Q1 2025 Sigma Lithium Corp Earnings Call
Good morning, ladies and gentlemen, and welcome to the Sigma lift in 2025 fourth quarter earnings Conference call.
We'd like to inform you that each 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 corporate dispatch 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 simulations plus.
Speaker Change: 125 earnings Conference call speaking on today's call will be amicable, our co chair President and Chief Executive Officer, I will also be stepping in harsh area to cover the financial highlights for the quarter.
Speaker Change: As 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 from <unk>.
Speaker Change: Formation, please refer to the cautionary statements in our presentation and our public filings with Canadian and U S. Legal aid all of these materials are available on our website with that I will.
Speaker Change: I'll now turn the call over to our Chief Executive Officer unencumbered all.
Speaker Change: Please go ahead.
Speaker Change: Good morning.
Speaker Change: I'm very pleased to present, you with our first quarter of 2025 results.
Speaker Change: Over the last two years, we've transformed sigma from an emerging producer to a leading global AG company. Our core strategic advantage is our resilience to lithium price cycles.
Speaker Change: Our competitive advantage is a direct result of operational efficiency that drives the way we run our basins beat.
Speaker Change: Because we focus on the elements that we can control, namely continuously lowering our production costs.
Speaker Change: We would like year, then to outline our competitive advantages to start this presentation five we're strategically well positioned we industrialize lithium oxide concentrate which has higher margins than refining.
Speaker Change: Our plant in our mind are located in Brazil is an established industrial and mining jurisdiction, we struggle rule of law.
Speaker Change: Second we are resilient to lithium market price cycles, we are low cost producer on the nolin sustaining cost basis.
Speaker Change: Third we achieved operational efficiency at scale.
Speaker Change: Franz.
Speaker Change: We have perfected he domestic knowledge into an unprecedented 70% recovery levels at blogged them. They makes flotation.
Speaker Change: We have also achieved over 700 days with zero accidents with lost time.
Speaker Change: Four we have been rewarded with 100 million U S dollars in a heavily subsidized government debt from our development Bank.
Speaker Change: <unk> years of term at QM have sustained fixed costs in U S dollars, because we delivered share prosperity to one of the poorest regions in the country.
Speaker Change: As a result, we also earned a social license that.
Speaker Change: Determines that basically we receive environmental permits repeatedly.
Speaker Change: Achieved on schedule.
Speaker Change: 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 he didn't tap funding source.
Speaker Change: That's readily available to us from clients seeking resilient suppliers at this very moment in the lithium price cycle.
Speaker Change: On this page in this quarter, we want to highlight that we increased the overall resilience of our business. Our key accomplishments were first we deliver production volumes target at 68300 tons.
Speaker Change: This demonstrates the operational efficiency of the Green Tech industrial plant.
Speaker Change: Secondly, we delivered all in sustaining costs Alpha for me.
Speaker Change: <unk> by 6%, we are now at $622 a ton.
Speaker Change: This is the quantification of our resilience.
Speaker Change: 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.
Speaker Change: Thirdly, we generated positive cash flow from operations, which translates into this operational resilience because we make money per ton of lithium concentrate produced there.
Speaker Change: Therefore, we are easily able to repay some of the more expensive shorter term duration trade financing debt.
Speaker Change: On this page we have charged the Daimler straight numerically the points I just made earlier, we outperformed 'twenty to 'twenty five targets across the board.
Speaker Change: When we compare our results versus a year ago. The numbers just showcase how sigma progressed exponentially.
Speaker Change: Our EBITDA in the first quarter this year increased three and a half times from last year.
Speaker Change: 223%.
Speaker Change: Sales were up to 17% so the magnitude of the EBITDA increase versus sales provides just how cost efficiently became.
Speaker Change: Comparing results on a quarter over quarter, we demonstrate this continuous positive trajectory of our profitability. Our EBITDA has increased 8% while our sales decrease so this is resilience quantified.
Speaker Change: Here, we demonstrate the operational performance slightly beating the quarterly production guidance for 2025 and.
Speaker Change: And again it demonstrates that after this structural upgrades our green Tech plant achieved continuous cadence at an increase level of performance.
Speaker Change: This pesos also highlights a crucial point I made earlier it quantifies indirectly the amount of prepayment siggi, Mike can receive from clients.
Speaker Change: By signing offtake agreements to supply <unk>.
Speaker Change: 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 affected to your supply.
Speaker Change: But only from producers with low all in costs.
Speaker Change: Which can withstand the low point of the lithium price cycle.
Speaker Change: Our production is 100% uncommitted, so we could comfortably signed up to three offtake agreements at current market prices.
Speaker Change: And steel have 30000 tons of production remaining to just validates the market pricing of these off stakes, which is a very sound financing strategy.
Speaker Change: Here, we demonstrate our low cost across the board at Glen Gate at Cif in our all in sustaining costs.
Speaker Change: This culminates with a 20% annual decrease of our all in sustaining costs.
Speaker Change: Across the last year.
Speaker Change: These low costs underscore the resilience of our business.
Speaker Change: Year ago, we already were one of the lowest cost producers globally of lithium oxide call century.
Speaker Change: And over the last year, we continued to improve and further lower our cost across the board and reach this 22% decrease.
Speaker Change: From last year first quarter.
Speaker Change: On this page we have the lithium cost curve. So here, we demonstrate our leading position in the global lithium industry.
Speaker Change: Sigma actually delivered will be called the Holy Trinity of lithium production large scale low cost.
Speaker Change: Reasonable and ethically produced lithium materials.
Speaker Change: This page is is from benchmark minerals is sourced from benchmark indices.
Speaker Change: And he sells the global cost curve of producers of lithium oxide concentrate from mining.
Speaker Change: Here, we demonstrate our leading position in the global lithium industry.
Speaker Change: Sigma delivered the Holy Trinity of lithium production, we deliver at large scale, we deliver low costs, and we deliver ethically and traceable lithium materials.
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.
Speaker Change: The only company in our industry that has lower costs than Sigma is green bushes to Allison, but they have five steines our scale.
Speaker Change: So is achievable to get there.
Speaker Change: Here is a breakdown of what our all in sustaining costs, which this quarter reached $622 per ton.
It shows how we outperformed the 'twenty to 'twenty five targets by 6%.
Speaker Change: First our operational efficiency this quarter enabled us to lower the maintenance capex of our plant.
Speaker Change: Our SG&A will reach targets Irrespectively as we increase production volumes.
Speaker Change: We have also have been actively decreasing financing expenses by using part of our cash generation to repay.
Speaker Change: Expensive short term financing that as we just discussed earlier.
Speaker Change: We're very proud of this space because it shows how we achieved.
Speaker Change: Over 700 consecutive days without accidents with lost time in these a lot to us because we will be sending our employees safely back home to their families every day.
Speaker Change: 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 product without putting our people at risk and using shortcuts on health and see.
Speaker Change: <unk> T.
Speaker Change: We have one of the best safety Records amongst.
Speaker Change: Oh, I see M M companies, and a global metals and mining industry.
Speaker Change: We have reached this level of safety excellence is a result of robust processes.
Speaker Change: Culture ownership amongst our team because they think about protecting themselves, but also protecting their colleagues all the time.
Speaker Change: Here, we talk about Greentech 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 plant <unk>.
Speaker Change: Level and the global recoveries have been consistently well into the 60%.
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 our fourth quarter. The recycling circuit for delay to dailies will reboot.
Speaker Change: Process, the lithium oxide and a tailings and convert it into high grade products. So it increases the mass of our product. So we achieve higher production volumes through recycling the dry stack tailings.
Speaker Change: So now I'm going to hand over to my colleague and partner eating Axa, Nova She's divisive president of Investor Relations at Sigma and she's going to go through our financial performance. This quarter in detail. Thank you Ana let's now take a look at our financial performance for the first quarter of 25 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.
Speaker Change: Below operating cost as a result, we delivered a solid cash gross margin of 35% highlighting the continued efficiency of our operations and our strong low cost position EBITDAR for the quarter was $10 million and when adjusted for noncash stock based compensation adjusted EBITDA reached <unk>.
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: Which I will cover in more detail. Shortly finally Murray appointed our first net income of nearly 5 million or four cents per share. This result reflects our ongoing progress in engraving production maintaining cost discipline and achieving strong financial performance. The next slide shows how our strong <unk>.
Speaker Change: <unk> 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% reported EBITDA for the first quarter was 10 million and when adjusted for noncash.
Speaker Change: Cash stock based compensation adjusted EBITDA surpassed 11 million, reflecting a strong adjusted EBITDA margin of 24%.
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 cardon reduce further into $17.
Speaker Change: Looking ahead, we expect further reduction in interest cost per ton as we ramp up production total financial cost for the first quarter was $75 per tonne 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 been danced financing.
Speaker Change: To leverage other liability management tools available to us as Anna mentioned earlier.
Speaker Change: One of our key advantages is the flexibility provided by our uncommitted production volumes as Ana.
Speaker Change: Talking about earlier, we haven't signed any offtake agreements to date, so 100% of our annual production or 270000 tonnes a fully available base gives us the ability to sign offtake agreements with prepayment structures, if and when it makes strategic sense that Max.
Speaker Change: Or is it provides a powerful financing through allowing us to extend our debt maturity profile by deciding how much of our production to allocate to these agreements.
Speaker Change: Finally, we've 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 were a safe over $32 million in cash payments from customers and increasing.
Speaker Change: Trade receivables of 15 million related to sales made before the quarter end, but settle after the accounting cutoff.
Speaker Change: Cash outflows for the period were $30 million, including 20th frame, Milan and operational costs that is excluding SG&A and royalties.
Speaker Change: So summarizing the performance on 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 of durations with seven and $10 million.
Speaker Change: If along in the financial expenses the amount of $12 million also includes that 10 million amount of prepaid debt.
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 you on that to provide operational updates.
Speaker Change: On this section have been a give you an update on our expansion plans.
Speaker Change: On this slide we demonstrate that we continue to make progress in our construction work for our second industrial processing plant.
Speaker Change: We have a detailed table showing the main work streams of the construction we have completed approximately 33% of the construction by this first quarter.
Speaker Change: This chart illustrates the pace of our progress.
Speaker Change: <unk> completed the water drainage pipelines completed.
Speaker Change: This infrastructure enables our closed water circuit, which is key it allows sigma to fully reuse the water that we buy from the ticketing Anya River, which is sewage grade. So this is our close water circuit.
Speaker Change: Again, we delivered as far as construction progress is this longer but less expensive portion of buildings.
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 pace 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, but we will.
Speaker Change: This next page shows the disc construction is fully funded by assigned subsidized loan agreement with D. N D. S. The Brazilian development Bank as I mentioned earlier, he has a very benign 16 year duration and an unmatched low interest rate fixing re is an approximately <unk> <unk>.
Speaker Change: 2.5% a year.
Speaker Change: We have already submitted to be N D. S. Asaf reimbursement package, which has over 500 invoices. So the receipt of our first this bus disbursement tranche is still pending and that will drive the tiny for the placement of the orders for <unk>.
Speaker Change: The equipment that I mentioned earlier will recall long lead items.
Speaker Change: This next page shows how it make sense to double our production capacity is going to cost just 100 million newest haulers.
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.
Speaker Change: Point 40, this is lower than even the producers in Africa, what does it mean it means that for every incremental ton of lithium oxide, we're going to have a capex of just $400 associated with it.
Speaker Change: So 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: From $660, which is the target guidance down to $530, which is the target guidance for 2026.
Speaker Change: It's interesting because there's an American author collagen colleagues that we greatly admire who's the patron of a strategic teases called building a company to lost.
Speaker Change: Our strategic direction towards increasing our resilience demonstrates just that the Sigma is leading competitive position will continue to strengthen as we expand.
Speaker Change: Therefore, we're building this company to last withstanding lithium cycles well into the future. So here I'm going to close by thanking all of our shareholders for the Trust and trust annuity honor to lead Sigma into building it too long.
Speaker Change: Thank you the floor is now open for questions. If you wish to ask a question. Please use the rate and button or type of down on the Q&A feud wait while we pull for questions.
Speaker Change: Yeah.
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% of spodumene concentrate this quarter and as there are less desire in the market right now or even five 2%, what's kind of a good assumption going forward.
Rock Hoffman: Well, we basically it was cautious.
Rock Hoffman: We have very high grades so as we put in dairy processing circuit.
Rock Hoffman: Into full capacity, we have the ability, which is actually a luxury to adjust down our grade wise to act because the current pricing formula for lithium concentrate.
Rock Hoffman: Decreases that base price.
Rock Hoffman: Linearly, but while we add the reprocessed material through the recycling we gained mass exponentially. So it make sense to actually get to drawing both circuits in the green Tech plant to add mass exponentially, which significantly.
Rock Hoffman: <unk> 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.
Rock Hoffman: Established industries, such as R&R 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.
Rock Hoffman: <unk>.
Rock Hoffman: Understood. Thank you and just as a follow up I understand that.
Rock Hoffman: 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 are costs can feasibly go.
Rock Hoffman: Well not 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 that.
Rock Hoffman: Guidance, we put out.
Rock Hoffman: At year end and the previous quarter, where we show is that with scale, we would gain the obvious economies of scale, which war.
Rock Hoffman: Having we would decrease by 50% by half our SG&A because you would need to learn is TUI arena is to run a double pond and we were lower by half our interest bill because we put in a pro forma number that would comprise the financing to build this.
Rock Hoffman: Second plant so when we when we highlight that our all in sustaining cost for two plants.
Rock Hoffman: Is expected to be $530 versus that the expected year end $660 of all in sustaining costs up. We this game is solely by lowering the interest cost by scale and lowering SG&A.
Rock Hoffman: Scale.
Rock Hoffman: And these are the obvious games.
Rock Hoffman: 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.
Rock Hoffman: Thank you.
Speaker Change: Our next question comes from Genin gear from Hallmark secured yes was.
Speaker Change: Please Mr. Gere 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: But when are you guys planning to do your first draw on your B N D S loan and if its delayed a 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.
Speaker Change: 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 portion of block two I mean, we do that when we did the cheapest portion of the construction.
For now, which is earthworks and civils right equipment hasn't been order so all parked app.
Speaker Change: Then we go back to the short term debt the repayment of shirt short term that makes sense with cash generation and a decision is made on a quarterly basis, depending on how much extra cash we have and depending on lithium market prices.
Speaker Change: 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: 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: Comment of lithium so honor all of our available units or.
Speaker Change: Not tied to offtake agreements, which means we could have the flexibility we have the flexibility to commit these units.
Speaker Change: In.
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 mean fixed prices. They do not mean that I am.
Speaker Change: Hedging or locking in the current very low prices into three to four year future no. 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: Ethical traceable or not from origins clients from all over the World from Japan, China Korea, North America, all kinds of very concerned about sourcing not just sourcing ethically produce sourcing more over and that's how we.
Speaker Change: <unk> reached the Trinity.
Speaker Change: They also look at potential recipients 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 me a very large sum of money and they need to make sure that we are a company.
Speaker Change: Doesn't shut down or had 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 in.
Speaker Change: In the current lithium market cycles. So it is a perfect environment actually to negotiate and sign off dates because we're low cost producers, we deliver ethical and traceable materials, we clearly can withstand a cycle and therefore, we are eligible to receive this prepayment.
Speaker Change: Which are given to us by the clients comfortably.
Speaker Change: Typically these agreements are striking are signed at market prices, sometimes with a floor, sometimes we have a very high cap so floors and caps dome.
Speaker Change: Detract from value.
Speaker Change: And it is a win win sometimes there's none of that sometimes it's at market prices, but will decline to one is secure the volumes that tonnage into the future because everyone. Clearly knows that 26, 27, 28, 29 up will be more balanced.
Speaker Change: Up markets for the moment supply of lithium and I think at this point. There's no question the demand is extremely robust.
Speaker Change: Okay. Thanks Ana.
Ana Nova: Thank you.
Ana Nova: Okay.
Ana Nova: Okay.
Speaker Change: Our next question comes from Katy La Chapelle from Canaccord Genuity.
Ana Nova: Plus Mrs lush a bill your microphone shopping.
Speaker Change: Hi, Ana I'd want to build on and Shannon Gal's question with respect to the potential prepayment or offtake 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 is there a particular duration as well.
Speaker Change: Yes, there is where again, we have flexibility I was given flexibility by the board to sign.
Speaker Change: The optics that 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.
Speaker Change: You know that quite well, but it's a great question because I want it first involve introduce these off takes me 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 in.
Speaker Change: <unk> P. M. G 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: Regain flexibility here to you know use all of our production it would make sense why.
Speaker Change: We were saying this because the interest rates are typically lower in these offtake Dan one in my current trade finance, even the longer duration. One that's a year two than in my current long term debt, which is due one and a half years from now so.
Speaker Change: 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: There isn't a typical duration, but there is a minimum duration and the minimum duration clients Gulf War is three years. For example, we get a certain number of inbound very focused on 26 27 28, starting now.
Speaker Change: Which means that clearly theres 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.
Speaker Change: Jeff concerned about where can I secure these volumes for ears, 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 I Love 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 means.
Speaker Change: Why not because we stuck to budget and to schedule typically up company staffing to the source of financing as part of the financing package to build their plants. We built first blogged without using any of it and we stopped and we were.
Speaker Change: We're able to up.
Speaker Change: Two ju two builder 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: Because 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: And.
Speaker Change: The outlook for demand is going to be even more robust up there's concern about sourcing in terms of ethical traceable sourcing or not because of the levels of low pricing coming from rock. So we are almost like in a perfect position here. So this is this is the beauty of.
Speaker Change: The moment, it's a.
Speaker Change: Is a convergence of factors theyre quite beneficial to us at this very moment.
Speaker Change: Thank you on a very clear.
Speaker Change: Thank you ladies and gentlemen sees there are no further question I'm returning the floor to Mrs. Anna Cabral for her final remarks lets me Susanna you May proceed.
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 loss 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: Your nails is a culture of efficiency that we have implemented at Sigma does 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 all care 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 while we Havent Sigma and so with that I want to close once again. Thank 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 lesion 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 from now on.
Speaker Change: Thank you once again and have a wonderful day.
Speaker Change: Goodbye.