SIGMA LITHIUM REPORTS 1Q 2024 RESULTS: MAY SHIPMENT PRICED AT $1,290, INCREASED 25% FROM 1Q; PRODUCTION COSTS AT $397/t, 2ND LOWEST IN INDUSTRY

FIRST QUARTER 2024 HIGHLIGHTS ($ USD)

• Strengthened commercial position in May, achieving a premium price of USD $1,290/t, at a fixed formula of 9% of lithium hydroxide quoted at LME, delivering:
  • 11% price increase from April
  • 25% price increase from 1Q24 realized sales price (USD $930/t or $1,035/t on a 6% basis)
• Revenues from volumes of Quintuple Zero High Purity Lithium Concentrate sold in 1Q totaled $49.1 million.
  • Sales volumes totaled 52,857/t
  • Production volumes totaled 54,168/t
• Reduced reported cash cost by 16% from 4Q23, approaching 3Q cost guidance:
  • FOB cash costs of $462/t (guidance $420/t)
  • Cash costs at industrial plant gate averaging $397/t (guidance of $370/t)
• Robust 1Q24 EBITDA margins:
  • 35.3% margins on pro forma EBITDA⁽³⁾ of $17.4 million, generated by business conducted in 1Q24.
  • 15.8% margins on reported 1Q adjusted EBITDA of $5.9 million.
• Board of Directors made a Final Investment Decision to build a second Greentech Industrial Plant that will increase production capacity to 520,000/t of Quintuple Zero Green Lithium from the current 270,000 t/year.
• Extended operational life to 25 years at the Company's 100% owned Grota do Cirilo industrial-mineral complex at an industrial throughput of 520,000 t/year: Increase of 40% in proven and probable mineral reserves to 77 million tonnes (from 54.8 million tonnes).