Sigma Lithium Corp. (TSXV:SGML) – Updated FS Outlines Phase 1 NPV8% of US$1.6B; Reserves Up 143%

Impact: Very Positive

Sigma provided an updated Feasibility Study (FS) on Phase 1 production along with an updated mineral reserve and resource estimate for its 100%-owned Grota do Cirilo Li project in Brazil. The updated FS contemplates a 230ktpa operation producing 34kt LCE over an 8-year LOM with an NPV_8% of US$1.6B and IRR of 424%. Furthermore, total resources increased by ~12% to 58.9Mt (~2.04Mt LCE), including a 143% increase in reserves to 33.6Mt (1.18Mt LCE) grading 1.43% Li₂O. We view this update very positively as the FS has demonstrated robust economics, even before Phase 2 production was incorporated. Once up and running, Grota do Cirilo is expected to become one of the largest, highest-grade and lowest cost Li operations in the world.