Sigma Lithium Corporation (SGML) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Sigma Lithium's 2025 Fourth Quarter Earnings Conference Call. We would like to inform you that this event is being recorded. (Operator Instructions) There will be a replay for this call on the company's website. (Operator Instructions) I would now like to turn the conference over to Anna Hartley, Vice President of Investor Relations.

各位女士、先生，早安。歡迎參加 Sigma Lithium 2025 年第四季財報電話會議。我們在此通知您，本活動將被錄音。(接線員指示) 本次電話會議將於公司網站提供重播。(接線員指示) 現在我想將會議交給投資人關係副總裁 Anna Hartley。

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

歡迎各位參加我們的 2025 年度財報電話會議。今天與我一同出席的有 Sigma Lithium 共同主席兼執行長 Ana Cabral。我們的財報新聞稿、簡報及相關文件已公布於公司網站。

I'd like to remind you that some of the statements made during this call, including any production guidance, expected company performance, update on mining operations, the timing of our projects and market conditions may be considered forward-looking statements. Please note the cautionary language about forward-looking statements in our presentation, MD&A and press release.

提醒各位，本次電話會議中的部分陳述（包括任何產量指引、公司預期表現、採礦營運更新、專案時程以及市場狀況）可能構成前瞻性陳述。請留意我們簡報、管理階層討論與分析（MD&A）及新聞稿中關於前瞻性陳述的警示性用語。

Before turning the call to Ana Cabral, we will be showing you a short corporate video as we think the pictures will paint a thousand words about what's happening at Sigma.

在把電話會議交給 Ana Cabral 之前，我們將播放一段簡短的公司影片，因為我們認為影像能最直接呈現 Sigma 正在發生的事情。

(video playing)

(影片播放中)

Hi, everyone. Well, thank you, Anna, for showing us this video of our operations. As you can all tell, we're very, very proud of what we built here in Vale do Jequitinhonha. So without further ado, I'll go straight into the fourth quarter 2025 earnings release presentation, which covers the entire full year 2025 annual financial results. We're going to make quite a lot of forward-looking statements, and we would like to encourage you to read the disclaimer of this presentation that's going to be posted on our video.

各位好。Anna，謝謝你播放這段我們營運的影片。如各位所見，我們對在 Jequitinhonha 山谷所打造的一切感到非常、非常自豪。事不宜遲，我將直接進入 2025 年第四季財報新聞稿簡報內容，該簡報涵蓋 2025 全年度財務結果。我們將做出相當多的前瞻性陳述，並鼓勵各位閱讀本簡報的免責聲明；該聲明將隨我們的影片一併發布。

Sigma is the largest industrial mineral producer in the Americas. We've delivered operational excellence. We are a low-cost operation, and we are executing a high-growth strategy for 2026, 2027 and 2028. This is because we are a management operator company where our interests are fully aligned with the interest of our shareholders, which are to build long-term value. Our main competitive advantage is our resilience, which comes from operational efficiency.

Sigma 是美洲最大的工業礦物生產商。我們已展現卓越的營運表現。我們是低成本營運，並正執行 2026、2027 與 2028 年的高成長策略。這是因為我們是一家由管理團隊主導營運的公司，我們的利益與股東的利益完全一致，也就是創造長期價值。我們最主要的競爭優勢是韌性，而韌性來自營運效率。

Our efficiency is, again, driven by the fact that the management is owner of the company. More importantly, we are located in a country in Brazil, which is a politically stable traditional mining jurisdiction, where we have a very low-cost operating environment. On sustainability, we are 100% sustainable. We have the Quintuple Zero lithium, which starts with five points. We do not have tailing dams, so zero.

我們的效率同樣源於管理團隊是公司的所有者。更重要的是，我們位於巴西——一個政治穩定、傳統的採礦司法管轄區——並擁有非常低成本的營運環境。在永續方面，我們是 100% 永續。我們擁有「五重零（Quintuple Zero）」鋰，包含五個要點。我們沒有尾礦壩，因此第一個零。

We do not use drinking water, 100% of the water is reused and recycled from sewage, zero. We use zero hazardous chemicals in our operation. DMS is basically a physics-based process, so third zero. We use 100% clean energy, so zero dirty energy. And we have had zero accidents with lost time for almost three years.

我們不使用飲用水，100% 用水皆為再利用並由污水回收再循環，第二個零。我們的營運中使用零危險化學品。DMS 基本上是以物理為基礎的流程，因此第三個零。我們使用 100% 潔淨能源，因此零髒能源。而且我們已將近三年維持零失能工時事故。

Again, a picture is a thousand words. Here's a picture of our waste tailings before and after the artificial germination program. It's blended into the landscape. It's basically stacked up rock, fully geotechnically stable. And we went through the sustainability initiative of actually planting the rock into a green mountain.

同樣地，一張圖片勝過千言萬語。這裡是我們廢棄尾礦在人工萌芽計畫前後的對比照片。它已融入地景之中。基本上是堆疊的岩石，具備完整的岩土工程穩定性。我們推動永續倡議，實際上把這些岩石「種」成一座綠色山丘。

So what you see now is essentially the picture below. We are 100% sustainable. We produce the Quintuple Zero lithium. We have zero tailing dams. We have zero drinking water. We have zero hazardous chemicals. We have zero dirty power. 100% of our power comes from clean electricity. We have had zero accidents for two years and seven months, five zeros. At the bottom, a picture is a thousand words.

因此，您現在看到的基本上就是下方的照片。我們是 100% 永續。我們生產「五重零」鋰。我們零尾礦壩。我們零飲用水使用。我們零危險化學品。我們零髒電力；我們 100% 的電力來自潔淨電力。我們已兩年七個月維持零事故，五個零。在底部，一張圖片勝過千言萬語。

You see the before and after of our waste tailing piles, which are basically the rocks removed from the pits. Rocks, very stable, geotechnically stable. But more so, we have planted the face of those rocks with artificial germination. We basically did what we call proactive regeneration and the picture shows how it looks like now just a year after those piles were created. So geotechnically safe, sustainable, blended into the landscape, which further enhance the environment.

您可以看到我們廢棄尾礦堆（基本上是從礦坑移除的岩石）的前後對比。岩石非常穩定，具備岩土工程穩定性。更進一步地，我們透過人工萌芽在這些岩石表面進行植生。我們基本上做了所謂的主動式復育，而照片顯示在這些堆置形成僅一年後的樣貌。因此它在岩土工程上安全、永續、融入地景，並進一步改善環境。

We have built the fifth largest industrial mineral lithium producing complex in the world. So in the picture, you can see that we have a state-of-the-art industrial plant, integrated into a mine. But the plant is not just an industrial plant, is a state-of-the-art clean technology lithium processing facility where we achieved 70% recovery of the lithium, which is amongst the highest in the sector, and it compares with processing methods, which are a lot less sustainable. Sigma is the economic engine for developing the valley of Jequitinhonha. We lifted the valley towards prosperity.

我們已建成全球第五大工業礦物鋰生產綜合體。從照片中可以看到，我們擁有一座最先進的工業廠房，並與礦山整合。但這座工廠不僅是一般工業廠，而是一座最先進的潔淨技術鋰加工設施；我們達成 70% 的鋰回收率，屬於業界最高水準之一，並可與那些永續性較低的加工方法相比擬。Sigma 是推動 Jequitinhonha 山谷發展的經濟引擎。我們帶動該山谷邁向繁榮。

That is a key region of Minas Gerais, which is the second richest state in the Republic. We created 1,000 jobs, 11,000 indirect jobs and 21,000 beneficiaries from our social programs of microcredit and small-scale agriculture. We also have granted drinking water access to 18,000 people. 85% of our workforce is regional. 50% of the economically active population has benefited from our social programs.

該地區是米納斯吉拉斯州（Minas Gerais）的關鍵區域，而米納斯吉拉斯州是共和國第二富裕的州。我們創造了 1,000 個工作機會、11,000 個間接工作機會，並有 21,000 人受益於我們的微型信貸與小規模農業社會計畫。我們也為 18,000 人提供飲用水取得。85% 的員工來自當地。經濟活動人口中有 50% 受益於我們的社會計畫。

We have renovated, created and built schools that put over 500 children in after-schools or school programs. We have been instrumental in delivering 6.8% of GDP growth for the whole state of Minas Gerais. And still, every year, we serve 3 million meals so that the new waves of people keep coming to help build this lithium valley. So we have a built to last company. It's a resilient business that's been thriving throughout lithium cycles.

我們翻新、創建並興建學校，使超過 500 名兒童得以參與課後或校內計畫。我們在推動米納斯吉拉斯州整體 GDP 成長 6.8% 方面發揮了關鍵作用。此外，每年我們仍提供 300 萬份餐食，讓新一波的人才持續加入，協助打造這座鋰谷。因此，我們是一家可長可久的公司。這是一個具韌性的事業，並在鋰價循環中持續茁壯。

That's what we have achieved in 2025, and that's what we will continue to deliver in 2026, large scale, low production costs and traceability. We have had 0 accidents for 2.7 years. We uphold the highest health and safety standards in the world, top ranking amongst all companies in metals and mining. But more importantly, we have demonstrated speed of execution, low CapEx to build and to restructure operations, such as what we've done with mining. And we are in a low-cost operating country, which supports us to achieve all of that.

這就是我們在 2025 年所達成的成果，也是我們在 2026 年將持續交付的：大規模、低生產成本與可追溯性。我們已 2.7 年維持 0 事故。我們遵循全球最高的健康與安全標準，在金屬與礦業公司中名列前茅。但更重要的是，我們展現了執行速度，以及建置與重整營運（例如我們在採礦方面所做的調整）所需的低資本支出（CapEx）。而我們位於低成本營運國家，這也支持我們達成上述一切。

So now I'm going to go through the operational and financial highlights of 2025, and I'm going to give you a preview of the first quarter 2026 estimated. We have had unparalleled resilience throughout the last year to date. We have generated cash flows across 2025 lithium volatility. Our business was built to last and to endure the cycles. Four key examples, we signed $146 million in offtake agreements with very robust intrinsic values.

接下來我將說明 2025 年的營運與財務重點，並提供 2026 年第一季的預估概覽。截至去年，我們展現了無與倫比的韌性。我們在 2025 年鋰價波動期間仍創造了現金流。我們的業務是為長期經營、並能承受景氣循環而打造。四個關鍵例子：我們簽署了 1.46 億美元的承購（offtake）協議，具備非常強勁的內在價值。

Intrinsic value is the advancement we receive from clients for the right to have deliveries of tonnage throughout periods. First offtake agreement was basically to fund working capital. It was signed in '25 for deliveries throughout 2026. The total is $96 million for 70,000 tonnes of deliveries. The second was a $50 million typical offtake prepayment that was signed for 40,000 tons of annual deliveries throughout the next three years commencing in 2026.

內含價值是客戶為取得在各期間內交付一定噸數之權利而預先支付給我們的款項。第一份包銷（offtake）協議基本上是為了提供營運資金。該協議於 2025 年簽署，涵蓋 2026 年全年的交付。總額為 9,600 萬美元，對應 70,000 噸的交付量。第二份則是 5,000 萬美元的典型包銷預付款協議，簽署內容為自 2026 年起未來三年每年交付 40,000 噸。

Second, we have been the demonstrators that a commercial strategy well executed can actually yield actual results even in this market, even throughout volatility. We have been tracking seasonality, and we have achieved $67 million in net sales in the fourth quarter of '25 and the first quarter of '26, solely a result as this sound commercial policy.

第二，我們已經證明：即使在這個市場、即使在波動之中，一個執行到位的商業策略確實能產生實際成果。我們一直在追蹤季節性，並且在 2025 年第四季與 2026 年第一季合計達成 6,700 萬美元的淨銷售額，完全是這項健全商業政策所帶來的結果。

First, we monetized lithium seasonality to by basically receiving price adjustments in the fourth quarter, working with our clients to time the deliveries and the final sales, resales of their products throughout the contract season of 2025. That has resulted in the revenues for the fourth quarter. More importantly, we have generated cash flow from a whole new line of business, which is selling the lithium fines, high-purity lithium oxide fines that we have reprocessed through our industrial plant out of our dry stack tailings.

第一，我們將鋰的季節性變現，主要是在第四季透過價格調整，並與客戶合作安排交付時點，以及在 2025 年合約季內其產品的最終銷售與轉售時點。這帶來了第四季的營收。更重要的是，我們從一條全新的業務線創造了現金流，也就是銷售鋰細粉——我們將乾式堆存尾礦透過工業廠再處理後產出的高純度氧化鋰細粉。

That happened initiated in 2025 and then throughout 2026. We've deleveraged our balance sheet and we repaid debt. That was our third highlight. 60% of our short-term debt has been repaid. 35% of our total debt has been repaid in the years such as 2025.

這項業務在 2025 年啟動，並延續至 2026 年。我們已降低資產負債表槓桿並償還債務。這是我們的第三項亮點：已償還 60% 的短期債務；在 2025 年等年度中，已償還 35% 的總債務。

On top of that, number four, we have upgraded and restructured our mining operations completely for safety, for efficiency, for low cost, for cadence and for better delivery. We transitioned from an outside contractor to full operational control, and we are poised to demonstrate those efficiency gains and cost optimizations throughout the next quarters.

此外，第四，我們已為安全、效率、低成本、作業節奏以及更佳交付，全面升級並重整我們的採礦營運。我們已從外包承包商轉為全面自營控制，並已準備在接下來幾個季度展現這些效率提升與成本最佳化成果。

Here are pictures that, again, a thousand words. It just shows the lithium fines piles being moved across to the shipping halls already at the port. The result of those sales have actually monetized what we used to call green premium, which doesn't really exist.

這裡有一些照片，再次印證「一張圖勝過千言萬語」。它顯示鋰細粉堆料已被移運至港口內的出貨倉庫。這些銷售的成果，實際上把我們過去所稱的「綠色溢價」（其實並不存在）變現了。

But the fact that we actually created this new line of product out of the dry stack tailings definitely delivered to our investors what we call a sustainability premium, meaning actual financial results from the investment we made on a dry stack unit for the Greentech Plant.

但事實是，我們確實從乾式堆存尾礦中創造出這條新產品線，並確實為投資人帶來我們所稱的「永續溢價」——也就是我們在 Greentech 工廠乾式堆存單元上的投資所帶來的實際財務成果。

This is a page with our offtake agreements. The offtake agreements single-handedly enabled our mining upgrade, our long debt repayment and the capacity expansions. We have an announcement. We signed a 40,000 tonne a year typical offtake agreement that is going to net us $50 million in a true prepayment to be closed within the next three months.

這一頁是我們的包銷（offtake）協議。包銷協議單憑一己之力就促成了我們的採礦升級、長期債務償還以及產能擴張。我們有一項公告：我們簽署了一份每年 40,000 噸的典型包銷協議，將為我們帶來 5,000 萬美元的真實預付款，預計在未來三個月內完成交割。

That amount is equivalent to 120,000 tonnes to be delivered over the next three years. The use of proceeds will be for our growth strategy. We also announced and signed the 70,500 tonne one year offtake agreement for a total of $96 million. That offtake agreement is for deliveries throughout 2026 and the purpose of it is for working capital. That's the working capital that enabled the mining upgrade and some of the debt repayments.

該金額相當於未來三年合計交付 120,000 噸。資金用途將用於我們的成長策略。我們也公告並簽署了一份 70,500 噸、為期一年的包銷協議，總額 9,600 萬美元。該包銷協議涵蓋 2026 年全年的交付，其目的為提供營運資金。這筆營運資金使採礦升級得以進行，並支持部分債務償還。

Now in 2026, we have two more offtakes to conclude. First, we're going to amend our contract for the equipment leases of the mining upgrade large-scale machines that have been backed by an offtake for three years. Initially, it was for 11,000 tonnes. The number probably will increase depending on the scale of machinery that we are able to secure in the second quarter. So again, the continuity of the mining upgrade to better, more efficient, more cost-efficient and safer operation.

接著在 2026 年，我們還有兩份包銷要完成。第一，我們將修訂採礦升級所需大型設備的租賃合約；該等設備租賃已由一份為期三年的包銷作為支持。最初對應 11,000 噸。該數量可能會增加，取決於我們在第二季能夠取得的機械設備規模。因此，採礦升級將持續推進，以達到更好、更高效率、更具成本效益且更安全的營運。

The second offtake that we're about to close is the 80,000 tonne a year for three years that is going to net us $100 million in a typical prepayment. That conventional offtake will have used proceeds to pay down the long-term debt that currently is sitting in our balance sheet as short-term debt because it matures in December of 2026. That was a four year shareholder that has been gracefully given us by our shareholders in late 2022 to enable us to have working capital to commission our plant.

第二份即將完成的包銷，是每年 80,000 噸、為期三年的協議，將為我們帶來 1 億美元的典型預付款。該傳統包銷的資金用途將用於償還長期債務；該債務目前在我們的資產負債表上列為短期債務，因其將於 2026 年 12 月到期。那是一筆為期四年的股東借款，於 2022 年底由股東慷慨提供，使我們得以取得營運資金以完成工廠投產。

So that debt will be replaced by an offtake, which is a very sound and very logic operational move for Sigma. On this page, we again demonstrate how the competitive advantage of low costs create resilience from the price pressures that lithium has undergone this year, especially coming from new regions, sometimes not necessarily compliant or traceable product, but more importantly, from the constant refining innovation that the main markets have demonstrated by bringing the ceiling of this industry constantly lower.

因此，該筆債務將由包銷所取代，對 Sigma 而言，這是一項非常穩健且合乎邏輯的營運決策。在這一頁，我們再次展示低成本的競爭優勢如何在鋰今年所經歷的價格壓力下創造韌性；這些壓力尤其來自新的供應地區，有時其產品未必合規或可追溯；但更重要的是，來自主力市場持續的精煉創新，不斷把這個產業的價格上限往下拉。

The ceiling for, for instance, lepidolite that once was $20,000 to $25,000 per tonne is now around $17,000 to $18,000 per ton, but going lower to a target of probably $15,000 per ton. It doesn't matter. Irrespectively, we are actually working below the floor of the industry, which is product coming from the African new supply regions.

例如，曾經每噸 20,000 至 25,000 美元的鋰雲母（lepidolite）價格上限，現在約為每噸 17,000 至 18,000 美元，且還在下探，目標可能是每噸 15,000 美元。這並不重要。無論如何，我們實際上是在產業成本底部之下運作；而產業底部指的是來自非洲新供應地區的產品。

So long as we are sitting exactly where we are in the cost curve, we have the resilience of operations that allow us to, for instance, sign offtakes without floors and continue to deliver excess returns every time prices are in the current levels. On the left, we demonstrate the resilience with our total cash cost, which are all-in sustaining costs plus interest.

只要我們在成本曲線上的位置維持不變，我們的營運韌性就足以讓我們例如在沒有底價（floor）的情況下簽署包銷，並在價格處於目前水準時持續交付超額報酬。左側我們以總現金成本展示韌性，該成本為全維持成本（AISC）加上利息。

On the left in green, we show the full year achieved all-in sustaining costs plus interest and the guidance. So we're pretty much in the same ballpark. And as a result, we felt comfortable to put in the guidance of $532 for all-in sustaining costs plus $60 for interest for 2026. In the next slide, we show the numbers of how we are able to bring our people safe to their families every single day, day after day. And this is what we work for.

左側以綠色顯示的是全年已達成的全維持成本加利息，以及我們的指引。因此我們大致落在同一區間。也因此，我們有信心在 2026 年給出指引：全維持成本為 532 美元，另加 60 美元利息。下一張投影片，我們會用數據展示我們如何每天、日復一日，讓員工安全回到家人身邊。這就是我們努力的目標。

We have never had a fatality in 13 years of operations. We have been producing for almost three years. We have never had a fatality. But more importantly, we're getting to almost 2.7 years with 0 accidents with lost time. So our people go home every day and come back to work the following day.

我們在 13 年的營運中從未發生過死亡事故。我們已生產將近三年。我們從未發生過死亡事故。但更重要的是，我們即將達到將近 2.7 年「零失能傷害事故」（lost time）紀錄。因此，我們的員工每天回家，隔天再回到工作崗位。

That is the highest operational global safety standard in the entire battery materials industry, but more so, we sit at the top of the ranking across all metals and mining companies. We have had 1,600 employees here. We now have 1,000 employees. It's a large operation, and we still achieved that, 966 days consecutively without accidents. We're very, very proud of it.

這是整個電池材料產業中最高的全球營運安全標準；更進一步說，我們在所有金屬與礦業公司中也名列前茅。我們曾有 1,600 名員工。現在有 1,000 名員工。這是一個大型營運，但我們仍達成連續 966 天零事故。我們對此非常、非常自豪。

So here is to the numeric operational excellence. A number is a thousand words. The unique resilience and robust cash flows can be demonstrated by each and every one of the main items of our 2025 and first quarter '26 estimated operational performance. First, offtakes. We had signed a $96 million offtake prepayment in '25 that enable us to receive working capital by having our production paid in advance.

接下來談數字化的營運卓越。一個數字勝過千言萬語。我們獨特的韌性與強勁的現金流，可由我們 2025 年及 2026 年第一季的主要項目之估計營運表現逐一證明。第一，包銷。我們在 2025 年簽署了一份 9,600 萬美元的包銷預付款，使我們能透過預收生產款取得營運資金。

Then we just signed a $50 million traditional offtake for three years of 40,000 tonne deliveries totaling 120,000 tonnes to be delivered over the next three years. But in advance, up until June this year, we're going to receive $50 million, traditional typical offtake. Irrespectively, we have managed to repay debt to a magnitude that is significant considering the volatility in low points lithium prices reached in 2025. We paid 60% of our short-term debt and 35% of our total debt. That was basically because of cash flow generation.

接著我們剛簽署了一份為期三年的5,000萬美元傳統包銷（offtake）合約，三年內交付40,000噸、合計120,000噸，將在未來三年完成交付。但在此之前，截至今年6月，我們將先收到5,000萬美元，屬於傳統、典型的包銷安排。無論如何，考量到2025年鋰價在低點所達到的波動幅度，我們仍成功償還了相當可觀的債務。我們償還了60%的短期債務以及35%的總債務。這基本上是因為現金流的產生。

This company was built for cash flow generation. We are a cash machine. In the fourth quarter of '25, we generated $31 million of cash from operations. In the third quarter of '25, the previous quarter, we generated $23 million. So we increased our cash flow generation in 35% from third quarter to fourth quarter of 2025.

這家公司就是為了產生現金流而打造的。我們是一台現金機器。在2025年第四季，我們從營運活動產生了3,100萬美元現金。在2025年第三季，也就是前一季，我們產生了2,300萬美元。因此，從2025年第三季到第四季，我們的現金流產生能力提升了35%。

More importantly, the lithium materials production has had a decrease in volumes because of the full restructure we conducted in mining. But given that we are an industrial operation, we delivered another source of revenues.

更重要的是，由於我們在採礦端進行了全面重整，鋰材料的產量（出貨量）有所下降。但鑑於我們是一個工業化營運，我們帶來了另一個收入來源。

In fact, we built another business, which was reprocessing the dry stack tailings into what we call low-grade lithium fines. So ultimately, we had equivalent of 70,000 tonnes of the main high-grade product in revenues sitting as inventory accumulated throughout the last years. And that material became this new line of business of what we call high-purity lithium fines.

事實上，我們建立了另一項業務，也就是將乾式堆存尾礦再處理成我們所稱的低品位鋰細粉。因此，最終我們有相當於70,000噸主要高品位產品的收入，以庫存形式在過去幾年累積。而這些材料成為我們這條新業務線，也就是我們所稱的高純度鋰細粉。

So for the full year of 2025, we produced 183,000 tonnes of high-grade premium lithium oxide. For the full year of 2024, we produced 240,000 tonnes of high-grade premium lithium oxide. So our annual production decreased in 24%. However, how did we generate so much cash flow? How did we accomplish so much repaying debt?

因此在2025年全年，我們生產了183,000噸高品位、優質的氧化鋰。在2024年全年，我們生產了240,000噸高品位、優質的氧化鋰。所以我們的年產量下降了24%。然而，我們是如何產生如此多的現金流？我們又是如何完成如此多的償債？

By basically creating a new line of business, which is what we call the sustainability monetization, the green premium in numbers. We reprocessed the lithium contained in our lithium fines in our dry stack piles, and we created a whole new business, which is selling high-purity lithium fines, which have a lower grade, but in monetary value, it's equivalent to 70,000 tonnes of the high-grade premium lithium oxide.

基本上是透過創造一條新的業務線，也就是我們所稱的永續變現（sustainability monetization），把綠色溢價用數字呈現。我們將乾式堆存堆體中的鋰細粉所含鋰進行再處理，並創造出一個全新業務：銷售高純度鋰細粉。其品位較低，但以貨幣價值衡量，相當於70,000噸高品位優質氧化鋰。

So all in all, we're not even solving for volumes. We're solving for cash flow and cash flows were delivered, and debt was repaid. And here are the numbers, which speak for a thousand words and do not have an opinion, numbers are numbers.

所以總體而言，我們甚至不是在解決量的問題。我們是在解決現金流，而現金流已經交付，債務也已償還。以下是數字：數字勝過千言萬語，也沒有立場；數字就是數字。

What we want to show on this slide is, again, the quantification and a pictorial of how commercial successful strategy actually helped us to deliver revenues in the third quarter of '25 and in the fourth quarter of '25. We have fantastic clients who are commercial partners. So we sell them the material. We do a final sale and they take the risk. That sale takes place using a provisional price.

我們想在這張投影片上再次展示：我們的商業成功策略如何量化、以及以圖像方式呈現，並確實幫助我們在2025年第三季與第四季實現收入。我們有很棒的客戶，亦是商業合作夥伴。因此我們把材料賣給他們。我們完成最終銷售，風險由他們承擔。該銷售是以暫定價格（provisional price）進行。

So we take some of the risk, but we also gain some of the upside. In other words, when our clients resell their product, resell to their clients, we have a profit sharing gain or a profit sharing loss. Last year, we had a loss. This year, we had a substantial gain. Again, this was achieved by mapping seasonality and seasonality in this industry is pretty clear.

因此我們承擔部分風險，但也能分享部分上行。換言之，當客戶把產品再轉售給他們的客戶時，我們會有利潤分成的收益或利潤分成的損失。去年我們是損失。今年我們有相當可觀的收益。同樣地，這是透過掌握季節性而達成，而這個產業的季節性相當明確。

It happens in the restocking period that takes place after September. It's called contract season. So our commercial partners worked with us to basically execute their final resales mostly after October of 2025, which allowed us to reap the benefits of a much better pricing environment than what was experienced throughout the whole year because of the tariff volatility in the metals market. So when you look at the greens, you can see the resales by our clients. When you look at the red, you can see the sales from Sigma to the client.

它發生在9月之後的補庫存期間。這被稱為合約季（contract season）。因此我們的商業合作夥伴與我們合作，基本上把他們的最終轉售多數安排在2025年10月之後執行，讓我們能在比全年更佳的定價環境中獲益；全年因金屬市場的關稅波動而承受價格震盪。所以當你看綠色部分，你會看到客戶的轉售。當你看紅色部分，你會看到Sigma對客戶的銷售。

And you look at the line, you see the lithium prices and the tremendous volatility that happened throughout the year. In partnership with our clients, we captured not only the first peak of volatility, which happened in August, but also the subsequent curve of price increases that happened throughout contract season beginning in October 2025.

再看那條線，你會看到鋰價以及全年發生的巨大波動。在與客戶的合作下，我們不僅捕捉到8月出現的第一個波動高峰，也捕捉到自2025年10月合約季開始後，價格上升的後續曲線。

That helped us book over $20 million in final price adjustments in the third quarter of 2025, and it helped us book over $14 million in final price adjustments in the fourth quarter of 2025. These are substantial revenues, so that's a quantification of what a sound commercial strategy is. On this slide, I'll go very slowly because we have quite a lot of information to unpack.

這幫助我們在2025年第三季認列超過2,000萬美元的最終價格調整，並在2025年第四季認列超過1,400萬美元的最終價格調整。這些都是可觀的收入，因此這量化了健全商業策略的成果。這張投影片我會講得很慢，因為我們有相當多資訊需要拆解。

But again, it's the financial discipline that generated the high operating cash margins. High operating cash margins are the source of the cash flow we posted. In 2025, if you compare the fourth quarter of '24 with the fourth quarter of '25, we have substantially increased our operating cash margin.

但同樣地，是財務紀律帶來了高營運現金利潤率。高營運現金利潤率是我們所呈現現金流的來源。在2025年，如果你比較2024年第四季與2025年第四季，我們的營運現金利潤率大幅提升。

If you compare the full year 2024 full year and 2025 full year, our gross margins have decreased, yes, because the pricing environment in '25 was very challenging. But what is interesting is that the cash margins and the cash flow generation came from one thing and one thing only, we were able to reduce our costs faster than the decrease in our revenues.

如果你比較2024全年與2025全年，我們的毛利率確實下降了，因為2025年的定價環境非常具挑戰。但有趣的是，現金利潤率與現金流的產生只來自一件事、也只有一件事：我們降低成本的速度快於收入下滑的速度。

So despite the mining restructuring, despite price volatility, we were focused on what we could control and what we can control and on what we always control, which are our costs. So if you look at the bottom of the page, you can see that the quarterly comparison between fourth quarter '24 and fourth quarter '25 shown a 77% reduction in costs.

因此，儘管進行了採礦重整、儘管價格波動，我們仍專注於我們能控制的事，而我們能控制、且一向能控制的，就是成本。所以如果你看頁面底部，你會看到2024年第四季與2025年第四季的季度比較顯示成本降低了77%。

That's way more than just variable costs. When you look at the annual cost reduction, you can see that full year '24 to full year '25, we've had a 21% decrease in costs. So when we talk about these operating costs, we had operating costs, SG&A, ESG plus all others.

這遠不只是變動成本。當你看年度成本下降，你會看到從2024全年到2025全年，我們的成本下降了21%。因此當我們談這些營運成本時，包含營運成本、銷售與一般管理費（SG&A）、ESG以及其他所有項目。

So it's truly an achievement of financial discipline. We're always cutting what we control. We're always optimizing costs. So with that, we can go back to revenues. In other words, when you look at net sales revenues on a quarterly basis, we've had fluctuations, which again just demonstrate how volatile lithium prices were.

所以這確實是財務紀律的成果。我們一直在削減我們能控制的部分。我們一直在最佳化成本。因此，我們可以回到收入端。換言之，當你以季度來看淨銷售收入，我們出現了波動，而這再次顯示鋰價有多麼不穩定。

More notably, from the third quarter to the fourth quarter, when we restructured mining operations, we had a 41% decrease in net sales revenues. However, when we look at the first quarter 2026 estimate, we more than compensated for that decrease. Why is that? Because we not only opened this new line of lithium fines, which were the low-grade high-purity business that we created out of our dry stack tailings, but also all the work we've done in mine restructuring began to show results. So on an annual basis, the revenues decreased 27%.

更值得注意的是，從第三季到第四季，當我們重整採礦作業時，淨銷售收入下降了41%。然而，當我們看2026年第一季的預估，我們不僅彌補了這個下降，甚至超過。為什麼？因為我們不僅開啟了這條新的鋰細粉業務線——也就是我們從乾式堆存尾礦中打造出的低品位高純度業務——而且我們在礦山重整上所做的所有工作也開始顯現成果。因此，以年度來看，收入下降了27%。

And so when you look at the bigger picture here, what is actually visible that, yes, revenues decreased 27% on an annual basis. Cost decreased 21% on an annual basis. So costs decreased less than revenues on an annual basis, but we were very quick to compensate that and to fix it in the fourth quarter, where we cut costs and we decreased costs in 77%. So this is how financial discipline is demonstrated with numbers. In this slide, we show the quantification of the financial discipline, but now on balance sheet optimization.

因此，當你從更宏觀的角度來看，實際上可以清楚看到：是的，營收按年下降了27%。成本按年下降了21%。所以成本按年下降幅度小於營收，但我們很快就補救並在第四季修正，當時我們削減成本，並將成本降低了77%。這就是以數字展現財務紀律的方式。在這張投影片中，我們呈現財務紀律的量化結果，但現在聚焦在資產負債表的優化。

We have significantly deleveraged despite all the price volatility, despite all that happened with revenues. From fourth quarter '24 to the fourth quarter '25, we lowered our short-term debt in 60%. From the fourth quarter '24 to the estimate of first quarter '26, which is actually the numbers that we have closing, we lowered it by 68%. So the work continued. We didn't stop.

儘管價格波動劇烈、儘管營收發生了各種變化，我們仍大幅去槓桿。從2024年第四季到2025年第四季，我們將短期債務降低了60%。從2024年第四季到2026年第一季的估計值（其實就是我們已結帳的數字），我們將其降低了68%。因此這項工作持續進行。我們沒有停下來。

Then when you look at the third quarter '25 against current, we lowered the debt in 49%. That's a complete restructuring in the way we fund ourselves, in the short term, in a way we look at working capital even, meaning clients are now funding our operation because of our successful commercial partnerships with our clients. We make it win-win so that it cost us less in working capital and we deleverage our balance sheet. This slide, I'll go very slowly on it because it shows our cash flow generation outlook. It's quite simple.

接著，當你比較2025年第三季與目前，我們將債務降低了49%。這代表我們在短期資金籌措方式上進行了全面重整，甚至在營運資金的思維上也是如此——也就是說，由於我們與客戶成功建立商業合作夥伴關係，現在是客戶在為我們的營運提供資金。我們把它做成雙贏，讓我們在營運資金上的成本更低，同時也讓資產負債表去槓桿。這張投影片我會講得很慢，因為它展示了我們的現金流產出展望。其實很簡單。

It's quite straightforward. And again, it just demonstrates how Sigma is a cash machine. Why? Because we have high margins. We are built for cash flow generation.

相當直觀。而且再次證明 Sigma 是一台「現金機器」。為什麼？因為我們有高毛利。我們的架構就是為了產生現金流而打造。

We have estimated that in the next 12-month period for Phase 1, we're going to probably have 240,000 tonnes of production. As we've shown before, for the year, we're going to deliver 200,000 tonnes. Now because of our optimum cost efficiencies, we are going to be yielding an all-in sustaining cost, including interest of $592. That's our estimation for the next 12 months, as we've shown you in guidance. That creates cash flows no matter what.

我們估計在第一期未來12個月期間，產量可能約為24萬噸。如同我們先前展示的，全年我們將交付20萬噸。現在，因為我們最佳化的成本效率，我們的全維持成本（AISC），包含利息在內，將約為592美元。這是我們對未來12個月的估算，正如我們在指引中向各位展示的。無論如何，這都會創造現金流。

If lithium retrocedes to $1,500 a tonne, we're going to be generating about $158 million in free cash flow after interest, free cash flow. If lithium stays around where it is now between $1,800 and $2,000 a tonne, we can generate anything between $218 million to $260 6 million of free cash flow just with one phase.

如果鋰價回落到每噸1,500美元，我們在扣除利息後仍將產生約1.58億美元的自由現金流——也就是扣除利息後的自由現金流。如果鋰價維持在目前每噸1,800到2,000美元左右，我們僅靠第一期就能產生約2.18億到2.606億美元的自由現金流。

As we double capacity, which will be in place by the end of next year, capacity and we prorate production as we commission, you can sharpen your pencils and you can do the math of how much cash flow we're going to have with two plants. More importantly, as we calculate all-in sustaining costs and all-in cash costs, the only optimization we've done were on G&A and ESG.

當我們把產能加倍（預計在明年年底前到位），並在投產過程中按比例計入產量時，你可以仔細算一算，兩座工廠能帶來多少現金流。更重要的是，當我們計算全維持成本與全現金成本時，我們所做的優化僅在於一般及行政（G&A）與 ESG。

You don't need two of me or two of most of our personnel to run these businesses on the administrative side and interest because we're going to cut interest in half, given that the interest is on the total debt that we are going to contract precisely to build plant two.

在行政端，你不需要兩個我，或兩倍的大多數人員來營運這些業務；而且利息方面，我們會把利息減半，因為利息是基於我們將要承作的總債務計算，而這筆債務正是為了建造第二座工廠。

So we have not factored in the actual operational scale gains that come from running two plants using infrastructure that is built and utilized now for one plant. So the infrastructure sharing of two plants are probably going to bring more cost gains, which are not here in these cash flows. But just with this conservative analysis of doubling operations and having some synergies on G&A and interest, we're bound to generate basically $600 million in free cash flow if prices stay where they are. If prices retroceded to about $1,500, that's okay, too. We'll generate $384 million in free cash flow, meaning after interest at those levels.

因此，我們尚未把實際的營運規模效益納入考量——也就是用目前為一座工廠建置並使用的基礎設施來運行兩座工廠所帶來的效益。所以兩座工廠共享基礎設施很可能帶來更多成本收益，但這些並未反映在此處的現金流中。不過，即便僅以這個保守分析（將營運規模加倍，並在 G&A 與利息上取得一些綜效），若價格維持現況，我們基本上可望產生約6億美元的自由現金流。如果價格回落到約1,500美元，也沒問題。我們仍將產生3.84億美元的自由現金流，也就是在該價格水準下扣除利息後的自由現金流。

What becomes really interesting is when we build a third line, which could be done concomitant with the second line. That means that at 770,000 tonnes of production, and again, we're just calculating efficiencies here on G&A, ESG and interest. And we flattened the interest. We haven't cut interest further. We just cut G&A further because, again, to be a commercial person or to be an administrative person, you don't need to triple your numbers when you have triple plants.

真正有趣的是當我們建置第三條產線，而這可以與第二條產線同步進行。這意味著在77萬噸的產量下，而且同樣地，我們在此僅計算 G&A、ESG 與利息的效率。我們把利息維持持平。我們沒有進一步降低利息。我們只是進一步降低 G&A，因為同樣地，當你有三座工廠時，無論是商務人員或行政人員，你不需要把人數也增加到三倍。

So interest is flat, but G&A and ESG was the only number that was reduced. What does that mean? Our all-in cash sustaining costs, including interest, goes down to $495 per tonne with three lines. So if prices retroceded to $1,500 by the end of '28, when we plan to have this capacity in place, we could be generating $581 million in free cash flow. If the prices stay where they are, we could be generating $900 million in free cash flow.

因此利息持平，但 G&A 與 ESG 是唯一被降低的項目。這代表什麼？在三條產線下，我們的全維持現金成本（包含利息）會降至每噸495美元。所以如果到2028年底（我們計畫在那之前完成此產能配置）價格回落到1,500美元，我們仍可能產生5.81億美元的自由現金流。如果價格維持現況，我們可能產生9億美元的自由現金流。

That's a significant amount. And it just shows how building long-term value means building a company that is geared to generate operating efficiency, operational excellence and quite a lot of free cash flow to shareholders. As management operators, our interests are 100% aligned. We're building a business to last. We're building a business to create shareholder value for all of us, management and outside shareholders.

這是一個相當可觀的數字。它也顯示，建立長期價值意味著打造一家以營運效率、卓越營運，以及為股東創造相當多自由現金流為導向的公司。作為管理層與營運者，我們的利益是100%一致的。我們正在打造一個能長久經營的事業。我們正在打造一個能為我們所有人——管理層與外部股東——創造股東價值的事業。

So this slide shows the cash flow bridge, the cash bridge with its respective explanation. So again, more numeric demonstration that the disciplined execution that we have delivered in '25 and continue to deliver throughout '26 has created this operational resilience despite the very volatile market conditions. We have had operating cash generation. This is why we didn't raise capital because we were able to generate the amount of cash to deliver and to execute on plan, on target. So let's start at the end of the third quarter of '25.

因此這張投影片展示了現金流橋接（cash flow bridge）、現金橋接及其相對應的說明。同樣地，這是以更多數字來證明：我們在2025年所交付、並在2026年持續交付的紀律性執行，使我們在市場條件極度波動下仍具備營運韌性。我們已經產生營運現金流。這就是為什麼我們沒有增資，因為我們能產生足夠的現金來交付並按計畫、按目標執行。那麼我們從2025年第三季末開始。

We had $6 million in cash. As forecasted and as discussed in those materials, and I encourage you to go back to them, we continued on the trend to deliver cash flow from operations. So on a net basis, we delivered $31 million in cash from operations, mainly final price adjustments from transactions from sales that had taken place on a provisional price basis as we discussed earlier. Then we had our cash operating costs. We have executed CapEx towards the mining upgrade, and we had $26 million of debt repayment and interest repayment as we've shown in number one and number two.

我們當時有600萬美元現金。如同預測、也如同在那些資料中所討論的（我也鼓勵各位回去查看），我們延續了由營運交付現金流的趨勢。因此在淨額基礎上，我們由營運交付了3,100萬美元現金，主要來自先前以暫定價格（provisional price）進行的銷售交易之最終價格調整，正如我們先前所討論。接著是我們的現金營運成本。我們執行了用於礦山升級的資本支出（CapEx），並且如同我們在第一點與第二點所示，償還了2,600萬美元的債務本金與利息。

Debt repayment was just debt repayment, amortization of principal. Interest expense was the annual cash expense for the $100 million of long-term debt we've had in our balance sheet. So we had a flat cash position between the third quarter '25 and the fourth quarter of '25. This is financial discipline. We conserve cash.

債務償還就是債務償還，也就是本金攤還。利息費用則是我們資產負債表上1億美元長期債務的年度現金支出。因此，從2025年第三季到2025年第四季，我們的現金部位維持持平。這就是財務紀律。我們保留現金。

We burned 0 cash. So with the knowledge that there was a whole new business of lithium fines coming on stream, which, again, we flagged during our third quarter presentation, we had inflows in the first quarter '26, which were the cash sales of those lithium fines that we affected and closed on the beginning of the year.

我們消耗的現金為0。因此，在我們已知將有一個全新的「鋰細粉」（lithium fines）業務開始放量（同樣地，我們在第三季簡報時已提示）之下，我們在2026年第一季出現了現金流入，這些流入來自我們在年初完成並結算的鋰細粉現金銷售。

So we achieved $30 million on the sales of the lithium fines, and we achieved $5 million on the sales of the premium high grade. That was the beginning of sales resulting from our mining restructuring. Then we had a $24 million CapEx bill for the mining upgrade, mining restructuring and all that we had to do.

因此，我們在鋰細粉的銷售上達成了3,000萬美元，並在優質高品位產品的銷售上達成了500萬美元。這是我們採礦重整後開始產生銷售的起點。接著，我們為採礦升級、採礦重整以及所有必須完成的工作，支付了2,400萬美元的資本支出（CapEx）帳單。

But as we conserve cash and as we generate cash from that new line of business, which was reprocessing dry stack tailings, we were able to not only pay our CapEx for mining restructuring and upgrade, but also to continue to do debt principal repayment. So we paid down another $5 million in debt, which means we increased our cash position in the first quarter of 2026 by 100%. So we doubled the cash position. So this is, again, numbers. Numbers don't have an opinion.

但在我們節省現金、並從那條新業務線（也就是再處理乾式堆疊尾礦）產生現金的同時，我們不僅能支付採礦重整與升級的資本支出，還能持續償還債務本金。因此我們又償還了500萬美元的債務，這意味著我們在2026年第一季的現金部位增加了100%。也就是說，我們的現金部位翻倍。所以這再次是數字。數字沒有立場。

And it's very much in line with the strategy for cash flow discipline that we have laid out in the third quarter '25. We're giving you an advancement here or a preview as we call it. We have another $14 million of cash sales from the -- we call lithium fines business, the reprocessed dry stacking tailings. Then we have another $50 million of a true long-term offtake agreement prepayment that is poised to close by the end of the second quarter. And then we have about $32 million of the first installment of the $96 million offtake that we signed just in 2025 for the high-grade premium lithium, which is the 70,000 tonnes that we are planning to deliver in 2026.

而且這與我們在2025年第三季所提出的現金流紀律策略高度一致。我們在此提供一個進展更新，或如我們所稱的預覽。我們還有另外1,400萬美元的現金銷售，來自——我們稱之為鋰細粉業務，也就是再處理乾式堆疊尾礦。接著，我們還有另外5,000萬美元，來自一份真正長期包銷（offtake）協議的預付款，預計在第二季末前完成交割。此外，我們還有約3,200萬美元，來自我們在2025年剛簽署的9,600萬美元包銷協議的第一期款，該協議針對高品位優質鋰產品，也就是我們計畫於2026年交付的70,000噸。

So again, we closed the first quarter '26 with $12 million in cash, and we have a significant amount of cash coming our way in the second quarter of '26, having executed pretty much most of the mining upgrade, as you can see in the CapEx bill for $24 million we paid in the first quarter of '26 plus the $4 million we initiated in the fourth quarter of 2025.

因此，我們在2026年第一季結束時的現金為1,200萬美元；而在2026年第二季，將有相當可觀的現金流入，因為我們已經執行了幾乎大部分的採礦升級——如你所見，我們在2026年第一季支付了2,400萬美元的資本支出帳單，外加我們在2025年第四季啟動的400萬美元。

Now we're going to do a bit about the operational work we have done to restructure our mining operations. This was done for, again, the construction of long-term value for shareholders. We had to do this. We had to take control of our mine because without that, we would not be ready to deliver the cadence that was necessary to affect the capacity expansions of the second and third industrial plants.

接下來我們將談一談我們為重整採礦作業所完成的一些營運工作。這麼做同樣是為了替股東創造長期價值。我們必須這麼做。我們必須掌控我們的礦場，因為若沒有這點，我們就無法準備好以必要的節奏交付，進而推動第二與第三座工業廠的產能擴張。

Just to recap, we are a fully integrated industrial mining operation. We have this proprietary cleantech technology that produces what we call the clean lithium. That means we have a mine that's integrated into an industrial facility. And again, stopping the mine doesn't mean the industry stops. Obviously, what we want is having a mine at full tilt and then the plant receiving fresh rock.

簡要回顧一下，我們是一個完全整合的一體化工業採礦營運。我們擁有專有的潔淨科技技術，可生產我們所稱的「潔淨鋰」。這表示我們的礦場與工業設施是整合在一起的。而且再次強調，停止採礦並不代表工業端就會停止。顯然，我們希望的是礦場全速運轉，並讓工廠接收新鮮礦石。

But the plant can do many things given that we have dry stack materials. But once we think about doubling capacity and tripling capacity, we mean that our mines need to operate at full tilt and in perfect cadence so that our plant can deliver on the 70% recovery levels it actually is -- it has demonstrated it can achieve in the fourth quarter of 2024. Think of it as a blast furnace. If we turn it on and off, it will not maintain those levels of efficiency. So if the same amount of material is not fed into that dense media separators per hour, it won't achieve 70% recovery.

但由於我們有乾式堆疊材料，工廠其實可以做很多事情。然而，一旦我們考慮將產能加倍與三倍，我們的意思是：礦場必須全速且以完美節奏運作，這樣工廠才能達到70%的回收率——這是它在2024年第四季已經證明可以達成的水準。把它想像成高爐。如果我們把它開開關關，它就無法維持那樣的效率水準。因此，如果每小時沒有將相同量的物料送入重介質分選機（dense media separators），就無法達到70%的回收率。

And for that, we need mine planning, mine execution that delivers piles or delivers fresh rock to the ROM pad on the same quantities regularly, at least on a weekly schedule. So this is kind of the overall concept of 100% vertically-integrated operation. Here is a picture of a Greentech Plant at night, unquestionably a beautiful, beautiful industrial installation. This is what we've done with the Greentech plant that allow us to get to the 70% recovery. We had a 2.0 version of the plant, which was the version we operated from July '23 until November 2024.

為此，我們需要礦山規劃與礦山執行，能夠以固定數量、規律地將礦堆或新鮮礦石送到ROM堆場（ROM pad），至少要以每週的節奏。這就是100%垂直整合營運的整體概念。這裡是一張Greentech工廠夜景照片，毫無疑問是一座非常、非常美的工業設施。這就是我們在Greentech工廠所做的改造，使我們能達到70%的回收率。我們曾有一個2.0版本的工廠，也就是我們從2023年7月運行到2024年11月的版本。

That was not recovering 70%. It was recovering anything between 50%, low 60s, almost 60%. The dry stack tailing units was not working as we wanted anyway. We actually invested a significant amount of CapEx to get the plant to what we call the current stage, which is the 3.0 version that we plan to double and triple, meaning we're building another one of this and then we're building a second one of this. But in order for that to happen, as we said earlier, we need mine and plant to work in cadence.

那個版本並沒有達到70%的回收率。它的回收率大約介於50%到60%出頭，接近60%。乾式堆疊尾礦單元也沒有如我們所希望地運作。我們實際上投入了相當可觀的資本支出，將工廠提升到我們所稱的現階段，也就是3.0版本；我們計畫將其產能加倍與三倍，意思是我們會再建一座同樣的，然後再建第二座同樣的。但要讓這一切發生，如同先前所說，我們需要礦場與工廠以一致節奏協同運作。

How did we get to the 70% recoveries? We automated industrial operations. We have software, we have scatter, we have algorithms. We have detection of anomalies automatically. We have correction recommendations automatically. It's self-learning metallurgy, self-learning for mineralogy. It's a bot that basically keeps on getting better and better and better when it's fed the same mineralogy. This is a picture of our fully automated control room. Then we have the mine. The mine had quite a lot of work to be done.

我們是如何達到70%回收率的？我們將工業營運自動化。我們有軟體、有散點圖（scatter）、有演算法。我們能自動偵測異常。我們能自動提供修正建議。這是自我學習的冶金、自我學習的礦物學。它基本上是一個機器人（bot），只要持續輸入相同的礦物組成（mineralogy），就會變得越來越好、越來越好、越來越好。這是一張我們全自動化控制室的照片。接著是礦場。礦場還有相當多的工作要做。

It was using less than efficient small equipment. It was using too many pieces of equipment. At one point, there were 48 small 40-tonne trucks trafficking through the mine. So a lot had to be done there. First, we had to fix geometry.

它使用的是效率較低的小型設備。它使用了過多的設備台數。曾經有一段時間，礦區內有48輛小型40噸卡車在往來運輸。因此那裡必須做很多改善。首先，我們必須修正幾何形狀（geometry）。

It had to be widened. And here on the picture, you already see the result of widening the geometry. So we've done intermediary strip with the objective of widen geometry and increase the mine life and increase access and open other areas with ore that were closer to surface. So what we've done, we basically open additional mine fronts now to accelerate the ramp-up. How did we do this?

必須把它加寬。而在這張照片中，你已經看到幾何加寬後的成果。因此我們進行了中間剝採（intermediary strip），目標是加寬幾何、延長礦山壽命、提升通行與可達性，並開放其他更接近地表的礦石區域。所以我們所做的，是基本上新增了更多採礦工作面，以加速爬坡（ramp-up）。我們是怎麼做到的？

By using larger equipment, larger fleet to remove strip faster. So larger equipment increases efficiency on the excavators, on trucks across the board. In parallel, while we did that mostly in the fourth quarter, the Greentech Plant continued to operate.

透過使用更大型的設備、更大型的車隊，以更快速度移除覆蓋層（strip）。因此，更大型設備能全面提升挖掘機與卡車等各方面的效率。同時，在我們主要於第四季進行這些工作的期間，Greentech工廠仍持續運作。

So we reprocessed the lithium materials from the dry stack tailings during the fourth quarter '25 and the first quarter '26 with superior recovery, not the 70% recovery, but it enriched it enough to create decent cash flow to create a decent sale value, a decent value added so that it could generate the cash flow and the revenues we achieved both in the later fourth quarter, but also throughout the first quarter. So what we're hoping to happen, and we've seen happening already now in March was that recoveries get closer to 70% as we resume delivering fresh rock to the plant.

因此，我們在2025年第四季與2026年第一季期間，從乾式堆疊尾礦再處理鋰材料，並取得更佳的回收率——雖然不是70%的回收率，但已足以提升品位，創造良好的現金流、良好的銷售價值與不錯的附加價值，從而帶來我們在2025年第四季後段以及整個第一季所達成的現金流與營收。因此，我們希望發生的情況——而且我們在3月已經看到正在發生——是當我們恢復向工廠供應新鮮礦石時，回收率會更接近70%。

Now this is how we're going to bring all that software knowledge to the plant. We started and we continue. So we have fast mining implemented in process for mine planning. We have the same software implemented for fuel control. We have fatigue automatic software detection.

接下來這就是我們要如何把所有這些軟體知識帶到礦場。我們已經開始，而且仍在持續推進。因此，我們已在礦山規劃流程中導入快速採礦（fast mining）。我們也導入同一套軟體用於燃油控制。我們有疲勞自動偵測軟體。

We have a cost control app sitting on iPads and iPhones for all the mine operators. So we have loading and blasting simulations for optimal results with minimum loads, minimum vibrations. So we're bringing the same software technologies, the same intelligence to the mining operation. And that is starting in the control room for mining, which is here, as you can see in the picture. This is a picture of the first wave of larger equipment.

我們在所有礦場營運人員的 iPad 與 iPhone 上部署了一套成本控制應用程式。因此，我們有裝載與爆破模擬，以在最小裝藥量、最小震動下達到最佳結果。因此，我們正把相同的軟體技術、相同的智慧帶入採礦作業。而這一切是從採礦控制室開始的，就在這裡，如你在圖片中所見。這是一張第一波較大型設備的照片。

The equipment is going to get bigger and bigger. This is the kind of the small large equipment. So -- but more important than that, we own production control. We drive production control. Mine planning is ours, blasting control is ours.

設備將會越來越大。這算是小型中的大型設備。不過——比這更重要的是，我們掌握生產控制。我們主導生產控制。礦山規劃是我們的，爆破控制也是我們的。

We hired a third-party driller for blasting. So we're managing different contractors with our own in-house mining team. That allow us to gain confidence on deploying larger equipment, on investing in larger equipment and on basically doing the calculated analysis of where should we be blasting for safety, for optimal geometry, but also for efficient ore recovery. Now I'm going to talk about how we're going to continue to expand. We are resuming the construction of Plant two this year.

我們聘請第三方鑽井承包商來進行爆破鑽孔。因此，我們以自有的內部採礦團隊來管理不同承包商。這讓我們更有信心去部署更大型設備、投資更大型設備，並基本上進行精算分析：為了安全、最佳幾何形態，同時也為了高效率的礦石回收，我們應該在哪裡進行爆破。接下來我將談談我們將如何持續擴張。我們今年將恢復二號廠的建設。

So we're going to double industrial capacity for the high-grade premium lithium oxide. And we're not that far. In other words, once we get to it, we're going to go from the 240,000 tonnes that we're guiding to 520,000 tonnes, and that is not that far away.

因此，我們將把高品位優質氧化鋰的工業產能加倍。而我們距離達成並不遠。換言之，一旦啟動，我們將從目前指引的 240,000 噸提升到 520,000 噸，而且這個目標並不遙遠。

More importantly, there's the potential that we may build two and three sequentially. So we are never going to decommission the construction crews, given that the CapEx involved here is actually very little and the CapEx efficiency is very high, meaning it's going to cost us $80 million to conclude the second plant, and it's going to cost us $100 million to build a third plant.

更重要的是，我們有可能依序建造二號與三號廠。因此，我們不會解散施工團隊，因為此處涉及的資本支出其實很少、資本支出效率非常高；也就是說，完成第二座工廠將花費我們 8,000 萬美元，而建造第三座工廠將花費我們 1 億美元。

So with $180 million we are able to take our production from 240,000 tonnes a year to 770,000 tonnes a year. That's a substantial increase, and that's one of the most efficient CapEx ratios in the whole industry. So this demonstrates what can happen when we double and then triple production. We run the fifth largest industrial mineral complex in the world. We are the largest lithium mineral producer in the Americas.

因此，以 1.8 億美元我們就能把年產量從 240,000 噸提升到 770,000 噸。這是大幅增加，也是全產業中最有效率的資本支出比率之一。因此，這展示了當我們把產量加倍、再提升到三倍時可能發生的情況。我們營運全球第五大的工業礦物綜合體。我們是美洲最大的鋰礦物生產商。

But here, we have all of our peers. We have the lithium producers in the Americas that produce from the lakes in Argentina, and that includes the Chilean and the American producers. We also have the producers from Australia, and we have the producers from Africa. So although we are the fifth largest industrial mineral complex in the world, and we're the largest industrial mineral producer in the Americas, we are the eighth ranked producer in the world as a whole. Now look what happens when we double and we triple.

但在這裡，我們列出了所有同業。我們有美洲的鋰生產商，他們在阿根廷的鹽湖生產，這也包括智利與美國的生產商。我們也有來自澳洲的生產商，以及來自非洲的生產商。因此，雖然我們是全球第五大的工業礦物綜合體、也是美洲最大的工業礦物生產商，但就全球整體而言，我們的產量排名第八。現在看看當我們加倍與三倍時會發生什麼。

When we double, we go from number eight to number six or number five. Then when we triple, we go to number four. All of these companies have valuations substantially higher than ours. In fact, we're valued as a nonproducing company. So the effect of doubling production and tripling production is not just numeric, it's also a clear demonstration that we can be up there in the rankings with a concomitant valuation.

當我們加倍時，我們會從第八名升到第六名或第五名。接著當我們提升到三倍時，我們會到第四名。這些公司的估值都顯著高於我們。事實上，我們被估值為一家非生產公司。因此，加倍與三倍增產的效果不只是數字上的變化，也清楚展示我們能在排名上升至更高位置，並伴隨相應的估值提升。

And that is what it means for us to build long-term shareholder value. And this is what we're planning to do. This is a slide that shows how close we are to getting there. We have made a decision in the fourth quarter '24 and in the first quarter '25 of accelerating the construction of Plant two. And unfortunately, because of tariff volatility, lithium prices collapsed in more than 50%.

而這就是我們建立長期股東價值的意義。這也是我們計畫要做的事。這張投影片顯示我們距離達成目標有多近。我們在 2024 年第四季與 2025 年第一季做出決定，加速二號廠的建設。但不幸的是，由於關稅波動，鋰價崩跌超過 50%。

So we deployed CapEx and we deployed our liquidity in the fourth quarter '24 and in the first quarter '25 towards the construction. Well, that is not the so good news. We managed, we delivered throughout '25 as we've shown. We overcame because the business was structured to generate cash flows and live through organic cash flow generation. But here's the good news.

因此，我們在 2024 年第四季與 2025 年第一季投入資本支出並動用流動性用於建設。嗯，這不是那麼好的消息。但如我們所展示的，我們在整個 2025 年仍然完成交付並持續管理。我們之所以能克服，是因為商業模式的設計就是要產生現金流，並透過內生現金流的產生來度過週期。但這裡有好消息。

We're almost there. We've almost finished civil foundations. So what is missing really? Ordering equipment and assembling equipment, and that can be done quite rapidly. In the first plant, we were able to order equipment and assemble equipment in much less than 12 months.

我們快到了。土建基礎幾乎已完成。那真正還缺什麼？下單設備並進行設備組裝，而這可以相當快速地完成。在第一座工廠，我們能在遠少於 12 個月內完成設備採購與組裝。

So this is how finishing building the second plant is actually a very expedited exercise in construction, managing procurement of equipment and managing assembly of equipment. And that's it. This is a fully licensed construction, fully licensed operation is just within our control to do this. So Sigma is very well positioned to deliver substantial returns to shareholders in 2026. And here, we're going to show why.

因此，完成第二座工廠的建設其實是一項非常快速的工程：施工、管理設備採購，以及管理設備組裝。就這些。這是一個已取得完整許可的建設、已取得完整許可的營運，完全在我們的控制之下來完成。因此，Sigma 在 2026 年非常有利於為股東帶來可觀回報。接下來我們將說明原因。

This slide demonstrates how Sigma continued cash flow generation, production cadence in '26 and growth by building Phase two that will yield 520,000 tonnes of lithium will certainly position us for a re-rating of our stock. Why is that? When you look at our peers that produce lithium industrialized oxide from minerals in Australia, they have a larger nameplate production and a significantly larger cash flow.

這張投影片說明 Sigma 如何在 2026 年持續產生現金流、維持產量節奏，並透過建設第二期（將帶來 520,000 噸鋰產量）來實現成長，這無疑將使我們的股票獲得重新評級。為什麼？當你看我們在澳洲、以礦石生產工業化氧化鋰的同業，他們的名目產能更大，現金流也顯著更高。

However, as we increase production, that means our cash flow will much more than increase because we have this competitive advantage of high margins, low cost and operational resilience. So our increase in nameplate production will bring a disproportionately larger increase in cash flow generation.

然而，隨著我們提高產量，我們的現金流增幅將遠超產量增幅，因為我們具備高毛利、低成本與營運韌性這些競爭優勢。因此，我們名目產能的提升將帶來不成比例、更大幅度的現金流生成增長。

More so, that happens irrespectively of pricing environment because of our low-cost operational resilience. The next slide just shows how we're going to get there. We've demonstrated operational discipline. We delivered on all fronts in '25. That's what we've seen on the right.

更重要的是，這種情況不受定價環境影響，因為我們具備低成本的營運韌性。下一張投影片只是展示我們將如何達成。我們已證明具備營運紀律。我們在 2025 年各方面都完成交付。這就是你在右側看到的內容。

We deleverage and repaid debt, we increased operating cash margins. We built a new line of revenues. We're now selling lithium fines high purity from our dry stack tailings. We increased mineral reserves by 40%, which shows we can operate for 66 years with one line for over 25 years with two lines and most likely for over 25 years with three lines. We strengthened commercial strategy by basically capturing seasonality.

我們去槓桿並償還債務，我們提高了營運現金利潤率。我們建立了一條新的收入來源。我們現在從乾式堆存尾礦中銷售高純度鋰細粉。我們將礦產儲量提高了 40%，這顯示以一條產線我們可營運 66 年；以兩條產線可營運超過 25 年；而以三條產線很可能也可營運超過 25 年。我們透過基本上掌握季節性來強化商業策略。

We monetized final prices in line with contract seasonality in the fourth quarter. And we closed two significant offtakes, almost $150 million in offtakes, $96 million to fund our working capital throughout [96] to fund our upgrade and restructuring of mining operations and then a $50 million typical offtake that will basically be invested in building Phase 2.

我們在第四季依照合約季節性將最終價格變現。我們也簽下兩筆重要的承購協議（offtakes），合計接近 1.5 億美元：其中 9,600 萬美元用於為我們的營運資金提供資金支持，貫穿 [96]，並用於資助我們採礦作業的升級與重整；另外還有一筆 5,000 萬美元的典型承購協議，基本上將投資於建設第二期。

So how are we going to continue to deliver in all fronts in 2026? We're going to resume steady-state production from the mining operations, that integration mine plant cadence that we've shown before that will resume the cadence of what we call the premium high-grade lithium. We're going to close financially on the offtakes transaction signed, and we're going to close on two more offtakes as we disclosed when we discussed offtakes here.

那麼，我們在 2026 年要如何在各方面持續交付？我們將恢復採礦作業的穩態生產，恢復我們先前展示的礦山—選廠一體化節奏，並回到我們所稱的優質高品位鋰產品的產出節奏。我們將完成已簽署承購交易的財務交割，並且如我們在此討論承購時所揭露的，我們還將再完成兩筆承購協議。

We're going to receive the development bank disbursement for the funding we already spent on Phase 2, and we are in discussions with several other banks for Phase 3. We're going to repay $100 million of shareholder debt funded by one of the offtakes that are in negotiation, 80,000 tonnes per year for three years.

我們將收到開發銀行就我們在第二期已經支出的資金所進行的撥款，同時我們也正與其他幾家銀行就第三期進行洽談。我們將償還由目前正在談判中的其中一份承購協議所提供資金的1億美元股東債務，該承購協議為期三年、每年8萬噸。

And we're planning to commission the Plant two, the Greentech two by the end of 2026. So with that, I close -- very proudly close the full year results of 2025, where we crossed the Rubicon of probably one of the most volatile lithium environments this industry has seen. And we're entering 2026, awash in significant cash generation coming from numerically delivering operational efficiency.

此外，我們計畫在2026年底前讓二號工廠（Greentech 2）進入試車投產。因此，我在此結束——也非常自豪地結束——2025全年業績的說明；在這一年，我們跨越了盧比孔河，挺過了這個產業所見過可能最劇烈波動的鋰市場環境之一。而我們正邁入2026年，透過以數字呈現的營運效率交付，帶來可觀的現金創造。

So with that, I close this presentation for the full year of 2025. We're very, very proud of our team. We're incredibly proud of how we work, how hard we work to cross the Rubicon of one of the most volatile lithium pricing environments I have ever seen, and I've been here for 10 years as a C-level executive. We've done it without raising capital. We've done it without a hiccup in our operations.

因此，我在此結束本次2025全年的簡報。我們對團隊感到非常、非常自豪。我們也為我們的工作方式、以及為了跨越我所見過最波動的鋰價環境之一而付出的努力感到無比自豪——我在這裡擔任C級高階主管已經10年。我們在沒有募資的情況下做到了。我們在營運上沒有出現任何差錯。

We're entering 2026 in a much strengthened position. Why? We have the resilience that's basically quantify. We already earned our revenues by building a completely different product line. We resumed production cadence at the end of the first quarter, and we're entering '26 with roughly $48 million of quarterly revenues, which is a significant accomplishment considering we're just coming out of a volatile 2025.

我們正以更強健的姿態邁入2026年。為什麼？我們具備可量化的韌性。我們透過打造一條完全不同的產品線，已經賺取了我們的營收。我們在第一季末恢復了生產節奏，並以約4,800萬美元的季度營收進入2026年；考量到我們才剛走出波動劇烈的2025年，這是一項重大的成就。

All of that without raising any dollars of new capital, pure organic, disciplined cash generation. And that is the quintessential competitive advantage of this company. This operations efficiency delivered and quantified in the numbers we've shown you. We're very proud of our team, and I want to thank all of our clients and stakeholders who have been there with us, holding hands and helping us cross '25 and enter '26 in this very strengthened position.

這一切都在未新增任何新資本的情況下完成，完全是有機成長、紀律性的現金創造。而這正是本公司最核心的競爭優勢。這種營運效率已在我們向各位展示的數字中交付並被量化。我們對團隊感到非常自豪，也要感謝所有一路與我們並肩同行的客戶與利害關係人，攜手幫助我們走過2025並以更強健的姿態進入2026年。

(Operator Instructions) Our first question comes from Fortune Era. The company has indicated a production target of 520 kt in 2027. Does this imply that Plant two is expected to reach full capacity by the end of 2026? More specifically, when do you currently expect Plant two to begin commissioning? And how long do you expect the ramp-up to full capacity to take?

（接線員指示）我們的第一個問題來自Fortune Era。公司已指出2027年的產量目標為520千噸。這是否意味著二號工廠預期在2026年底前達到滿載產能？更具體而言，您目前預期二號工廠何時開始試車投產？以及您預期爬坡至滿載產能需要多長時間？

We are going to have another presentation on plant construction, but we'll tell you what we're planning to do now. As we've shown in the slide previously, what there is between us and new production is essentially resuming ordering equipment, assembling equipment and commissioning that plant. That can be done quite rapidly. If we use the timetable from the previous plant, it could be easily done in under a year. We are going to order equipment in the summer after the close of the second quarter.

我們將就工廠建設再做一場簡報，但我們先告訴各位目前的規劃。如同我們先前投影片所示，我們與新增產量之間的關鍵，基本上就是恢復設備下單、設備組裝，以及該工廠的試車投產。這些都可以相當快速地完成。如果參考上一座工廠的時程，很容易在一年內完成。我們將在第二季結束後的夏季下單採購設備。

The reason being the offtake we just signed will be the main driver for us to deposit and prepay the equipment that we need to build Plant two. We believe that it will take us anything between 8 to 12 months to actually build and commission that line.

原因是我們剛簽署的承購協議，將成為我們支付訂金與預付款、以採購建置二號工廠所需設備的主要驅動因素。我們認為，實際建置並完成該產線試車投產，約需8到12個月。

So Plant two will be fully commissioned early 2027. And as a result, the guidance for '27 is not a guidance for production, it's a guidance for installed production capacity, and we will be further updating the market as that unfolds. But what we can say is we're almost there with three-fifths of our timetable accomplished in the construction of Plant two.

因此，二號工廠將在2027年初完成全面試車投產。因此，2027年的指引並非產量指引，而是已安裝的產能指引；隨著進展推進，我們也會進一步向市場更新。但我們可以說的是，二號工廠建設時程中，我們已完成約五分之三，幾乎就要到了。

And what stands between us and that level of production is purchasing, building and commissioning, which we've shown we can do quite rapidly.

而要達到該產量水準，剩下的就是採購、建置與試車投產——我們已證明這些都能相當快速地完成。

A follow-up question. In the guidance section titled cash flow forecast at various realized lithium prices, could you please clarify whether the price assumptions of $1,500 and $1,700 refer to Sigma's expected average realized selling price for its concentrate or the benchmark SC6 China FOB price. For Sigma's concentrate grade of approximately 5.2% to 5.5% lithium oxide, what is the typical realized price as a percentage of the SC6 benchmark price?

追問一個問題。在指引章節「不同已實現鋰價下的現金流預測」中，請問1,500美元與1,700美元的價格假設，是指Sigma預期其精礦的平均已實現銷售價格，還是指基準的中國SC6 FOB價格？以Sigma精礦約5.2%至5.5%氧化鋰品位而言，典型的已實現價格通常約為SC6基準價格的百分之多少？

So we are using -- we're not using the gross prices. We're using adjusted prices. So when you think about the nameplate price, we take nameplate price from SMM. And then we typically ship 5.2, 5.3 lithium oxide grade product. So the adjustment is done dividing that level of oxide by SC6 in older contracts.

我們使用的是——我們不是使用總價。我們使用的是調整後價格。因此，當你想到牌告價時，我們採用的是SMM的牌告價。而我們通常出貨的是5.2、5.3氧化鋰品位的產品。因此，調整方式是在較舊合約中，以該氧化鋰品位水準除以SC6來進行。

In the newer contracts, we divide by 5.5. The results are kind of the same. So when you look at the prices on that table, they are net prices. As you probably are all aware, gross prices have reached $2,400 just two days ago. So $1,800 and $1,500 are far below the current level of nameplate prices at Shanghai Metals Market.

在較新的合約中，我們以5.5來除；結果其實差不多。所以當你看那張表上的價格時，那些都是淨價。各位大概也都知道，總價在兩天前才剛到達2,400美元。因此，1,800美元與1,500美元遠低於上海有色網（Shanghai Metals Market）目前的牌告價水準。

Our next question comes from Lamartine Gomes. Question for Ana Cabral. Can you give us your directional sense of how much each plus USD10 per barrel increase in oil prices impacts the demand for lithium?

我們的下一個問題來自Lamartine Gomes。給Ana Cabral的問題。您能否提供一個方向性的看法：油價每桶上漲10美元，對鋰需求的影響大約是多少？

Unfortunately, I don't have that number, and I am not really an oil expert. What we can say, though, is 15% to almost 20% of the fossil fuels we use here are just the fuels that power the trucks that run around our operations. In other words, every liter of diesel in Brazil has mandatorily 15% of biodiesel. Now that percentage is slated to increase.

很遺憾，我沒有那個數字，而且我也不算是石油方面的專家。不過我們可以說的是，我們在這裡使用的化石燃料中，有15%到接近20%只是用來驅動在我們營運現場穿梭的卡車。換句話說，在巴西，每一公升柴油依法必須含有15%的生質柴油。而這個比例預計還會提高。

So we actually are, let's put it that way, 20% less impacted by the increase in diesel prices than any other country in the world because we have this fantastic, we call, biofuels program in the country, which was actually created 30 years ago during the last oil crisis for this exact reason for energy security of Brazil.

所以實際上，可以這麼說，與世界上任何其他國家相比，我們受到柴油價格上漲的影響大約少20%，因為我們國家有一個非常棒、我們稱之為生質燃料（biofuels）計畫；這個計畫其實是在30年前上一次石油危機期間為了同樣的原因——巴西的能源安全——而建立的。

And we are the beneficiary of that when it comes to our emissions. So our trucks generate 20% less emissions because the fuel by law has 15% and we're putting 20-ish percent biofuels for every liter of diesel.

而在排放方面，我們也因此受益。因此，我們的卡車排放量少了20%，因為依法燃料含有15%，而我們每一公升柴油實際上加入了約20%左右的生質燃料。

Our next question comes from Robert Cook. Please detail the timing of Phase 2 and 3 to completion both 2028. Anything more specific?

我們的下一個問題來自Robert Cook。請詳細說明第二期與第三期完成的時間點（兩者皆為2028年）。還有更具體的資訊嗎？

Well, I was mentioning what we're going to do on Phase 2. And again, we're going to keep giving the market updates pretty regularly on that. Phase 2, by the summer, we're going to be ordering equipment. So close second quarter order equipment. As we demonstrated, that will be funded by the growth offtake we signed, $50 million or more than enough to prepay or deposit towards the equipment we need.

嗯，我剛才提到我們在第二期要做的事情。同樣地，我們會相當定期地持續向市場提供最新進展。第二期方面，到夏季我們將開始下單採購設備。也就是第二季結束後下單設備。如同我們所展示的，這將由我們簽署的成長型承購協議提供資金支持，5,000萬美元或更多，足以用來預付或支付訂金，以取得我們所需的設備。

To be specific, now what's between that order equipment and production is essentially assembly. In the previous plan, we had 1,000 man on site assembling that plant, that line. That was done in eight months. We use what we call air procurement for some of the parts that were delayed so that we could cut short delivery times. We use a lot of what we call acceleration techniques, which in this budget are factored in.

具體來說，現在介於那套訂購的設備與投產之間的，本質上就是組裝。在先前的計畫中，我們有 1,000 名人員在現場組裝那座工廠、那條產線。那在八個月內完成。對於部分延遲的零組件，我們採用所謂的空運採購，以縮短交期。我們也採用大量所謂的加速技術，而這些在本次預算中都已納入考量。

If we use the accelerated timetable, it means we're going to spend another $7 million for extra man, extra shifts and air freight for some of the equipment. What does that mean? It means that we could have a built plant by the first quarter of 2027, assuming we start in the summer. And then there's commissioning. What is the advantage of doing a plant that is a carbon copy of a plant we've been operating by then for almost 4 years.

如果我們採用加速時程，意味著我們將額外花費 700 萬美元，用於增加人力、增加班次，以及部分設備的空運。這代表什麼？這代表假設我們在夏季開工，我們可以在 2027 年第一季前建成工廠。接著就是試車投產（commissioning）。那麼，建造一座與我們屆時已運行近 4 年的工廠完全複製（carbon copy）的工廠，有什麼優勢？

That is the plant we really know. And as a result, we believe we can cut commissioning times significantly. And more importantly, start benefiting from the get-go, begin with the same levels of recoveries instead of going through the curve of going -- starting with 50% recoveries up to 70% recoveries we underwent from the 2.0 version of the plant to the 3.0 version of the plant.

那就是我們真正熟悉的工廠。因此，我們相信可以大幅縮短試車投產時間。更重要的是，從一開始就能開始受益，以相同的回收率水準起步，而不是像我們從 2.0 版工廠到 3.0 版工廠那樣，經歷從 50% 回收率逐步提升到 70% 回收率的爬坡曲線。

So without being more specific, we're quite confident that we're going to have Plant two by any time in the first half of next year. But that's the reason why we're making a clear distinction between installed production capacity and production.

所以在不更具體展開的前提下，我們相當有信心，第二座工廠將在明年上半年任何時間點具備條件。但這也是為什麼我們會清楚區分「已安裝的產能」與「實際產量」。

Production is dependent on the commissioning, and we're going to keep the market vastly updated as we go along. Now Plant three. Plant three is what we're very proud of actually because given our operational success, given our cost resilience and given our strength as a business throughout cycles, what we've shown basically in 2025 has not gone unnoticed by the main development banks throughout the world, by the main players throughout the world, by the main financiers throughout the world. So we do have dialogues going on for building Plant three. Building Plant two and three together is not new.

產量取決於試車投產進度，我們會在推進過程中持續向市場充分更新。現在談第三座工廠。第三座工廠其實是我們非常引以為傲的部分，因為基於我們的營運成功、成本韌性，以及我們在景氣循環中的企業實力，我們在 2025 年所展現的表現，並未被全球主要開發銀行、全球主要參與者、以及全球主要融資方所忽視。因此，我們確實正在就建造第三座工廠進行對話。同時建造第二與第三座工廠並不是新想法。

In fact, in December '22, when we filed our DFS for expansion, that was the plan. So much so that we invested in building infrastructure for three lines. The goal was to do one, two and three sequentially and maximize what we call construction synergies.

事實上，在 2022 年 12 月我們提交擴產的 DFS（可行性研究報告）時，這就是計畫。以至於我們投資建置了可支援三條產線的基礎設施。目標是依序推進第一、第二、第三條產線，並最大化我們所稱的施工協同效益。

Unfortunately, lithium took a tumble in '24, and we quickly aborted that plant, and we stuck to just the first plant. By the end of '24, we resumed Plant two, and we went all in, again, with the volatility of tariffs in '25, we aborted that plant and we stuck to Plant one.

不幸的是，鋰價在 2024 年大幅下跌，我們很快就中止了那座工廠，並只維持第一座工廠。到 2024 年底，我們重啟第二座工廠並全力投入；但在 2025 年關稅波動之下，我們又中止了那座工廠，並回到只做第一座工廠。

But doing one, two, three is actually what we have been designing this industrial complex for. Why? We spent the money in the infrastructure, and that was not a small feat, meaning we have the water to feed three lines. We licensed to feed three lines. We have the sewage inbound treatment station to feed three lines.

但推進第一、第二、第三條產線，其實正是我們設計這個工業園區的初衷。為什麼？我們已在基礎設施上投入資金，而那並非小工程；也就是說，我們有足夠的供水來支援三條產線。我們取得了可支援三條產線的許可。我們有可支援三條產線的污水進流水處理站。

We have the power substation to build -- to feed three lines. So from an infrastructure point of view, we are ready for three lines. And this is why we're delighted to actually say that, that has not gone unnoticed. And we have, let's say, no shortage of choices from where to get funded with the appropriate kind of debt, development financing debt to build these three lines.

我們有可支援三條產線的變電站。因此，從基礎設施角度來看，我們已為三條產線做好準備。這也是為什麼我們很高興地說，這一點並未被忽視。而且我們在資金來源上可以說選擇不缺，能取得合適類型的債務資金、開發性融資債務，來建設這三條產線。

Our next question comes from David Feng with CICC. Can we have some color on how Sigma would mitigate any potential fluctuations in fuel costs and power costs? What percentage does diesel costs account for in your cash cost or AISC?

下一個問題來自中金公司（CICC）的 David Feng。能否請您說明一下 Sigma 將如何緩解燃料成本與電力成本的潛在波動？柴油成本在你們的現金成本或 AISC（全維持成本）中占比是多少？

I don't have the number by heart, but I can talk about power. It will have 0 effect in power. In other words, when you think about power, our power is fixed at $2 per kilo -- $0.02 of $1, meaning $0.02, $0.02 of $1 per kilowatt hour. This is fixed. One important point, power is renewable here in Brazil.

我沒有把數字記在腦中，但我可以談談電力。電力方面將是 0 影響。換句話說，談到電力，我們的電價固定在每度電 0.02 美元，也就是 1 美元的 0.02、0.02 美元/千瓦時。這是固定的。另外一個重點是，在巴西這裡電力是再生能源。

So it's coming from a hydroelectricity dam. And we have a five year agreement, which is set to expire 2.5 years from now. So we're going to be good with power. Diesel is the element that is a little bit less straightforward to explain. First, because we got biofuels on the mix, and that is mandatory by law.

它來自水力發電大壩。我們有一份五年期合約，距離到期還有 2.5 年。所以電力方面我們會沒問題。柴油則比較不那麼容易說明。首先，因為我們的燃料組合中包含生質燃料，而這是法律強制要求的。

Secondly, because our oil company is state-owned, and they have what we call a diesel compensation account, which works like a shock absorber during oil crisis. In other words, the diesel costs don't go straight to the consumer as they increase globally. Petrobras absorbs some of that shock initially using what we call the oil compensation account and then it releases in the market.

其次，因為我們的石油公司是國營的，他們有所謂的柴油補償帳戶（diesel compensation account），在油價危機期間像避震器一樣運作。換句話說，柴油成本在全球上升時，不會直接完全轉嫁給消費者。Petrobras 會先透過所謂的油品補償帳戶吸收部分衝擊，之後再逐步釋放到市場。

And that was created because all transport in the country mostly is done by trucks so that -- and trucks are individual entrepreneurs so that they have time to plan to actually send that cost into their customers. So we're going to revert back to you on the percentage of diesel in our costs with that knowledge.

之所以設立這個機制，是因為該國大多數運輸主要靠卡車完成，而卡車司機多為個體經營者，讓他們有時間規劃，將成本轉嫁給其客戶。因此，關於柴油在我們成本中的占比，我們會在掌握上述背景後再回覆您。

This concludes the question-and-answer section. I am returning to our CEO, Ana Cabral, for her final remarks.

問答環節到此結束。我將把時間交還給我們的執行長 Ana Cabral，請她做最後結語。

Well, I want to thank you all of you. And in fact, everyone watching us for the trust. We have gone through 2025, which was one of the most volatile years in lithium, delivering exactly as we said we were delivering resilience, demonstrating operational excellence and executing to plan.

我想感謝各位。也感謝所有正在收看我們的人對我們的信任。我們走過了 2025 年——那是鋰產業最具波動性的年份之一——我們如同所承諾地交付成果，展現韌性、證明卓越營運能力，並按計畫執行。

We already started '26 on a fantastic note because of what we've learned in 2025 as far as becoming more and more and more resilient. So that's the effort, the collective effort of our management team, of our workers, of the team here in Vale do Jequitinhonha, essentially working like what we call racing horses.

我們在 2026 年一開始就有非常好的開局，因為我們在 2025 年學到如何變得越來越、越來越、越來越有韌性。這是我們管理團隊、員工，以及位於 Jequitinhonha 谷地（Vale do Jequitinhonha）的團隊共同努力的成果，基本上就像我們所說的賽馬一樣在工作。

We lowered the flap, we focus on our lane and we raised our own race without looking to the sides, focusing on the target. And that's how we've been running this business, and this is why we achieved these results. So once again, I want to thank on behalf of our management-operated shareholders here that work at the company and control the company, we want to thank all of our outside shareholders and reiterate our interest cannot be further aligned.

我們把護目鏡放下來，專注在自己的跑道上，不看左右，只盯著目標，跑好自己的比賽。這就是我們經營這家公司的一貫方式，也正因如此我們取得了這些成果。所以我再次代表我們在公司工作並掌控公司的管理層股東，感謝所有外部股東，並重申我們的利益一致性再也不能更高。

There isn't another company in the sector that's management-owned, management-operated, where employees are shareholders. So for all of you watching, we're in this together. And I want to thank you for staying our shareholders because we crossed 2025, and we are incredibly well positioned to deliver stellar 2026.

在這個產業裡，沒有另一家公司是由管理層持股、由管理層經營，且員工同時也是股東。所以對所有正在收看的人而言，我們是一起的。也感謝各位持續成為我們的股東，因為我們跨越了 2025 年，而我們已具備極佳的條件，在 2026 年交出亮眼成績。

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

謝謝。至此，我們結束 Sigma Lithium 2025 年第四季電話會議。如需公司進一步資訊與細節，請造訪公司網站：www.sigmalithiumresources.com。您現在可以斷線。