Sigma Lithium Corp (SGML) 2025 Q2 法說會逐字稿

This 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 website. After the prepared remarks, there will be a question-and-answer session for participants. At that time, further instructions will be provided.

此次活動正在錄製中，所有參與者在公司演示期間將處於只聽模式。該公司的網站上將會重播此次電話會議。準備好的演講結束後，將為參與者安排問答環節。屆時將提供進一步的指示。

I would now like to turn the call over to Anna Hartley, Vice President of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係副總裁安娜哈特利 (Anna Hartley)。請繼續。

I'd like to welcome everyone to our conference call this morning. Joining me on the call today to discuss our second quarter results is Ana Cabral, CEO of Sigma; and Felipe Peres, CFO of Sigma, who will be available to answer questions during our Q&A session.

我歡迎大家參加今天早上的電話會議。今天與我一起參加電話會議討論我們第二季度業績的有 Sigma 首席執行官 Ana Cabral 和 Sigma 首席財務官 Felipe Peres，他們將在我們的問答環節回答問題。

Before we begin, I'd like to cover a few items. Our press release with our second-quarter results was issued yesterday after markets closing, and the release, along with its corresponding documents, are available on our website. I'd like to remind you that some of the statements made in this call, such as any production guidance, expected company performance, the time of our projects and market conditions may be considered forward-looking statements. Please note cautionary language of our forward-looking statements in our presentation and news release.

在我們開始之前，我想先介紹幾點。我們於昨日股市收盤後發布了第二季業績新聞稿，該新聞稿及其相關文件可在我們的網站上查閱。我想提醒您，本次電話會議中所做的一些陳述，例如任何生產指導、預期的公司業績、我們專案的時間和市場狀況可能被視為前瞻性陳述。請注意我們簡報和新聞稿中前瞻性陳述的警告性語言。

I will now turn the call over to Ana.

現在我將把電話轉給 Ana。

Thank you, Anna. I'd like to welcome the participants of this call who are new to the shareholder registry. I also want to express our gratitude to our long-standing shareholders for your support in our recent AGM.

謝謝你，安娜。我謹對新加入股東名冊、參加本次電話會議的各位代表表示歡迎。我也要向我們的長期股東在我們最近的年度股東大會上給予的支持表示感謝。

Sigma is the world's second largest independent lithium industrial mining producer. Our independence provide us with agility and responsiveness in a fast-changing global market. As a multinational company, we are the largest lithium pure play producer listed in the United States. We own 100% of the fifth largest industrial mineral producing complex in the world located in Brazil, a low-cost jurisdiction in a centuries old mining region with very strict labor laws.

Sigma是全球第二大獨立鋰工業礦業生產商。我們的獨立性使我們在快速變化的全球市場中具有敏捷性和回應能力。作為一家跨國公司，我們是美國上市的最大鋰純生產商。我們擁有位於巴西的世界第五大工業礦產生產綜合體的 100% 股權，巴西是一個擁有數百年歷史的採礦區的低成本管轄區，勞動法非常嚴格。

More importantly, we enjoy excellent relationships with both of our host countries. Next September we're celebrating four years of being listed in Nasdaq. In fact, Nasdaq helped establish Brazil Lithium Valley at Valle de Jequitinhonha and helped lift it directly from poverty over 50% of the economically active population of one of the poorest regions in Brazil.

更重要的是，我們與兩個東道國都保持著良好的關係。明年九月我們將慶祝在納斯達克上市四週年。事實上，納斯達克幫助在熱基蒂尼奧尼亞山谷建立了巴西鋰谷，並幫助巴西最貧困地區之一的 50% 以上的經濟活動人口擺脫了貧困。

So for those who are new to the company, I'm going to start the call by reiterating our competitive advantage and resilience. The resilience comes from operational excellence, low-cost production, and unique commercial support from our clients. This quarter, we delivered production on a large scale, and we are on track to meet our guidance of 270,000 tonnes of lithium oxide concentrate, which is equivalent to approximately 40,000 tonnes of LCE.

因此，對於那些剛加入公司的人，我將首先重申我們的競爭優勢和韌性。這種韌性源自於卓越的營運、低成本的生產以及客戶獨特的商業支援。本季度，我們實現了大規模生產，並有望實現 27 萬噸氧化鋰精礦的預期產量，相當於約 4 萬噸 LCE。

We achieved it by perfecting clean processing industrial technology, basically reaching 70% recovery at our green tech industrial plant. Another source of our resilience is being one of the world's lowest cost producers. They allow us to navigate market down cycles, and that also gives us commercial flexibility. For example, we achieved final sales in August, now basically at $966 a tonne.

我們透過完善清潔加工工業技術實現了這一目標，我們的綠色技術工業工廠的回收率基本上達到70%。我們具有韌性的另一個原因是我們是世界上成本最低的生產商之一。它們使我們能夠應對市場低迷週期，也為我們提供了商業靈活性。例如，我們在8月份實現了最終銷售，現在價格基本上是每噸966美元。

I'm also very, very pleased to say that this August we celebrated two years without accidents with lost time, also, two years where we have had zero fatalities. In fact, we had never had a fatality in our 14 years of existence. This company was incepted by a very disciplined group of long-term private equity investors that believed in the energy transition and that left us with a DNA of financial discipline.

我還非常非常高興地說，今年八月我們慶祝了兩週年無事故損失，同時也是兩週年零死亡。事實上，我們成立 14 年來從未發生過死亡事故。該公司是由一群非常自律的長期私募股權投資者創立的，他們相信能源轉型，並為我們留下了財務紀律的 DNA。

We've been always focused on capital efficiency. This quarter, it has translated into a decrease of short-term debt of the magnitude of 16%. If you compare that with a year ago, we have decreased our short-term debt in 40%. Therefore, we're able to continue to execute on our expansion project. We have very diversified funding sources and we rely significantly on our clients.

我們一直注重資本效率。本季度，這意味著短期債務減少了16%。如果與一年前相比，我們的短期債務減少了 40%。因此，我們能夠繼續執行我們的擴建項目。我們的資金來源非常多樣化，我們很大程度上依賴我們的客戶。

We have been awarded USD100 million of subsidized government debt by BNDES. In parallel, we have ongoing negotiations of definitive agreements for offtake -- long-term offtake coupled with prepayments, and we will be talking about that in this presentation.

我們已獲得巴西國家經濟和社會發展銀行 (BNDES) 授予的 1 億美元政府補貼債務。同時，我們正在就最終承購協議進行談判——長期承購加上預付款，我們將在本次演講中討論這個問題。

So let me start by celebrating the most important milestone, the achievement that demonstrates the operational excellence of our team. We got to two years without accidents with lost time and zero fatalities. Our utmost focus has been to send our team members back home safely to their families every single day. Sigma, in fact, became the very first company in the upstream EV supply chain to reach this record.

因此，首先讓我來慶祝最重要的里程碑，這項成就體現了我們團隊的卓越運作。我們已連續兩年沒有發生事故，沒有造成工時損失，也沒有死亡。我們最大的關注點是每天將我們的團隊成員安全地送回家與家人團聚。事實上，Sigma 成為上游電動車供應鏈中第一家創下這項紀錄的公司。

We remained as top two in the ICMM rankings with a TIRFR of 1.92 amongst the lowest in the whole metals and mining industry. This is a direct result of our safety culture, engagement, continuous training of our workforce.

我們的 TIRFR 為 1.92，在整個金屬和採礦業中屬於最低水平，但仍位居 ICMM 排名前兩名。這是我們的安全文化、參與度以及員工持續培訓的直接結果。

Now, we want to talk about the highlights of our second quarter of 2025. Three key highlights: we decreased costs, we maintained production scale, and we deleveraged. In the quarter, we managed to lower our operating costs even further across the board. We maintain production cadence and continue to deleverage, overall decreasing our all-in cash costs, making us even more resilient.

現在，我們想談談 2025 年第二季的亮點。三大亮點：降低成本、維持生產規模、去槓桿。本季度，我們成功進一步全面降低營運成本。我們保持生產節奏並繼續去槓桿，整體上降低了我們的全現金成本，使我們更具彈性。

On costs at [Plung Gate], the costs were decreased by 4% year on year to $348 per tonne. The CIF cash cost for China ports, including royalties, has decreased by 14% to $442 per tonne. Our all-in sustaining costs dropped by 24% to $594 per tonne. That is a remarkably low number for a company with our environmental, social, safety, and health records.

就[Plung Gate]的成本而言，成本年減了 4%，至每噸 348 美元。中國港口的 CIF 現金成本（包括特許權使用費）下降了 14%，至每噸 442 美元。我們的全部維持成本下降了 24%，至每噸 594 美元。對於像我們這樣有著環境、社會、安全和健康記錄的公司來說，這個數字非常低。

On deleveraging, our short-term finance debt was reduced by 57% versus the second quarter of last year, and by 15% versus the first quarter of this year. Our production cadence was maintained. So production increased 40% year over year, keeping us on track to achieve our full-year '25 annualized guidance of 270,000 tonnes.

在去槓桿方面，我們的短期融資債務比去年第二季減少了57%，比今年第一季減少了15%。我們的生產節奏得以維持。因此產量年增了 40%，使我們有望實現 25 年全年 270,000 噸的年化產量目標。

On our next slide, we demonstrate that we continue to deliver strong production results and outperform our 2025 targets. We're comfortably on track to achieve our 2025 guidance of 270,000 tonnes per year. It's interesting to compare where we are versus where we were just a year ago. The numbers showcase how Sigma has progressed significantly to become a strategic player of the global EV supply chain. Our annualized sales are up 40% from the second quarter of last year.

在下一張投影片中，我們將展示我們繼續提供強勁的生產成果並超越我們的 2025 年目標。我們預計將順利實現 2025 年 27 萬噸/年的產量目標。將我們現在的狀況與一年前的情況進行比較是很有趣的。這些數字表明 Sigma 已取得顯著進步，成為全球電動車供應鏈的策略參與者。我們的年銷售額比去年第二季成長了40%。

On the next slide, we demonstrate that we continue to focus on execution, delivering our operational performance on targets. We sold approximately 40,350 tonnes, generating gross sales revenues of USD21 million.

在下一張投影片中，我們展示了我們將繼續專注於執行，並實現我們的營運績效目標。我們銷售了約 40,350 噸，總銷售收入達 2,100 萬美元。

The sales for the second quarter were calculated based on a very conservative average provisional price of $637 for SC6, which netted about $500 per tonne adjusted by grade at 5% approximately, which means this quarter, we had final and provisional price adjustments of approximately $5.5 million only, but more importantly, that preserved our ability to achieve higher realized prices in subsequent quarters.

第二季的銷售額是根據 SC6 非常保守的平均臨時價格 637 美元計算得出的，按等級調整後的淨價約為每噸 500 美元，調整幅度約為 5%，這意味著本季度我們的最終和臨時價格調整僅為 550 萬美元左右，但更重要的是，這保留了我們在後續季度實現更高實際價格的能力。

Basically, our commercial discipline led us to temporarily store 28,000 tonnes of product during the weeks with more intensive price volatility, ensuring that we maintained our pricing power. So we sold just the very [giver] amount to cover our costs. So that we sold to the clients that agreed to our standardized provisional pricing contracts, again, preserving our ability to achieve higher realized prices in subsequent quarters as it just happened.

基本上，我們的商業紀律使我們在價格波動較大的幾週內暫時儲存了 28,000 噸產品，以確保我們保持定價能力。因此，我們只售出了捐贈者所需的數量，以彌補成本。因此，我們向同意我們的標準化臨時定價合約的客戶銷售產品，再次保留了我們在隨後的幾個季度實現更高實現價格的能力。

This week, for instance, some of our clients concluded their final resales at over $960 a tonne, which we expect to result in positive adjustments in the next quarter. So as we tightly manage our burn rate, we close the quarter with USD15 million in cash and approximately USD16.8 million in accounts receivable, a relatively comfortable position for a company with low burn rate in a low-cost jurisdiction such as Brazil.

例如，本週我們的一些客戶以每噸超過 960 美元的價格完成了最終轉售，我們預計這將在下個季度帶來積極的調整。因此，透過嚴格控制資金消耗率，我們在本季結束時擁有 1,500 萬美元現金和約 1,680 萬美元應收帳款，對於一家在巴西等低成本地區資金消耗率較低的公司來說，這是一個相對舒適的狀況。

Now, we're going to talk about our Phase 2 update. As we've shown here, we continue to make progress in our Phase 2 expansion. However, we adopted a very disciplined-based approach this quarter, basically leveraging upon our existing operational teams, operational infrastructure, in order to expedite construction.

現在，我們將討論第二階段的更新。正如我們在此所展示的，我們在第二階段的擴展中繼續取得進展。然而，本季我們採取了非常嚴謹的方法，基本上利用我們現有的營運團隊和營運基礎設施來加快建設速度。

We refocused our CapEx on tackling aspects of that expansion where we could immediately benefit from the deployment of the CapEx, for example, by lowering our operating costs, such as widening the geometry of Mine 1 in order to prepare it for delivering volume expansions for two plants at one point next year. On the next slide, we demonstrate this focus and the widening of mine geometry that we've been achieving in order to potentially feed two green tech lithium processing plants in 2026.

我們重新調整了資本支出的重點，用於解決擴張過程中可以立即從資本支出部署中受益的問題，例如，降低營運成本，例如擴大 1 號礦的幾何形狀，為明年某個時候為兩家工廠實現產量擴張做好準備。在下一張投影片中，我們將展示這一重點以及我們一直在實現的礦山幾何形狀的擴大，以便在 2026 年為兩家綠色技術鋰加工廠提供原料。

Now, we're going to talk about our financial highlights. We demonstrate with these three blocks of charts how we have managed to further decrease our costs. Our costs or the second lowest costs globally, and we further decreased significantly. So we consolidated our cost leadership. We are unmatched in our industry for a company of our scale. Therefore, we plan to immediately benefit from any recoveries in lithium prices because they will become excess returns.

現在，我們來談談我們的財務亮點。我們透過這三塊圖表展示了我們如何進一步降低成本。我們的成本是全球第二低的成本，我們進一步大幅下降。因此我們鞏固了我們的成本領先地位。對於我們這種規模的公司來說，我們在行業中是無與倫比的。因此，我們計劃立即從鋰價格的任何回升中受益，因為它們將成為超額回報。

Our plant gate costs are stable. We decrease them a bit further. They stabilized at $348 per tonne. Our CIF Asia or China cash costs, including royalties, are at $442 per tonne; we lowered them 14% if compared to last year. Our all-in sustaining costs are at $594 per tonne; we decreased that in 24% if compared to a year ago. That's a significant reduction.

我們的工廠門口成本是穩定的。我們進一步降低它們一點。價格穩定在每噸 348 美元。我們的 CIF 亞洲或中國現金成本（包括特許權使用費）為每噸 442 美元；與去年相比，我們降低了 14%。我們的全部維持成本為每噸 594 美元；與一年前相比，我們降低了 24%。這是一個顯著的減少。

On the next page, we break down our all-in sustaining costs. They remain better than our own targets, supporting our ability to weather and navigate the lithium price cycles. As you can see, one of the main elements of that cost is financial expenses and what we call non cost of goods sold expenses, out of which we have SG&A and environmental and social, both of them continues to be continue to be the target of our cost reduction initiatives, mainly interest expenses which are bound to decrease as we deleverage and receive larger portions of government subsidized debt for our expansion.

在下一頁，我們將詳細列出我們的全部維持成本。它們仍然比我們自己的目標要好，支持我們抵禦和應對鋰價格週期的能力。如您所見，成本的主要組成部分之一是財務費用以及我們所說的非銷售成本費用，其中包括銷售、一般及行政費用以及環境和社會費用，這兩項費用將繼續成為我們降低成本舉措的目標，主要是利息費用，隨著我們去槓桿化並獲得更多政府補貼債務用於擴張，利息費用必然會減少。

On our next page we show how the provisional price strategy underpins upside and risk sharing relationships with our clients. In other words, by taking in contracts with provisional pricing, we are actually building the company, positioning the company for [reaching] market price recoveries because we have a share in the upside of the market as it just happened. For example, we've had provisional price sales at $630 at C6 and we just achieved the final price resale through one of our clients at $960 at C6.

在下一頁中，我們將展示臨時價格策略如何支撐與客戶的上行和風險共擔關係。換句話說，透過簽訂臨時定價合同，我們實際上是在建立公司，為公司實現市場價格復甦做好準備，因為我們在剛剛發生的市場上漲中佔有一席之地。例如，我們在 C6 的臨時價格銷售為 630 美元，而我們剛剛透過一位客戶以 960 美元的 C6 最終價格轉售。

On the page we show then the differences between gross sales revenues reported and net sales revenues reported, which are basically final and provisional price adjustments. If we compare to year today or if we show year today, we demonstrate that we're tightening the difference between final provisional price adjustments, but nevertheless, they are a key feature of our commercial strategy because they provide us with the ability to share in the upside on the cyclicality of lithium prices.

我們在頁面上顯示了報告的總銷售收入和報告的淨銷售收入之間的差異，這些差異基本上是最終和臨時的價格調整。如果我們與今年同期進行比較，或者如果我們展示今年同期的情況，我們會發現我們正在縮小最終臨時價格調整之間的差異，但儘管如此，它們是我們商業戰略的關鍵特徵，因為它們使我們有能力分享鋰價週期性的上漲。

On this next page we have a chart that clearly illustrates that phenomenon and it dates back to the fourth quarter of last year. In green, you can see the final price of resale by our clients. In red, you can see the provisional price at which we sold to our clients. The difference becomes upside or downside. But as lithium price cycles are now clearly mapped out, and we have worked in partnership with our clients, we are able to time quite well the way we navigate lithium price seasonality, and again, we highlight the final resale by one of our clients at $966 on a contract that is provisionally priced in our current financial statements at $630.

在下一頁中，我們有一張圖表清楚地說明了這一現象，它可以追溯到去年第四季。綠色部分，您可以看到我們的客戶轉售的最終價格。紅色部分錶示我們向客戶銷售的臨時價格。差異變成了上漲或下跌。但由於鋰價週期現已清晰地繪製出來，並且我們已經與客戶合作，因此我們能夠很好地把握鋰價季節性變化的時間，再次強調，我們的一位客戶最終以 966 美元的價格轉售，而該合約在我們當前的財務報表中的暫定價格為 630 美元。

So it positions us to receive a positive price adjustment in the next quarter, in the current third quarter. On the next slide, we demonstrate the immediate consequence of this commercial strength and our ability to rely on our diversified clients for working capital financing. We have an array of clients, they are willing to finance us, therefore, enabling us to deleverage by decreasing more expensive trade finance facilities. We do so though at a pace because we want to maintain liquidity and financial discipline.

因此，它使我們在下個季度，即當前第三季度獲得積極的價格調整。在下一張投影片中，我們將展示這種商業實力的直接後果以及我們依靠多元化客戶進行營運資金融資的能力。我們擁有眾多客戶，他們願意為我們提供融資，因此，我們能夠透過減少更昂貴的貿易融資工具來去槓桿。我們會緩慢地這樣做，因為我們希望保持流動性和財務紀律。

For instance, we pay down $8 million of short-term trade finance debt in the second quarter, and we pay down an additional $4 million in August. So if you compare over the last year, we have decreased our short-term trade finance facilities by 42%, basically by relying on our clients.

例如，我們在第二季償還了 800 萬美元的短期貿易融資債務，並在 8 月償還了另外 400 萬美元。因此，如果與去年相比，我們的短期貿易融資額度減少了 42%，這主要是依靠我們的客戶。

In the third quarter, we further decreased our short-term debt facilities by another 10% to USD39 million. So when you compare the first quarter of this year to today, we have decreased our short-term trade finance debt by 24%, a clear sign of deleveraging.

第三季度，我們進一步將短期債務額度減少了 10%，至 3,900 萬美元。因此，當你將今年第一季與今天進行比較時，我們的短期貿易融資債務減少了 24%，這是去槓桿的明顯跡象。

This is one of the key reasons why we have remained resilient on an all-in cash cost basis because our interest cost per tonne has been steady at 9%, but we have decreased the overall amount of trade finance balance. So the steadiness of our interest cost per tonne reflects also the stability of our creditworthiness that we've established by relying on our best diversified global clients who have a very strong balance sheet.

這是我們在全現金成本基礎上保持彈性的關鍵原因之一，因為我們的每噸利息成本一直穩定在 9%，但我們減少了貿易融資餘額的總額。因此，我們每噸利息成本的穩定性也反映了我們信譽的穩定性，這種信譽是我們依靠擁有非常強大資產負債表的最佳多元化全球客戶建立起來的。

On the next slide, we talk about our offtake strategies. We have a very geographically diversified offtake strategy, and we have about three different counterpart categories. We're going to continue to deleverage as a result of this. Essentially, coupling offtake agreements with prepayments are a demonstration of the commercial strength and high quality of our lithium oxide materials. We're currently actively engaged in negotiating three- to four-year offtake agreements with some of our clients within these three main categories across different geographies.

在下一張投影片中，我們將討論我們的承購策略。我們的承購策略在地理上非常多樣化，並且我們擁有大約三個不同的對應類別。因此，我們將繼續去槓桿。本質上，承購協議與預付款的結合證明了我們的氧化鋰材料的商業實力和高品質。目前，我們正積極與不同地區的這三大類別的一些客戶談判三至四年的承購協議。

Now, in terms of the value of these agreements, illustratively, we can say that at today's prices, each 80,000 tonnes for a three-year offtake brings a potential prepayment value of USD100 million. These contracts don't lock in prices. This is just an advancement of future revenues.

現在，就這些協議的價值而言，我們可以舉例來說，以今天的價格，三年承購每 80,000 噸可帶來 1 億美元的潛在預付款價值。這些合約並不鎖定價格。這只是未來收入的進步。

Our strategy is to maintain operational resilience by executing this offtake agreement strategy coupled with prepayment as geographically diverse as possible with three different counterpart categories. Basically, Western trading companies, Asian trading companies, corporations, and users.

我們的策略是透過執行此承購協議策略以及盡可能在地理上分散的三個不同對應類別的預付款來保持營運彈性。基本上是西方貿易公司、亞洲貿易公司、企業和使用者。

This page shows a cash flow bridge for the second quarter, and it demonstrates how the financial discipline of our long-term private equity investors has translated into the resilience and ability of this company to navigate lithium price cycles by focusing on burn rate and generating operational cash flow.

本頁展示了第二季的現金流橋，並展示了我們的長期私募股權投資者的財務紀律如何轉化為該公司透過專注於消耗率和產生營運現金流來應對鋰價格週期的韌性和能力。

For example, at the beginning of the quarter -- from the beginning of the quarter to the end of the quarter, our cash balance declined by $16 million. But it increased subsequently by $10 million upon collection of receivables from clients. This is a result of the typical cut-off dates for the quarter. The pro forma cash generated from operations was $9 million or $4 million after covering SG&A despite the market environment and despite our decision to warehouse some of our production. This reduction was primarily driven by operational costs and expenses and the deleveraging of from trade finance lines.

例如，在本季初——從本季初到本季末，我們的現金餘額減少了 1,600 萬美元。但隨後在收取客戶應收帳款後，金額又增加了 1,000 萬美元。這是本季典型截止日期的結果。儘管市場環境如此，我們決定將部分產品倉儲起來，但營運產生的現金流量預計為 900 萬美元，扣除銷售、一般和行政費用後為 400 萬美元。減少的主要原因是營運成本和費用以及貿易融資額度的去槓桿化。

So even in the current market conditions, even though we sold part of our production, we were still able to cover our costs and expenses and deleverage from trade finance lines. More importantly, we continued our expansion, but we reduced CapEx in the second quarter to just $3 million because we managed the expansion to focus on the elements of Phase 2 that would help us prepare for the next upcycle, for instance, widening mine geometry, which has the potential of further lowering the costs. So this page demonstrates how we are very well prepared for the next up cycle.

因此，即使在當前的市場條件下，即使我們出售了部分產品，我們仍然能夠覆蓋成本和費用，並透過貿易融資額度去槓桿。更重要的是，我們繼續擴張，但我們在第二季將資本支出減少到僅 300 萬美元，因為我們將擴張重點放在第二階段的要素上，這將有助於我們為下一個上升週期做好準備，例如擴大礦山幾何形狀，這有可能進一步降低成本。因此，本頁面展示了我們如何為下一個上升週期做好充分準備。

The following page, we show our reported cash costs. Basically, we're starting to benefit from the economies of scale as production volumes increase and stabilize. Stable plant gate costs, efficient freight shipping negotiations, efficient port long-term contracts and operations, and lower CIF China costs drove this performance.

下一頁，我們展示了報告的現金成本。基本上，隨著產量的增加和穩定，我們開始受益於規模經濟。穩定的工廠門口成本、高效的貨運談判、高效的港口長期合約和營運以及較低的 CIF 中國成本推動了這一業績。

Now, we're going to our conclusions. We would like to wrap up this presentation by showing you a global lithium cost curve. This page is from Benchmark Minerals, and it shows the global cost curve of hard rock lithium producers, meaning producers of industrial lithium oxide sourced from mining. Sigma remains positioned at the very bottom of the global hard rock lithium cost curve.

現在，我們來下結論。我們想透過向您展示全球鋰成本曲線來結束本次演示。該頁面來自 Benchmark Minerals，展示了硬岩鋰生產商（即來自採礦的工業氧化鋰生產商）的全球成本曲線。Sigma 仍然處於全球硬岩鋰成本曲線的最底端。

Our lithium processing plant has reached 70% recoveries at plant level. We have now efficient mine operations, and therefore, we're driving this cost leadership in the industry, but we're not compromising sustainability or health and safety commitments to our teams. So we continue to deliver on the holy trinity of lithium materials production: large scale, low cost, traceability, and ethical production with extremely high, westernized safety and health standards.

我們的鋰加工廠的工廠回收率已達70%。我們現在擁有高效的礦山運營，因此，我們在行業中佔據成本領先地位，但我們不會損害對團隊的可持續性或健康和安全承諾。因此，我們繼續實現鋰材料生產的三位一體：大規模、低成本、可追溯性和道德生產，並採用極高的西方化的安全和健康標準。

This page underscores how we are well positioned for the turn of the lithium price cycle. We're the only company that has lower costs than African miners, industrial or artisanal. They're here shown in pink just to our right. The only other lithium player that has lower cost than Sigma is (inaudible), which has 5 times our scale.

本頁強調了我們如何為鋰價格週期的轉變做好了準備。我們是唯一一家成本低於非洲礦業公司（無論是工業還是手工礦業）的公司。它們在這裡以粉紅色顯示在我們的右側。唯一一家成本低於 Sigma 的鋰業公司是 (聽不清楚)，規模是我們的 5 倍。

On this page, we have outlined our platform for continuous expansion and continuous growth. We're certainly going to cement our global leadership in the lithium industry. As we look ahead, we are very, very enthusiastic about the magnitude of the opportunity emerging across our industrial platform in our industrial mineral complex in Brazil. We have access to capital from various sources. Our government in Brazil, our global offtake clients, the US debt capital markets, in the global capital markets.

在此頁面上，我們概述了我們持續擴展和持續成長的平台。我們一定會鞏固我們在鋰行業的全球領導地位。展望未來，我們對巴西工業礦產綜合體工業平台出現的巨大機會感到非常非常興奮。我們可以從各種來源獲得資金。我們的巴西政府、我們的全球承購客戶、美國債務資本市場以及全球資本市場。

Our long-term growth plan targets 120,000 tonnes of LCE equivalent capacity in place by 2027. We expect Phase 2 completion to take place by 2026. And then a further expansion with the third industrial line, we call it Phase 3, by 2027. All of the three lines can leverage upon our current infrastructure in place to support our Phase 1 industrial plant and mining operations.

我們的長期成長計畫目標是到 2027 年達到 12 萬噸 LCE 當量產能。我們預計第二階段將於 2026 年完成。然後到 2027 年，第三條工業生產線將進一步擴建，我們稱之為第三階段。這三條生產線都可以利用我們現有的基礎設施來支援我們的第一階段工業工廠和採礦業務。

So this scalability positions us to lead what is expected to be one of the largest and most environmentally sustainable lithium companies in the world, the perfect example of a protagonist in the energy transition, with the benefit of scale and developing advanced green technology. This is what we built at Sigma.

因此，這種可擴展性使我們能夠領導預計將成為全球最大、最具環境永續性的鋰公司之一，成為能源轉型主角的完美典範，具有規模優勢並開發先進的綠色技術。這就是我們在 Sigma 所建構的。

Over the past year, we transformed Sigma lithium into a leading producer resilient through market cycles with significant volatility. We have reached our cost guidance. We have maintained operational discipline. We've increased our mineral reserves by 40%. We have advanced on our Phase 2 expansion. And we have secured subsidized transformative financing from the Brazilian Development Bank, BNDES.

在過去的一年裡，我們把 Sigma 鋰業打造成了一家能夠抵禦市場大幅波動的領先生產商。我們已經達到了成本指引。我們保持了行動紀律。我們的礦產儲量增加了40%。我們的第二階段擴建工作已取得進展。我們也從巴西開發銀行（BNDES）獲得了補貼轉型融資。

As we move forward, we remain committed to growth, sustainability, delivering value to all of our stakeholders, and lifting the people in our region. We will now open for questions, and I'm going to be joined by my two partners, Felipe Peres, our CFO, Executive Vice President of Administrations, Site Operations, and Finance; and Anna Hartley, our Vice President for Investor Relations in Global Banking.

在前進的過程中，我們將繼續致力於發展、永續發展，為所有利害關係人創造價值，並提升我們地區人民的生活水平。我們現在開始提問，我的兩位合夥人也將一同提問，他們是我們的財務長、行政、現場營運和財務執行副總裁費利佩·佩雷斯 (Felipe Peres) 和我們的全球銀行投資者關係副總裁安娜·哈特利 (Anna Hartley)。

(Operator Instructions) Joel Jackson, BMO Capital Markets.

（操作員指示）Joel Jackson，BMO 資本市場。

Let's talk commercial a little bit. So should we expect your inventories to normalize at the end of Q3, so you're going to sell your excess volume? And it seems like in your prior two quarters, you disclosed that IRH was your number one trader of your product. You don't have that disclosure this quarter. Can you talk about your trading relationships, if they change, if that was part of the strategy across Q2 to warehouse inventory?

讓我們稍微談論一下商業。那麼我們是否應該預期您的庫存將在第三季末恢復正常，以便您出售多餘的庫存？似乎在前兩個季度中，您披露 IRH 是您產品的頭號交易商。本季您沒有揭露該資訊。您能談談您的貿易關係嗎？如果它們發生變化，這是否是第二季倉庫庫存策略的一部分？

Absolutely. We've been diversifying our trading relationships further and further. We basically now commercialize material with large trading companies and large downstreamers from all over the world. We've had new trading companies stepping in to become our clients throughout the second quarter, especially as price volatility increased. And we have maintained the discipline of just selling product using our standardized provisional price conditions which, as we have mentioned on the call, have paid off handsomely, boding well for the lithium price recoveries we are experiencing now in the third quarter.

絕對地。我們的貿易關係正在不斷多樣化。我們現在基本上與來自世界各地的大型貿易公司和大型下游企業進行材料商業化。在整個第二季度，尤其是在價格波動加劇的情況下，不斷有新的貿易公司加入成為我們的客戶。我們始終堅持按照標準化的臨時價格條件銷售產品，正如我們在電話會議上提到的那樣，這已經獲得了豐厚的回報，這對我們現在在第三季度經歷的鋰價復甦來說是一個好兆頭。

So what we have done, the summary is diversification. We now have an array of trading partners that are willing and ready on the back of the strength of their balance sheet to finance our operations, especially given the price volatility that we experienced in the second quarter.

所以我們所做的，總結起來就是多樣化。我們現在擁有一系列貿易夥伴，他們願意並準備好憑藉其強勁的資產負債表為我們的營運提供資金，特別是考慮到我們在第二季度經歷的價格波動。

As far as the inventories, which is the second part of your question, the situation is normalized as you can see from the cash bridge when we shown the receivables. It happened essentially during a very volatile few-week period that we lived through in the previous quarter that we all remember, but we would like to forget, where we were not striking agreements to our standard policy whereby, we have an upside sharing when our trading clients resell their product ,so that if we had sold that material at that period, we would not be able to benefit from the current lithium price cycle.

至於庫存，也就是您問題的第二部分，當我們展示應收帳款時，您可以從現金橋中看到情況已經正常化。它基本上發生在我們都記得的上一季度經歷的非常動蕩的幾週期間，但我們想忘記，當時我們沒有按照我們的標準政策達成協議，即當我們的貿易客戶轉售他們的產品時，我們會分享上行空間，所以如果我們在那個時期出售了這種材料，我們將無法從當前的鋰價格週期中受益。

So we held back, given that we had the financial capability to do so. And that was quickly normalized after the cutoff date for the quarter as was shown in the cash flow bridge.

因此，考慮到我們的財務能力，我們決定不這麼做。正如現金流橋所示，這種情況在本季度截止日期之後很快就恢復正常。

Okay, so we should expect sales in Q3 to be 85,000, 90,000 tonnes. Is that right? Something in that range?

好的，我們預計第三季的銷售量將達到 85,000 至 90,000 噸。是嗎？在那個範圍內嗎？

They will match -- they will be closer to production. So typically, we don't have the policy of holding back inventory. It just happened given the, let's say, out of the ordinary conditions that we lived through during the second quarter as a result of mostly factors way outside of our control.

它們將會匹配——它們將更接近生產。因此通常情況下，我們沒有抑制庫存的政策。這只是因為我們在第二季經歷了異常狀況，而這些狀況大多是我們無法控制的因素造成的。

Sorry, I'm confused. Sales will be production plus another 25,000 or 28,000 tonnes?

抱歉，我搞糊塗了。銷售量將是產量加上另外 25,000 或 28,000 噸嗎？

Yeah. Absolutely.

是的。絕對地。

Sorry, okay. And this is my last question before I pass the baton here. Ana, you've been talking about prepayments and offtakes for many, many months. You've been traveling the world, you've been talking to people trying to sign these deals. I think a lot of people thought you would have signed this already, signed some of these already, you haven't.

抱歉，好吧。這是我交接棒前的最後一個問題。Ana，您已經談論預付款和承購很多個月了。您一直在周遊世界，一直在與試圖簽署這些協議的人交談。我想很多人以為你已經簽署了這個，其中一些已經簽署了，但你還沒有。

Talk about why you haven't been able to get pen to paper, what's been the pushback on both sides, or what's going on?

談談為什麼您無法簽署這份文件，雙方有何阻力，或發生了什麼事情？

Well, we have quite a number of parties that have engaged with us. We're now negotiating definitive documents. So we have adopted a very strict directive here where we're going to announce the transaction once the definitive documentation is completed and signed. We're not planning to announce term sheets of any nature, binding or not.

嗯，有很多政黨與我們合作了。我們現在正在就最終文件進行談判。因此，我們在這裡採取了非常嚴格的指令，一旦最終文件完成並簽署，我們將宣布交易。我們不打算公佈任何性質的條款清單，無論是否具有約束力。

So this is why we felt comfortable to putting the value to the transactions. And just sort of to give you a recap, the mathematic on the deals, and that's a very good question actually. When you think about current market prices at around 950, 960, or even 900s. The implied price for the prepayment, again, this price is not locked. It's currently sitting at $833. It's very easy to ascertain how you get to this.

這就是為什麼我們願意為交易賦予價值。我只是給你回顧一下交易的數學原理，這實際上是一個非常好的問題。當您想到當前市場價格約為 950、960 甚至 900 時。預付款的隱含價格，同樣，這個價格沒有鎖定。目前價格為 833 美元。確定如何實現這一點非常容易。

For example, if we talk about an 80,000 tonne commitment for three years, we would be committing 240,000 tonnes of product. These industries typically have the iron ore mathematics where you divide that commitment by 2. So that is 120,000 tonnes of product committed. When we say on that page in the presentation, that these agreements are worth $100 million it has an implied prepayment price of $833 well below even current market prices.

例如，如果我們談論三年 80,000 噸的承諾，我們將承諾 240,000 噸產品。這些行業通常有鐵礦石數學，即把承諾額除以 2。因此承諾的產品數量為 120,000 噸。當我們在簡報的那一頁上說這些協議價值 1 億美元時，其隱含的預付款價格為 833 美元，甚至遠低於當前市場價格。

So as time went on and markets have recovered, our prepayment negotiations have become very much of a win-win, especially for our counterparties, which demonstrates, let's say, the willingness of our counterparties to advance these discussions. So we are very well positioned to announce prepayments in short order. Again, we will announce definitive documents.

因此，隨著時間的推移和市場的復甦，我們的預付款談判已經變得非常雙贏，特別是對我們的交易對手而言，這表明我們的交易對手願意推進這些談判。因此，我們完全有能力在短時間內宣布預付款。再次，我們將公佈最終文件。

Thank you.

謝謝。

The next question comes from Mr. [Armando Wilfrid] from [Fort Akri].

下一個問題來自 [Armando Wilfrid] 先生[阿克里堡]。

Could you please explain expected consequences of the US tariffs on your business, if any, and any plans to refine lithium to increase margin and help lower reliance on China.

您能否解釋一下美國關稅對您的業務的預期影響（如果有的話），以及任何提煉鋰以提高利潤率並幫助降低對中國的依賴的計劃。

Well, we have a diversified customer base. To your point, China today refines most of the lithium chemicals that are utilized by pCAM and CAM, meaning precursors and cathode producers globally. However, our clients, I mean, the accounts receivable of our company are extremely diversified because we do not necessarily sell to refiners.

嗯，我們擁有多樣化的客戶群。正如您所說，如今中國提煉了 pCAM 和 CAM（即全球前體和陰極生產商）所使用的大部分鋰化學品。然而，我們的客戶，我的意思是，我們公司的應收帳款極其多樣化，因為我們不一定會向煉油廠銷售。

As far as the Refining business, we are adopting a wait and see approach in terms of that business. As it is widely known, that business currently has negative margins, so you would be margin decretive to the industrialization of lithium oxide materials that we conduct in Brazil in this beautiful plant you can see in the background.

就煉油業務而言，我們對該業務採取觀望態度。眾所周知，該業務目前的利潤率為負，因此，您可以在背景中看到的我們在巴西的這個美麗的工廠中進行的氧化鋰材料工業化的利潤率將受到限制。

(Operator Instructions) Katie Lachapelle, Canaccord Genuity.

（操作員說明）Katie Lachapelle，Canaccord Genuity。

Thanks for taking my question. You walked us through the different provisional pricing adjustments that you're expecting to see in Q3. Can you get -- give us any context on how many tonnes are still open to provisional pricing on a go-forward basis? And then in the contracts that you're negotiating, will provisional pricing continue to be a theme?

感謝您回答我的問題。您向我們介紹了您預計在第三季看到的不同臨時價格調整。您能否向我們介紹一下未來還有多少噸貨物可以依照臨時定價？那麼在您正在談判的合約中，臨時定價是否會繼續成為一個主題？

Yes, we -- provisional pricing became a permanent feature of our business. So when you think about the sales that we executed throughout the year, all of them were conducted on a provisional price basis. So when you look at our sales book, what we've shown is the average of the second-quarter provisional price. And the numbers were on the presentation.

是的，臨時定價已成為我們業務的永久特徵。因此，當您考慮我們全年執行的銷售時，您會發現所有銷售都是以臨時價格進行的。因此，當您查看我們的銷售帳簿時，我們顯示的是第二季臨時價格的平均值。並且這些數字都在簡報中。

If you further average it out with the first-quarter book, we still do not even reach on a net basis, $700 adjusted for grade, which again positions us very well for the upside in lithium prices that is expected. That's already happening in the third quarter. That was a deliberate strategy as we basically began the year with a very volatile lithium price behavior resulting from elements completely outside of the industry, mostly resulting from sentiment around tariff discussions and tariff impacts in our industry.

如果進一步將其與第一季的帳簿平均，我們仍然沒有達到淨值 700 美元（按等級調整），這再次使我們在預期的鋰價上漲中處於非常有利的位置。這現像在第三季已經出現。這是一個經過深思熟慮的策略，因為今年年初，鋰價波動很大，這完全是由行業之外的因素造成的，主要是圍繞關稅討論和關稅對我們行業的影響的情緒造成的。

So we will expect to see a very positive adjustment into the third quarter and into the fourth-quarter financials. The contracts have dropped that date for execution, and our first drop that date begins on September 30, continues into October 30, November 30, and December 30, and I think it's a very good question because it's important to highlight that what we're hoping to achieve by establishing now drop that dates is to have our client resales, meaning we sell, they resell.

因此，我們預計第三季和第四季的財務狀況將出現非常積極的調整。合約已經取消了執行日期，我們的第一個取消日期從 9 月 30 日開始，一直持續到 10 月 30 日、11 月 30 日和 12 月 30 日，我認為這是一個非常好的問題，因為必須強調的是，我們希望透過現在設定取消日期來實現讓客戶進行轉售，這意味著我們銷售，他們轉售。

We share the upside common feature of the industry, but we expect the resales to take place within the year so that these effects are now observed, achieved within the fiscal year of 2025.

我們認同該行業的優勢，但我們預計轉售將在年內完成，以便現在就能觀察到這些影響，並在 2025 財年內實現。

Got it. And then maybe a follow up on Phase 2. I don't think anyone's surprised to see a more disciplined approach to when that production's coming online and you're now projecting 2026. Can you give us any guidance into when you're expecting the commissioning to take place in 2026? Is that going to be front and weighted or perhaps later in the year?

知道了。然後可能會跟進第二階段。我認為，當該產品上線並且您現在預測 2026 年時，看到一種更加嚴謹的方法，沒有人會感到驚訝。您能否告訴我們預計 2026 年何時投入使用？這是會在前面加權還是在今年稍後？

It will be probably mid to third quarter of 2026 later in the year. It will depend on whether the current price recovery holds. What we've done though, we do not stop, because as you've seen, you've been there a few times, we have a high strip ratio on our Mine 1 and Mine 1 will feed Plant 1 and 2 for the first year. So what we've done, we redeployed the CapEx for construction into Mine 1 which helped us maintain plant gate cost, helped us lower overall costs.

大概是今年稍後的 2026 年中期至第三季。這將取決於當前價格復甦是否持續。然而，我們並沒有停止我們所做的，因為正如你所看到的，你已經去過那裡幾次了，我們的 1 號礦的剝離率很高，而 1 號礦將在第一年為 1 號工廠和 2 號工廠提供原料。因此，我們所做的就是將建設資本支出重新部署到 1 號礦，這有助於我們維持工廠門成本，幫助我們降低整體成本。

So we basically decided that CapEx for Phase 2 now needs to be translated into an immediate return either for current infrastructure that will help feed Phase 2 or help support Phase 2 or current mining operations that would also feed Phase 2, which is exactly what we did, meaning a more immediate return for CapEx deployment. And if the project in question, I mean, if the request for deployment does not meet that criteria, we simply do not pursue it.

因此，我們基本上決定，第二階段的資本支出現在需要轉化為直接回報，要么用於支持第二階段的現有基礎設施，要么用於支持第二階段或支持第二階段的現有採礦作業，這正是我們所做的，這意味著資本支出部署的更直接回報。如果所討論的項目，我的意思是，如果部署請求不符合該標準，我們就不會繼續進行。

Very clear. That's all my questions. Thanks, Ana.

非常清楚。這就是我所有的問題。謝謝，安娜。

Our next question comes from Chris Dix by Brahman.

我們的下一個問題來自 Brahman 的 Chris Dix。

Thank you for the presentation. Can you provide me the team's comments on recent price action? How do you see market developments over the next 12 months, and what are Sigma's price expectations?

感謝您的演講。您能否提供我團隊對近期價格走勢的評論？您如何看待未來 12 個月的市場發展？ Sigma 的價格預期是什麼？

Lithium, there's never a dull moment in Lithium, and I don't see any other possible way to answer your question. What we've experienced this quarter was a very sharp recovery, and it happened on sentiment. Putting into context, the main driver of prices now is the [GFX] futures market in China for lithium chemical prices.

Lithium，Lithium 中永遠不會有無聊的時刻，我看不出還有其他方法可以回答您的問題。本季我們經歷了非常迅速的復甦，這是基於情緒的。具體來說，目前價格的主要驅動因素是中國鋰化工價格的[GFX]期貨市場。

Now, what is interesting is that the market trades a day about 300,000 tonnes of LCE. Yes. So in a day, there's the equivalent of one-fifth of global demand being traded. So it is essentially a paper market not backed by physicals of either nature, which just shows how susceptible to news and susceptible to sentiment the market has become.

現在，有趣的是，市場每天交易約 30 萬噸 LCE。是的。因此，一天之內，交易量相當於全球需求的五分之一。因此，它本質上是一個紙面市場，沒有任何實體支持，這表明市場對新聞和情緒的敏感度。

And as a result, I think to your point, as we as we entered August 11 this week, we saw a very sharp price increase, very sudden, basically result of news of mine closures which weren't even attached to volume, but they were attached to an overall concept of there is a limit to loss making within the supply chain. So the last profitable operations were being closed off, and that provoked an immediate reaction in the market.

因此，我認為正如您所說，當我們進入本週 8 月 11 日時，我們看到價格急劇上漲，非常突然，這基本上是礦山關閉的消息造成的，這甚至與產量無關，而是與供應鏈中損失有限的總體概念有關。因此，最後的盈利業務被關閉，這立即引起了市場的反應。

I'm just trying to give you a context to your question. In which way, it's now expected from market participants in Guangzhou where this futures market is located, where [GFX] is located. That the bond of RMB80,000 for lithium chemical prices may hold, and may hold throughout the quarter given that with the closure and the news that certain operations were not able to profitably withstand the second-quarter lithium price environments where lithium went as far down as RMB60,000 per tonne for chemicals.

我只是想給你的問題一個背景。目前，該期貨市場所在地廣州（即 [GFX] 所在地）的市場參與者對此有何期待？鑑於關閉以及有消息稱某些業務無法在第二季度鋰價環境下盈利，鋰化學品價格每噸跌至 60,000 元人民幣，因此 80,000 元人民幣的鋰化學品價格保證金可能會維持，並且可能會在整個季度維持。

We expect that RMB80,000 per tonne of chemicals to hold, which translates kind of on and around the levels of sales that we have been experiencing currently in the industry, on and around between USD900 and USD950 per tonne of lithium oxide concentrate. We do not see further upside for this year, but we wanted to highlight to the listeners of the call, the nature of volatility on [GFX] given the volume of what we call paper contracts if compared to actual demand in the industry.

我們預計每噸化學品的價格為 80,000 元人民幣，這意味著我們目前在該行業所經歷的銷售水平大致相同，每噸氧化鋰精礦的價格在 900 美元至 950 美元之間。我們認為今年不會有進一步的上漲空間，但我們想向電話會議的聽眾強調，考慮到我們所說的紙質合約的數量與行業實際需求相比，[GFX] 的波動性質。

Ladies and gentlemen, without any more questions, I am returning to Mrs. Ana Cabral for her final remarks. Please, Mrs. Ana Cabral, you may proceed.

女士們、先生們，沒有其他問題了，下面請安娜·卡布拉爾女士作最後的發言。請安娜·卡布拉爾女士繼續。

I would like to reiterate my gratitude to all of you listening to the call, supporting us throughout all of these years and essentially expressing optimism because we do believe that markets have now normalized in terms of fluctuations of pricing being a little bit closer to the supply demand dynamics we've been observing in the industry.

我想再次向所有聆聽電話會議、多年來支持我們並表達樂觀態度的各位表示感謝，因為我們確實相信，市場現在的價格波動已經正常化，更接近我們在行業中觀察到的供需動態。

EV growth has not receded, as all of you know. The latest year-on-year annual changes have been on and around 27% coming from mainly China. So demand is extremely robust, and we expect that to translate into a more stability and less volatile pricing environment for all of us industry participants.

眾所周知，電動車的成長並未減緩。最新的同比變化約為 27%，主要來自中國。因此需求非常強勁，我們預計這將為我們所有行業參與者帶來更穩定、波動更小的定價環境。

Thank you so much for being part of this call. Thank you so much for entrusting us with the company.

非常感謝您參加這次電話會議。非常感謝您將公司託付給我們。

Thus, we conclude the second quarter of 2025 conference call of Sigma Lithium. For further information and details of the company, please visit the company's website ir.sigmalithiumresources.com. You can disconnect from now on. Thank you once again.

至此，我們結束了 Sigma Lithium 2025 年第二季的電話會議。如欲了解更多公司資訊和詳情，請瀏覽公司網站ir.sigmalithiumresources.com。您現在就可以斷開連線。再次感謝您。