Achieved significant cash flow generation despite lithium price volatility by reducing costs faster than revenue declines, including a 77% cost reduction in Q4 2025.

Successfully monetized 'sustainability premium' by creating a new high-purity lithium fines business line from reprocessed dry stack tailings, generating $30 million in Q1 2026.

Restructured mining operations from outside contractors to full in-house control to ensure the production cadence necessary for future plant expansions.

Implemented a commercial strategy focused on mapping seasonality, allowing the company to capture final price adjustments during the Q4 'contract season' restocking period.

Maintained a 'Quintuple Zero' sustainability profile, utilizing 100% recycled water and clean energy to position the product as a premium, traceable battery material.

Upgraded mining geometry and fleet size to increase efficiency, widening pits to access ore closer to the surface and accelerate future ramp-ups.

Leveraged Brazil's stable mining jurisdiction and mandatory biofuel mix to mitigate global energy price shocks and maintain a low-cost operating environment.

Plans to double production capacity to 520,000 tonnes by commissioning Plant 2 in early 2027, with equipment ordering scheduled for Summer 2026.

Targeting a long-term production capacity of 770,000 tonnes through a third production line, utilizing existing infrastructure already built for three phases.

Expects all-in sustaining costs to drop to approximately $495 per tonne upon completion of Phase 3 due to G&A synergies and operational scale.

Anticipates significant deleveraging by replacing short-term shareholder debt with a $100 million prepayment from a pending 80,000-tonne annual offtake agreement.

Guidance for 2026 assumes an all-in sustaining cost of $532 per tonne plus $60 in interest, ensuring free cash flow even if lithium prices retreat to $1,500.

Repaid 60% of short-term debt and 35% of total debt during 2025 using organic cash flow rather than external capital raises.

Transitioned to a 3.0 version of the Greentech Plant, achieving 70% lithium recovery through increased automation and self-learning metallurgical software.

Secured $146 million in total offtake prepayments to fund working capital and mining upgrades without diluting shareholders.

Noted that while annual high-grade production decreased 24% due to mining restructuring, total cash flow increased due to the new lithium fines revenue stream.

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Management expects Plant 2 to be fully commissioned by early 2027, with construction taking 8 to 12 months following equipment orders in Summer 2026.

Commissioning is expected to be faster than Phase 1 because the new line is a 'carbon copy' of the existing 3.0 plant architecture.

The $1,500 and $1,800 price scenarios in the cash flow forecast are net adjusted prices, which are conservative compared to current Shanghai Metals Market (SMM) nameplate prices.

Sigma typically ships product at 5.2% to 5.5% lithium oxide grade, with realized prices calculated as a percentage of the SC6 benchmark.

Operational impact is mitigated by Brazil's mandatory 15% biofuel mix in diesel and a state-owned 'diesel compensation account' that acts as a price shock absorber.

Power costs are largely insulated from volatility due to a fixed-price 5-year agreement for renewable hydroelectricity.

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