Sigma Lithium Corporation has released a corporate update following a quarter in which the company significantly increased the scale of its Grota do Cirilo project in Brazil.
In three months ended June 30, the company doubled its planned near-term production to 531,000 tonnes per year of battery grade sustainable lithium and increased the total mineral resource estimate by roughly 50% to 86 million tonnes with an average resource grade of 1.43% high purity spodumene lithium oxide.
Additionally, Sigma Lithium received an extension of its environmental license, which the company said will achieve increased production by allowing simultaneous mining from the north and south pit of the project's Phase 1 deposit.
READ: Sigma Lithium making significant progress with construction at Grota do Cirilo
The company ended the quarter with C$123.3 million in cash and equivalents, which provides sufficient liquidity to advance the project into production.
To help guide the way forward, the company has named Brian Talbot as its new chief operating officer. Talbot has a great deal of experience in the lithium industry, having led the technical and operational teams that implemented Allkem's Mt. Cattlin Australian production commissioning and growth programs in 2017.
"We are very enthusiastic to have recruited Brian, an exceptional, high-caliber individual who has already made his mark at Allkem (Galaxy Resources) over the past ~6 years as COO,” Co-CEO Calvyn Gardner said in a statement. “Brian has significant experience in operating integrated lithium processing and mining companies. He has a remarkable track record in driving production growth and scalability, as Sigma Lithium prepares to deliver in rapid succession Phase 1, Phase 2 and Phase 3".
Looking ahead, the critical path of project execution and projected project commissioning remains unchanged, the company said. Commissioning is expected to begin in December.
Sigma Lithium reinforced its dedication to supporting local communities during the quarter, establishing a microcredit program targeting an initial 500 female entrepreneurs. He goal is to support disadvantaged women in the region of Vale do Jequitinhonha, and the company plans to expand the program to include 1,500 women in later this year.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel