Sigma Lithium Corporation (SGML) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Sigma Lithium's 2026 first-quarter earnings conference call. We would like to inform you that this event is being recorded. (Operator Instructions)

各位女士、先生，早安。歡迎參加 Sigma Lithium 2026 年第一季財報電話會議。我們在此通知各位，本活動將進行錄音。（接線員指示）

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

現在我想將會議交給投資人關係副總裁 Anna Hartley。Anna，請開始。

I’d like to welcome you to our first-quarter 2026 earnings conference call. Joining me on the call today is Ana Cabral, Co-Chair and CEO of Sigma Lithium. Our earnings press release and presentation are available on our website.

歡迎各位參加我們 2026 年第一季財報電話會議。今天與我一同出席電話會議的是 Sigma Lithium 共同主席兼執行長 Ana Cabral。我們的財報新聞稿與簡報已公布於公司網站。

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 and press release.

提醒各位，本次電話會議中所提及的部分陳述，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等，可能構成前瞻性陳述。請留意我們簡報與新聞稿中關於前瞻性陳述的警語說明。

I will now be turning the call to Ana Cabral.

接下來我將把電話會議交給 Ana Cabral。

Thank you, Ana. With that, I commence Sigma’s first-quarter 2026 earnings presentation. Please notice the forward-looking statements that we’re going to make in this presentation. We’re going to talk quite a lot about our predictions and expectations.

謝謝你，Ana。那麼，我將開始 Sigma 2026 年第一季財報簡報。請注意，我們在本簡報中將會提出前瞻性陳述。我們將相當多地談到我們的預測與期望。

And with that, I would very much like to present the Sigma Lithium 2026 version. We are at our most efficient, most competitive. We became a financially resilient, low cost, and we’re very well-prepared to deliver on our high growth this year.

接著，我非常希望向各位呈現 Sigma Lithium 的 2026 版本。我們正處於最高效率、最具競爭力的狀態。我們已成為財務韌性強、低成本的公司，並且已充分準備好在今年實現高成長。

Well, first, we’ll talk about our enhanced operational efficiency. We have upgraded our mining in record timetable. We prioritized our operations, and we brought in a larger fleet that has the capacity to match our Greentech 3.0 plant. At that plant, we have been achieving record recoveries in clean tech industrial processing. We have the most advanced DMS plant in the world.

首先，我們將談談營運效率的提升。我們以破紀錄的時程完成採礦升級。我們優先聚焦營運，並導入更大型的車隊，其產能可與我們的 Greentech 3.0 工廠相匹配。在該工廠，我們在潔淨科技的工業處理中達成了創紀錄的回收率。我們擁有全球最先進的 DMS 工廠。

Our lithium is 100% sustainable. We have reached the Quintuple Zero Lithium a few years ago. Zero Tailing Dams, Zero Hazardous Chemicals, Zero Accidents for 1,010 days. We use 100% renewable electricity, and 100% of the water is reused and recycled. We do not use potable water. There’s nothing like Sigma.

我們的鋰產品 100% 可持續。我們在數年前已達成「五個零（Quintuple Zero Lithium）」。零尾礦壩、零危險化學品、連續 1,010 天零事故。我們使用 100% 再生電力，且 100% 的用水皆重複使用並回收再利用。我們不使用飲用水。沒有任何公司能像 Sigma 這樣。

We have reached our most profitable quarter since production started three years ago. On margins, we have reached the highest profitability in our history. We’re very, very proud to present 61% gross margins, -- EBITDA margins, unadjusted, as posted, published in our financial statements, and 26% profit margins.

我們達成自三年前開始投產以來最獲利的一季。在利潤率方面，我們創下公司史上最高獲利水準。我們非常、非常自豪地呈現：毛利率 61%、EBITDA 利潤率（未調整，依財務報表所列、已公告）以及 26% 的淨利率。

At the same time, our debt and cash positions has strengthened our balance sheet. We have significantly decreased total debt, 32% in two years, 21% in one year, total debt.

同時，我們的負債與現金部位也強化了資產負債表。我們大幅降低總負債：兩年內下降 32%，一年內下降 21%（總負債）。

Our cash increased to $28 million as of May 15, 2026, today. So that’s financial resilience achieved throughout the down cycle. Production has resumed cadence of high sales of high-purity lithium oxide concentrate. We are on track to deliver 240,000 tons of lithium oxide within the next 12 months. That positions us to deliver on our growth. We are executing significant near-term growth. We’re going to resume construction of Plant 2. That would allow us to double production during 2027.

截至今日（2026 年 5 月 15 日），我們的現金增加至 2,800 萬美元。因此，我們在景氣下行週期中實現了財務韌性。產量已恢復至高純度氧化鋰精礦高銷售的穩定節奏。我們正按計畫在未來 12 個月交付 240,000 噸氧化鋰。這使我們具備實現成長的定位。我們正在推進顯著的短期成長。我們將恢復 2 號工廠的建設。這將使我們在 2027 年把產量翻倍。

Meanwhile, our commercial team has outstandingly delivered to the company. In addition to opening up a whole new business selling high-purity lithium fines, we have achieved a record lithium price equivalent to $2,150 this quarter on the high-growth material sold. We’re very proud to show that Sigma has one of the best safety records in the industry.

同時，我們的商務團隊為公司交出了卓越成果。除了開拓全新業務、銷售高純度鋰細粉之外，本季在所售高成長材料上，我們達成折合每噸 2,150 美元的創紀錄鋰價。我們也非常自豪地展示，Sigma 擁有業界最佳之一的安全紀錄。

We reached 1,010 days with zero accidents, and we’ve never had a fatality in our 14-year history. That’s a result of our rigorous safety protocols that begins with employee engagement in very strict processes, a direct connection to the factory floor, which actually is responsible to help us deliver these enhanced performance.

我們達成連續 1,010 天零事故，且在 14 年歷史中從未發生死亡事故。這得益於我們嚴謹的安全規範：從員工參與極為嚴格的流程開始，並與生產現場保持直接連結；而這些實際上也有助於我們交付上述提升的績效。

Our TRFIR was zero, which is an incredible source of proud to all of our team. Now I’ll start with the financial highlights of the quarter. First, I want to talk about the financial resilience and debt repayment we were able to achieve as a result of our robust margins.

我們的 TRFIR 為零，這讓全體團隊深感自豪。接下來我將從本季的財務重點開始。首先，我想談談我們因強勁利潤率而得以實現的財務韌性與償債成果。

Profitability for the first quarter 2026 clearly demonstrated that numerically. We achieved 61% gross margins and 26% net profit margin. On our EBITDA and operating margins, which are proxy to cash flow generation, we delivered 39% EBITDA margins in the quarter, unadjusted, as published, and 33% operating margin in the quarter.

2026 年第一季的獲利能力在數字上清楚展現了這一點。我們達成 61% 毛利率與 26% 淨利率。在 EBITDA 與營業利益率方面（可作為現金流創造能力的代理指標），本季我們交出 39% 的 EBITDA 利潤率（未調整，依公告數字）以及 33% 的營業利益率。

In the meanwhile, we’ve delivered a total debt repayment of 33% over two years. That’s a significant deleverage. Over the last year, we’ve delivered a total debt repayment of 21%. Our revenues are also up 48% quarter-on-quarter. Here we compare with the third quarter of 2025, which is the most comparable quarter as we were ramping down our mining operations in order to execute the upgrade.

同時，我們在兩年內累計償還總負債 33%。這是顯著的去槓桿。在過去一年，我們累計償還總負債 21%。我們的營收也較前一季成長 48%。此處我們與 2025 年第三季比較，該季最具可比性，因為當時我們為了執行升級而逐步降低採礦作業。

If we compare with the previous quarter, our revenues are up 150%. Our cash is $28 million as of today, May 15, which demonstrates that we’re actually very profitable in delivering on these numbers. Cash is cash. Debt positions us very well to execute the significant new growth opportunities that we have ahead of us.

若與上一季相比，我們的營收成長 150%。截至今日 5 月 15 日，我們的現金為 2,800 萬美元，這顯示我們確實以獲利方式交出這些數字。現金就是現金。而負債結構也讓我們能非常有利地執行未來重大的新成長機會。

First, we’re going to resume construction of Plant 2. That will enable it to double production capacity during 2027 and triple production capacity by the end of next year with Plant 3. Over the last two years, we have significantly increased our margins. They are the highest in our history.

首先，我們將恢復 2 號工廠的建設。這將使我們在 2027 年把產能翻倍，並在明年年底透過 3 號工廠將產能提升至三倍。在過去兩年，我們大幅提升利潤率。這些利潤率為公司史上最高。

In the first quarter of 2026, this quarter, we have posted 61% gross margins. That compares to 23% in the first quarter of 2024. On EBITDA, our EBITDA margins was 39% this quarter. That compares to 9% in the first quarter of 2024. Our operating margin had the same behaviour, 33% in our first quarter compared to minus-1% in the first quarter of 2024.

在 2026 年第一季（本季），我們公告毛利率為 61%。相較之下，2024 年第一季為 23%。在 EBITDA 方面，本季 EBITDA 利潤率為 39%。相較之下，2024 年第一季為 9%。營業利益率亦呈現相同走勢：本季為 33%，而 2024 年第一季為 -1%。

And then, net profit, we had a 26% net profit margin compared to minus-19% in the first quarter 2024 when we were just starting our operations. So, this demonstrates how Sigma has been thriving through the down cycle, and we are extremely well-positioned to now enjoy our first boom market since we began our operations.

至於淨利，我們的淨利率為 26%，相較於 2024 年第一季（當時我們剛開始營運）的 -19%。因此，這顯示 Sigma 如何在景氣下行週期中持續茁壯，而我們也已具備極佳定位，得以迎接自我們開始營運以來的第一個榮景市場。

Everything from here will be excess returns. This slide demonstrates our disciplined financial execution. We have repaid 75% of our short-term bank trade debt in the last year. Those were the trade finance lines that we used to finance our operations throughout the last two years. They’ve gone from $90 million down to $13 million only. That is a staggering 75% reduction.

從這裡開始的一切都將是超額報酬。這張投影片展示了我們嚴謹的財務執行。在過去一年中，我們已償還了75%的短期銀行貿易債務。這些是我們在過去兩年用來為營運融資的貿易融資額度。它們已從9,000萬美元降至僅1,300萬美元。這是驚人的75%降幅。

Not just that, in the last quarter alone, we managed to decrease these lines in 46%. That’s a quantification of our ability to generate cash. As we generated cash, we paid down short-term expensive debt. This slide is another demonstration of our disciplined financial execution. Over the last two years, we repaid 33% of our total debt and 21% of our total debt was repaid over the last year.

不僅如此，僅在上一季，我們就成功將這些額度降低了46%。這量化了我們創造現金的能力。隨著我們產生現金，我們償還了短期高成本債務。這張投影片是我們嚴謹財務執行的另一個例證。在過去兩年中，我們償還了總債務的33%，而在過去一年中償還了總債務的21%。

Our debt went from $201 million in the first quarter of 2024 to $134 in the first quarter of 2026. This is significant deleveraging. The total debt is essentially the short-term bank trade finance debt that we discussed in the previous slide, plus the shareholder and development bank debt that sits in our balance sheet now as short-term debt because it’s due in December of this year. $134 million is an amount that’s easily obtained by Sigma through cash flow generation and through the demonetization of its future production through prepayment of offtakes.

我們的債務從2024年第一季的2.01億美元降至2026年第一季的1.34億美元。這是顯著的去槓桿化。總債務基本上由我們在前一張投影片討論的短期銀行貿易融資債務，加上股東與開發銀行債務所構成；由於其於今年12月到期，因此目前在我們的資產負債表上列為短期債務。1.34億美元對Sigma而言，透過現金流創造以及透過以承購預付款將未來產量變現，都是容易取得的金額。

The point I made in the previous slide is demonstrated on this page. Our offtake agreements enable our debt repayment and help us fund growth CapEx. Last year, we signed and closed a $96 million prepayment on a 70,500 ton offtake agreement for one year. That repayment has been paid to us in installments, and the purpose of it is to fund working capital. In fact, that offtake helped us deliver the upgrade of our mining operations.

我在前一張投影片提出的觀點在本頁得到印證。我們的承購協議使我們得以償還債務，並協助我們為成長型資本支出（CapEx）提供資金。去年，我們簽署並完成了一筆9,600萬美元的預付款，對應一份為期一年的70,500噸承購協議。該筆預付款以分期方式支付給我們，其目的在於支應營運資金。事實上，該承購協議也協助我們完成了礦山營運的升級。

Last quarter, we also announced and signed a $50 million conventional offtake with prepayment. The purpose of that offtake is to help us repay the total debt that was shown in the previous page. Half of our total debt, approximately, that sits in the short term and is due in December, will be repaid with the proceeds of this offtake with prepayment.

上一季，我們也公告並簽署了一份5,000萬美元、附帶預付款的傳統承購協議。該承購協議的目的，是協助我們償還前一頁所示的總債務。我們總債務中約有一半屬於短期並於12月到期，將以這份附預付款承購協議的所得款項償還。

We’re also working in a few contract negotiations for a similar transaction for another $50 million that will basically tie up 50,000 tons for 2026 and 70,000 tons for 2027 in offtakes. Again, those are going to be conventional offtakes with prepayments that will have proceeds directed to complete the repayment of the total debt we’ve shown in the previous page.

我們也正在就另一筆類似交易進行多項合約談判，金額約為5,000萬美元，基本上將以承購方式鎖定2026年的50,000噸以及2027年的70,000噸。同樣地，這些將是附帶預付款的傳統承購協議，其所得款項將用於完成我們在前一頁所示總債務的償還。

We’re also in contract negotiations for $100 million of prepayments for our production starting into 2027, and that will be delivered throughout the five years or the seven years onwards from 2027. The use of proceeds of that contract will be for growth CapEx, meaning building our next plants, Plant 1 and perhaps Plant 3, as we could double down on this prepayment for $100 million given the scale of our current production with just one plant.

我們也正在就1億美元的預付款進行合約談判，對應自2027年開始的產量，並將在自2027年起往後的五年或七年期間內交付。該合約所得款項將用於成長型資本支出（CapEx），也就是建造我們的下一座工廠——1號廠，並可能包括3號廠；鑑於我們目前僅靠一座工廠的產量規模，我們也可能將這筆1億美元預付款加倍投入。

Meaning, with the current production forecasts for the next 12 months, we could actually honor all of these offtakes from 2026, 2027, 2028 and beyond, and with those proceeds, fund the debt repayment and also our growth CapEx.

也就是說，依據未來12個月的現行產量預測，我們實際上可以履行2026、2027、2028及其後所有這些承購協議，並以其所得款項為債務償還以及成長型資本支出提供資金。

This slide illustrates our cash position for the first quarter of 2026 and a bit beyond. Here, I illustrate how we have actually built up our current cash position of $28 million as of today, May 15, 2026. We started with $6 million at the end of the first quarter, and then we’ve had net inflows of $34 million, receivables from materials sold and delivered, and prepayment installments from that $96 million offtake, up in additionally, prepayment installments from low-grade sales, meaning the sales of our tailing fines.

這張投影片說明我們在2026年第一季及之後一段時間的現金部位。在此，我說明截至今天（2026年5月15日）我們如何實際建立起目前2,800萬美元的現金部位。我們在第一季末的起始現金為600萬美元，之後我們有3,400萬美元的淨流入，包括已售出並交付材料的應收款，以及先前提到的9,600萬美元承購預付款的分期款；此外，還包括低品位銷售的預付款分期款，也就是我們尾礦細料的銷售。

We’ve had $19 million of operating costs, so that all in, that represents net inflows of $34 million. We’ve had $3 million of CapEx, and then we had $11 million of interest and debt repayment, as we’ve discussed in previous slides. That led us to a cash at the end of first quarter of $4 million plus $22 million of receivables for materials delivered to the clients. Due to cut off, those receivables came to our balance sheet in the days following the 30 March.

我們的營運成本為1,900萬美元，因此合計而言，這代表3,400萬美元的淨流入。我們的資本支出（CapEx）為300萬美元，接著我們支付了1,100萬美元的利息與債務償還，如同我們在前幾張投影片所討論。這使得我們在第一季末的現金為400萬美元，另有2,200萬美元為已交付客戶材料的應收款。由於截止日因素，這些應收款在3月30日之後的幾天才入帳至我們的資產負債表。

Today, we’ve had $28 million in cash in our bank as of May 15. Now In this quarter, we are also expecting inflows already signed of approximately $40 million, again, related to the $96 million prepayment for 70,000 tons we discussed earlier. In addition, we expect the signed prepayment for the offtake for 40,000 tons to close, and that will bring inflows of an additional $50 million.

截至5月15日，今天我們銀行帳戶中的現金為2,800萬美元。此外，在本季我們也預期將有已簽署的約4,000萬美元流入，同樣與先前討論的、針對70,000噸的9,600萬美元預付款相關。另外，我們預期已簽署的、針對40,000噸承購的預付款將完成交割，這將帶來額外5,000萬美元的流入。

This page summarizes our published first quarter financial statements, but more importantly, it demonstrates how our low-cost position underpins Sigma Lithium’s financial resilience. We sit at the very low end of the cost curve for hard rock lithium material industrial manufacturers. As a result, we have been very well-positioned to enjoy excess returns entering into the secular cycle for lithium.

本頁總結了我們已公布的第一季財務報表，但更重要的是，它展示了我們的低成本地位如何支撐Sigma Lithium的財務韌性。在硬岩鋰材料的工業製造商成本曲線中，我們位於非常低的端點。因此，在鋰的長期結構性循環中，我們一直處於極佳位置以享有超額報酬。

More importantly, as we went through the last two years of down cycle, we have increased our efficiency and increased our discipline. And we have maintained that discipline entering into this bull cycle. And that is why we have this entrenched competitive advantage. We have always been to the left of some of the African country producers, which just demonstrates how well-positioned we are as far as the global lithium industry.

更重要的是，在經歷過去兩年的下行週期期間，我們提升了效率並強化了紀律。而在進入這一輪多頭週期時，我們仍維持這種紀律。這就是我們擁有深厚競爭優勢的原因。相較於部分非洲國家的生產商，我們一直位於成本曲線的左側，這也顯示就全球鋰產業而言，我們的定位有多麼有利。

This next section talks about the operating highlights for the first quarter of 2026 and our outlook. This slide outlines the production volumes delivered by Sigma Lithium every quarter. And it demonstrates how we resumed sales cadence of our primary product, the high-grade lithium concentrate. We go through all the stages of our outlook.

接下來這一部分將談到2026年第一季的營運亮點以及我們的展望。這張投影片概述Sigma Lithium每一季交付的產量。並展示我們如何恢復主要產品——高品位鋰精礦——的銷售節奏。我們將逐一說明展望的各個階段。

In other words, how we have upgraded our industrial plant from first quarter 2024 all the way through the fourth quarter 2024. Then, we have reached and maintained industrial cadence throughout 2025. And then, it shows how in the third quarter '25 we had demobilized the mining contractor. And the, it also shows how in the first quarter '26 we have managed to primarize and upgrade our mining operations in record time.

換言之，我們如何自2024年第一季一路到2024年第四季完成工業廠的升級。接著，我們在2025年達成並維持工業化節奏。然後，它也顯示在2025年第三季我們已撤場採礦承包商。此外，它也顯示在2026年第一季，我們如何在創紀錄的時間內完成採礦作業的自營化與升級。

We have mobilized our fleet on schedule, combining sales of low-grade and high-grade product, basically the low-grade funding the upgrade of the mine. Then, we have ramped up our mine tracking to 33,000 ton plan on schedule. This quarter, we have already achieved 20,000 tons as of now, May 2026. The outlook of 33,000 tons for the second quarter is perfectly reachable and perfectly achievable.

我們按計畫動員自有車隊，結合低品位與高品位產品的銷售，基本上由低品位銷售為礦山升級提供資金。接著，我們按計畫將採礦剝採量提升至33,000噸的計畫水準。截至目前（2026年5月），本季我們已達成20,000噸。第二季33,000噸的展望完全可達成、也完全可實現。

Entering into the next quarter, we have larger fleet fully mobilizing. In fact, the 60 ton trucks are fully mobilized, and then we have the 75 ton excavators fully mobilized. That increased our haulage capacity significantly. We came from 40 ton trucks into 60 ton trucks. That’s a 50% overall increase in haulage capacity.

進入下一季度，我們將有更大規模的車隊全面投入運作。事實上，60 噸卡車已全面動員，接著 75 噸挖掘機也已全面動員。這使我們的運輸能力大幅提升。我們已從 40 噸卡車升級到 60 噸卡車。這代表整體運輸能力提升了 50%。

Going into the next quarter, we’re going to have an additional fleet continuing to mobilize, additional large fleet continuing to mobilize trucks and compatible excavators. All in all, the geometry optimization and the stripping have gone as planned. Our ongoing mine develop has unlocked very large mine blocks, which then have been transformed into lithium oxide into our upgraded 3.0 Greentech Plant.

展望下一季度，我們還會有額外車隊持續動員，更多大型車隊的卡車及相容的挖掘機將持續投入。總體而言，幾何優化與剝採作業均按計畫推進。我們持續的礦山開發已解鎖非常大的礦塊，並已在升級後的 3.0 Greentech 工廠轉化為氧化鋰。

The next step up in the third quarter will be to maintain that pace and maintain that cadence. Hence, we are guiding to 240,000 tons for the next 12 months, but then, we’re maintaining our guidance of 200,000 tons for the year 2026.

第三季的下一步是維持這樣的速度與節奏。因此，我們對未來 12 個月的指引為 240,000 噸，同時仍維持 2026 年全年 200,000 噸的指引。

This slide makes it quite simple for our shareholders. We’re forecasting the cash flows, and we here demonstrate our robust cash flow generation forecasted for 2026 and beyond. We have actually created a forecast for three different price scenarios: $1,500 per ton, $2,000 per ton, and $2,500 per ton. It’s important to remind that the current prices sit around $2,900 through $3,000 per ton.

這張投影片讓股東一目了然。我們正在預測現金流，並在此展示我們對 2026 年及以後強勁的現金流生成預測。我們實際上針對三種不同價格情境建立了預測：每噸 1,500 美元、每噸 2,000 美元，以及每噸 2,500 美元。需要提醒的是，目前價格約在每噸 2,900 至 3,000 美元。

Now as far as production guidance in volumes, we simply condensed the quarterly forecast and the quarterly historical production demonstrated in the previous slide. Again, what we are guiding is not different than what we have achieved over three years sequentially, cadently, because we are an established producer.

至於以產量（噸數）為基礎的生產指引，我們只是將前一張投影片所示的季度預測與季度歷史產量加以濃縮整理。再次強調，我們所給出的指引與我們過去三年連續、穩定達成的水準並無不同，因為我們是成熟的生產商。

So the historical production for 2024 was 240,000 tons. In 2025, we delivered 180,000 tons as a result of the upgrade on the mine that we decided to promote precisely for this moment. So that, in the next 12 months, we’re very well positioned to deliver approximately the same 240,000 tons or 270,000 tons that we have been historically delivering over the last three years. For this year, we will be delivering 200,000 tons. So that translates into the numbers for cash flow we are forecasting here.

因此，2024 年的歷史產量為 240,000 噸。2025 年，由於我們對礦山進行升級（我們正是為了此刻而推動該升級），我們交付了 180,000 噸。因此，在未來 12 個月，我們具備非常良好的條件交付約 240,000 噸或 270,000 噸，這與我們過去三年歷史交付量大致相同。今年我們將交付 200,000 噸。這也就對應到我們在此所預測的現金流數字。

So again, at $1,500 per ton with just one plant, we are planning to produce $130 million of cash flow. That’s just one plant at 240,000 tons estimated to be achieved in the next 12 months. That is a quite conservative cash flow forecast.

再次說明，在每噸 1,500 美元、僅一座工廠的情況下，我們計畫產生 1.30 億美元的現金流。這僅是一座工廠、未來 12 個月預計達成 240,000 噸的情境。這是一個相當保守的現金流預測。

Again, at the top end of our forecast, we are still 20% below the current prices, and with just one plant, we are forecasting to achieve $330 million for the next 12 months and again, using just 240,000 tons of production forecasts, which, as you can see, is very much in line with the levels of production forecasts we’ve been achieving over the last three years of operation.

同樣地，在我們預測的上緣情境中，價格仍比目前市價低 20%，且僅靠一座工廠，我們預測未來 12 個月可達成 3.30 億美元；並且仍僅採用 240,000 噸的產量預測。正如各位所見，這與我們過去三年營運期間所達成的產量水準非常一致。

Now, near-term growth. Once we complete the second plant at 520,000 tons of production, we are estimating forecasts at least these three different price scenarios that range from $320 million to $760 million approximately, which are very robust numbers.

接下來談近期成長。一旦我們完成第二座工廠、產量達 520,000 噸，我們在至少這三種不同價格情境下的預測約介於 3.20 億美元至 7.60 億美元之間，這些都是非常強勁的數字。

This slide, in summary, demonstrate that Sigma, because of our cost discipline, because of our operational efficiency, is a cash flow machine. That is essentially what we are. We are wired and structured as a company to deliver cash flow to our shareholders, organic cash flow in any market scenario, beginning with $1,500 per ton.

總結而言，這張投影片顯示 Sigma 之所以能做到，是因為我們的成本紀律與營運效率，使我們成為一台現金流機器。這基本上就是我們的定位。我們在公司設計與架構上，就是要在任何市場情境下（從每噸 1,500 美元開始）為股東帶來現金流、帶來有機現金流。

This slide basically recaps how we are going to execute the near-term growth. It is a recap slide, it ties well with the previous slide. Is just to remind everyone that we have actually initiated the construction of Plant 2. We advanced quite a lot on it. But more importantly, we have been benefiting in that construction process from a streamlined timetable because the infrastructure has been already built way back in order to support Plant 1.

這張投影片基本上回顧我們將如何執行近期成長。這是一張回顧投影片，與前一張投影片相互呼應。主要是提醒大家，我們其實已啟動第二座工廠（Plant 2）的建設。我們在該項目上已取得相當大的進展。更重要的是，由於早在支援第一座工廠（Plant 1）時就已建好基礎設施，我們在建設過程中受益於更精簡的工期。

As you can see in the schedule, we are at civil foundations over halfway through that because, again, most of the long-term duration items in a construction schedule have already been built or have already been executed, such as earthworks and foundations, water drainage, and the recycling recirculation systems. So we’re mostly with the construction in place. Where are we in construction? We needed to order and assemble machinery, which is the expensive part of construction, which we do plan to resume in the second half of the year.

如時程所示，我們在土建基礎工程方面已完成超過一半；因為同樣地，施工時程中多數長工期項目早已建成或已執行，例如土方與基礎、排水，以及回收循環系統。因此，我們大部分的建設已就位。那麼目前建設進度到哪裡？我們需要訂購並組裝機械設備，這是建設中成本最高的部分；我們計畫在下半年恢復推進。

So as a continuing, again, what is our production profile going to look like? For 2026, 200,000 tons. For the next 12 months, 240,000 tons. Once we complete Plant 2, 520,000 tons. That’s fully funded. And the, once we complete Plant 3, 770,000 tons of Lithium Oxide. Reminding everyone that Plant 3 is not yet funded. However, each one of these new plants cost just $100 million.

延續前述，我們的產量輪廓會是什麼樣子？2026 年為 200,000 噸。未來 12 個月為 240,000 噸。完成第二座工廠（Plant 2）後為 520,000 噸。這部分已全額到位（fully funded）。而完成第三座工廠（Plant 3）後，氧化鋰產量將達 770,000 噸。提醒大家，第三座工廠（Plant 3）目前尚未取得資金。不過，每一座新工廠的成本僅約 1 億美元。

If you compare that with the cash flows we’ve shown that we expect to generate, one can see that these numbers are actually quite low in the big picture for Sigma today, given our robust margins in our ability to generate cash flow and to access cash flow with our clients through prepayments of our future production and of our current production.

若將此與我們所展示、預期可產生的現金流相比，就能看出以 Sigma 目前的整體格局而言，這些數字其實相當低；考量到我們強勁的利潤率、創造現金流的能力，以及透過客戶對未來產量與當期產量的預付款來取得現金流的能力。

We’re very proud of these pictures, and we have a video that we posted on our website that we encourage everyone to see. These pictures were taken last week, and they demonstrate the upgrade, the modernization, and the significant capacity increase of our mining fleet. What you see here are trucks which have a 50% higher haulage capacity than the previous fleet we have. 50%.

我們對這些照片感到非常自豪；我們也在官網發布了一段影片，鼓勵大家觀看。這些照片是上週拍攝的，展示了我們礦山車隊的升級、現代化，以及產能的大幅提升。各位在此看到的卡車，其運輸能力比我們先前的車隊高出 50%。50%。

So here is our mine. This slide is a picture that I particularly like very much because it merges two concepts that are very dear to us, operational efficiency with these very large haulage trucks, but more importantly, they are pausing there on a brief Sunday shift change against the backdrop of our rock piles.

這裡是我們的礦場。我特別喜歡這張投影片，因為它融合了兩個我們非常重視的概念：以這些大型運輸卡車所展現的營運效率；更重要的是，它們在週日短暫的交班時段停靠在那裡，背景則是我們的岩石堆。

These rock piles are just material taken from the pit, and we actually actively regenerate them by planting them with grass, so the rock piles become incorporated to the landscape.

這些岩石堆只是從礦坑取出的材料；我們實際上會主動進行復育，在其上種植草皮，使岩石堆融入地景。

So all these conversations about our Piles are just much ado about nothing because there are two kinds of piles. Rock piles are going to look like this, hills incorporated to the landscape. And our tailings are actually being sold, so very soon this year, we’re going to be zero tailings.

因此，所有關於我們堆置物（Piles）的討論其實都是小題大作，因為堆置物有兩種。岩石堆會像這樣，成為融入地景的丘陵。而我們的尾礦實際上正在出售，因此在今年很快我們就會達到零尾礦。

Why? Because we dry stack them, reprocess them, so we are actually able to sell them as high-purity, low-grade lithium oxide. We’re very, very proud of continuing on this trajectory of becoming or being one of the most sustainable lithium operations in the world. This is another picture of our upgraded, modernized, and increased capacity.

為什麼？因為我們採用乾式堆置、再處理，因此我們實際上能將其作為高純度、低品位的氧化鋰出售。我們非常、非常自豪能持續沿著這條軌跡前進，成為或已是全球最具永續性的鋰業營運之一。這是我們升級、現代化並提升產能後的另一張照片。

So we have all these trucks lined up so that we demonstrate our haulage is actually much higher, much more efficient, and much more modern than what we had before. Our mine now honors our state-of-the-art 3.0 Greentech Lithium Oxide plant.

因此，我們把所有這些卡車排成一列，藉此展示我們的運輸能力實際上比以前高得多、更有效率，也更現代化。我們的礦場如今也以我們最先進的 3.0 Greentech 氧化鋰工廠為榮。

So wrapping up our quarterly presentation, we’re going to talk about what we expect regarding shareholder returns for the rest of the year. This slide just quantifies why we believe Sigma is very well positioned for a re-rate for our shareholders.

在結束本季簡報之前，我們將談談對今年剩餘時間股東回報的預期。這張投影片量化了我們為何相信 Sigma 對股東而言非常具備重新評價（re-rate）的有利位置。

On the page, we show that our production cadence for high growth being reached now, in addition to our growth plans in execution for the second plant, basically demonstrate that Sigma is not rated to its cash flow generation capabilities in current delivery.

在這一頁，我們顯示高成長的產量節奏目前已達成，此外第二座工廠的成長計畫也正在執行中；這基本上說明 Sigma 目前的估值並未反映其在現階段交付下的現金流創造能力。

So at 40,000 tons of lithium carbonate equivalent, we are valued at $2.3 billion, which is a significant discount to some of our peers in other parts of the world. And more importantly, even to some of our peers that do not even produce, they have a similar valuation to the company. So it’s basically the rerate quantified and demonstrated in numbers.

以 40,000 噸碳酸鋰當量計算，我們的估值為 23 億美元，較全球其他地區的一些同業存在顯著折價。更重要的是，甚至一些根本尚未投產的同業，其估值也與本公司相近。因此，這基本上就是以數字量化並展示重新評價的空間。

And now I open for Q&A from the current shareholders and the current audience to this quarterly presentation. Thank you very much for listening to us.

現在我開放目前股東與現場聽眾就本季簡報進行問答。非常感謝各位的聆聽。

Thank you very much for the presentation. We will now begin the Q&A section. (Operator Instructions)

非常感謝精彩的簡報。我們現在開始問答環節。(接線員指示)

Our first question comes from Joel Jackson with BMO. It seems you expect production to be 13KT in June, then 24KT in July. How do you get such a large jump in production a month-over-month?

第一個問題來自 BMO 的 Joel Jackson。看起來你們預期 6 月產量為 13 千噸，7 月則為 24 千噸。你們如何在月與月之間實現如此大幅的產量跳升？

Thank you for the question. Hi, Joel. Well, essentially, we haven't given monthly guidance, but as you can see in one of the slides, we significantly increased the haulage capacity of the fleet, and we have even larger fleet being fully mobilized. In other words, as we commence mobilization in February and we continue on with mobilization, we increase the number of ships continuously with the mobilization. In other words, it wasn't just about getting the equipment to site, it was about getting the equipment to basically be available to us for four shifts.

謝謝你的提問。嗨，Joel。基本上，我們並未提供按月的指引，但如你在其中一張投影片所見，我們已大幅提升車隊的運輸能力，而且更大的車隊也正在全面到位。換句話說，自 2 月開始動員並持續推進動員時，我們會隨著動員持續增加運輸車輛的數量。也就是說，重點不只是把設備運到現場，而是讓設備能夠實際供我們在四個班次中使用。

So we've gone from getting the equipment available, large scale equipment, to commencing it with one shift, then moving from one shift to two shifts. And then as personnel went through basic security training, we go from -- two shifts to four shifts.

因此，我們從讓大型設備可用，先以一個班次啟動，接著從一個班次增加到兩個班次。然後隨著人員完成基本的安全訓練，我們再從兩個班次提升到四個班次。

Why so? That's the night shift. So we commenced personnel on the day shift and that split into two shifts. And then we just moved into the night shift at once they received of very detailed protocols for night operations. So, again, without giving guidance per month, this is sort of how we have actually a very beautiful mobilization curve throughout this quarter as we try to give as much detail as possible to everyone in a very specific slide where we end up with 33,000 tons of material on the quarter.

為什麼會這樣？因為那是夜班。我們先讓人員在日班開始，並拆分成兩個班次。接著在他們收到非常詳盡的夜間作業規範後，我們就一次性導入夜班。所以，再次強調，在不提供每月指引的前提下，這就是我們本季實際呈現出非常漂亮的動員曲線；我們也在一張非常具體的投影片中盡可能向各位提供細節，最終本季達到 33,000 噸的物料量。

David Feng, CICC.

David Feng，中金公司（CICC）。

Regarding Phase 2 and 3 expansion, may we have more color on a detailed timeline for Phase 2 and Phase 3 construction commissioning ramp-up period?

關於第二期與第三期擴建，能否請管理層提供更詳細的時間表，包括第二期與第三期的建設、試車投產（commissioning）以及爬坡（ramp-up）期間？

Thank you. Thank you very much for the question. We’ve given quite a lot of detail on Phase 2. In other words, we are planning to resume. There’s a timetable what we’ve done so far on Phase 2. We basically paused in civil works, and just sort of the last layer of civil works. We are planning to resume that in the second half of the year.

謝謝。非常感謝你的提問。我們已就第二期提供了相當多的細節。換句話說，我們計畫恢復推進。我們已列出截至目前第二期已完成事項的時間表。我們基本上在土建工程上暫停，且是暫停在土建工程的最後一層作業。我們計畫在今年下半年恢復該部分工作。

As we have discussed, financing is quite available given where the industry is, given obviously the fact we’re being fully funded by the Development Bank, and given the progress we’ve delivered so far on resuming our operations in full, at full capacity. If once we resume construction at that stage, what needs to happen? We need to order equipment and receive equipment. So we’re giving ourselves a quite conservative timetable for that to take place.

如我們所討論的，考量產業現況、我們顯然已獲開發銀行全額資金支持，以及我們迄今在恢復全面營運、滿載產能方面所交付的進展，融資相當充裕。一旦我們在那個階段恢復施工，接下來需要做什麼？我們需要下單設備並接收設備。因此，我們為此設定了相當保守的時間表來完成這些事項。

Even if we put in a 12-month, basically equipment assembly, commissioning, arc, that would basically get Phase 2 fully running within just sort of mid-year next year. Phase 3 could happen in parallel or could happen sequentially.

即使我們預留 12 個月用於設備組裝、試車投產以及整個爬坡曲線，第二期也基本上可在明年年中左右全面運轉。第三期可以並行進行，也可以按順序進行。

As we made it clear in the slide, Phase 3 isn’t funded, but again, for the same reasons, we don’t see funding Phase 3, again, just another $100 million as an issue. Therefore, we’re quite confident that we will be able to either sequentially continue on Phase 3, or funding available, we could actually engage in two constructions at once. One key point about both phases is they’re both supported by existing infrastructure in place.

如我們在投影片中清楚說明，第三期尚未取得資金，但同樣基於上述原因，我們不認為第三期融資——也就是再增加 1 億美元——會是問題。因此，我們相當有信心：要嘛按順序推進第三期；要嘛在資金到位的情況下，我們其實可以同時進行兩項建設。關於兩個階段的一個關鍵點是：它們都由既有的基礎設施所支撐。

In 2022, as we built our first plant, we built infrastructure to support three lines, three industrial plants. And as we pause short of two lines, in other words, as we just built one plant, the infrastructure is there. What we call Phase 2 and 3 is simply industrial lines, and that’s it. These actually have quite a reduced timetable, and we can build them quite expeditiously.

在 2022 年我們建造第一座工廠時，就已建置可支援三條產線、三座工業工廠的基礎設施。而當我們在兩條產線之前暫停——也就是只建了一座工廠——基礎設施其實已經到位。我們所稱的第二期與第三期，僅僅是工業產線而已。這些的工期其實更短，我們可以相當迅速地建成。

Joel Jackson, BMO.

Joel Jackson，BMO。

Back on slide 16 and providing 200 KT production guidance for the year, are we wrong in assuming you expect Q3 at 72 KT?

回到第 16 張投影片，你們提供全年 200 千噸的產量指引；我們是否可以理解為你們預期第三季為 72 千噸？我們這樣假設是否有誤？

You’re not wrong. We’re just trying to be conservative, but that could happen. I mean, again, why? Because we’ve done it before. What we try to do is to anchor our forecast into very achievable numbers, and that’s why we’ve kind of given investors as much as we could as far as building blocks for forecasted production.

你沒有錯。我們只是希望保守一些，但確實有可能發生。我的意思是，再次說明，為什麼？因為我們以前做過。我們努力把預測建立在非常可達成的數字上，這也是為什麼我們在預估產量的「積木」方面，盡可能提供投資人更多資訊。

But, thank you for the question, Joel Jackson.

不過，謝謝你的提問，Joel Jackson。

Ailing Chen, Hot Win.

Ailing Chen，Hot Win。

Many Australian lithium producers have recently signed offtake agreements that include floor price mechanism to provide downside protection during periods of lithium price weakness. As Sigma Lithium continues negotiation with existing and potential offtake partners, could management comment on whether future contracts may also include floor price provisions?

許多澳洲鋰生產商近期簽署的承購（offtake）協議包含底價機制，以在鋰價疲弱期間提供下行保護。隨著 Sigma Lithium 持續與既有及潛在承購夥伴談判，管理層能否評論未來合約是否也可能納入底價條款？

In addition, could you provide an update on the current status of Sigma’s ongoing offtake negotiations, including how much future production is currently under discussion, the level of interest from customers, and whether the company expects to finalize any new agreements in the near term?

此外，能否請你們更新 Sigma 目前正在進行的承購談判狀態，包括目前討論中的未來產量規模、客戶的興趣程度，以及公司是否預期在短期內敲定任何新的協議？

It’s a great question. Thank you for the question. Let me unpack your question. The first thing, it’s commendable what the Australian producers have done in getting floor prices. Could we get them? Absolutely. Do we need them? No, we don’t.

這是一個很好的問題。謝謝你的提問。我來拆解一下你的問題。第一點，澳洲生產商能談到有底價，確實值得肯定。我們能拿到嗎？當然可以。我們需要嗎？不，我們不需要。

Given that -- our production costs are so low, as we’ve shown in one of the slides, we don’t really focus on floor prices. What we focused on was to commit as little production as possible so that we can maximize the amount of prepayments obtained from our customers.

鑑於——我們的生產成本非常低，如我們在其中一張投影片所示，我們並不真正把重點放在底價上。我們的重點是盡可能少承諾產量，以便最大化從客戶取得的預付款金額。

As we thought through our offtake strategy, given that we do not need floor prices, and it does carry a price in terms of amount of product being made available to the customer to actually bring a floor price mechanism into the contract, we’ve just forsaken them because we’re solving for another objective, which is to commit as little product as possible.

在我們思考承購策略時，鑑於我們不需要設定底價，而在合約中導入底價機制確實會以「必須提供給客戶的產品數量」作為代價，我們便選擇放棄底價，因為我們要達成的另一個目標是：盡可能承諾最少的產品量。

And we’ve shown that in the two offtakes already signed and that have already been ongoing here at Sigma. For example, the first offtake for $96 million basically ties up only 70,500 tons of product for just one year. If one divides one amount per another, you get to an implied what we call premium price or offtake rights price of about $1,300, that’s a very good monetization of future production.

我們已在目前於 Sigma 簽署且已在執行中的兩份承購協議中展現了這一點。例如，第一份 9,600 萬美元的承購協議，基本上只綁定 70,500 噸產品，且僅為期一年。若將金額除以數量，可得出我們所稱的隱含「溢價價格」或「承購權利價格」約為 1,300 美元，這是對未來產量非常好的變現。

The second, we’ve initiated discussions about it last year when the lithium price curves were slightly different. Again, it carries an implied monetization price of $416, which, it’s actually higher than some of these announcements with floor prices we’ve seen. So it’s essentially a commercial discussion. It’s not a one-size-fits-all, but I really want to highlight the fact that given that there are agreements being signed with floor prices, we’ve seen, we’ve got a demonstration right there of how robust is the interest from clients to secure the right to purchase production.

第二份協議，我們在去年鋰價曲線略有不同時就已啟動相關討論。同樣地，其隱含的變現價格為 416 美元，實際上高於我們看到的一些含底價公告。因此這本質上是一場商業協商。它不是一體適用的模式，但我很想強調的是：在我們看到有含底價的協議正在簽署的同時，我們也在此清楚展示了客戶為了確保購買產量的權利，其需求有多麼強勁。

Again, I must highlight that we’re not locking future prices. These aren’t derivative agreements. These aren’t for sales. These are just clients paying producers in advance for the security of having the product made available to them as they deliver on their own growth.

再次強調，我們並沒有鎖定未來價格。這些不是衍生性商品協議。這些也不是銷售合約。這只是客戶為了確保在其自身成長交付過程中能取得產品供應，而預先向生產商付款。

Why is that? Because we are in a very robust environment for demand growth. We are delivering manufacturing, advanced manufactured products into advanced manufacturing industries, and they now run the gamut from EVs to data center battery storage materials, to defense to, you know, a whole array of advanced manufacturing industries to transportation, electrification of what we call larger and larger haulage transport vehicles, beginning with large scale trucks now going into what we call barges. So it is actually fascinating what is happening with the diversification of the demand for our products and how rapidly the demand grows in the current scenario for energy security and energy transition worldwide.

為什麼會這樣？因為我們正處於需求成長非常強勁的環境。我們向先進製造產業交付製造品與先進製造產品，而這些產業的範圍如今涵蓋從電動車到資料中心電池儲能材料、國防，以及你知道的，各式各樣的先進製造產業；也涵蓋運輸領域、我們所稱更大型的載運運輸車輛的電氣化，從大型卡車開始，現在延伸到我們所稱的駁船。因此，看到我們產品需求的多元化，以及在全球能源安全與能源轉型情境下需求成長的速度，確實令人著迷。

Ailing Chen, Hot Win.

Ailing Chen，Hot Win。

Sigma currently has approximately 300,000 tons lithium oxide intermediate products inventory. Could management provide an update on the current commercialization and sales progress of this material? Specifically, how much of the existing inventory has already been sold or committed?

Sigma 目前約有 300,000 噸氧化鋰中間產品庫存。管理層能否更新此材料目前的商業化與銷售進度？具體而言，現有庫存中已有多少已售出或已承諾？

What is the current market pricing for Sigma’s lithium oxide intermediate products? Is pricing linked to lithium concentrate benchmarks, fixed price agreements, or negotiated on a spot basis? And how should investors think about the potential cash flow contribution from this inventory?

Sigma 的氧化鋰中間產品目前市場定價為何？定價是連結鋰精礦基準、固定價格協議，還是以現貨方式議價？投資人應如何看待這批庫存對潛在現金流的貢獻？

That’s a great question. Yes, we do have 300,000 tons of lithium oxide, low-grade products available. They are currently commanding a price of about $77 to $80 ex works at plant in the market. We price these products off DSO as per Shanghai Metals Market. Therefore, if one looks at these benchmarks, they are updated daily, sometimes weekly, but no more often than daily. It’s quite straightforward to calculate how valuable these products are for our clients because these are not DSO. These are processed low-grade high purity materials at about 1% and 1.1% of lithium oxide content, which are pre-crushed in a way and pre-separated. So they’re bringing a 30% savings for our customers, hence the heightened demand.

這是個很好的問題。是的，我們確實有 300,000 噸氧化鋰的低品位產品可供。目前在市場上，其出廠（工廠交貨）價格約為每噸 77 至 80 美元。我們依據上海有色網（Shanghai Metals Market）的 DSO 來為這些產品定價。因此，若查看這些基準價格，它們每日更新，有時每週更新，但更新頻率不會高於每日。要計算這些產品對客戶而言的價值相當直接，因為這些並非 DSO。這些是經處理的低品位高純度材料，氧化鋰含量約 1% 至 1.1%，並已以某種方式預先破碎並預先分離。因此可為客戶帶來 30% 的節省，需求也因此更為旺盛。

Again, unpacking your question, we are in a wait-and-see strategy to decide what to do with these products, given that the prices are now settling around these levels of $80 per ton ex works. However, as we are still finalizing deliveries on the previous sale of 400,000 tons announced last quarter, we would just commence deliveries of these products somewhere in beginning of third quarter. And most likely we will wait until then to decide what to do with those materials as prices continue to be quite robust and demand is very much there.

再來拆解你的問題：鑑於目前價格大致穩定在每噸出廠約 80 美元的水準，我們採取觀望策略來決定如何處理這些產品。不過，由於我們仍在完成上一季公告的 400,000 噸前次銷售之交付，我們大概會在第三季初才開始交付這些產品。而我們很可能會等到那時再決定如何處理這些材料，因為價格仍相當強勁，需求也確實存在。

One point I want to highlight about your question is, on an ongoing basis, we will continue to generate that kind of inventory, given that we’re back at full processing lithium oxide from fresh rock. On a 12-month basis, we generate about 250,000 tons to 300,000 tons of what we call the lithium fines, the lithium low-grade materials. And therefore, this could become an ongoing business if prices remain at the current levels. One could forecast the extra cash flow coming from these businesses on whichever basis one uses for lithium oxide pricing. It’s roughly a tenth of the pricing.

關於你的問題，我想強調的一點是：在持續營運的情況下，我們會繼續產生這類庫存，因為我們已恢復以新鮮原礦進行氧化鋰的全量加工。以 12 個月為基準，我們會產生約 250,000 至 300,000 噸我們所稱的鋰細粉、鋰低品位材料。因此，若價格維持在目前水準，這可能會成為一項持續性的業務。至於這些業務帶來的額外現金流，可依各自採用的氧化鋰定價基礎來預估。大約是該定價的十分之一。

These markets are becoming more and more mainstream. I highlight the sale that one of our peers in Australia has done to one of our European trading companies recently at about $290 per ton CIF. Transportation costs vary, but I just gave you my cost ex works, which is cost at plant. So assuming lithium prices remain robust as they are, these markets for low-grade materials do continue.

這些市場正變得越來越主流。我想提到的是，我們在澳洲的一家同業最近以約每噸 290 美元（CIF）賣給一家歐洲貿易公司。運輸成本各有不同，但我剛才提供的是我們的出廠成本，也就是工廠端成本。因此，假設鋰價如目前般維持強勁，低品位材料的這些市場確實會持續存在。

The contribution to cash flow is essentially the 250,000 to 300,000 tons of material times I mean, currently, that would be $80 per ton. On an ongoing basis, it would vary based on the lithium oxide price forecasts for each one particular analyst.

對現金流的貢獻，本質上就是 250,000 至 300,000 噸材料乘上——以目前而言——每噸 80 美元。在持續營運的情況下，則會依各家分析師對氧化鋰價格的預測而有所變動。

We are showing no further questions. I am returning to our CEO, Anna Cabral, for her final remarks.

目前顯示沒有其他問題。我將把時間交回給我們的執行長 Anna Cabral，請她做最後結語。

I want to thank all of you for your participation on this call. I want to thank our incredible team for having gone through last year and coming out stronger, fitter, more resilient, and ready for our first bull market. As you may recall, Sigma initiated production in the middle of 2023. We barely caught a bull market. So the best is yet to come.

感謝各位參與本次電話會議。也感謝我們出色的團隊走過去年，並以更強健、更精實、更具韌性的狀態走出來，準備迎接我們的第一個多頭市場。如各位所記得，Sigma 在 2023 年年中開始投產。我們幾乎沒趕上多頭市場。所以，最好的還在後頭。

Given that whatever comes our way now as far as prices is excess returns, given our very low extremely low-cost position, always to the left of most African, all African producing nations. So, we’re very excited and very enthusiastic about the near-term future, the short-term future, the midterm, and the long term, because we were built to withstand any moment or any point of the lithium cycle.

鑑於就價格而言，接下來不論遇到什麼，對我們都是超額報酬，因為我們的成本位置非常低、極其低，始終位於大多數非洲——甚至所有非洲——生產國的左側。因此，我們對近期、短期、中期與長期的未來都非常興奮且充滿熱情，因為我們的建置就是為了能承受鋰循環中的任何時刻或任何階段。

Thus, we conclude the first quarter of 2026 conference call of Sigma Lithium. For further information and details of the company, please visit the company's website, www.sigmalithiumresources.com.

至此，我們結束 Sigma Lithium 2026 年第一季法說會。如需公司更多資訊與細節，請造訪公司網站：www.sigmalithiumresources.com。

You can disconnect now.

您現在可以斷線。