Q1 2025 Sigma Lithium Corp Earnings Call

Gentlemen, and welcome to the Sigma lift in 2025 first quarter earnings Conference call.

We would like to inform you that this event is being recorded and all participants will be in listen only mode. During the company's presentation. There will be a replay for this call on the company's web site. After the prepared remarks, there will be a Q&A section four participants at that time further instructions will be provided.

Good morning, ladies and gentlemen, and welcome to the Sigma lift in 2025 first quarter earnings Conference call.

Speaker Change: I would now like to turn the conference over to Irina Exxon, Nova Vice President of Investor Relations. Please go ahead. Good morning. Thank you all for joining us for simulating first quarter 2025 earnings conference call speaking on today's call will the Aneth Cabral, our courtyard, President and Chief Executive Officer, I would also be stepping in front of us.

We would like to inform you that this event is being recorded and all participants will be in listen only mode. During the company's presentation. There will be a replay for this call on the company's web site. After the prepared remarks, there will be a Q&A section four participants at that time further instructions will be provided.

Speaker Change: I would now like to turn the conference over to Irina Exxon, Nova Vice President of Investor Relations. Please go ahead. Good morning. Thank you all for joining us for Sigma lithium first quarter of 2025 earnings Conference call speaking on today's call for the Anika brought our co chairperson and Chief Executive Officer, I will also be stepping in front of us.

To cover the financial highlights for the quarter.

Speaker Change: Before we begin I'd like to remind everyone that this call is being recorded and webcast live today's presentation includes forward looking statements and non-GAAP financial measures. These statements reflect our current expectations, but involve risks and uncertainties that could cause actual results to differ materially.

Speaker Change: Now to cover the financial highlights for the quarter.

Speaker Change: Other information today's very appropriately cautionary statements in our presentation and our public filings with Canadian and U S. Regulators all of these materials are available on our website with that I.

Speaker Change: Before we begin I'd like to remind everyone that this call is being recorded and webcast live today's presentation includes forward looking statements and non-GAAP financial measures. These statements reflect our current expectations, but involve risks and uncertainties that could cause actual results to differ materially for further information. Please refer to the cautionary statements in our.

Speaker Change: I will now turn the call over to our Chief Executive Officer, Anna Cabral Anna. Please go ahead.

Anna Cabral: Good morning.

Anna Cabral: I'm very pleased to present, you with our first quarter of 2025 results over the last two years, we've transformed sigma from an emerging producer to a leading global lithium company.

Speaker Change: Our presentation and our public filings with Canadian and U S. Regulators all of these materials are available on our website with that.

Speaker Change: I'll now turn the call over to our Chief Executive Officer, Anna Cabral Anna. Please go ahead.

Anna Cabral: Core strategic advantage is our resilience to lithium price cycles.

Anna Cabral: Good morning.

Anna Cabral: I'm very pleased to present, you with our first quarter 2025 results over the last two years, we've transformed sigma from an emerging producer to a leading global lithium company. Our core strategic advantage is our resilience to lithium price cycles.

Anna Cabral: Competitive advantage is a direct result of operational efficiency that drives the way we run our business.

Anna Cabral: Because we focus on the elements that we can control, namely continuously lowering our production costs. We would like here then to outline our competitive advantages to start this presentation for us we are strategically well positioned we industrial.

Anna Cabral: Our competitive advantage is a direct result of operational efficiency that drives the way we run our business big.

Anna Cabral: Because we focus on the elements that we can control, namely continuously lowering our production costs.

Anna Cabral: <unk> lithium oxide concentrates, which has higher margins than refining.

Anna Cabral: Our plant in our mind are located in Brazil is an established industrial and mining jurisdictions with strong rule of law.

Anna Cabral: We would like here then to outline our competitive advantages to start this presentation sauce, we're strategically well positioned we industrialize lithium oxide concentrate which has higher margins than refining.

Anna Cabral: Second we are resilient to lithium market price cycles, we're a low cost producer on the knoll in sustaining cost basis.

Anna Cabral: Our plant in our mind are located in Brazil is an established industrial and mining jurisdictions with strong rule of law.

Anna Cabral: Third we achieved operational efficiency at scale.

Anna Cabral: Throne.

Anna Cabral: We have perfected genomic technology to an unprecedented 70% recovery levels at plant than the mix flotation.

Anna Cabral: Second we are resilient to lithium market price cycles, we're a low cost producer on the knoll in sustaining cost basis.

Anna Cabral: We have also achieved.

Anna Cabral: Over 700 days.

Anna Cabral: Third we achieved operational efficiency at scale.

With zero accidents with lost time.

Anna Cabral: Four.

Anna Cabral: Franz.

Anna Cabral: We have been rewarded with a 100 million newest colors.

Speaker Change: We have perfected the domestic knowledge into an unprecedented 70% recovery levels at lumped them they makes flotation.

Anna Cabral: In a heavily subsidized government debt from our development Bank 16 years.

Speaker Change: We have also we've achieved over 700 days with zero accidents with lost time.

Anna Cabral: Term at two 5% fixed costs in U S dollars.

Anna Cabral: Because we delivered share perspective.

Speaker Change: Four.

Speaker Change: We have been rewarded with a 100 million U S dollars.

Anna Cabral: Two one of the poorest regions in the country.

Speaker Change: Heavily subsidized government debt from our development Bank 16 years of term at two 5% fixed costs in U S dollars.

Anna Cabral: As a result, we also earned a social license that.

Anna Cabral: Determines that basically we received environmental permits repeatedly.

Speaker Change: Because we delivered share per spare T. Two one of the poorest regions in the country.

Anna Cabral: Achieved on schedule.

Anna Cabral: I want to highlight also that 100% of our production is uncommitted, which brings the potential to receive prepayments from signing offtake agreements with clients. This is a very standard financing practice in the mining industry and is around tap funding.

Speaker Change: As a result, we also earned a social license that.

Speaker Change: Determines that basically we received environmental permits repeatedly.

Speaker Change: Achieved on schedule.

Anna Cabral: Source, that's readily available to us from clients seeking resilient suppliers at this very moment in the lithium price cycle.

Speaker Change: I wanted to highlight also that 100% of our production is uncommitted, which brings the potential to receive prepayments from signing offtake agreements with clients.

Anna Cabral: Okay.

Anna Cabral: On this page in this quarter, we want to highlight that we increased the overall resilience of our business.

Speaker Change: This is a very standard financing practice in the mining industry and is an untapped funding source that's readily available to us from clients seeking resilient suppliers at this very moment in the lithium price cycle.

Anna Cabral: Our key accomplishments were first we delivered production volumes.

Anna Cabral: At 68300 tons. This demonstrates the operational efficiency of the Green Tech industrial plant.

Speaker Change: On this page in this quarter, we want to highlight.

Anna Cabral: Secondly, we delivered all in sustaining costs outperforming.

Anna Cabral: <unk> by 6%.

Anna Cabral: We are now at $622 a ton.

Anna Cabral: This is the quantification of our resilience.

The operational efficiency of the Green Tech industrial plant.

Anna Cabral: And these costs are amongst the lowest in the industry. They are lower than African spodumene operations, either ethically produced like us or not so we beat the competition.

Secondly, we delivered all in sustaining costs outperforming.

<unk> by 6%.

We are now at $622 a ton.

Anna Cabral: Thirdly, we generated positive cash flow from operations, which translates into this operational resilience because we make money per ton of lithium concentrate produced.

This is the quantification of our resilience.

And these costs are amongst the lowest in the industry. They are lower than African spodumene operations.

Anna Cabral: Therefore, we are easily able to repay some of the more expensive shorter term duration trade financing debt.

Ethically produced like us or not so we beat the competition.

Thirdly, we generated positive cash flow from operations.

Anna Cabral: On this page we have charged the demonstrate numerically the points I just made earlier, we outperform 2025 targets across the board.

Which translates into this operational resilience, because we make money per ton of lithium concentrate produced.

Therefore, we are easily able to repay some of the more expensive shorter term duration trade financing debts.

Anna Cabral: When we compare our results versus a year ago.

Anna Cabral: The numbers just showcase how sigma progressed exponentially.

On this page we have charged the demonstrate numerically the points I just made earlier, we outperformed 2025 targets across the board.

Anna Cabral: Our EBITDA in the first quarter. This year increased three five times from last year.

Anna Cabral: 223%.

When we compare our results versus a year ago.

Anna Cabral: Our sales were up to 17% so the magnitude of the EBITDA increase versus sales.

The numbers just showcase how sigma progressed exponentially.

Anna Cabral: Just how cost efficient we became.

Our EBITDA in the first quarter. This year increased three five times from last year.

Anna Cabral: Comparing results on a quarter over quarter, we demonstrate this continuous positive trajectory of our profitability.

223%.

Anna Cabral: Our EBITDA has increased 3%, while our sales decreased so this is resilience quantified.

Sales were up to 70% so the magnitude of the EBITDA increase versus sales.

Anna Cabral: Here, we demonstrate the operational performance slightly beating the quarterly production guidance for 2025.

Just how cost efficiently became.

Comparing results on a quarter over quarter, we demonstrate discontinuous positive trajectory of our profitability.

Anna Cabral: And again it demonstrates that after the structural upgrades, our green Tech plant achieved continuous cadence at an increased level of performance.

<unk> increased 3%, while our sales decrease so this is resilience quantified.

Here, we demonstrate the operational performance slightly beating the quarterly production guidance for 2025.

Anna Cabral: This pace also also highlights.

Anna Cabral: Crucial point, Amit earlier a.

Anna Cabral: Quantifies indirectly the amount of prepayments Sigma can receive from clients.

And again it demonstrates that after the structural upgrades, our green Tech plant achieved continuous cadence at an increased level of performance.

Anna Cabral: By signing offtake agreements to supply lithium.

Anna Cabral: This is an untapped funding source and is readily available in our current market environment, because the lithium demand is robust. So we have clients seeking to secure certainty of supply.

This pace also also highlights a crucial point I made earlier is.

Quantifies indirectly the amount of prepayments Sigma can receive from clients.

Anna Cabral: But only from producers with low all in costs.

By signing offtake agreements to supply lithium.

Anna Cabral: Which can withstand the low point of the lithium price cycle.

This is an untapped funding source and is readily available in our current market environment, because lithium demand is robust. So we have clients seeking to secure a certainty of supply.

Anna Cabral: Our production is 100% and committed.

Anna Cabral: So we could comfortably signed up two three offtake agreements at current market prices.

But only from producers with low all in costs.

Anna Cabral: And still have 30000 tons of production remaining to just validates the market pricing of these off stakes, which is a very sound financing strategy.

Which can withstand the low point of the lithium price cycle.

Our production is 100% and committed so we could comfortably signed up two three offtake agreements at current market prices.

Anna Cabral: Here, we demonstrate our low cost across the board at <unk>.

And still have 30000 tons of production remaining to just validates the market pricing of these offtake.

Anna Cabral: Cif.

Anna Cabral: In our all in sustaining costs.

Anna Cabral: This culminated with a 20% annual decrease of our all in sustaining costs.

Which is a very sound financing strategy.

Anna Cabral: Okay.

Here, we demonstrate our low cost across the board at plant.

Anna Cabral: The last year.

Anna Cabral: These low costs underscore the resilience of our business a year ago. We already won what are the lowest cost producers globally of lithium oxide concentrates.

At Cif in our all in sustaining costs.

This culminates with a 20% annual decrease of our all in sustaining costs across the last year.

Anna Cabral: And over the last year, we continued to improve.

Anna Cabral: Further lower our costs.

These low costs underscore the resilience of our business a year ago.

Anna Cabral: Ross the board and.

Anna Cabral: And reach this 22% decrease from.

<unk> already won one of the lowest cost producers globally of lithium oxide concentrates.

Anna Cabral: From last year first quarter.

Anna Cabral: On this space, we have the lithium cost curve. So here, we demonstrate our leading position in the global lithium industry.

And over the last year, we continued to improve and further lower our cost across the board and reach this 22% decrease.

Anna Cabral: Sigma actually delivered what we call the Holy Trinity of lithium production.

From last year first quarter.

Anna Cabral: Large scale low cost.

On this page we have.

Anna Cabral: Traceable and ethically produced.

Anna Cabral: Lithium materials.

<unk> cost curve. So here, we demonstrate our leading position in the global lithium industry.

Anna Cabral: This page is from benchmark minerals is sourced from benchmark.

Anna Cabral: So the global cost curve.

Sigma actually delivered what we call the Holy Trinity of losing production.

Anna Cabral: <unk> of lithium oxide concentrates from mining.

Large scale low cost <unk>.

Anna Cabral: Here, we demonstrate our leading position in the global lithium industry.

Reasonable and ethically produced lithium materials.

Anna Cabral: Sigma delivered the Holy Trinity of lithium production, we deliver a large scale, we deliver low cost and we'll deliver ethically and traceable lithium materials.

This page is from benchmark minerals is sourced from benchmark and.

And it shows the global cost curve of producers of lithium oxide concentrates from mining.

Anna Cabral: It underscores our cost efficiency, because we are lower cost than the African miners shown in pink just two hour right on the page.

Here, we demonstrate our leading position in the global lithium industry.

Sigma delivered the Holy Trinity of lithium production, we deliver a large scale, we deliver low cost and we'll deliver ethically and traceable lithium materials.

Anna Cabral: The only company in our industry that has lower cost than Sigma is green bushes, Allison, but they have five times our scale. So is achievable to get there.

Speaker Change: It underscores our cost efficiency, because we are lower cost than the African miners shown in pink just two hour right on the page.

Anna Cabral: Here is a breakdown of what our all in sustaining costs, which this quarter reached $622 per ton.

Speaker Change: The only company in our industry that has lower costs than Sigma is green bushes, palisson, but they have five times our scale.

Anna Cabral: It shows how it outperformed the 'twenty to 'twenty five targets by 6%.

Speaker Change: So is achievable to get there.

Anna Cabral: First our operational efficiency this quarter enabled us to lower the maintenance capex of our plants.

Speaker Change: Here is a breakdown of what our all in sustaining costs, which this quarter reached $622 per ton.

Anna Cabral: Our SG&A will reached targets irrespectively as we increased production volumes.

Speaker Change: It shows how we outperformed the 'twenty to 'twenty five targets by 6%.

We have also have been actively decreasing financing expenses by using part of our cash generation to repay.

Speaker Change: First our operational efficiency this quarter enabled us to lower the maintenance capex of our plants.

Anna Cabral: Expensive short term financing that as we just discussed earlier.

Anna Cabral: Our SG&A reached targets Irrespectively as we increase production volumes.

Anna Cabral: We're very proud of this space because it shows how we achieved.

Anna Cabral: We have also have been actively decreasing financing expenses by using part of our cash generation to repay.

Anna Cabral: Over 700 consecutive days without accidents with lost time in.

Anna Cabral: It means a lot to us because we.

Anna Cabral: Expenses short term financing that as we just discussed earlier.

Anna Cabral: Sending our employees safely back home to their families every day.

Anna Cabral: We're very proud of this page because it shows how we achieved.

Anna Cabral: Our team is very proud of this because it demonstrates how.

Anna Cabral: How we rose to the challenge after battery materials industry of delivering at the same time.

Anna Cabral: Over 700 consecutive days without accidents with lost time in these a lot to us because we were defending our employees safely back home to their families every day.

Anna Cabral: Low cost product without putting our people at risk and using shortcuts on health and safety.

Anna Cabral: Our team is very proud of this because it demonstrates how we rose to the challenge after battery materials industry of delivery at the same time low cost products without putting our people at risk and using shortcuts on health and <unk>.

Anna Cabral: We have one of the best safety Records amongst.

Oh ICM companies in the global metals and mining industry.

Anna Cabral: We have reached this level of safety excellence is a result of robust processes.

Anna Cabral: <unk> ownership amongst our team because they think about protecting themselves, but also protecting their colleagues all the time.

50.

Anna Cabral: We have one of the best safety Records amongst.

Anna Cabral: All ICM companies and a global metals and mining industry.

Anna Cabral: Here, we talk about our Green Tech production plant, we mastered the dense media technology for producing lithium oxide, we have been recurring Lee achieving unprecedented recovery level recovery levels for this technology, it's over 70% of <unk>.

Anna Cabral: We have reached this level of safety excellence is a result of robust processes.

Speaker Change: Culture of ownership amongst our team because they think about protecting themselves, but also protecting their colleagues all the time.

Speaker Change: Okay.

Anna Cabral: Loved level and the global recoveries have been consistently well into the 60%.

Speaker Change: Here, we talk about our Green Tech production plant, we mastered the dense media technology for producing lithium oxide, we have been recurring Lee achieving unprecedented recovery level recovery levels for this technology each over 70% of plant level.

Anna Cabral: This recovery achieved in our Green Tech plant is a result from the constant implementation of innovation and improvements and it culminated with us implementing in the fourth quarter. The recycling circuit for the lithium tailings will be.

Speaker Change: And the global recoveries have been consistently well into the 60%.

Anna Cabral: Reprocess, the lithium oxide in the tailings and converted into high grade product. So it increases the match of our product. So we achieve higher production volumes to recycling the dry stack tailings.

Speaker Change: This recovery achieved in our Green Tech plant is a result from the constant implementation of innovation and improvements and it culminated with us implementing in the fourth quarter. The recycling circuit for the lithium dailies where we.

Nova: So now I'm going to hand over to my colleague and partner <unk> and Nova She is divisive president of Investor Relations at Sigma and she's going to go through our financial performance this quarter in detail.

Speaker Change: Process, the lithium oxide in the tailings and converted into high grade product. So it increases the mass of our product. So we achieve higher production volumes through recycling the dry stack tailings.

Speaker Change: Thank you Ana.

Speaker Change: Now I'll take a look at our financial performance for the first quarter of <unk> 25.

Speaker Change: We reported $48 million in revenue, representing a 28% increase year over year, driven by higher sales volumes and disciplined execution across the decoration.

Speaker Change: So now I'm going to hand over to my colleague and partner <unk> and Nova She is divisive president of Investor Relations at Sigma and she's going to go through our financial performance this quarter in detail. Thank you Ana.

Speaker Change: Cost of sales came in at 34 million, reflecting a 19% increase year over year, driven by higher production volumes, partially offset by lower operating costs. As a result, we delivered a solid cash gross margin of 35% highlighting the continued efficiency of our operations and our strong ally.

Speaker Change: Let's now take a look at our financial performance for the first quarter of 'twenty five.

Speaker Change: We reported $48 million in revenue, representing a 28% increase year over year, driven by higher sales volumes and disciplined execution across separation cost of sales came in at $34 million, reflecting a 19% increase year over year, driven by higher production volumes, partially offset it.

Speaker Change: Cost position EBITDA for the quarter was $10 million and when adjusted for noncash stock based compensation adjusted EBITDA reached $11 million, a substantial increase compared to the same period last year.

Speaker Change: Below operating costs as a result, we delivered a solid cash gross margin of 35% highlighting both the continued efficiency of our durations and our strong low cost position EBITDA for the quarter was $10 million and when adjusted for noncash stock based compensation adjusted EBITDA reached <unk>.

Speaker Change: This translated into strong EBITDA and adjusted EBITDA margin of 21, and 2004%, respectively, underscoring our scalable and profitable business model. We ended the quarter with a cash position of $31 million, which I will cover in more detail. Shortly finally, we reported our first net income.

Speaker Change: $7 million, a substantial increase compared to the same period last year. This translated into strong EBITDA and adjusted EBITDA margins of 21, and 24%, respectively, underscoring our scalable and profitable business model. We ended the quarter with a cash position of 31 million.

Speaker Change: Nearly $5 million or four cents per share business out.

Speaker Change: Our ongoing progress and increasing production maintaining cost discipline and achieving strong financial performance. The next slide shows how our strong execution translated into solid margins this quarter with $48 million in that revenue and cost of sales of $34 million segment generated 17 million.

Speaker Change: Which I will cover in more detail. Shortly finally, we appointed our first net income of nearly $5 million or four cents per share. This result reflects our ongoing progress and increasing production maintaining cost discipline and achieving strong financial performance.

Speaker Change: And cash gross profit, resulting in a cash gross margin of 35% reported EBITDA for the first quarter was $10 million and when adjusted for noncash stock based compensation adjusted EBITDA surpassed 11 million, reflecting a strong adjusted EBITDA margin of 24%.

Speaker Change: The next slide shows how our strong execution translated into solid margins this quarter with $48 million in net revenue and cost of sales of $34 million segment generated $17 million in cash gross profit, resulting in a cash gross margin of 35%.

Speaker Change: During the quarter. We also continued our work on reducing short term debt by reducing trade finance balance by 15% from 60 million to just over $52 million, while our interests are dawn reduced further to $17.

Speaker Change: EBITDA for the first quarter was $10 million and when adjusted for noncash stock based compensation adjusted EBITDA surpassed 11 million, reflecting a strong adjusted EBITDA margin of 24% during.

Speaker Change: Looking ahead, we expect further reduction in interest cost per ton as we ramp up production.

Speaker Change: During the quarter. We also continued our work on reducing short term debt by reducing trade finance balance by 15% from 60 million to just over $50 million, while our interest reduced.

Speaker Change: So our financial cost for the first quarter was $75 per ton and we anticipate this will decrease to around $70 per ton for the full year.

Speaker Change: This reflects our ongoing efforts to replace the short term trade finance facilities with subsidized <unk> financing.

Speaker Change: Reduced further to $17.

Speaker Change: Looking ahead, we expect further reduction in interest cost per ton as we ramp up production the financial cost for the first quarter was $75 per ton and we anticipate baseball decreased around $70 per ton for a full year.

Speaker Change: To leverage other liability management tools available to us as I mentioned earlier.

Speaker Change: One of our key advantages is the flexibility provided by our uncommitted production volumes.

Speaker Change: This reflects our ongoing efforts to replace the short term trade finance facilities with subsidized <unk> financing and to leverage other liability management tools available to us as Anna mentioned earlier.

Speaker Change: I'm not.

Speaker Change: Talking about it earlier, we haven't signed any offtake agreements to date, so 100% of our annual production or 270000 tons is fully available.

Speaker Change: One of our key advantages is our flexibility provided by our uncommitted production volumes.

Speaker Change: It gives us the ability to sign offtake agreements with prepayment structures.

Speaker Change: And then when it makes strategic sense that Max ability provides a powerful financing so, allowing us to extend our debt maturity profile by deciding how much of our production to allocate to this agreement.

Speaker Change: As Ana.

Speaker Change: Talking about it earlier, we haven't signed any offtake agreements to date, so 100% of our annual production or 270000 tons is fully available.

Speaker Change: Finally, we put together a slide to highlight our strong cash flow performance during the quarter and our disciplined transparent approach to operational cash generation, we started the quarter with $46 million in cash on hand, and during the quarter, we received over $32 million in cash payments from customers and.

Speaker Change: <unk> is the ability to sign offtake agreements with prepayment structures, if and when it makes strategic sense that flexibility provides a powerful financing through allowing us to extend our debt maturity profile by deciding how much of our production to allocate to this agreement.

Speaker Change: The increase in trade receivables of $15 million related to sales made before the quarter end, but settled after accounting at all.

Speaker Change: Finally, we put together a slide to highlight our strong cash flow performance during the quarter and our disciplined transparent approach to operational cash generation, we started the quarter with $46 million in cash on hand, and during the quarter, we received over $32 million in cash payments from customers.

Speaker Change: Total cash outflows for the period with $30 million, including $23 million in operational costs that is excluding SG&A and royalties. So summarizing the performance on a pro forma basis, including an increase in trade receivables operational cash flow reached $24 million.

An increase in trade receivables of $15 million related to sales made before the quarter end, but settle after that accounting cutoff.

Speaker Change: The accounting for SG&A and other expenses pro forma cash from operations was $77 million.

Speaker Change: Cash outflows for the period were $30 million, including 23 million in operational costs that is excluding SG&A.

Speaker Change: If along in the financial expenses the amount of $12 million also includes that 10 million demand of prepaid debt.

Speaker Change: So summarizing the performance a pro forma basis, including an increase in trade receivables operational cash flow reached $24 million after accounting for SG&A and other expenses pro forma cash from operations was $17 million.

Speaker Change: All in all this highlights our strong ability to generate steady operational cash flow, while staying disciplined in how we manage and allocate capital.

Speaker Change: And with that I'll hand, it over to Anna to provide operational updates.

Speaker Change: If along in the financial expenses the amount of $12 million also includes that 10 million amount of prepaid debt.

Anna Cabral: On this section I'm going to give you an update on our expansion plans.

Speaker Change: All in all this highlights our strong ability to generate steady operational cash flow, while staying disciplined in how we manage and allocate capital.

Anna Cabral: On this slide we demonstrate that we continue to make progress in our construction work our second industrial processing plant we.

Anna Cabral: And with that I'll hand, it over to Anna to provide operational updates.

Anna Cabral: We have a detailed table showing the main work streams of the construction.

Speaker Change: Yeah.

On this section I'm going to give you an update on our expansion plans.

Anna Cabral: We have completed approximately 32% of the construction by this first quarter.

Speaker Change: On this slide we demonstrate that we continue to make progress in our construction work for our second industrial processing plant.

Anna Cabral: This chart illustrates the pace of our progress.

Anna Cabral: <unk> completed.

Anna Cabral: The water drainage pipelines completed.

We have a detailed table showing the main work streams of the construction we have completed approximately 32% of the construction by this first quarter.

Anna Cabral: This infrastructure enables.

Anna Cabral: Closed water circuit, which is key it allows <unk> to fully reuse the water.

Speaker Change: No we buy from the ticketing Loire River, which is C. What's great. So this is our closed water circuit.

Speaker Change: This chart illustrates the pace of our progress.

Speaker Change: <unk> completed the water drainage pipelines completed.

Speaker Change: Again, we delivered as far as construction progress is this longer but less expensive portion of building.

Speaker Change: This infrastructure enables our closed water circuit, which is key.

Speaker Change: Laos Sigma to fully reuse the water that we buy from the <unk> River, which is sewage grade. So this is our closed water circuit.

Speaker Change: But it is a key preparatory work for the assembly and installation of the equipment of the industrial plant.

Speaker Change: We have been thoroughly managing the base of our construction in order to preserve cash flow. Therefore, we now have yet submitted the orders for the long lead items of the plant.

Speaker Change: Again, we delivered as far as construction progress is this longer but less expensive portion of building.

Speaker Change: But it is a key preparatory work for the assembly and installation of the equipment of the industrial plant.

Speaker Change: But we will.

Speaker Change: This next page shows that this construction is fully funded by assigned subsidized loan agreement with <unk>, The Brazilian development Bank.

Speaker Change: We have been thoroughly managing the pace of our construction in order to preserve cash flow. Therefore, we not yet submitted the orders for the long lead items of the plant but.

Speaker Change: As I mentioned earlier he has a very benign 16 year duration and an unmatched low interest rate fixed in reais at approximately two 5% a year.

Speaker Change: But we will.

Speaker Change: This next page shows the disc construction is fully funded by assigned subsidized loan agreement with <unk>. The Brazilian development Bank as I mentioned earlier. He has a very benign 16 year duration in an unmatched low interest rate fixing reais at approximately two <unk>.

Speaker Change: We have oh.

Speaker Change: Already submitted to the NDS.

SaaS reimbursement package.

Which has over 500 invoices.

Speaker Change: So they received all.

Speaker Change: Of our first disbursed disbursement tranche is still pending and that will drive the timing for the placement of the orders for the equipment that I mentioned earlier will recall long lead items.

Speaker Change: 5% a year.

Speaker Change: We have already submitted to <unk>.

Speaker Change: <unk> reimbursement package, which has over 500 invoices. So they received all.

Speaker Change: This next page shows how it makes sense to double our production capacity is going to cost just $100 million.

Speaker Change: Of our first disbursed disbursement tranche is still pending and that will drive the tiny for the placement of the orders for the equipment that I mentioned earlier will recall long lead items.

Speaker Change: More importantly, the devaluation of the Brazilian real works to our favor because over 80% of our equipment is sourced locally. So building. The second production plant is expected to be achieved with very low capex is one of the lowest in the industry is.

Speaker Change: This next page shows how it makes sense to double our production capacity is going to cost just 100 million U S dollars moving.

Speaker Change: <unk> this is lower than even the producers in Africa.

Speaker Change: More importantly, the devaluation of the Brazilian real works to our favor because over 8% of our equipment is sourced locally.

Speaker Change: What does it mean it means that every incremental ton of lithium oxide, we're going to have a capex of just $400 associated with it.

Speaker Change: So building the second production plant is expected to be achieved with very low capex is one of the lowest in the industry. It's 40. This is lower than even the producers in Africa. What does he mean it means that for every incremental ton of lithium walks.

Speaker Change: Given our all in sustaining costs the payback period on the plant is very very short even occur in lithium prices. So more importantly.

Speaker Change: When we double production capacity will become even more resilient to the lithium price cycles, because we further lower our all in sustaining costs by 20%.

Speaker Change: Side, we're going to have a capex of just $400 associated with it so given our all in sustaining costs. The payback period on the plant is very very short even at current lithium prices. So more importantly.

Speaker Change: From $660, which is a target guidance down to $530, which is the target guidance for 2026.

Speaker Change: When we double production capacity will become even more resilient to the lithium price cycles, because we further lower our all in sustaining costs by 20%.

Speaker Change: It's interesting because theres, an American author Cogent colleagues that we greatly admire who's the patron.

Speaker Change: Strategic teasers called building a company to last.

Speaker Change: From $660, which is the target guidance down to $530, which is the target guidance for 2026.

Speaker Change: Our strategic direction towards increasing our resilience demonstrates just that the.

Speaker Change: The Sigma is leading competitive position will continue to inch trend and as we expand.

Speaker Change: It's interesting because there's an American author cogent colleagues that we greatly admire who's the patron of AR.

Speaker Change: Therefore, we're building this company to last withstanding lithium cycles well.

Speaker Change: Strategic teases called building a company to last.

Speaker Change: Our strategic direction towards increasing our resilience demonstrates just that the segments, leading competitive position, we will continue to strengthen as we expand.

Speaker Change: Well lead to the future. So here I'm going to close by thanking all of our shareholders for the trust.

Speaker Change: Interestingly with the honor to lead Sigma into building it to last.

Speaker Change: Therefore, we're building this company to last with standing lithium cycles.

Speaker Change: The floor is now open for questions. If you wish to ask a question. Please use the raise in pattern or type of down on the Q&A feud wait while we pull for questions.

Speaker Change: Well into the future.

Speaker Change: So he is going to close by thanking all of our shareholders for the trust and trust annuity honor to lead Sigma into building it too long.

Rob Hoffman: Hi, This is Rob Hoffman from Bank of America.

Speaker Change: Thank you the floor is now open for questions.

Rob Hoffman: My first question is was there a conscious decision to produce five zero percent sparkling concentrate this quarter and is there a less desire in the market right now or even five 3%, what's kind of a good assumption going forward.

Speaker Change: Could you ask a question. Please use the reset button or type of known on the Q&A for you would wait while we pool for questions.

Speaker Change: Well, we basically it was cautious.

We have very high grades so as we put in the reprocessing circuit.

Speaker Change: Into full capacity, we have the ability, which is actually a luxury to adjust down our grage why is that because the current pricing formula for lithium concentrate.

Speaker Change: It decreases the base price.

Speaker Change: Linearly, but while we add the reprocessed material through the recycling we gained mass exponentially so it make sense to actually get to join bullshit.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: In the Green <unk> plant to add mass exponentially, which significantly lowers our costs given that we are essentially there.

Speaker Change: We're also seeing our existing tailing.

Speaker Change: It is a fantastic ability technologically that we gained now to your question the market.

Rock Hoffman: Hi, This is a rock Hoffman from bank of America.

Rock Hoffman: My first question is was there a conscious decision to produce a 5.0% spodumene concentrate this quarter and as there are less desire in the market right now or even five 3%, what's kind of a good assumption going forward.

Speaker Change: Fortunately doesn't reward higher grade material properly with the appropriate premium as it does in other established industry such as R&R copper. Therefore, we are essentially adjusting it to the best product available in the spot market, which is.

Rock Hoffman: Well, we basically it was cautious.

Speaker Change: Essentially the Australian average whats on off so yes. It was a deliberate decision and we will continue to do it.

Rock Hoffman: We have very high grades so as we put in the reprocessing circuit.

Rock Hoffman: Into full capacity, we have the ability, which is actually a luxury to adjust down our Grange wise to act because the current pricing formula for lithium concentrate.

Speaker Change: Understood. Thank you and just as a follow up I understand that much.

Speaker Change: Much of the cost optimization that can still be achieved from where we are now is largely an industrial operations could you kind of describe that a bit more as well as on the sizing and timing for how low these costs can feasibly go.

Rock Hoffman: It decreases the base price linearly, but while we add the reprocessed material through the recycling we gained mass exponentially so it make sense to actually get to drawing bullshit.

Speaker Change: Well no not really we preferred not to guide the gains would scale up by furthering our operating costs either mine or plant because we are already amongst the lowest in the industry. So when when one looks at the guidance we put.

Rock Hoffman: In the green that plant to add mass exponentially, which significantly lowers our costs given that we are essentially.

Rock Hoffman: Processing, our existing tailings. So it's it's a fantastic ability technologically that we gained now to your question the market. Unfortunately doesn't reward higher grade material properly with the appropriate premium as it does in other.

Speaker Change: L. A at year end at the previous quarter, what we show is that.

Speaker Change: We scale, we would gain the obvious economies of scale, which we're having.

Speaker Change: Having we would decrease by 50% by half.

Speaker Change: Our SG&A because you wouldn't need to one is TUI arena is to run a double plant.

Rock Hoffman: Established industries, such as iron ore copper. Therefore, we are essentially adjusting it to the best product available in the spot market, which is essentially the Australian average whats on off so yes. It was a deliberate decision and we will continue to do it.

Speaker Change: And we will lower by half our interest bill because we've put in a pro forma number that would comprise the financing to build the second plant.

Speaker Change: When we when we highlight that our all in sustaining cost for two plants up.

Speaker Change: Understood. Thank you and just as a follow up I understand that much.

Speaker Change: <unk> is expected to be $530 buses that the expected yearend $660.

Speaker Change: Much of the cost optimization that can still be achieved from where we are now is largely an industrial operations could you kind of describe that a bit more as well as on the sizing and timing for our low cost can feasibly go.

Speaker Change: All in sustaining costs up this game is solely by lowering the interest cost by scale and lowering SG&A scale.

Speaker Change: Well no not really we prefer not to guide the gains with scale up by furthering our operating costs either mine or plant because we are already amongst the lowest in the industry. So when when one looks at the guidance would put.

Speaker Change: And these are the obvious games.

Speaker Change: And we left it at that we felt that this would be an obvious manner to benefit from scale that would be mathematically unquestioned.

Speaker Change: Thank you.

Now Ah at year end at the previous quarter, where we show is that up with scale, we would gain the obvious economies of scale, which we're having.

Speaker Change: Our next question comes from channel gear from core Mark Securities.

Speaker Change: Please Mr view your microphone is open.

Speaker Change: Hi, there Anna I'm sorry, if this is a repeat as I had to miss the beginning of the call.

Speaker Change: Having we would decrease by 50% by half our SG&A because you wouldn't need to one is TUI arena is to run a double point al.

Speaker Change: But when are you guys planning to do your first draw on your ban D S loan.

Speaker Change: And if it's delayed a is there some sort of maybe plan to secure offtake or refinance some of that short term debt can you, let us know what your financial plan is going forward.

Speaker Change: And we will lower by half our interest bill because we put in a pro forma number that would comprise the financing to build the second block. So when we when we highlight that our all in sustaining cost for two plants up is expected to be 500.

Speaker Change: Absolutely let me ask your question.

Speaker Change: First it's I'll go backwards the first fresh the reimbursements have been submitted so it's on the boys on their cap that's for US now and the amount is not that high given that if you look at our Capex deployed on building. This portion of plant too I mean, we do that.

Speaker Change: $30 versus the the expected yearend six selling and $60 of all in sustaining costs up. We this game is solely by lowering the interest cost by scale and lowering SG&A by scale.

Speaker Change: Did the cheapest portion of the construction for now which is earthworks and civils right equipment hasn't been ordered so all parked app.

Speaker Change: And these are the obvious games.

Speaker Change: And we left it at that if we felt that this would be an obvious manner to benefit from scale that would be mathematically unquestioned.

Speaker Change: Then we go back to the.

Speaker Change: The short term debt the repayment of sharp short term that makes sense with cash generation and the decision is made on a quarterly basis, depending on how much extra cash we have.

Speaker Change: Thank you.

Speaker Change: Our next question comes from Genin gear from core Mark Securities was.

And depending on lithium market.

Speaker Change: Prices, which we don't control so we manage our financing short term liquidity based on how much extra cash we got versus the literal market prices such as what we just did on our first quarter.

Speaker Change: Please Mr. Gere your microphone is open.

Speaker Change: Hi, there Ana and surfaces are repeat as I had to miss the beginning of the call.

Speaker Change: But when are you guys planning to do your first draw on your ban D S loan and.

Speaker Change: Now thirdly your question prepayments, yes, that's what I tried to signal and so did arena by demonstrating how we still have a significant a significant source of adapt financing because we've got this far as a company without committing a single.

Speaker Change: And if it's delayed.

Speaker Change: Is there some sort of maybe.

Speaker Change: Land to secure offtake or a refinance some of that short term debt can you, let us know what your financial plan is going forward.

Speaker Change: Absolutely let me unpack your question first it's I'll go backwards up the first tranche. The reimbursements have been submitted so it's on the boys on their count. That's first now and the amount is not that high given that if you look at our Capex deployed on building this.

Speaker Change: <unk> tonnage of lithium so all of our available units are.

Speaker Change: Not tied to offtake agreements, which means we could have the flexibility we have the flexibility to commit this unit.

Speaker Change: Portion of plant too I mean, we do that when we did the cheapest portion of the contract for.

Speaker Change: In offtake.

Speaker Change: Agreements and that's a very good question because I'd like to make another point just to clarify for dosing the audience not familiar with these agreements.

Speaker Change: For now, which is earthworks and civils right equipment hasn't been order so our barked app.

Speaker Change: They do not mean fixed prices they do not mean that I am a hedge.

Speaker Change: Then we go back to the short term debt the repayment of shirt short term that makes sense with cash generation and the decision is made on a quarterly basis, depending on how much extra cash we have.

Speaker Change: Hedging or locking in the current very low prices into three or four years future no. What he means is I'm delivering.

Speaker Change: Delivering secure tonnage to clients that at the moment are very concerned with the sourcing of lithium materials, the ethical traceable or not from origins slides from all over the world from Japan, China Korea.

Speaker Change: And depending on lithium market.

Speaker Change: Prices, which we don't control so we manage our financing short term liquidity based on how much extra cash we got versus the literal market prices such as what we just did on our first quarter.

Speaker Change: North America, all clients are very concerned about sourcing not just sourcing ethically produce sourcing.

Speaker Change: Now thirdly your question prepayments, yes, that's what I tried to signal and so did the greener by demonstrating how we still have a significant a significant source of adapt financing because we've got this far as a company without committing a single.

Speaker Change: Over and that's how we reached the Trinity.

Speaker Change: They also look at potentially simpkins of offtake as companies that have the ability to do so at low cost because it means that they will prepay that will advance meet a very large sum of money and they need to make sure that we.

Speaker Change: Cannon of lithium so all in all of our available units are.

Speaker Change: Not tied to offtake agreements, which means.

Speaker Change: We are a company.

Speaker Change: We could have the flexibility we have the flexibility to commit these units in.

Speaker Change: Doesn't shut down or has the ability to achieve costs are low enough to navigate the cycle. So clients cannot afford to handout prepayments two companies there are high cost producers because they risk not getting the material.

Speaker Change: Offtake agreements and that's a very good question because I'd like to make another point just to clarify for dosing the audience not familiar with these agreements they do not meet fixed price, which they do not mean that I am hedging.

Speaker Change: In the current lithium market cycles. So it is a perfect environment actually to negotiate and sign off stage, because we're low cost producers, we deliver ethical and traceable materials. We clearly can withstand this cycle and therefore, we are eligible to receive.

Speaker Change: Our hedging or locking in the current very low prices into three to four year future, though what he means is I am delivering secure tonnage to clients that at the moment are very concerned with the sourcing of lithium materials the.

Speaker Change: Which are given to us by the clients comfortably.

Speaker Change: Ethical traceable or not from origins clients from all over the World from Japan, China Korea, North America. All glines are very concerned about sourcing not just sourcing ethically produce sourcing more over and that's how we.

Speaker Change: Typically these agreements are strike or signed a market prices, sometimes with a floor, sometimes with a very high cap so floors and caps.

Speaker Change: Detract from value.

Speaker Change: And it is a win win sometimes there is none of that sometimes it's at market prices, but will decline and once is secure the volumes that tonnage into the future because everyone. Clearly knows that 26, 27, 28 29 will be more balanced.

Speaker Change: <unk> reached the Trinity.

Speaker Change: They also look at potentially simpkins of off takes as companies that have the ability to do so at low cost because it means that they will prepay. They will advance meet a very large sum of money and they need to make sure that we are a company.

Speaker Change: Up markets for demand and supply of lithium and I think at this point. There is no question the demand is extremely robust.

Speaker Change: Doesn't shut down or has the ability to achieve cost are low enough to navigate the cycle. So clients do not afford to handout prepayments two companies there are high cost producers because they risk not getting the material in.

Speaker Change: Okay.

Anna Cabral: Okay. Thanks Ana.

Speaker Change: Thank you.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Our next question comes from Katy La Chapelle from Canaccord Genuity plus Mrs. Lush a bill your microphone is open.

Speaker Change: In the current mix.

Speaker Change: Okay.

Speaker Change: So it is a perfect environment actually to negotiate and sign off stage, because we're low cost producers, we deliver ethical and traceable materials. We clearly can withstand this cycle and therefore, we are eligible to receive these prepayments which are given to us by the.

Speaker Change: Hi, Anna I, just want to build on Shannon Gal's question with respect to the potential prepayment or offtake.

Speaker Change: Is that.

Speaker Change: Certain percentage of your production Frito, either phase one or phase two that you're targeting to cover with off takes of prepayments and then is there a particular duration as well.

Speaker Change: Client comfortably.

Speaker Change: Typically these agreements are cyclic or signed a market.

Speaker Change: Yes, there is.

Speaker Change: We have flexibility I was given flexibility by the board to sign.

Speaker Change: So now with a floor, sometimes with a very high cap, so floors and caps Don you know.

Speaker Change: The optics that we highlighted in the presentation and how is the decision is going to be made conditions.

Speaker Change: Detract from value and it is a win win sometimes there's none of that sometimes it's at market prices, but will decline once is secure the volumes that tonnage into the future because everyone. Clearly knows that 26 27 28 29.

Speaker Change: <unk> offered very good conditions, we're going for it and again.

Speaker Change: And you know that quite well, but it's a great question because I want it further to 12 introduce these off stakes mean, what they mean that we get a prepayment not for all of the amount of the future sales before a certain percentage and then typically does a grace period to repay this because this is calculated is.

Speaker Change: We'll be more balanced up markets for the moment supply of lithium and I think at this point. There is no question the demand is extremely robust.

Okay.

Rock Hoffman: Okay. Thanks Ana.

Speaker Change: PMG is almost like six mortgage you gain a grace period, and you gain a certain duration and these are elements negotiated individually with each agreement so.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Our next question James from Kt, La Chapelle from Canaccord Genuity plus Mrs. Lush a bill your microphone is open.

Speaker Change: Regain flexibility here to.

Speaker Change: Use all of our production if it makes sense why we were saying this because the interest rates are typically lower in these offtake Dent one in my current trade financed even the longer duration, one that's a year two than in my current long term debt.

James: Hi, Ana I'd want to build on Shannon Gal's question with respect to the potential prepayment or offtake.

Speaker Change: Is there a certain percentage of your production frito, either phase one or phase two that you're targeting to cover with off takes of prepayments and then us.

Speaker Change: <unk>, which is due one and half years from now so the fact that we highlighted the ability to do prepayment demonstrates how we can do liability management using this uncommitted production and.

James: So our duration as well.

James: Yes, there is where again, we have flexibility I was given flexibility by the board to sign of the optics that.

James: We highlighted in the presentation and how is that decision going to be made conditions. If were offered very good conditions, we're going for it and again.

Typical duration.

Speaker Change: There isn't a typical duration, but there is a minimum duration and the minimum duration clients go for is three years. For example, we get a certain number of inbound very focused on 26 10 to $7 28, starting now.

James: And you know that quite well, but it's a great question because I want it further 12 introduce these off stakes mean, what they mean that we get a prepayment not for all of the amount of the future sales before a certain percentage and then typically does a grace period to repay this because it is calculated as a.

Speaker Change: Which means that clearly there is concern from clients on whether the volumes being offered during those years, we will be at low cost will be adequately produced store not because no one can gas future lithium prices or we know is the demand is strong so again clients.

James: P. M. G is almost like six mortgage you gain a grace period and Eugene a certain duration and these are elements negotiated individually with each agreement so up.

Speaker Change: GAAP concerned about where can I secure these volumes for years, where demand is going to be very robust from low cost producers ethically sourced producers and this is a.

James: Regain flexibility here to you know use all of our production if it makes sense why we were saying this because the interest rates are typically lower in these off Dave's Dan one in my current up trade finance, even the longer duration, one that's a year two.

Speaker Change: This is an interesting turn of events for the market and for Sigma.

Speaker Change: This question and I want to thank everyone, who asked me because there's another point to add to this which is why haven't we done that earlier well because we didn't mean to you.

James: Then in my current long term debt, which is due one and a half years from now so the fact that we highlighted the the ability to do prepayments demonstrates how we can do liability management using this uncommitted production and to your point typical duration.

Speaker Change: Why not because we stopped.

Speaker Change: Two budget and to schedule typically.

Speaker Change: Company staffing to the source of financing as part of the financing package to build their plants. We built first plant without using any of it and we stop and we were able to up.

Speaker Change: There isn't a typical duration, but theres, a minimum duration and the minimum duration clients Gulf War is three years. For example, we get a certain number of inbounds very focused on 26 10 to 728, starting now which means that.

Speaker Change: To build it within budget, so we never needed to use it and then as everyone knows we entered into a strategic review. So we wouldn't commit offtake because there was a strategic review so when that happens you hit pause on everything and we did think about it at the time.

Speaker Change: Clearly there is concern from clients on whether the volume's been offered during those years will be at low cost will be ethically produced store not because no one can gas future lithium prices, where we know is the demand is strong so again clients Jeff concerned about.

As you would have been the logic up next step. So now here we are in a very fortunate position because we're in 2025 demand is robust prices are very low we are Z resilience all in sustaining cost producer. We proved that we can withstand price cycles.

Speaker Change: Where do I see sure. These volumes for years, where demand is going to be very robust from low cost producers ethically sourced producers induces a this is an interesting turn of events up for the market and for Sigma.

Speaker Change: And.

Speaker Change: The outlook for demand is going to be even more robust up there is concern about sourcing in terms of ethical traceable sourcing or not because of the levels of low pricing coming from rock.

Speaker Change: This question and I want to thank everyone, who asked me because there's another point to add to this which is why haven't we done that earlier, well because didnt mean shoe why not because we stopped due to budget and to schedule typically up companies.

Speaker Change: We are almost like in a perfect position here. So this is this is the beauty of the moment. It is a convergence of factors theyre quite beneficial to us at this very moment.

Speaker Change: Tap into the source of financing as part of the financing package to build their plants. We built first plant without using any of it and we stop and we were able to up.

Speaker Change: Thank you on are very clear.

Speaker Change: Yeah.

Speaker Change: Thank you ladies and gentlemen, since there are no further question I'm returning the floor to Mrs. Anna Cabral for her final remarks lets Ms. Susanna you May proceed.

Speaker Change: Two two buildings within budget, so we never needed to use it and then as everyone knows we entered into a strategic review. So we wouldn't commit offtake because up there was a strategic review so when that happens you hit pause on everything and we did think about it at the time.

Speaker Change: Well. Thank you everyone for joining us on this call and once again, we want to highlight that we're building Sigma to laugh I mean, we take our strategic steps very carefully we manage our cash very carefully we are obsessed with cost cutting I want to leave you with another top cost cutting is like could be.

Speaker Change: Because you would have been the logic up next step. So now here we are in a very fortunate position because we're in 'twenty to 'twenty five demand is robust prices are very low we are V. Resilience all in sustaining cost producer we proved that we can withstand price cycle.

Speaker Change: Your nails is a culture of <unk>.

<unk> see that we have implemented the Sigma Theres, an ownership culture here, where over 50% of the equity of the company is in the hands of people who actually work.

Speaker Change: And.

Speaker Change: The outlook for demand is going to be even more robust.

Speaker Change: So we are partner employees, just like all of you shareholders. So we care about returns we care about everything you all tier four so again.

Speaker Change: There's concern about sourcing in terms of ethical traceable sourcing or not because of the levels of low pricing coming from raw.

Speaker Change: Having this job even in a low market.

Speaker Change: So we are almost like in a perfect position here. So this is this is the beauty of the moment. It is a convergence of factors theyre quite beneficial to us at this very moment.

Speaker Change: The low point in the price cycle is actually a non or because it's a real honor to lead a very super committed team like what we have of Sigma and so with that I want to close once again. Thank you for giving me the honor to lead Sigma into <unk>.

Speaker Change: Thank you on a very clear.

Speaker Change: Building a chiller.

Speaker Change: Thank you ladies and gentlemen, since there are no further question I'm returning the floor to Mrs. Anika role for her final remarks plasma Susanna you May proceed.

Speaker Change: Thus, we conclude the first quarter of 2025 call of Sigma lithium.

Speaker Change: For further information and details of the company. Please visit the company's website at IR Dot Sigma lithium resources Dot Com you can disconnect now on thank you once again and have a wonderful day.

Speaker Change: Well. Thank you everyone for joining us on this call and once again, we want to highlight that we're building Sigma to laugh I mean, we take our strategic steps very carefully we manage our cash very carefully we are obsessed with Cody I want a leader we've another thought cost cutting is like could be your.

Speaker Change: Her nails is a culture of efficiency that we have implemented as Sigma Theres, an ownership culture here, where over 50% of the equity of the company is in the hands of people, who actually work here. So we are partner employees just like all of you shareholders. So we care.

Speaker Change: About returns we care about everything you walk here for so again.

Speaker Change: Having this job even in a low market.

Speaker Change: In a low point in the price cycle is actually an honor because it's a real honor to lead a very super committed team like what we have is sigma and so with that I want to close once again thanking you for giving me the honor to lead Sigma into you know building into lost.

Speaker Change: So as we conclude the fourth quarter of 2025 conference call of Sigma Lethean for further information and details of the company. Please visit the company's website at IR Dot Sigma lithium resources Dot Com you can connect from now on.

Speaker Change: Thank you once again and have a wonderful day.