Sigma Lithium Corp (SGML) 2025 Q3 法說會逐字稿

(audio in progress) would like to inform you that this event is being recorded. (Operator Instructions) I would now like to turn the conference over to Anna Hartley, Vice President of Investor Relations. Please go ahead, Anna.

（音訊正在錄製中）特此通知您，本次活動正在錄音。（操作員指示）現在我將會議交給投資人關係副總裁安娜‧哈特利。請繼續，安娜。

I'd like to welcome you to our third quarter earnings conference call. Joining me on the call today is Ana Cabral, CEO of Sigma Lithium. Our third quarter 2025 earnings press release, presentation and corresponding documents are available on our website.

歡迎各位參加我們第三季財報電話會議。今天和我一起參加電話會議的是 Sigma Lithium 的執行長 Ana Cabral。我們的 2025 年第三季財報新聞稿、簡報及相關文件均可在我們的網站上查閱。

I will now turn the call over to Ana Cabral.

現在我將把通話轉給安娜·卡布拉爾。

Good morning, everyone. It's a great pleasure to present Sigma Lithium third quarter of 2025 results directly from the Amazon where COP30, the United Nations Climate Conference is being held. Sigma is here as a member of the Brazilian delegation. We have been engaged in high-level dialogues with other delegations from all over the world, and we are showcasing how we have implemented and executed on every single one of our targets of sustainability set out in 2017 when we made the original investment in the company. Since then, we have managed to build the most sustainable lithium beneficiation plant in the world, digitalized and using algorithms, the employee bots or AI to become more and more efficient in treating the mineralogy of our mines an increasing plant recovery.

各位早安。非常榮幸能從聯合國氣候大會 COP30 的舉辦地亞馬遜地區直接向大家介紹 Sigma Lithium 2025 年第三季的表現。Sigma是作為巴西代表團成員出席的。我們與來自世界各地的其他代表團進行了高級別對話，並展示了我們如何實施和執行了我們在 2017 年對公司進行最初投資時制定的每一個可持續發展目標。從那時起，我們成功建造了世界上最具可持續性的鋰選礦廠，實現了數位化，並利用演算法、員工機器人或人工智慧，在處理礦山礦物方面變得越來越高效，工廠回收率也越來越高。

So our plan is where technology meets metallurgy, meet mining and delivers sustainability, doing more with less. Please kindly read the disclaimers. We're going to make quite a number of forward-looking statements and projections and guidances as we go through this presentation. We're very proud of our accomplishments in the third quarter, especially considering the state of the lithium markets throughout the quarter. We have managed to increase the resilience of our business significantly, achieving the following five initiatives.

因此，我們的計劃是將技術與冶金、採礦結合，實現永續發展，用更少的資源創造更多價值。請仔細閱讀免責聲明。在本次演講中，我們將做出許多前瞻性聲明、預測和指導。我們對第三季的成就感到非常自豪，尤其考慮到本季鋰市場的狀況。我們透過以下五項舉措，顯著提高了公司的業務韌性。

First, we substantially increased our net revenues through optimum commercial strategy. We increased revenues by 69% quarter-on-quarter and by 36% if compared to the third quarter of last year. We have generated cash of $31 million, resulting from final price settlements of sales that happened throughout the year. In addition, we expect cash generation from sales of our processing, high-purity high-grade midlands, which are the result of our sustainable efforts. We have approximately 1 million tons of those dry stacked high-purity materials.

首先，我們透過最佳商業策略大幅提高了淨收入。我們本季營收季增 69%，與去年第三季相比成長 36%。我們已產生現金 3,100 萬美元，這是全年銷售最終價格結算的結果。此外，我們預計透過銷售加工後的高純度、高等級的中級產品，將產生現金流，這是我們永續發展努力的成果。我們大約有100萬噸這種乾堆高純度材料。

We are also in the process of successfully upgrading our mining operations. Our plant has already restarted this week, our mine is expected to resume operations within two to three weeks, and Sigma will operate the mine with equipment lease directly from the manufacturer. Lastly, we continue to maintain financial discipline, and that's demonstrated by deleveraging on our short-term trade finance debt by 43% this year despite the challenging lithium pricing environment. On this page, we showcased the financial highlights of the third quarter of '25 related to the increased cash margins and the deleveraging of our short-term trade finance debt. Our revenues have increased by 69% if compared to last quarter.

我們目前也正在成功地升級我們的採礦作業。我們的工廠本週已經重新開工，我們的礦山預計將在兩到三週內恢復運營，Sigma 將直接從製造商處租賃設備來運營該礦山。最後，我們繼續保持財務紀律，這體現在我們今年儘管面臨鋰價環境的挑戰，仍將短期貿易融資債務的槓桿率降低了 43%。在本頁中，我們展示了 2025 年第三季與現金利潤率提高和短期貿易融資債務去槓桿化相關的財務亮點。與上一季相比，我們的營收成長了69%。

More importantly, we increased revenues by 36% versus the third quarter of last year. Our pricing also increased by 33% versus last quarter. So the revenues increase are a result of our efficiency increase. Our margins also increased. The operating margin increased in 42% versus the third quarter, and the net margin increased 67% (technical difficulty) of last year.

更重要的是，與去年第三季相比，我們的營收成長了 36%。我們的定價也比上季上漲了33%。因此，收入成長是效率提高的結果。我們的利潤率也提高了。營業利益率較第三季成長 42%，淨利潤率較去年同期成長 67%（技術難度較大）。

Both margins also increased substantially versus the previous quarter. But by showcasing the increase versus last year, we demonstrate how we increase the resilience and the strength of the business. Our deleveraging is demonstrated by the decrease in trade finance. We managed to pay down export financing, short-term debt in 43% this year. The remaining balance is just $33.8 million as of November 13.

這兩個利潤率與上一季相比均大幅成長。但透過展示與去年相比的成長，我們證明了我們是如何提高企業的韌性和實力的。貿易融資的減少證明了我們去槓桿化的成效。今年我們償還了 43% 的出口融資和短期債務。截至11月13日，剩餘餘額僅3,380萬美元。

Our cash has also increased by 42% versus last quarter, which is a trend very different from our peers, which had burned great. Our current cash today is $21 million plus $8 million of incremental trade receivables, all related to sales realized until the third quarter of 2025. On this page, we discuss our stellar record of zero accidents. We have achieved seven consecutive days without accidents with lost time injury. It's over two years with zero records.

與上一季相比，我們的現金也增加了 42%，這與我們的同行截然不同，他們的現金消耗非常嚴重。我們目前的現金為 2,100 萬美元，加上 800 萬美元的新增應收帳款，全部與 2025 年第三季之前實現的銷售額有關。在本頁中，我們將討論我們零事故的卓越記錄。我們已連續七天沒有發生任何導致工傷的事故。兩年多來沒有任何記錄。

This demonstrates our operational excellence in addition to managing to continuously decrease our costs. So we haven't cut cost at the expense of health and safety. Our TRFIR is 1.79 amongst the lowest in the world. This results in employee engagement and safety processes direct connection to the factory floor, which leads us to enhance performance and ideas for cost optimization coming straight from our employees. So it's a self-fulfilling circle where focusing on safety enables us to keep on getting better, both operationally by increasing efficiency, but also cost-wise by gaining ideas directly from employees on how to be lower cost.

這不僅體現了我們卓越的營運能力，也展現了我們不斷降低成本的能力。所以我們沒有以犧牲健康和安全為代價來削減成本。我們的 TRFIR 為 1.79，是世界上最低的之一。這使得員工參與和安全流程與工廠車間直接相關，使我們能夠提高績效，並獲得直接來自員工的成本優化想法。因此，這是一個自我實現的循環，專注於安全使我們能夠不斷進步，不僅在營運方面透過提高效率來提升效率，而且在成本方面也透過直接從員工那裡獲得降低成本的想法來提升效率。

We're very proud of this. On this page, we're going to start to discuss our financial performance this quarter. On this slide, we demonstrate how Sigma achieved an optimum commercial strategy, which allowed us to price efficiently our material capturing the price cycle despite the price volatility that took over the metals market throughout the period the followed liberation Day in the tariffs. You can see on this chart in red, the sales and provisional prices. And in green, the sales on final prices and it's visible that we were able to capture a much higher final price as we managed to authorize our clients to resell the products and settle our final prices. These adjustments resulted in here is how that translates into cash generation. This commercial success resulted in incremental cash from the final settlement with the trade partners. And you can see that by looking at the initial cash position at the end of the second quarter.

我們為此感到非常自豪。在本頁中，我們將開始討論本季的財務表現。在這張幻燈片中，我們展示了 Sigma 如何實現了最佳的商業策略，使我們能夠有效地為我們的材料定價，抓住價格週期，儘管在關稅解放日之後的一段時間內，金屬市場價格波動劇烈。您可以在這張圖表中看到紅色的銷售價格和暫定價格。綠色部分錶示最終價格的銷售額，可以看出，由於我們成功授權客戶轉售產品並確定了最終價格，因此我們獲得了更高的最終價格。這些調整最終轉化為現金流，具體來說就是如此。這項商業成功為貿易夥伴最終結算帶來了額外的現金收入。從第二季末的初始現金狀況就可以看出這一點。

The increase in cash from operations on a provisional price basis of $30 million, then the generation of trade receivables booked on sales up until third quarter on provisional prices of $20 million. That got converted into cash as of now but that refers to sales with a cutoff on the third quarter. In addition to that, we had another incremental increase in trade receivables because of the extra increasing prices that we have been experiencing to date at $1,700 per ton. So that's another $8 million which means that there were $28 million extra that resulted from our optimum commercial strategy. So when you observe our cash as of today, we have $21 million in the bank plus $8 million of settled trades at current market prices.

經營活動現金流量以暫定價格計算增加 3,000 萬美元，第三季銷售產生的應收帳款以暫定價格計算為 2,000 萬美元。目前這些款項已轉換為現金，但這指的是截至第三季的銷售額。除此之外，由於價格持續上漲（目前已達每噸 1700 美元），我們的貿易應收款也進一步增加。所以又增加了 800 萬美元，這意味著我們最佳的商業策略帶來了 2,800 萬美元的額外收益。所以，截至今日，我們的現金餘額為：銀行存款 2,100 萬美元，加上以當前市場價格結算的 800 萬美元交易。

Now in addition, we have of potential sale of Lithium Midlands, which are high purity, midlines or dry stack material that currently sits both at the port and at our plant. At current market prices quoted at Shanghai metal markets of $112 per tonne net of transportation costs to board for part of it and to China for the materials sitting at the Board. So a significant cash boost coming from materials that have already been produced. But more importantly, a direct result of our investment in dry stacking our tailings and recycling and reprocessing and optimizing our lithium Greentech industrial plant. On this page, we show what that cash position enabled us to do we managed to pay down our short-term trade finance 60% year-to-date to November.

此外，我們還有鋰中部地區的潛在銷售機會，這些高純度中型或乾堆材料目前存放在港口和我們的工廠。以上海金屬市場目前的市場報價，每噸淨價為 112 美元，其中一部分材料運往英國，一部分材料運往中國，這部分材料存放在英國。因此，來自已生產材料的大量現金流入將帶來可觀的資金。但更重要的是，這是我們投資對尾礦進行乾式堆放、回收再加工以及優化鋰綠色科技工業工廠的直接結果。在本頁中，我們展示了現金狀況使我們能夠做到什麼：截至 11 月，我們已償還了 60% 的短期貿易融資。

If you cut it off as of October, we paid down 44%. That's a significant debt reduction especially considering the down market and the lithium price volatility we experienced this year. So we had a cash increase and we decreased our short-term trade finance expensive debt. That's a significant accomplishment in financial results for a year such as these in lithium markets. On this page, we demonstrate how the debt maturity profile will be lending further because all that's left now is essentially $10 million that we already paid down plus $100 million that will be paid down next year in December, which relates to our shareholder debt.

如果從 10 月算起，我們已經償還了 44%。考慮到今年市場低迷和鋰價波動，這無疑是一筆可觀的債務削減。因此，我們增加了現金流，減少了短期貿易融資的高成本債務。在鋰市場今年這樣充滿挑戰的年份，這無疑是一項重大的財務成就。在本頁中，我們將展示債務到期如何進一步改善貸款狀況，因為現在剩下的基本上只有我們已經償還的 1000 萬美元，以及明年 12 月將償還的 1 億美元，這與我們的股東債務有關。

whose generosity has allowed us to get here to commission our Greentech plant and to continue to make improvements to achieve the stellar operational performance the plant has been delivering. So we are in a very comfortable debt position as of November 13. And we demonstrate here on this page all the short-term debt that we have managed to pay down or role. This page demonstrates the fact that we are a source of responsible lithium production in this industry. We have managed to maintain the highest sustainability and ethical sourcing standards throughout market prices meaning our resilience is here to stay even with the slight decrease in production, which is shown here in the little green over our regular costs, we're still lower than the lowest cost producer for nonintegrated lithium oxide concentrate in Africa.

正是由於他們的慷慨解囊，我們才能建成並調試我們的 Greentech 工廠，並不斷改進，從而實現該工廠一直以來所展現的卓越運營性能。截至11月13日，我們的債務狀況非常穩健。我們在此頁面上展示了我們已經償還或承擔的所有短期債務。本頁證明了我們是該行業負責任的鋰生產商。我們始終堅持最高的可持續性和道德採購標準，即使在市場價格波動的情況下，我們的韌性依然能夠保持，即使產量略有下降（如圖所示，我們的常規成本上方的小綠線表明了這一點），我們仍然低於非洲非一體化氧化鋰精礦成本最低的生產商。

And this location to the very left of the nonintegrated supply curve is exactly where we plan to remain throughout the foreseeable future. On this page, we demonstrate how the lower production levels in September have not really affected our low-cost position. In other words, the slight increase in cost maintain it's own guidance for the all-in sustaining cost. And that's demonstrated by the chart to the right, where we show the nine-month all-in sustaining costs versus the full year guidance we provided at the beginning of the year. This all-in sustaining cost includes interest, CapEx, maintenance, all of it, royalties, SG&A, environmental and social that is voluntary.

而位於非一體化供給曲線最左側的這個位置，正是我們在可預見的未來計畫所保持的位置。在本頁中，我們將展示9月份較低的產量水準如何並沒有真正影響我們的低成本優勢。換句話說，成本的輕微增加維持了自身的整體維持成本。右側的圖表證明了這一點，圖中顯示了前九個月的全部維持成本與我們年初提供的全年指引值之間的比較。這項全部維持成本包括利息、資本支出、維護、所有費用、特許權使用費、銷售、一般及行政費用、自願參與的環境和社會費用。

So we're very much on track. We're issuing guidance of this all-in sustaining becoming $560 meaning lowering to $560 for 2026 based solidly on production from the first plant. Now the increase in CIF cash costs and plant gate costs are easily corrected once we return to full production in the first quarter '26. So our low-cost position is unmatched and unchanged. On this slide, we basically outlined the offtake agreements expected for this year.

所以，我們一切進展順利。我們預計，到 2026 年，綜合維持成本將降至 560 美元，這意味著成本將降至 560 美元，這主要基於第一家工廠的產量。現在，一旦我們在 2026 年第一季恢復全面生產，CIF 現金成本和工廠出廠成本的增加就很容易得到糾正。因此，我們的低成本優勢是無可匹敵的，而且始終不變。在這張投影片中，我們基本上概述了今年預計的承購協議。

They're basically enabled by the significant commercial leverage and power we achieved by being an ethical producer and one of the lowest cost producers of the lithium concentrate globally. Now what we've done, we tailor different types of offtakes to cater for different specific client needs across geographies. So this year, what we have is three different kinds of offtakes being discussed with three very different kind of clients. The first kind is what we call the three months rolling off big. They're done at market prices and these are prepayment of upcoming production until March.

他們之所以能夠取得今天的成就，主要得益於我們作為一家秉持道德規範的生產商，以及作為全球成本最低的鋰精礦生產商之一所獲得的巨大商業影響力和實力。現在我們所做的，是針對不同地區客戶的特定需求，量身訂做不同類型的承購協議。所以今年，我們要和三種截然不同的客戶討論三種不同的承購協議。第一種我們稱之為「連續三個月大爆發」。這些產品均以市場價​​格生產，是3月前即將生產的預付款。

The objective is to provide Sigma with low-cost working capital. The second kind of offtake is 20,000 tonnes for three years for $25 million. It's a small long-term offtake and the user proceeds will be to pay for the mining equipment that will help us upgrade our mining operations, meaning the larger-scale trucks and overall excavators and mining equipment. The third category is a conventional offtake repayment being negotiated with a global European trading company. So the user proceeds is to deploy towards our expansion plans, remaining on track for our growth strategy next year.

目標是為 Sigma 提供低成本的營運資金。第二種承購方式是三年內採購 2 萬噸，價值 2,500 萬美元。這是一份小規模的長期承購協議，用戶所得收益將用於購買採礦設備，以幫助我們升級採礦作業，這意味著購買更大規模的卡車、挖土機和採礦設備。第三類是與歐洲全球貿易公司協商的常規承購付款方式。因此，用戶收益將用於我們的擴張計劃，確保我們明年的成長策略按計劃進行。

We are in contract negotiation stages with them. Now for 2026, we still have another 120,000 tonnes of product uncommitted to be contracted into offtakes. The objective is to strike conventional offtakes for both amounts. The first amount for 80,000 tonnes will be assigned to a regular end user. And the objective is to repay the long-term shareholder debt that was generously enough offer to Sigma in December 2022 and enabled us to get here to this very strong operational position.

我們正在與他們進行合約談判。截至 2026 年，我們還有 12 萬噸產品尚未簽訂承購合約。目標是就這​​兩個金額達成常規承購協議。首批8萬噸將分配給常規終端用戶。我們的目標是償還股東在 2022 年 12 月慷慨地向 Sigma 提供的長期債務，這筆債務使我們能夠取得如今非常強大的營運地位。

We are in contract negotiations for that one. The second offtake is going to be achieved against an agent, meaning a trading company. which, again, is going to be a typical conventional offtake once again deployed towards building and delivering on our growth strategy, meaning building a second plot. And this offtake is under contract negotiation. So we're expecting to announce three offtakes still this year and two more next year.

我們正在就此進行合約談判。第二次承購將透過代理商（即貿易公司）進行。這同樣是典型的傳統承購，旨在再次建構和實現我們的成長策略，即建造第二個地塊。這項承購協議目前正在進行合約談判。因此，我們預計今年還會宣布三項承購協議，明年還會宣布兩項。

This page demonstrates our production and cost guidance for the upcoming years, 2026 and 2027. Our cash flow is poised to increase of our strategic plan. We've plant one alone, we're bound January an all-in sustaining cost of $560 per tonne, and that includes everything, including interest expenses. Now at the current price levels of $1,000 per tonne that represents a cash flow -- free cash flow generation of $132 million. Once we complete plant two by the end of next year, we expect to have 50,000 tonnes of production throughout 2027, which will lower our all-in sustaining cost to $500 million approximately.

本頁展示了我們對未來幾年（2026 年和 2027 年）的生產和成本指引。根據我們的策略計劃，現金流有望增加。我們只建造了一個工廠，到一月份，總維持成本為每噸 560 美元，其中包括所有費用，包括利息支出。現在以每噸 1000 美元的價格計算，這意味著可產生 1.32 億美元的現金流——自由現金流。一旦我們在明年年底前完成二號工廠的建設，我們預計到 2027 年將實現 5 萬噸的產量，這將使我們的綜合維持成本降低到約 5 億美元。

That at current price points for lithium is expected to generate a free cash flow of approximately $270 million. So this page really demonstrates how by remaining the lowest cost producer globally we are bound to benefit with excess returns from this relative increase in lithium prices from $700 per ton at mid-third quarter to $1,000 per tonne as of November 13. This page demonstrates how our Greentech plant upgrade into the 3.0 version concluding and executed in November 24 was not a cumbent with (spoken in foreign language). This page demonstrates how the upgrade in our Greentech plant into a 3.0 version, which was concluded in November of '24 of last year, one year ago, was not followed by our mining operations. Here at Sigma, just to recap, we have two different operations which are integrated.

以目前的鋰價計算，預計將產生約 2.7 億美元的自由現金流。因此，本頁充分證明，透過維持全球最低成本生產商的地位，我們必將受益於鋰價的相對上漲，從第三季中期的每噸 700 美元上漲到 11 月 13 日的每噸 1000 美元，從而獲得超額收益。本頁展示了我們於 11 月 24 日完成並執行的 Greentech 工廠 3.0 版本升級項目，該項目並非由現有企業主導。（用外語說）本頁展示了我們 Greentech 工廠升級到 3.0 版本（於去年 11 月完成，距今已有一年）後，我們的採礦作業並沒有跟進升級。簡單回顧一下，Sigma 有兩個相互整合的不同營運部門。

We have a mine that delivers raw material to a state-of-the-art industrial lithium beneficiation plant, the Greentech plant. That is automated digitalized and run by an algorithm. Throughout the first nine months of this year, what we could demonstrate is that the plant outperformance was compensating for the mine. You can clearly see that in the chart at the bottom left of the slide, where we had an 11% increase in production in the first nine months of this year. Now the chart above show and demonstrate the significant upgrade that took place in the Greentech plant last year when from the beginning of '24 to the end of '24, the production went up 43%.

我們擁有一座礦山，為最先進的工業鋰選礦廠——格林泰克工廠——提供原料。它是自動化數位化的，由演算法運行。今年前九個月，我們能夠證明的是，工廠的優異表現彌補了礦場的不足。從幻燈片左下角的圖表中可以清楚看到，今年前九個月我們的產量增加了 11%。上面的圖表顯示並展示了格林泰克工廠去年發生的重大升級，從 2024 年初到 2024 年底，產量增加了 43%。

In other words, the plant can produce 300,000 tonnes of lithium concentrate if properly fed with fresh rock fresh spodumene ore. It processes efficiently because the plant recoveries are 70%. Now that made it clear that a mining grade was required. So we reassessed our mining plan and concluded that we needed larger equipment scale to basically ensure higher volumes that would be moved faster. More importantly, they would also ensure that we would maintain our stellar safety and health record at our operations.

換句話說，如果用新鮮的鋰輝石礦石進行適當的加工，該工廠可以生產 30 萬噸鋰精礦。由於工廠回收率達 70%，因此加工效率很高。現在看來，顯然需要達到採礦級標準。因此，我們重新評估了我們的採礦計劃，並得出結論：我們需要更大規模的設備，以確保能夠更快地運輸更高的產量。更重要的是，他們還會確保我們在營運中保持卓越的安全和健康記錄。

The chart on the right breaks down the two quarters, the second quarter '25 and the third quarter '25. And it clearly shows that the last month of the third quarter when the mining equipment provider was the mobilize was where we had a significant product decrease because they were simply demobilizing and phasing down their efforts in operating and moving material at the expected productivity rates. This page shows what's the way forward? Well, we have mastered dense media separation technology, achieving 70% recovered. Let me go back to the beginning, pause, pause again.

右側的圖表細分了兩個季度，即 2025 年第二季度和 2025 年第三季度。這清楚地表明，第三季最後一個月，當礦業設備供應商動員起來時，我們的產品產量大幅下降，因為他們只是在撤離，並逐步減少以預期生產率運作和運輸物料的力度。本頁展示了前進的方向？我們已經掌握了高密度介質分離技術，回收率達到了70%。讓我回到開頭，停頓一下，再停頓一下。

This page demonstrates our way forward in our operational plan. Clearly, we have mastered this media separation technology for lithium processing, achieving 70% recovery rates. That's equivalent to flotation. We have demonstrated also greater efficiency and reliability throughout 2025. And now we're going to match it by upgrading our mining operation.

本頁展示了我們營運計劃的推進方向。顯然，我們已經掌握了鋰加工的這種介質分離技術，回收率達到了70%。這相當於浮選法。我們也證明了在 2025 年將實現更高的效率和可靠性。現在我們將透過升級採礦作業來與之匹配。

First, our plant has already restarted. So it restarted processing high-grade material in our current operating side. The target for 2026 is to achieve full plant operational capacity of 300,000 tonnes of lithium oxide concentrate. We have been recurrently achieving unprecedented recovery levels throughout the year up until the third quarter. So that's where our confidence comes from this track record.

首先，我們的工廠已經重啟。因此，它重新啟動了我們目前營運區域的高級材料加工。2026 年的目標是實現工廠滿載運轉，年產 30 萬噸氧化鋰精礦。直到第三季度，我們全年都持續實現了前所未有的復甦水準。這就是我們信心的來源，源自於我們過去的良好業績。

Now on the feed of the plant. Clearly, a mining upgrade was required and is underway. We reassessed the mining plan and the geometry. So we observed that mined about 798,000 tonnes in July and 615,000 tonnes in August. We continue to mine waste in strip in order to optimize geometry.

現在給植物施肥。顯然，採礦設備需要升級改造，目前升級改造正在進行中。我們重新評估了採礦計劃和幾何形狀。所以我們觀察到，7 月開採了約 798,000 噸，8 月開採了約 61.5 萬噸。我們繼續以條帶方式開採廢石，以優化幾何形狀。

And that is something I talked about during our second quarter '25 announcement. The ore grade is being perfectly aligned with our mine plan with no significant dilutions. So we maintain the cadence of the ore grade fab of the plant. As a result, we're very well positioned to resume our mining operations within two to three weeks once we're able to mobilize large-scale equipment so that we can increase the volume mined and the operational speed at which we advance the geometry and increase mining volumes. So with those upgrades we expect to evolve our production capabilities at the plant already in the first quarter '26, reaching 73,000 tons of lithium oxide concentrate reduced.

這也是我在2025年第二季財報發表會上談到的內容之一。礦石品位與我們的採礦計畫完全吻合，沒有明顯的稀釋。因此，我們保持了工廠礦石級冶煉的節奏。因此，一旦我們能夠調動大型設備，我們就能在兩到三週內恢復採礦作業，從而增加採礦量和作業速度，推進幾何形狀並增加採礦量。因此，透過這些升級，我們預計到 2026 年第一季度，該工廠的生產能力將得到提升，還原後的氧化鋰精礦產量將達到 73,000 噸。

That's the guidance for the first quarter of '26. This slide demonstrates how by being the low cost and most sustainable producer at large scale, we have been able to obtain significant support by our clients to execute on our expansion plans. That's financial support and offtake support. We plan to reach 80,000 tons of lithium carbonate equivalent upon completion of our Phase 2 expansion next year by just adding a third production line, which infrastructure is already on site, we expected to achieve 120,000 tonnes of equivalent of production. That is a consequence of Sigma all being a bit throughout global lithium supply chains.

這是對2026年第一季的業績預期。這張投影片展示了我們如何透過成為低成本、最永續的大規模生產商，獲得客戶的大力支持，從而執行我們的擴張計劃。那是財政支持和承購支持。我們計劃明年完成二期擴建後，僅增加第三條生產線（基礎設施已在現場），即可達到 8 萬噸碳酸鋰當量產量；我們預計產量將達到 12 萬噸當量。這是因為 Sigma 的業務遍佈全球鋰供應鏈。

So this underpins the financial support that we receive from our very large clients downstream in the lithium supply chain. We also conclude by outlining how we're going to continue to deliver on our strategic plan for 2025. First, we're going to conclude our offtake agreements as we have outlined in the presentation. Second, we have achieved financial strength but we're going to continue to do so by continuing to close final prices on the provisional price sales that we have achieved year-to-date until the third quarter and we'll continue to deliver throughout the fourth quarter. We have the leverage and will continue to delever by basically paying down expensive short-term trade finance debt.

因此，這為我們從鋰供應鏈下游的大客戶那裡獲得資金支持奠定了基礎。最後，我們也會概述我們將如何繼續落實2025年戰略計畫。首先，我們將按照簡報中概述的方式，完成我們的承購協議。第二，我們已經實現了財務實力，但我們將繼續透過完成今年迄今為止在第三季度實現的暫定價格銷售的最終價格結算來保持這一實力，並且我們將在整個第四季度繼續交付。我們擁有槓桿，並將繼續透過償還昂貴的短期貿易融資債務來降低槓桿率。

We're also going to monetize existing lithium products they're currently sitting in our plant and the port taking advantage of the current robust pricing environment, where demand for these products become actual. Currently, these products are priced at about $120 per ton which could bring the additional revenues of $33 million throughout fourth quarter. Thirdly, we are going to upgrade our mining operations to increase the Greentech plant production scale, more feed, more concentrate. So there's another advantage to that, which means we're going to lower the structural cost of this company by lowering the plant it costs by increasing production volume and by actually decreasing the apps of mining costs, which represent two-thirds of our plant gate costs. Fourth, we're going to continue to partner with our very large clients with very large balance sheets to create commercial strategies that allows us to navigate lithium price seasonality, benefiting from achieving higher prices during the high seasonality.

我們還將利用當前強勁的價格環境，將目前存放在我們工廠和港口的現有鋰產品貨幣化，因為對這些產品的需求變得非常實際。目前，這些產品的定價約為每噸 120 美元，預計在第四季度帶來 3,300 萬美元的額外收入。第三，我們將升級我們的採礦作業，以擴大綠科技工廠的生產規模，增加原料，增加精礦。所以這樣做還有另一個好處，那就是我們將透過提高產量來降低工廠成本，從而降低公司的結構性成本，並且實際上降低採礦成本（占我們工廠總成本的三分之二）。第四，我們將繼續與資產負債表非常雄厚的大客戶合作，制定商業策略，使我們能夠應對鋰價的季節性波動，並在旺季獲得更高的價格。

Number five, we're going to continue to increase the scale of our suppliers so that we can obtain working capital support. This is a strategy where we're simply matching or coping with the global leaders in downstream, including battery makers and carmakers, see from their own supplies in the duration of their account payables. The average of the largest carmakers in the world is from 130 days to 180 days to 210 days. We've been barely doing 30 days of deadlines for suppliers. So we're lending that period by leaning on larger suppliers, there are as large as us.

第五，我們將持續擴大供應商規模，以便獲得營運資金支持。這項策略旨在與下游產業的全球領導者（包括電池製造商和汽車製造商）保持一致或應對，從他們自身的供應情況來看，這符合他們的應付帳款週期。全球最大汽車製造商的平均交貨週期為 130 天至 180 天至 210 天。我們幾乎每次都只能在30天內完成供應商的交貨期限。所以，我們透過依賴規模更大的供應商來延長這段時間，這些供應商的規模和我們一樣大。

I want to thank you for the opportunity to present you our third quarter earnings, and I'm now going to open the floor for the Q&A questions that are going to be submitted to our moderator through the chat function of this Zoom.

感謝各位給我這個機會向大家介紹我們第三季的收益狀況，現在我將開放問答環節，大家的問題將透過 Zoom 的聊天功能提交給主持人。

(Operator Instructions) Our first question comes from (inaudible) from Bloomberg. Thanks for the granularity on the cash balance. Based on page 9, is current cash balance at USD29 million plus USD33 million or only USD29 million.

（操作員指示）我們的第一個問題來自（聽不清楚）彭博。感謝您提供詳細的現金餘額資訊。根據第 9 頁，目前的現金餘額是 2,900 萬美元加上 3,300 萬美元，還是只有 2,900 萬美元？

No. The current cash balance is $29 million. The $33 million are basically bids we received on the current lithium material we already have, and we were mentioning that exists in the Board and at the bond.

不。目前現金餘額為2900萬美元。這 3300 萬美元基本上是我們收到的關於我們現有鋰材料的報價，我們在董事會和債券發行時都提到這一點。

Our next question comes from Liam Crozier. What is the region of lithium middling from the process circuits? What is their LI 20 grade even as a range?

下一個問題來自利亞姆·克羅齊爾。鋰中間體與製程電路的距離是多少？他們的 LI 20 等級是多少？就算只給一個範圍也好？

Yes, these are typical materials there are processed through the DMS circuit. They are more valuable because the chemical structure of the particle hasn't been broken. In other words, is a very different manner of processing lithium ore than the flotation plant. So the lithium grade goes from 1% to 1.3%. There's an official quote for these products at Shanghai metals market, which can be validated daily.

是的，這些都是透過DMS電路處理的典型材料。它們更有價值，因為粒子的化學結構沒有被破壞。換句話說，這是一種與浮選廠截然不同的鋰礦石處理方式。所以鋰的純度從 1% 到 1.3%。上海金屬市場對這些產品有官方報價，每天都可以核實。

So in current market environment, where it's actually a search for physical materials to close open positions in Guandajo. We've been getting bids for these materials, 100,000 of which are at the portal rate, which makes their cost simply shipping to China, which is $40 a tonne. And then we have another 850,000 tonnes of these materials at the plant, which makes their costs approximately $85. So when we banked on $33 million, it's just pure profit, given that they're costs incurred in transportation. So the number is net of transportation. The current quote for these materials at Shanghai metals market is $120 per tonne. They're roughly 11%-ish of current legion oxide concentrate prices as of today, which is about $1,070 to $1,080 per tonne.

因此，在當前的市場環境下，實際上是在尋找實體材料來填補關達若的空缺職位。我們一直在收到這些資料的報價，其中 10 萬件是以門戶網站價格出售的，這意味著它們的成本只是運到中國的運費，也就是每噸 40 美元。此外，我們工廠還有 85 萬噸此類材料，其成本約為 85 美元。所以，當我們預計收入為 3300 萬美元時，這完全是純利潤，因為其中包含了運輸成本。所以這個數字就是扣除運輸成本後的淨值。目前上海金屬市場對這些材料的報價為每噸120美元。截至目前，它們的價格大約是目前軍團氧化物精礦價格的 11% 左右，也就是每噸 1,070 至 1,080 美元。

Our next question comes from Armando Wolfe. Could you please provide some more info on the 100 million shareholders credit and the status of your BNG loan disbursement for Phase 2?

下一個問題來自 Armando Wolfe。請問能否提供更多關於1億股東信貸以及第二階段BNG貸款發放的資訊？

Absolutely. Well, we're going to lean on our suppliers on our credit clients the same way we have been leaning down for a number of advancements we've been doing here, including mining upgrade. There are a number of ways to basically disburse the BNDS loan. However, as we discussed earlier, we were awaiting for a quarter of lithium price stability, given the highly volatile pricing environment we experienced this year. I mean we were one of the few companies to actually generate cash this year.

絕對地。我們會像一直以來努力爭取資源以推進我們在這裡開展的多項進步（包括礦業升級）一樣，努力爭取供應商和信貸客戶的支持。發放 BNDS 貸款的方式有很多種。然而，正如我們之前討論的那樣，鑑於今年鋰價波動劇烈，我們一直在等待鋰價穩定一個季度。我的意思是，我們是今年少數幾家真正實現現金流的公司之一。

Our peers were mainly cash burning. So our Board decided to wait for a quarter of stability so that we could basically greenlight purchasing equipment. Once we do so, it could happen as early as January or late January, given current price environment being very robust. So we're going to utilize the same structures within utilizing, which are large customer balance sheet support to basically disburse (technical difficulty) what are we doing about expansion is in sugar (technical difficulty)

我們的同行主要都在燒錢。因此，董事會決定等待一個季度的穩定期，以便我們能夠批准購買設備。一旦我們這樣做，鑑於目前的價格環境非常強勁，最早可能在1月份或1月下旬發生。因此，我們將利用現有的結構，即大型客戶的資產負債表支持，來支付（技術難題）。我們正在做的擴張工作是在糖業領域。（技術難題）

Ms. Ana, your connection just dropped in the middle of the answer, if you can repeat that part please.

安娜女士，您的網路連線在回答問題的過程中突然斷開了，請您再重複一遍那部分內容。

Okay. Yes, so regarding the structure for this bus in BNDS, our Board was waiting for at least a quarter of price stability given the volatility in lithium prices, the market experienced this year. So what we are planning to do if the lithium prices environment continue to be as robust as it is now is probably green light equipment purchasing as early as January, late January of '26. But more importantly, we have already disbursed a certain amount and file that with BNDS. So it's all basically ready to be deployed once we continue on equipment purchases, which is the plant portion of Phase II.

好的。是的，關於BNDS的這款巴士的結構，鑑於今年鋰價的波動，我們的董事會至少等待了一個季度的價格穩定期。如果鋰價環境持續維持目前的強勁勢頭，我們計劃最早在 2026 年 1 月下旬批准設備採購。但更重要的是，我們已經撥付了一定金額，並已向BNDS備案。所以，一旦我們繼續採購設備，也就是第二階段的工廠部分，基本上就可以部署了。

Now the key element in ensuring the timeliness of a potential 2026 commissioning of the plant was adjusting my geometry so that we could feed the plant with the same geology that we are feeding our current plant one. So feeding plant one and plant two with the same geometallurgy would ensure a shorter ramping up period given that we would have more chemical certainty of the ramp-up. In other words, any ramp-up issues could be only narrowed to processing, which are relatively easy to fix. So the work on Mine geometry would continue the same way we carried on geometry work throughout the second quarter despite the lithium prices volatility.

現在，確保工廠按期在 2026 年投入使用的關鍵因素是調整我的幾何形狀，以便我們可以用與我們現在為一號工廠提供的相同的地質條件來為該工廠提供原料。因此，如果一號工廠和二號工廠採用相同的地質冶金工藝，就能確保更短的產能提升期，因為我們對產能提升的化學成分更有把握。換句話說，任何產能提升問題都可能只限於加工環節，而加工環節相對容易解決。因此，儘管鋰價波動，礦山幾何形狀的研究工作仍將以與第二季相同的方式繼續進行。

Our next question comes from (inaudible). Will production be fast-tracked if the late market tightness and the market price of lithium increase happily.

我們的下一個問題來自（聽不清楚）如果後期市場供應緊張且鋰市場價格上漲，是否會加快生產進程？

Yes. That's exactly why we're carrying through the mining upgrade. You were spot on, meaning we know what the plant can do. I mean we have a state-of-the-art Greentech lithium plant that can do 300,000 tons of lithium oxide concentrate on its own. What we needed to do was to match mine to plant. And this is exactly what we're doing, taking advantage of the relatively muted lithium price environment that we observed on the third (technical difficulty)

是的。正因如此，我們才要推進採礦升級。你說得完全正確，也就是說我們知道了這種植物的作用。我的意思是，我們擁有最先進的 Greentech 鋰工廠，可以獨立生產 30 萬噸氧化鋰精礦。我們需要做的就是讓我的礦場與工廠相匹配。而這正是我們正在做的，利用我們在3月觀察到的相對平靜的鋰價環境。（技術難題）

Ms. Ana, your connection dropped again.

安娜女士，您的網路連線再次中斷。

Okay, so resuming or doing is basically spot on. In other words, We are Basically matching the reason to decide on the upgrade of the mine was exactly what you asked us. In other words, we know what the plant can do. The plant can deliver 300,000 tonnes of lithium oxide concentrate per year if properly fed with rock.

好的，所以說恢復或進行基本上是完全正確的。換句話說，我們決定升級礦坑的理由，基本上就是您問我們的。換句話說，我們知道這種植物能做什麼。如果原料投料得當，該廠每年可生產 30 萬噸氧化鋰精礦。

So by upgrading the plant by revisiting the mine plan and moving more material, what we're doing is making more product available for the robust lithium price environment that we were expecting in 2026. We took advantage of the muted price environment in the third quarter to make that decision. And it was the accurate timing to do so because as we enter we will already enter with an upgraded quarterly production as we indicated, to 73,000 tonnes.

因此，透過重新審視礦場計畫並轉移更多物料來升級工廠，我們正在為 2026 年我們預期的強勁鋰價環境提供更多產品。我們利用第三季價格低迷的環境做出了這個決定。而現在正是這樣做的恰當時機，因為正如我們之前所說，當我們進入這個階段時，我們的季度產量已經上調至 73,000 噸。

Our next question turns from Benson Chen. What's your estimated CapEx for bringing Phase 2 and 3 online, respectively? And what could be the risk of further delays. Could you not utilize some credit lines to speed up the expansion and avoid delays?

下一個問題來自 Benson Chen。預計二期和三期工程分別上線所需的資本支出是多少？進一步延誤可能帶來的風險是什麼？您能否利用一些信貸額度來加快擴張速度，避免延誤？

Well, we have a credit signed to BNDS, which is the best possible credit we can get. But to your point, the offtakes, as I outlined on the discussion that we had about them and it was quite detailed, are meant for that. In other words, we have the conventional offtakes when we declare the user proceeds is to fund the growth, what they will be doing is essentially closing the gap. As offtakes get closed this year, what we will do is redirect those proceeds for the plant, Phase 2, given that the mining upgrade is being fully covered by our current clients.

我們已經和 BNDS 簽訂了信用協議，這是我們能獲得的最好的信用協議。但正如你所說，正如我在我們討論過的詳細內容中概述的那樣，這些花絮就是為了這個目的而準備的。換句話說，當我們宣布用戶收益用於資助成長時，我們採用的是傳統的承購模式，他們所做的本質上就是彌合差距。隨著今年承購訂單的關閉，我們將把這些收益重新用於工廠二期工程，因為採礦升級的費用已由我們目前的客戶全額承擔。

(Operator Instructions) Our next question comes from Joe Jackson from BMO Capital Markets. Please confirm as of today, how much production Sigma had at the mine in Q4 due far? And how much to do many inventory there is as of today.

（操作員說明）我們的下一個問題來自 BMO 資本市場的 Joe Jackson。請確認截至今日，Sigma公司第四季礦場的產量是多少？而目前庫存量又有多少呢？

Yes, what we are planning to do, Joe, is to issue guidance for fourth and first quarter together. We issued the first quarter guidance and we're going to issue fourth quarter guidance soon when we show a remobilization plan. What we have though is the full cost to upgrade mining operations, which is $25 million, which has been fully covered by our clients. So what we need to do now is to just wrap up what we call the mobilization curve for large tonnage equipment, which is either twice the tonnage of what we got or probably 2.5 times the tonnage of what we got. Depending on the mobilization curve, which will be announced promptly, we will be able to perhaps have a surprise for the fourth quarter.

是的，喬，我們計劃將第四季和第一季的業績指引合併發布。我們發布了第一季業績指引，並將在公佈重整計畫後儘快發布第四季業績指引。不過，我們掌握的礦業營運升級全部成本為 2,500 萬美元，這筆費用已全部由我們的客戶承擔。所以我們現在需要做的就是完成我們所謂的大噸位設備的動員曲線，其噸位要么是我們現有噸位的兩倍，要么可能是我們現有噸位的 2.5 倍。根據即將公佈的動員曲線，我們或許能在第四季迎來一個驚喜。

And we've given the first quarter guidance and the fourth quarter guidance will be given as soon as we wrap up the mobilization curve for the very large standard equipment that's been made available to us by the manufacture directly. By the way, one more point that's very important, that $25 million are not going to be paid at once. They're going to be paid in very nice soft installments throughout two to three years at very low rates, over plus under 1% again, facilitated by our very supportive clients given that we are the pillars of global downstream supply chains. So it'll be like -- it will be an offtake like any other.

我們已經給出了第一季的業績指引，第四季度的業績指引將在我們完成製造商直接提供給我們的大型標準設備的調配工作後立即給出。順便提一下，還有一點非常重要，那就是這 2500 萬美元不會一次性支付。在兩到三年內，他們將以非常優惠的分期付款方式獲得報酬，利率非常低，略高於或低於 1%。這要歸功於我們非常支持我們的客戶，因為我們是全球下游供應鏈的支柱。所以就像——它會像其他任何一次拍攝一樣。

Our next question comes from Ricardo Fernandes. Are your volume contracts based on spot price or negotiated? How much of lag is there between prices?

下一個問題來自里卡多·費爾南德斯。你們的大量合約是基於現貨價格還是協商價格？價格之間存在多大的延遲？

Well, it's spot essentially. We closed provisional prices at spot. Today, fortunately, this is a very liquid market for both chemicals and spodumene or we call lithium oxide concentrate. Shanghai Metals market, Guangzhou, I mean, they're literally moving with significant volumes. I mean, just for example, last night, Guangzhou negotiated over 600,000 tonnes of LCE of open interest contracts, that's a turn of global lithium demand.

嗯，基本上就是個地點。我們以現貨價格結束了暫定價格。幸運的是，如今化學品和鋰輝石（或稱氧化鋰濃縮物）的市場流動性非常強。上海金屬市場、廣州市場，我的意思是，它們的交易量確實非常大。我的意思是，舉個例子，昨晚廣州就簽訂了超過 60 萬噸 LCE 的未平倉合約，這標誌著全球鋰需求的轉變。

So there is quite precise pricing. Last night, prices hovered around $1,070 a ton. So that level of liquidity allows for spot to be quite precise, meaning clients bid and hedge immediately into chemicals. So we believe pricing is becoming more and more efficient, which helps producers like us given that there's less opacity, more transparency. And again, what we do though is depending on the season, we closed at final or we closed at provisional.

所以定價非常精準。昨晚，價格徘徊在每噸 1070 美元左右。因此，這種流動性水平使得現貨價格非常精確，這意味著客戶可以立即對化學品進行競價和對沖。因此，我們認為定價正變得越來越有效，這對像我們這樣的生產商很有幫助，因為定價的透明度更高，不透明性也更低。不過，根據賽季的不同，我們有時會以最終結果結束比賽，有時則會以暫定結果結束比賽。

And what we've done this year, given volatility, we basically closed the provisional pricing. And now we're benefiting from having the clients to lean on and realizing final pricing. Hence, the cash boost we received from sales of the third quarter at the moment, as we explained in detail in our cash from operations section of this presentation.

鑑於今年的市場波動性，我們基本上已經停止了臨時定價。現在，我們受益於客戶的支持，並實現了最終定價。因此，正如我們在本簡報的經營活動現金流部分詳細解釋的那樣，我們目前從第三季的銷售中獲得了現金成長。

Our next question comes from Shiva Kumar. Are you getting any premium at all of the green lithium compared to the market price?

下一個問題來自 Shiva Kumar。與市場價格相比，您購買綠色鋰是否有任何溢價？

No, unfortunately not. I'm here at COP30, that's been one of the frustrations. What the advantages though is commercial power, meaning given that global supply chains are being rearranged, what we have is similar battery makers supplying carmakers globally in the West, in the East all over. So there's a huge focus on traceability, on sustainability, on health and safety. And what we have is essentially a brand that safeguards from any questions.

不，很遺憾，不是。我來到了COP30，這令我感到沮喪。但其優勢在於商業實力，這意味著在全球供應鏈重組的情況下，類似的電池製造商會向世界各地的汽車製造商供貨，無論是在西方還是東方。因此，人們非常重視可追溯性、永續性、健康和安全性。而我們擁有的，本質上就是一個可以避免任何質疑的品牌。

I mean it's very easy to ascertain the Quintuple Zero advantage. And that's what we have, a commercial advantage, which translates into what we showcased so far. Our ability to negotiate provisionals when we believe it's reasonable to negotiate provisionals. Our ability to lean on our clients' balance for support for mining upgrades and so on and so forth. But unfortunately, there is no grain premium. And we do not believe there will be a green premium. Hopefully, that could be, but it's years ahead. What there is, is a green commercial advantage.

我的意思是，很容易就能確定五重零的優點。這就是我們所擁有的，商業優勢，也體現在我們迄今所展現的成果中。我們有能力在認為合理的情況下協商臨時條款。我們能夠依靠客戶的資金餘額來支持礦場升級等等。但遺憾的是，糧食沒有溢價。我們認為不會出現綠色溢價。希望如此，但這還需要數年時間。綠色商業優勢顯而易見。

Our next question comes from David Fang. Ana, this is Dave from CICC Research, and thanks for the presentation. We can see that there is still over 30 QT of spodumene concentrate inventory by comparing year production and shipments. Just wondering how we expect how these inventories to be sold in 4Q '25? And what would your inventory management strategy if lithium price continues to rise.

下一個問題來自 David Fang。Ana，我是中金研究院的Dave，感謝你的演講。透過比較年度產量和出貨量，我們可以看出鋰輝石精礦庫存仍有 30 誇脫以上。我想知道我們預計這些庫存將在 2025 年第四季如何售出？如果鋰價持續上漲，您的庫存管理策略會是什麼？

Thank you, David. We'll sell it all down. I mean, at current prices, the plans to basically monetize everything we have, including the what we call in China, middlings, right? And we have high purity middlings with an impact we call intact spodumene chemical structure because it comes from DMS, and it hasn't been affected chemically by the location or by organic contaminants nor by the chemicals utilizing flotations. Hence, we can get a straight quotation $420 even for middlings, which is -- which just shows that the current strategy is to monetize all the lithium we currently have.

謝謝你，大衛。我們會把它們全部賣掉。我的意思是，以目前的價格來看，我們基本上要把我們擁有的一切貨幣化，包括我們在中國稱之為「中檔產品」的東西，對吧？我們有高純度的中間產品，其影響我們稱之為完整的鋰輝石化學結構，因為它來自二甲基硫醚，並且沒有受到產地、有機污染物或浮選過程中使用的化學物質的影響。因此，即使是中等品質的鋰，我們也能直接獲得 420 美元的報價，這正好表明，目前的策略是將我們目前擁有的所有鋰貨幣化。

Our next question comes from John Christian. Can you quantify in US dollars, how much working capital will be required to restart the mine in the first quarter 2026. And can you bridge the $6 million on third Q ending cash balance to $21 million today considering your slide show $20 million debt paid down in the 4Q so far. Where did that approximately $35 million came from in the past six weeks?

下一個問題來自約翰克里斯蒂安。能否以美元為單位量化一下，在 2026 年第一季重啟礦需要多少營運資金？考慮到您在幻燈片中展示的第四季迄今已償還了 2,000 萬美元債務，您能否將第三季末的 600 萬美元現金餘額轉化為今天的 2,100 萬美元？過去六週內，這大約 3500 萬美元是從哪裡來的？

Well, no, we discussed that. I mean if you look at lithium price behavior, it came from the final price settlements. I mean the lithium prices have rallied considerably, RMB contracts for LCE and Guangzhao were close to $88,000, $87,000. So we were able to receive the final price settlement adjustment from the sales of product that took place up until the cutoff date of September 30, 2025. So that's where the adjustment comes from, from actual cash from the settlement.

不，我們討論過這個問題。我的意思是，如果你觀察鋰價走勢，你會發現它源自於最終價格結算。我的意思是鋰價已經大幅上漲，LCE 和廣照的人民幣合約價格接近 88,000 美元、87,000 美元。因此，我們能夠收到截至 2025 年 9 月 30 日截止日期的產品銷售的最終價格結算調整。所以調整的依據就是和解協議中的實際現金。

And more importantly, there's extra adjustments from the settlements that haven't been closed yet. We started to close settlements at $8.75, and we kept going until the latest ones, which were $1,035 just last week. But again, these were shipments material in boats in the water, we were literally shipping everything and selling everything. The other question you asked was about the $33 million. That's essentially middlings, which are monetized.

更重要的是，還有一些尚未完成的結算需要額外的調整。我們最初以 8.75 美元的價格開始結算，一直持續到最近的結算，就在上週，結算金額達到了 1,035 美元。但話說回來，這些都是用船在水上運送的貨物，我們當時真的什麼都運，什麼都賣。你問的另一個問題是關於那3300萬美元的。這本質上是指那些可以變現的中等收入群體。

Their bid's out. We are waiting to work out on logistics. The profit varies significantly on logistics because we have $100,000 at the port. $120 minus $40, that's net profit, pure profit, no costs associated with it. Then we have 850,000 tons of those middlings high purity with chemical structure intact at the block.

他們的報價已發出。我們正在等待商討物流細節。利潤受物流影響很大，因為我們在港口有10萬美元的資金。 120美元減去40美元，就是淨利潤，純利潤，不包含任何相關成本。然後，我們有 85 萬噸純度高、化學結構完整的中間礦石。

The logistic costs there are different because we need to truck it to port. So what we're working on is to thinking through birthing the biggest ships we can obtain and therefore, lower the shipping cost to perhaps $25, $30. So that $120 minus $70 of logistics back-to-back plant to China. So essentially, two different costs of logistics. These products are zero cost to produce because they are middling or what we call dry stacked high-grade lithium tailings. And that's this sustainability advantage. We are able to monetize it to a net of USD33 million, which is a considerable sum is equivalent to a boat or a bit more actually, pure profit.

那裡的物流成本不同，因為我們需要用卡車運送到港口。所以，我們正在努力思考如何建造我們所能獲得的最大船隻，從而將運輸成本降低到 25 美元、30 美元左右。所以，120 美元減去 70 美元的物流費用（從工廠到中國）。所以本質上，這是兩種不同的物流成本。這些產品的生產成本為零，因為它們是中等品位或我們所說的乾堆高品位鋰尾礦。這就是永續優勢。我們能夠將其變現至淨收益 3300 萬美元，這是一筆相當可觀的數目，相當於一艘船，甚至更多，實際上是純利潤。

(Operator Instructions) Our next question comes from (inaudible) Chen. Could you please clarify the expected lithium concentrate production volume for the 4Q 2025 based on your current operational plans and the ramp-up schedule.

（操作員說明）我們的下一個問題來自（聽不清楚）陳。請根據您目前的營運計劃和產能提升計劃，說明2025年第四季預計的鋰精礦產量。

Yes, we're not there yet. I answered a similar question. We issued guidance for the first quarter '26. And as soon as we wrap up the -- what we call the mobilization curve, in terms of the scale of the large equipment being made available to us, it could vary from 60-ton trucks to -- up to 95-ton trucks, which is a significant increase from the small 40-ton trucks that we use. Think (technical difficulty) 75 -- ton truck could move twice much material than a 40-ton truck, a 60-ton truck to move 50% more material, a 95- to 120-ton truck, same exercise to move 3 times more material, cost not that dissimilar because it's diesel.

是的，我們還沒達到目標。我回答過類似的問題。我們發布了 2026 年第一季的業績指引。一旦我們完成所謂的動員曲線，就可供我們使用的大型設備的規模而言，它可能從 60 噸卡車到 95 噸卡車不等，這比我們使用的 40 噸小型卡車有了顯著的增加。想想（技術難度），一輛 75 噸的卡車可以運輸的物料是一輛 40 噸卡車的兩倍，一輛 60 噸的卡車可以多運輸 50% 的物料，一輛 95 到 120 噸的卡車，同樣的運輸作業可以多運輸 3 倍的物料，成本相差不大，因為它們都是相差不大的。

One driver instead of -- I mean, it's four drivers per equipment. So we are decreasing the number of man involved consumption of diesel not that dissimilar. So overall, structurally lowering the cost of this operation. And this is the guidance that we plan to provide in detail as soon as we wrap up mobilization schedule for the equipment, which is currently taking place. I was in China for 2 weeks, just go back 1.5 days ago. And we're making progress and strides on that front. And we're delighted with the support we received from manufacturers, clients because we are pillars of three global supply chains actually, Europe, Asia and China.

一個司機而不是——我的意思是，每個設備都需要四個司機。因此，我們減少柴油消耗量與人類參與柴油消耗量減少的情況並無太大差異。因此，總體而言，從結構上降低了這項操作的成本。我們計劃在完成目前正在進行中的設備調動計劃後，盡快提供詳細的指導。我在中國待了兩週，1.5天前才回去。我們在這方面正在取得進展和進步。我們很高興得到了製造商和客戶的支持，因為我們實際上是歐洲、亞洲和中國三大全球供應鏈的支柱。

This does conclude the Q&A section. I'll now return the floor to our CEO, Ana Cabral, for her final remarks. Please, go ahead, Ana.

問答環節到此結束。現在我將把發言權交還給我們的執行長安娜·卡布拉爾，請她作最後總結發言。請繼續，安娜。

Well, we're very optimistic about 2026. It's been a year where volatility dominated the conversation. It's consensus now lithium is headed. Now what's important to highlight is lithium is a commodity like any other, meaning prices will be where they are. We're not talking about price spikes. We're talking about prices being at $1,000, $1,100, which for low-cost producers such as Sigma with current plant gate costs of around $350 normalized, is a fantastic operating environment. And so the key is to continue to be a low-cost producer. Hence, our efforts in upgrading our mining operations to match the exceptional industrial operations we have achieved throughout this year.

我們對2026年非常樂觀。過去一年，市場波動一直是人們討論的焦點。現在人們普遍認為鋰的發展方向是…現在需要強調的是，鋰和其他商品一​​樣，是一種大宗商品，這意味著價格會保持現狀。我們說的不是價格飆漲。我們說的是價格在 1000 美元、1100 美元，對於像 Sigma 這樣目前工廠出廠成本約為 350 美元的低成本生產商來說，這是一個絕佳的經營環境。因此，關鍵在於繼續保持低成本生產。因此，我們努力提升採礦作業水平，以配合我們今年取得的卓越工業營運水平。

So thank you all for listening. Thank you all for being with us on our journey. And we're going to be open for welcoming you all through my colleague, Anna Hartley, who is heading Investor Relations. And we'll be visiting some of you through conference calls in the next couple of days throughout the world.

謝謝大家的收聽。感謝大家一路陪伴我們。我們將透過我的同事、投資者關係主管安娜哈特利（Anna Hartley）歡迎各位的到來。接下來幾天，我們將透過電話會議與世界各地的一些朋友交流。

Thank you. This does conclude the third quarter of 2025 conference call of Sigma Lithium. For further information and details of the company, please visit the company's website at www.sigmalithiumcorp.com. You can disconnect from now on and have a wonderful day.

謝謝。至此，Sigma Lithium 2025 年第三季電話會議結束。如需了解更多公司資訊和詳情，請造訪公司網站 www.sigmalithiumcorp.com。從現在開始，您可以斷開連接，祝您度過美好的一天。