Sigma Lithium Corp (TSX-V:SGML, NASDAQ:SGML) unveiled a series of new milestones it has hit over the last few months as it ramps up operations at its Grota do Cirilo project in Brazil.
In a significant operational update, Sigma said it had recently completed the trucking of 15,000 tonnes of Triple Zero Green Lithium and 30,000 tonnes of Triple Zero Green By-Products to Vitoria Port in Brazil, all on schedule.
Triple Zero Green Lithium is produced from Sigma’s state-of-the-art Greentech lithium plant that uses 100% renewable energy, 100% recycled water and 100% dry-stacked tailings.
The company said it is on track to produce 130,000 tonnes of chemical grade Triple Zero Green Lithium by December 2023. Furthermore, the company is on track to reach an annualized production capacity of 270,000 tonnes by the end of the third quarter of 2023, demonstrating impressive progress in its production expansion efforts and its realization of net zero carbon 27 years ahead of the 2050 target set by the global metals and mining industry.
In July, Sigma Lithium delivered its first shipment, which included 15,000 tonnes of Triple Zero Green Lithium and 16,500 tonnes of Green By-Products, at competitive prices.
Upcoming shipments are also planned, including 15,000 tonnes of Triple Zero Green Lithium, 30,000 tonnes of Triple Zero Green By-Products in mid-September, and 18,000 tonnes of Triple Zero Green Lithium by the end of September.
Sigma said it is actively advancing its production expansion plans and expects to make a formal investment decision by the end of September, marking a significant step towards tripling its production capacity.
On the financial front, Sigma Lithium secured its first Green ACE Credit Line (Export Prepayment) with Santander Brazil for R$50 million (US$10 million), demonstrating its operational and credit strength.
The company also reported robust financials for the second quarter of 2023, ending with C$45.6 million in cash and cash equivalents. Revenue recognition is expected to commence in the third quarter of 2023, with an anticipated positive operating profit.
The company plans to publish an updated resource estimate in the near future, including Phase 4 areas, showcasing its commitment to transparent reporting and sustainable operations.