technical report. As production ramps up and logistics improve, we anticipate these Green Li and Green Tailings shipment volumes to continue to increase in size and/or frequency as production rises.