Sigma Lithium Corporation (SGML) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Sigma Lithium's 2026 second-quarter earnings conference call. I would like to inform you that this event is being recorded. (Operator Instructions) I would now like to turn the conference over to Anna Hartley, Vice President of Investor Relations. Please go ahead.

各位女士、先生，早安。歡迎參加 Sigma Lithium 2026 年第二季財報電話會議。在此提醒各位，本次活動將被錄音。(接線員指示) 現在我想將會議交給投資人關係副總裁 Anna Hartley。請開始。

I'd like to welcome you to our second-quarter 2026 earnings conference call. Joining me on the call today is Ana Cabral, Co-Chair and CEO of Sigma Lithium; and Felipe Peres, CFO of Sigma Lithium.

歡迎各位參加我們 2026 年第二季財報電話會議。今天與我一同出席的有 Sigma Lithium 共同主席兼執行長 Ana Cabral，以及 Sigma Lithium 財務長 Felipe Peres。

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 which are available on the Sigma Lithium website.

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。請參閱我們的簡報與新聞稿中關於前瞻性陳述的警示性語言，相關資料可於 Sigma Lithium 官網取得。

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, Anna. I'm now going to introduce you to Sigma Lithium second quarter of 2026 earnings presentation. Without further ado, I'll go into the next slide. During this quarter, we continued to deliver on execution excellence, cost control, and operational resilience, driving value creation for our shareholders. Sigma is a large-scale, low-cost, and traceable producer of lithium materials. We do not have a tailings dams, we do not use drinking water. We do not use hazardous chemicals. We do not use dirty energy, 100% of our energy is renewable and we have now not had an accident in over 1,100 days.

謝謝你，Anna。接下來我將向各位介紹 Sigma Lithium 2026 年第二季財報簡報。事不宜遲，我們進入下一張投影片。本季我們持續展現卓越執行力、成本控管與營運韌性，為股東創造價值。Sigma 是具規模、低成本且可追溯的鋰材料生產商。我們沒有尾礦壩，也不使用飲用水。我們不使用危險化學品。我們不使用高污染能源；我們 100% 使用再生能源，且目前已連續超過 1,100 天零事故。

At the bottom, there are three pictures that illustrate that. Pictures are more than a thousand words. We uphold at Sigma the highest global mining standards. When you look at the left, you see our mining waste rock piles. We actively regenerate them planting grass, so they are integrated into the environment. That's the highest G7 standards.

下方有三張照片可說明這一點。照片勝過千言萬語。在 Sigma，我們遵循全球最高的採礦標準。看左邊，你會看到我們的採礦廢石堆。我們會主動進行復育，種植草皮，使其融入環境。這符合最高的 G7 標準。

When you look at the G7 countries, to high standards, you can see the same waste rock pile up next to the environment. And again, this is a high-standard waste rock pile. We go above and beyond what others do. Some other countries have tailing dams. And again, very high standard, but we don't have any of them. That's why we believe that we can generate significant efficiency operational because we can deliver a material and maintain traceability and sustainability.

當你看 G7 國家在高標準下的作法，你會看到同樣的廢石堆就緊鄰自然環境。同樣地，這也是高標準的廢石堆。我們做得比其他人更多、更到位。有些其他國家設有尾礦壩。同樣地，那也可能是非常高的標準，但我們完全沒有尾礦壩。因此我們相信，我們能在維持可追溯性與永續性的同時，帶來顯著的營運效率。

For example, we have managed to upgrade our mining operations in record time. Moreover, we have managed to achieve record recoveries in our clean tech industrial processing plant. On this slide, you can see the images of our waste rock piles fully rehabilitated and regenerated with vegetation grass. Once these piles come to their final shape of usage, that's the work we do. We do artificial germination and they become beautiful, integrated to the landscape.

例如，我們在創紀錄的時間內完成採礦作業升級。此外，我們在潔淨科技工業處理廠也達成創紀錄的回收率。在這張投影片中，你可以看到我們的廢石堆已全面復育，並以植被草皮再生。當這些堆體達到最終使用形態時，這就是我們所做的工作。我們進行人工催芽，讓它們變得美觀並融入地景。

One can only see their waste piles because of the terracing. In front of them, there's a beautiful new fleet. Again, a picture is a thousand words. Now without further ado, I'm going into the financial highlights of the second quarter of 2026. We've had an incredible quarter. The reliably disciplined execution enabled us to surpass all of our targets. We delivered a very large cash flow generating $27 million in cash from operations during the first half of the year, we also were able to generate high margins as a result of disciplined cost control. We maintained our high gross margin 60% and we delivered a record 47% EBITDA margin, the highest in our history.

人們之所以看得出廢石堆，只是因為有階梯式整地。在它們前方，是一支嶄新的車隊。再次強調，照片勝過千言萬語。接下來我將進入 2026 年第二季的財務重點。我們度過了一個非常出色的季度。穩健且嚴謹的執行，使我們得以超越所有目標。我們帶來了可觀的現金流：今年上半年營運活動產生現金 2,700 萬美元；同時在嚴格成本控管下，我們也維持了高毛利。我們維持 60% 的高毛利率，並創下 47% 的 EBITDA 利潤率新高，為公司史上最高。

That's a result of disciplined cost control, lower costs, and increased production volumes. We delivered 35,400 of lithium oxide concentrate this quarter, an increase of 52% over the first quarter. As a result, we also had another record, the highest net revenues in our history at $55 million this quarter. Again, discipline, we remain a low-cost leader decreasing costs even further. $401 per tonne Plant Gate, $452 per tonne CIF, $668 per tonne all-in cash costs. That gives us tremendous resilience and entrenched competitive advantage and an ability to be a cash machine. At current price levels we're well into excess return territory.

這是嚴格成本控管、成本下降與產量提升共同帶來的結果。本季我們交付 35,400（單位）鋰氧化物精礦，較第一季增加 52%。因此，我們也再創紀錄：本季淨營收達 5,500 萬美元，為公司史上最高。同樣地，憑藉紀律，我們仍是低成本領導者並進一步降本：Plant Gate 每噸 401 美元、CIF 每噸 452 美元、全現金成本每噸 668 美元。這讓我們具備極強韌性與穩固的競爭優勢，並具備成為「現金機器」的能力。以目前價格水準，我們已明顯處於超額報酬區間。

Due to our commercial flexibility, we were able to realize pretty good net lithium prices for SC5, which demonstrates how our clients are supportive and are fans of our high-purity product, $2,089. This page illustrates clearly what our low-cost stewardship does for us delivers strong cash flow and high profitability. It is all about the costs. We increased production by 52%.

由於我們在商務上的彈性，我們在 SC5 上實現了相當不錯的淨鋰價，這也顯示客戶對我們高純度產品的支持與青睞，價格為 2,089 美元。本頁清楚說明，我們的低成本管理如何帶來強勁現金流與高獲利能力。一切都取決於成本。我們將產量提高了 52%。

Then as a result of the low cost, we were able to deliver the margins we referred to before. More importantly, the revenues of $97 million for the first half of the year. All of it enabled us to continue to repay debt. in a very disciplined approach to our balance sheet. We managed to repay 25% of our debt over the last year.

因此，在低成本的基礎上，我們得以實現前述的利潤率。更重要的是，上半年營收達 9,700 萬美元。這一切使我們得以持續償還債務，並以非常嚴謹的方式管理資產負債表。過去一年我們已償還 25% 的債務。

Total debt. Over the last two years, we deleveraged the balance sheet in half. We repaid 43% of our total debt. We're now at probably the lowest levels of debt ever in our history. This enables us to continue to execute on our significant near-term growth strategy.

總債務。過去兩年，我們將資產負債表槓桿降至一半。我們已償還總債務的 43%。目前我們的負債水準可能已是公司史上最低。這使我們能持續推進近期重要的成長策略執行。

By the year-end 2027, without building a second plant, we will be able to increase production capacity by almost 2 times. Once we build two plants we will be able to increase production capacity by 2.5 times from 2027 to 830,000 tonnes. That capacity will be installed by the end of 2028. That's the result of two additional plants. We decided to embark on this growth strategy to take full advantage of our efficiency and the very favorable lithium markets. This slide illustrates further our cost leadership. This is the result of the financial discipline and precision in growth strategy and CapEx again, a page with numbers, there are thousand words.

到 2027 年底，在不興建第二座工廠的情況下，我們將能把產能提高近 2 倍。一旦我們建成兩座工廠，我們將能在 2027 年把產能提高至 2.5 倍，達到 830,000 噸。該產能將於 2028 年底前完成建置。這是新增兩座工廠所帶來的成果。我們決定啟動此成長策略，以充分利用我們的效率以及非常有利的鋰市場環境。本投影片進一步說明我們的成本領先地位。這是財務紀律與成長策略及資本支出（CapEx）精準度的成果；同樣地，一頁數字，勝過千言萬語。

We delivered a decrease of double digits across the board. FOB gate and CIF cost decreased over 30% and now all-in sustaining costs are back to normal, which were third quarter of 2025, which means that we still can decrease them a bit further. Then as we increase volumes and normalized production, our all-in sustaining cost was $668 per tonne in the second quarter.

我們在各方面都實現了兩位數的降幅。FOB出廠口與CIF成本下降超過30%，如今全維持成本已回到正常水準（即2025年第三季的水準），這意味著我們仍可再進一步小幅降低。接著，隨著我們提高產量並使生產正常化，我們第二季的全維持成本為每噸668美元。

Again, that puts us well into excess return territory at current lithium prices. Here is an additional illustration of that. If we compare net prices, meaning price adjusted to 5% grade, we are delivering against CIF Asia approximately $1,400 per tonne of cash profit. Now when you compare that with our competitors, you can see that we're almost neutral to lithium prices, almost as if we are the floor. That cost discipline, which enabled us to execute on our strategy so successfully has been now reflected into our cost guidance.

再次強調，以目前的鋰價來看，這讓我們穩穩處於超額報酬區間。這裡再補充一個說明。若我們比較淨價格（亦即將價格調整為5%品位），相較於CIF亞洲，我們每噸約可實現1,400美元的現金利潤。現在把這與競爭對手相比，你會看到我們幾乎對鋰價變動呈中性，幾乎就像我們是價格底部。這種成本紀律，使我們得以如此成功地執行策略，如今也已反映在我們的成本指引之中。

We are now adjusting our updated guidance in lowering it to reflect the executed delivered all-in sustaining cash cost in the second quarter. So that comes down to $668 per tonne for the year of 2026. Therefore, we are on track to deliver on the year of 2027 guidance of $620 all-in cash costs, total cash costs per tonne as we continue to increase production volumes. This page illustrates how we have been able to deliver on some of the lowest costs in our industry, while at the same time, maintaining one of the world's best safety records for employees.

我們現在下調更新後的指引，以反映第二季已實現交付的全維持現金成本。因此，2026年全年將降至每噸668美元。因此，隨著我們持續提高產量，我們正按計畫達成2027年指引：每噸620美元的全現金成本（每噸總現金成本）。本頁說明我們如何在維持員工全球最佳之一的安全紀錄的同時，實現本產業中最低成本之一。

Over [101,000] days have gone by and our employees go back home to their families safely. This is a result of our own employee engagement and our strict safety processes. Everyone feels that they are responsible for their safety and their colleagues' safety. Our TRIFR is 0. That's another 0, again, demonstrating our execution excellence.

已經超過[101,000]天，我們的員工都能平安回家與家人團聚。這是我們員工投入參與以及嚴格安全流程的成果。每個人都覺得自己對自身安全與同事安全負責。我們的TRIFR為0。再一次是0，這再次展現我們卓越的執行力。

This next page illustrates how we've been able to achieve operational efficiency and maintain our high margins across the board. Gross margin stayed at 60%, EBITDA margins were all-time record of 47%. Operating margins remained at 32%, and we maintain profitability with a positive net margin. Therefore, here, it is an illustration of our debt reduction enabled by financial discipline. We repaid 25% of total debt in the last year, 43% of our total debt, but significant deleverage over the last two years. When it all comes together, one can see how our strong performance translates into cash and fully convert, making our operation self-sustaining and resilient.

下一頁說明我們如何達成營運效率，並在各方面維持高毛利。毛利率維持在60%，EBITDA利潤率創下歷史新高的47%。營業利益率維持在32%，且我們以正的淨利率維持獲利。因此，這裡也展示了我們在財務紀律下推動的減債成果。過去一年我們償還了總負債的25%，過去兩年則償還了總負債的43%，顯著去槓桿。當一切整合起來，就能看出我們強勁的表現如何轉化為現金並充分轉換，使我們的營運具備自給自足與韌性。

We sell everything, not only the high grade, but also our tailings, which are dry stack that adds quite a lot to our cash generation as you can see on this page. We actually had in June 30 end of second quarter, a cash position that was enhanced by a sale of lithium materials, or high grade. In addition to it, we're also being able to sell current inventory of lithium materials of varying grades, mostly high grade. In other words, we are going to be 100% circular very soon and just sell everything that our plant generates. From high grade to low grade, we have a very wide spectrum of high-purity products that just increased our resilience and help us be fully sustainable.

我們把所有產品都賣出去，不僅是高品位產品，也包括尾礦（乾式堆存），如本頁所示，這對我們的現金創造貢獻相當大。實際上，截至6月30日第二季末，我們的現金部位因出售鋰材料（或高品位產品）而有所提升。此外，我們也能出售目前不同品位（以高品位為主）的鋰材料庫存。換言之，我們很快就會達到100%循環，把工廠產出的所有東西都賣出去。從高品位到低品位，我們擁有非常廣泛的高純度產品組合，進一步提升韌性並幫助我們完全可持續。

Without further ado, I'm going to start on our operational highlights and our production and capacity outlook especially in light of the recent events. We have surpassed our high-grade lithium oxide production, and we're demonstrating significant operational efficiency. Our mining ramp-up surpassed guidance, and we delivered 35,000 tonnes in the second quarter '26. That was an increase of 6% over guidance. We are on track to deliver on our previous guidance. We just pushed it forward by three months. We are in a very good position to negotiate an agreement with the state of Minas Gerais. And we have cleared most of our main points.

事不宜遲，我將開始說明我們的營運亮點，以及在近期事件背景下的產量與產能展望。我們的高品位氧化鋰產量已超越目標，並展現顯著的營運效率。我們的採礦爬坡超越指引，並在2026年第二季交付35,000噸。這比指引高出6%。我們正按計畫達成先前的指引。我們只是把時程提前了三個月。我們已處於與米納斯吉拉斯州（Minas Gerais）談判協議的非常有利位置。而且我們已釐清大部分主要要點。

As a result, we're going to execute as planned, our additional fleet upgrade and deploy 75-tonne trucks and 98-tonne excavators to our site in order to increase haulage capacity. That's how confident we are that we're going to be able to successfully advance into insourcing our mining operations and continuing to ramp up our production.

因此，我們將按計畫執行額外的車隊升級，並在現場部署75噸卡車與98噸挖掘機，以提升運輸能力。這也顯示我們對於成功推進採礦作業內製化、並持續提升產量的信心。

So when you look at it as a whole, a year later, the conclusion is that the increase in safety, the increase in operational efficiency fully validated the decision to insource our mine. We have all of our operations under full control, and we are deploying haulage and ability to excavate through the excavators that significantly increased our productivity and our capabilities to increase geometry of the mine as we will discuss further into this section.

因此，從整體來看，一年後的結論是：安全性的提升與營運效率的提升，完全驗證了我們將礦山作業內製化的決策。我們已完全掌控所有營運，並透過運輸能力與挖掘機的開挖能力部署，大幅提升生產力與我們擴大礦坑幾何形狀的能力，我們將在本節後續進一步討論。

Here is a detailed discussion of our continued execution of the fleet upgrade that is going to take place in the third quarter of '26. We delivered on our first half targets increasing the scale of the haulage capacity by 40%. So we're continuing on the upgrade by now bringing the excavators of 98 tonnes, replacing some of the 75-tonne excavators in bringing in the 75-tonne trucks to add to the fleet of 60-tonne trucks.

以下將詳細說明我們持續推進的車隊升級，該升級將於2026年第三季進行。我們達成上半年目標，將運輸能力規模提升40%。因此我們持續升級：引進98噸挖掘機，替換部分75噸挖掘機，並引進75噸卡車，加入原有的60噸卡車車隊。

Now that geometry is wider, we actually have more flexibility at the waste-removal areas. So this is the second stage of deployment of large equipment. Larger machinery means more productivity. So it enables us to maintain our low cash cost operating position. Therefore, it increases our resilience as a company that help us navigate throughout the cycles.

現在礦坑幾何更寬，我們在廢石移除區域實際上有更大的彈性。因此，這是大型設備部署的第二階段。更大型的機械代表更高的生產力。因此，它使我們能維持低現金成本的營運地位。因此，也提升了公司的韌性，幫助我們穿越景氣循環。

This slide illustrates visually how the work we've been conducting for the last couple of months of reassessing the geometry has paid off. We designed a new pit shell, a new mining pit shell that enabled the company to access a large amount of high-grade spodumene ore we constructed ramps brought in larger trucks. So we were able to unlock this larger block of material that will feed our industrial plant. The results are on the page quantified. The size of the block is 83% larger than the block we were able to access with the old design. At 1.1 million tonnes of fresh ore, we can produce 200,000 tonnes of lithium oxide concentrate. So all in, an 83% increase in raw material delivers almost 100% increase in oxide concentrate production.

本投影片以視覺方式呈現：我們過去幾個月重新評估礦坑幾何所做的工作已獲得回報。我們設計了新的坑殼（pit shell），新的採礦坑殼，使公司得以取得大量高品位鋰輝石礦；我們修建了坡道並引進更大型卡車。因此，我們得以解鎖這一更大的物料區塊，為我們的工業工廠供料。結果已在本頁量化呈現。該區塊的規模比舊設計可取得的區塊大83%。以110萬噸新鮮礦石計算，我們可生產20萬噸氧化鋰精礦。總體而言，原料增加83%，帶來氧化物精礦產量幾乎100%的提升。

Lastly, this ore is a very high grade, 1.4% of fresh rock. This is how we are able to operate throughout the remaining months in full capacity, meaning using the main circuit and the reprocessing circuit because of the amount of high-grade fresh ore being delivered to the plant. This slide is basically to outline how our production expansion plans remain on track. Our forecasts were pushed forward by just three months. So the production forecast with only Plant 1 for the 12 months forward remains at 240,000 tonnes of high-grade lithium concentrate per year.

最後，這批礦石品位非常高，新鮮岩石品位為1.4%。這也是我們能在接下來幾個月以滿載產能運作的原因，也就是同時使用主流程與再處理流程，因為有大量高品位新鮮礦石供應至工廠。本投影片主要是概述我們的產能擴張計畫仍按軌道推進。我們的預測僅提前了三個月。因此，僅以1號工廠計算，未來12個月的產量預測仍為每年240,000噸高品位鋰精礦。

By the end of 2027, including all circuits that the first plant has, and that includes the recirculation circuit our production forecast is at 330,000 tonnes per year. That's a result of the plant recovery of 70% and in the main circuit and a fully working reprocessing circuit for the other material.

到 2027 年底，包含第一座工廠所具備的所有迴路（其中也包括再循環迴路），我們的產量預測為每年 33 萬噸。這是基於主迴路 70% 的工廠回收率，以及針對其他物料可全面運作的再處理迴路所帶來的結果。

As it comes to construction, we plan to have an installed capacity at the end of 2027 once we complete the construction of the second plant of 580,000 tonnes of high-grade lithium concentrate per year. That incorporates the first plant and its reprocessing circuit capacity. Therefore, we plan to just greenlight Plant 2 at the beginning of January. We have flexibility on how to execute our construction plants. There is a scenario where we could greenlight both plants, Plant 2 and Plant 3 at the same time, at the beginning of 27 in January.

就建設而言，一旦我們完成第二座工廠的建設，我們計畫在 2027 年底達到每年 58 萬噸高品位鋰精礦的裝置產能。這包含第一座工廠及其再處理迴路的產能。因此，我們計畫在 1 月初為第二座工廠（Plant 2）開綠燈。我們在如何執行工廠建設方面具備彈性。有一種情境是，我們可以在 27 年 1 月初同時為兩座工廠——第二座（Plant 2）與第三座（Plant 3）——開綠燈。

But if we don't, we would build them sequentially. So by the end of 2028, we expect to have 830,000 tonnes of installed capacity for production. With that kind of capacity and with our current plan, the cash flow forecast and again, we just estimating Plant 1, which is already built. They vary just according to current price range as estimated by Wall Street research analysts.

但如果不這麼做，我們就會依序建造。因此到 2028 年底，我們預期將擁有 83 萬噸的裝置產能可供生產。在這樣的產能以及我們目前的計畫下，現金流預測——再次強調，我們僅估算已建成的第一座工廠（Plant 1）——會僅依據華爾街研究分析師所估計的當前價格區間而有所變動。

So at the low end of the range at $1,500 per tonne, we could be generating cash flows that would go from $166 million if you take into account 12 months forward or $360 million once we contemplate production during 2027. If the prices go to $2,500 per tonne, we would be looking at cash flows that would be $235 million, if we just stay on the production for 12 months forward, but once we deliver the 2027 production, which again can be done in just one plant, we reach $0.5 billion in cash flow. This is a direct result of our low-cost position, high margins and efficiency. In other words, we do not need a lot of volume to generate quite a substantial amount of cash.

因此，在區間低端、每噸 1,500 美元時，若以未來 12 個月計算，我們可能產生 1.66 億美元的現金流；而一旦納入 2027 年的產量考量，則可達 3.60 億美元。若價格升至每噸 2,500 美元，僅以未來 12 個月的生產來看，現金流將為 2.35 億美元；但當我們交付 2027 年的產量（再次強調，只靠一座工廠即可做到）時，現金流可達 5 億美元。這直接源自我們的低成本地位、高毛利與高效率。換言之，我們不需要很大的產量，就能產生相當可觀的現金。

We're now going to make our final remarks and the conclusion of our second-quarter 2026 earnings presentation. Sigma Lithium plans to deliver substantial returns to shareholders this year in 2026. Thus, because of our significant growth profile of production within the next 12 months. We plan also to significantly increase incremental industrial capacity. We're going to resume construction of Plant 2 and potentially build Plant 3 at the same time, given that we are in a very robust lithium market environment, as we're going to discuss later, this is the time to build and to building scale.

接下來我們將做最後的說明，並為 2026 年第二季財報簡報作結。Sigma Lithium 計畫在 2026 年為股東帶來可觀回報。因此，基於我們在未來 12 個月內顯著的產量成長曲線。我們也計畫大幅提升新增的工業產能。在鋰市場環境非常強勁的情況下——我們稍後會討論——我們將恢復第二座工廠（Plant 2）的建設，並可能同時興建第三座工廠（Plant 3）；現在正是建設、擴大規模的時機。

More importantly, we have proven execution capabilities in a very experienced team. We have built our first plant in record time and commissioned it even faster. Just recently, we insource and automated our entire mining operations. upgrading the fleet once and now we're upgrading it again to increase haulage capacity. All of that done while maintaining the world record in employee safety with over 1,100 days without accidents.

更重要的是，我們擁有經驗非常豐富的團隊，且已證明具備執行能力。我們以創紀錄的時間建成第一座工廠，並以更快速度完成試車投產。就在最近，我們將整個採礦作業內製並自動化；先升級了一次車隊，現在又再次升級，以提升運輸能力。所有這些工作都是在維持員工安全世界紀錄的同時完成：已超過 1,100 天零事故。

Our operational resilience is based on these two pillars. This financial discipline regarding when to deploy CapEx for growth and timing is now, but more importantly, on relying and monetizing our structural cost advantages to convert that into cash flow, which basically sustains the company throughout all lithium markets.

我們的營運韌性建立在兩大支柱之上。其一是財務紀律：在何時投入成長資本支出（CapEx）以及時點——現在就是時機；但更重要的是，依靠並變現我們結構性的成本優勢，將其轉化為現金流，從而基本上能在各種鋰市場環境下支撐公司運作。

Our sector is going through a unique moment in growth. We are enabled by AI instead of disrupted by AI. The demand growth from battery storage is in fact driving lithium global growth demand. AI data centers and energy security require battery storage. Battery storage requires lithium. And therefore, lithium demand is set for a decade long growth period.

我們的產業正處於一個獨特的成長時刻。我們是被 AI 賦能，而非被 AI 顛覆。來自電池儲能的需求成長，確實正在推動全球鋰需求的成長。AI 資料中心與能源安全需要電池儲能。電池儲能需要鋰。因此，鋰需求將進入長達十年的成長期。

The bar charts below demonstrate that. If you compare 2025 year-end demand with 2026 expected lithium demand in lithium carbonate equivalent, we have a growth of 900,000 tonnes of LCE. if that is translated into our product, lithium oxide, you multiply by 8. So that is approximately 7 million tonnes of lithium oxide concentrate to supply this year's demand projections. If we forward that almost over the decade to 2035, global demand is expected to be 5 million tonnes of LCE.

下方的長條圖顯示了這一點。若比較 2025 年底的需求與 2026 年預期的鋰需求（以碳酸鋰當量，LCE 計），我們增加了 90 萬噸 LCE；若換算成我們的產品——氧化鋰——則乘以 8。因此，為滿足今年的需求預測，約需要 700 萬噸氧化鋰精礦。若將時間往前推近十年至 2035 年，全球需求預期將達 500 萬噸 LCE。

If one was to translate that into our lithium oxide concentrate product, there will be approximately 40 million tonnes of production. In other words, that's multiple sides of Sigma. At that level, in other words, at 100,000 tonnes per year expected in 2028, which is going to be our expected production with three plants we will be supplying a question of global expected demand, approximately 2% only.

若將其換算成我們的氧化鋰精礦產品，產量約為 4,000 萬噸。換言之，那相當於好幾個 Sigma 的規模。在那個水準下，也就是說，即便到 2028 年我們預期在三座工廠下達到每年 10 萬噸的產量，我們供應的也僅約占全球預期需求的 2%。

That is the scale of the growth of the sector and that is a demonstration of how companies need to be well positioned to deliver growth with low CapEx cost, which is precisely what we plan to do by 2028. Our share price, if you look at the lag, has behaving very much in line with the sector. And that is actually a very piece of good news. Again, the demand growth in the fundamentals are far too strong and raise all the short-term volatility and noise.

這就是產業成長的規模，也顯示企業必須具備良好定位，才能以較低的資本支出（CapEx）成本交付成長——而這正是我們計畫在 2028 年前做到的。我們的股價若看其落後表現，一直與產業走勢高度一致。而這其實是非常好的消息。再次強調，基本面中的需求成長力道非常強，足以蓋過所有短期波動與雜音。

Our company has very strong operational and financial performance fundamentals, and that is the foundation of our value. Here, our low cost and our strong cash generation are those foundations, Therefore, we're clearly positioned for a re-rating because at an expected 75,000 tonnes of LCE equivalent of production capacity constructed by the end of next year. We're very much in line with some of our peers, which have market caps, which are double our market cap. So that is what we expect to happen over the course of the year, a significant rerating.

我們公司在營運與財務表現的基本面非常強勁，這是我們價值的基礎。在此，我們的低成本與強勁的現金創造能力就是這些基礎；因此，我們顯然具備重新評價（re-rating）的條件，因為到明年年底預期將建成 75,000 噸 LCE 當量的產能。我們與部分同業非常接近，而那些同業的市值是我們的兩倍。因此，這就是我們預期今年將會發生的事：顯著的重新評價。

And now we move on to the Q&A. Thank you very much for joining us today.

現在我們進入問答環節。非常感謝各位今天的參與。

(Operator Instructions) Our first three questions comes from Joel Jackson from BMO Capital Markets. First what was your exact production in Q2 of normal lithium concentrate and exact production in Q2 of the lower grade concentrate fine/tailings. Two, you generated $30 million of cash flow in Q2, if the mine does not restart for the rest of Q3, what is your expected cash flow or burn? Three, what are the best- and worst-case scenarios for mine restart? And when it restarts, how many months will it take Sigma to ramp it to full-grade lithium concentrate production?

(接線員指示) 我們的前三個問題來自 BMO Capital Markets 的 Joel Jackson。第一，第二季一般鋰精礦的確切產量是多少？第二季較低品位的精礦細料/尾礦（fine/tailings）的確切產量是多少？第二，你們在第二季產生了 3,000 萬美元的現金流；若礦場在第三季剩餘時間都不重啟，你們預期的現金流或現金消耗（burn）是多少？第三，礦場重啟的最佳與最差情境分別是什麼？以及重啟後，Sigma 需要多少個月才能爬坡至滿負荷的高品位鋰精礦產量？

Joe, it's great to hear from you. Let me just do the following. Let me put the page of the presentation on the screen so that I can actually better answer your question.

Joe，很高興收到你的消息。我先做以下幾件事。我先把簡報的那一頁放到螢幕上，這樣我才能更好地回答你的問題。

So now the entire production for the quarter was high-grade material. And we've done that so that we would highlight that the plant and the mine have gone back to fully ramped position of production of oil. So that's the first part of the question.

所以本季的全部產量都是高品位材料。我們這麼做是為了凸顯工廠與礦山已回到全面爬坡、滿載的石油生產狀態。這是問題的第一部分。

The lower grade that we produced during the second quarter wasn't sold and it's going to be sold now. When you look at the cash flow projections, this number here, the $32 million do include the low-grade material that was produced during the second quarter, and we deliberately did not sell in order to have a clean quarter of production and sales. So that I answer the first part of your question.

我們在第二季生產的較低品位材料沒有出售，現在將會出售。當你看現金流預測時，這裡的數字—3,200萬美元—確實包含了第二季生產的低品位材料；我們刻意不賣，是為了讓本季的生產與銷售呈現乾淨的季度數據。以上回答你問題的第一部分。

Then the second part of your question, regarding the fact that we generated $13 million of cash flow in Q2. Well, it was more if you look at the accounting, but then you have the net inflows given that $27 million was sold but did not convert into cash, right? How much do we expect to generate into Q3? Well, that's the exact $27 million that didn't convert into cash that was sold is going to be added to the material that was produced. That was not high grade, and that will be sold.

接著是你問題的第二部分，關於我們在第二季產生了1,300萬美元的現金流。嗯，如果看會計帳面其實更多，但由於有2,700萬美元已售出卻尚未轉成現金，所以淨流入就是那樣，對吧？我們預期第三季能產生多少？嗯，正是那筆已售出但未轉成現金的2,700萬美元，會加上已生產的材料。那些不是高品位的材料，將會被出售。

So for the third quarter, just to begin with, as of today, we have approximately $60 million to receive in cash flow. That's the value in blue, 32 and the value in dark green. Best and worst case mine restarts. Well, best case will be the restart next week. Worst-case restart, I think it will take about two weeks the dialogue is going quite well. Conversations have been very constructive. But given the nature of the notifications we received and given the fact that these are mostly false accusations executed by local inspectors, we are being quite strict when it comes to the terms of the agreement. Because we want to be clear of any wrongdoing.

所以就第三季而言，先說明一下，截至今天，我們大約有6,000萬美元的現金流入應收。那是藍色的數值32，以及深綠色的數值。礦山重啟的最佳與最差情境。最佳情境是下週重啟。最差情境，我認為大約需要兩週；對話進展相當順利。溝通一直非常具建設性。但考量到我們收到的通知性質，以及這些多半是由地方稽查人員執行的錯誤指控，我們在協議條款上會相當嚴格。因為我們希望釐清並排除任何不當行為。

It won't be just a settlement. We would like to be fully cleared given that the accusations are false. And as we have a significant amount of cash flow to come in into Q3, we are obviously negotiating that in a position of strictness. After all these are reputation on the line and we (inaudible) reputation.

這不會只是和解而已。由於指控不實，我們希望能完全獲得澄清。而且第三季將有可觀的現金流入，因此我們顯然是在較為強硬的立場上進行談判。畢竟這關乎聲譽，我們（聽不清）聲譽。

Our next three questions comes from [Au Ling Shen] from [Heart wind]. First one, regarding the offtake prepayments, the $96 million associated with the 7,500 tonne one-year agreement and the $50 million associated with the 4 million tonne per year, three-year agreement. Could you clarify how much cash Sigma has actually received from each agreement to date. And specifically, has the $50 million being used to repay that as previously indicated. Two, regarding the temporary suspension related to the TAC negotiations, could you please clarify exactly which operations have been suspended. Is the suspension limited to mining activities or have both mining and processing operations being suspended?

接下來三個問題來自[Heart wind]的[Au Ling Shen]。第一個，關於承購（offtake）預付款：與7,500噸一年期協議相關的9,600萬美元，以及與每年400萬噸、三年期協議相關的5,000萬美元。你能否說明截至目前Sigma實際從每份協議各收到了多少現金？特別是，那5,000萬美元是否如先前所述已用於償還？第二，關於與TAC談判相關的臨時停工，請你具體說明究竟哪些作業已被暫停。停工是否僅限於採礦活動，還是採礦與加工作業都已暫停？

Secondly, given that a production suspension is clearly a material operational event for the company, why wasn't the market and shareholders informed immediately when the suspension occurred. Could you explain the company's reasoning behind the timing of the disclosure? Three, during the current production suspension, are you still able to process and ship lithium middlings. How much lithium middlings did the company ship in the last quarter? And how much are you planning to ship this quarter?

第二點，鑑於停產顯然是公司重大的營運事件，為何在停產發生時沒有立即通知市場與股東？你能否解釋公司在揭露時點上的考量？第三，在目前的停產期間，你們是否仍能處理並出貨鋰中間品（lithium middlings）？公司上一季出貨了多少鋰中間品？本季計畫出貨多少？

Also, have you signed any additional sales or offtake agreements for lithium middlings.

另外，你們是否已簽署任何額外的鋰中間品銷售或承購協議？

That's a lot to unpack. So let me take your question in pieces, right? First, regarding the offtake agreement for $96 million. We have received $60 million to date. Then in the third quarter, there's there are additional amounts of that payment to be received.

這要拆解的內容很多。所以我把你的問題分段回答，好嗎？首先，關於9,600萬美元的承購協議。截至目前我們已收到6,000萬美元。接著在第三季，還會收到該筆付款的額外款項。

So out of the $96 million, we received $60 million. So that's the first part of your question that are a 70,000-tonne 7,500 tonne offtake agreement. Then regarding the second offtake regarding 40,000 tonnes of material to be shipped over three years, given our exceptional ramp-up, we are increasing the amount of that offtake and we're currently negotiating that increase. And indeed, when that agreement gets closed, meaning financially closed post increase, it will be 100% used to repay debt as we announced earlier. In fact, we're going to repay the debt, no matter what, most likely by the end of the third quarter.

所以在9,600萬美元中，我們已收到6,000萬美元。這是你第一個問題的部分，也就是那份70,000噸、7,500噸的承購協議。接著，關於第二份承購協議：在三年內出貨40,000噸材料；鑑於我們卓越的爬坡進度，我們正在提高該承購量，並且目前正就增量進行談判。而且確實，當該協議完成交割（也就是在增量後完成財務交割）時，將如我們先前公告的那樣，100%用於償還債務。事實上，無論如何我們都會償還該筆債務，很可能在第三季末之前完成。

There are few liquidity alternatives available to us in order to repay that debt, that will either way repay or refinance it with other creditors. The reason is our substantial cash generation position made it clear that we are in a very good position to move forward. The second part of your question, which is related to the TAC, we did disclose that immediately. In fact, I was on vacation when that happened. And we put together a press release immediately thereafter as soon as we could make sense of the notifications we received.

我們有幾個可用的流動性替代方案來償還該筆債務；不管怎樣，我們都會償還，或是向其他債權人再融資。原因是我們可觀的現金創造能力，清楚顯示我們處於非常有利的位置可以繼續向前。你問題的第二部分與TAC相關，我們確實是立即揭露的。事實上，那件事發生時我正在度假。而我們在能夠理解所收到的通知內容後，立刻整理並發布新聞稿。

So that ties back to the rest of your question, meaning, is it limited to mining activities or have both mining and processing operations being suspended? Well, if you read the notifications, is pretty difficult to say exactly what is supposed to be suspended. So we undertook the initial approach of stopping both operations, mining and industrial later as negotiations progressed, we learned that it was a temporary suspension. But as we settle on the table from a position of strength, we did not reinitiate industrial operations. They're vertically integrated anyway.

這也回到你其餘的問題：是否僅限於採礦活動，或採礦與加工作業都被暫停？嗯，如果你閱讀那些通知，其實很難精確判斷究竟應該暫停哪些項目。因此我們一開始採取的做法是兩邊都先停下來：採礦與工業端；之後隨著談判推進，我們了解到這是臨時性停工。但由於我們是以強勢立場坐上談判桌，我們並未重新啟動工業端作業。反正它們本來就是垂直整合的。

So the only thing that we would gain by resuming industrial operations would be to restart the reprocessing circuit. So now we're probably in a position to restart industrial operations (inaudible), and we will but we hope to have a overall final conclusion of this by next week.

所以，若恢復工業端作業，我們唯一能獲得的就是重啟再處理迴路。因此現在我們大概已經處於可以重啟工業端作業（聽不清）的狀態，我們也會這麼做；但我們希望在下週之前能就此事得到整體的最終結論。

So I think that answers the second part of your question. But I think I'd like to reiterate, in the middle of my vacation, in July, we did put out a pretty clear announcement about the TAC and the suspension. Unfortunately, because I was on vacation. So during the current production suspension, are we still able to process and ship lithium middlings? Absolutely.

我想這回答了你問題的第二部分。但我想重申：在七月、我度假期間，我們確實就TAC與停工發布了相當清楚的公告。不幸的是，因為我當時在度假。所以在目前的停產期間，我們是否仍能處理並出貨鋰中間品？絕對可以。

And that's what we've been doing. That, in fact, is the source of our resilience. When you look at the third quarter financials, the $32 million and the $27 million reflect just that in addition to high-grade material that had not been sold for the cutoff of June 30 that we hadn't shipped to the port in time to make it to the sales cutoff on June 30.

而這正是我們一直在做的事。事實上，這就是我們韌性的來源。當你看第三季財報時，3,200 萬美元與 2,700 萬美元正反映了這一點，此外還包括一些高品位材料，因為截至 6 月 30 日的結算截止日之前尚未售出，且我們未能及時運到港口以趕上 6 月 30 日的銷售截止。

So when you look at the volume sold of 24,000 versus the volume produced of 35,000, there's still a bit of high-grade material there that was sent to be shipped. The remaining of this amount here shown are middlings. We don't call it Midlands, we call it low grade low-grade high purity because middlings are materials produced by flotation plants, where spodumene particles is broken. That's why our material carries significant value. In a DMS plant, the particle spodumene isn't broken, that crystal is intact. So it can be easily reprocessed with a 60% recovery into sometimes 4.7% material by our clients.

因此，當你比較已售出 24,000 的銷量與 35,000 的產量時，仍有一部分高品位材料已送出等待裝運。此處所示的其餘部分是中間品。我們不稱之為中間品（middlings），我們稱之為低品位、低品位高純度，因為所謂中間品是由浮選廠產生的材料，在那裡鋰輝石顆粒會被破碎。這就是為什麼我們的材料具有顯著價值。在 DMS 廠中，鋰輝石顆粒不會被破碎，晶體保持完整。因此，我們的客戶可以很容易地以 60% 的回收率重新處理，有時可得到 4.7% 品位的材料。

Lastly, you asked whether we had signed any additional sales or offtake agreements for these materials. Well, we don't sell them on offtake basis. We sell them on a spot basis. and we're going through a very healthy bidding process for these materials.

最後，你問我們是否為這些材料簽署了任何額外的銷售或包銷（offtake）協議。嗯，我們不是以包銷方式出售。我們以現貨方式出售，而且我們正在就這些材料進行一個非常健康的競標流程。

Just to illustrate, we have 300,000 tonnes of materials left, and we have a bid for $65 per tonne. And again, as we decided not to sell any fines in the second quarter to have a clean quarter, that will probably be in addition to these two amounts, on the screen. The 32% plus 27%, we got 300,00 tonnes of five high-grade at currently $65 per tonne in a bid. So very healthy market, very robust demand.

舉例來說，我們還剩下 300,000 噸材料，並且有每噸 65 美元的出價。再者，由於我們決定在第二季不出售任何細粉（fines），以便讓該季更乾淨，這部分很可能會在螢幕上這兩個金額之外另外加上。32% 加 27%，我們有 300,00 噸的高品位細料，目前競標價為每噸 65 美元。所以市場非常健康，需求非常強勁。

I guess I answered all of your questions.

我想我已回答了你所有的問題。

Our next question comes from David (inaudible) from CICC. Ana, may we know if the new time line for plant construction of Phase II or Phase III is more relevant to mining plan adjustment, funding consideration, or any other factors?

下一個問題來自中金公司（CICC）的 David（聽不清）。Ana，我們想了解第二期或第三期工廠建設的新時間表，是否更多與採礦計畫調整、資金考量或其他因素相關？

Not really. Let me go back to the forecast here. Good things happen out of, let's say, difficult situations. So last year, when we changed mine contractor, we started to basically rely on our reprocessing circuit at the current lithium oxide plant. So that circuit was perfected, adjusted, tested with various amounts and types of feed.

不完全是。讓我回到這裡的預測。可以說，好事往往源自困難的情況。所以去年，當我們更換採礦承包商時，我們基本上開始依賴目前氧化鋰工廠的再處理迴路。因此，該迴路被完善、調整，並以不同數量與類型的給料進行測試。

So the result was that we learned the plant capacity, current plant capacity is actually 330,000 tonnes per year once it's fully fed with fresh ore. Why is that? Because both circuits are working at the same time, the high-grade circuit and then the low-grade circuit, which then gets reprocessed and turned into high grade 5.1%, 5.2% of concentrate. So with a full feed of fresh ore, meaning 160,000 tonnes of fresh ore, that plant can actually deliver 330,000 tonnes of material. We've known that since 2024, December when we upgraded the plant, if you look at the amount produced in the fourth quarter of '24, when we solely fed the plant fresh ore that was the annualized throughput.

結果是，我們了解了工廠產能：目前工廠在完全以新鮮礦石供料時，年產能其實是 330,000 噸。為什麼？因為兩條迴路同時運作：高品位迴路，以及低品位迴路；低品位之後再被重新處理並轉化為 5.1%、5.2% 品位的高品位精礦。因此，在新鮮礦石滿負荷供料的情況下，也就是 160,000 噸新鮮礦石，該工廠實際上可以交付 330,000 噸材料。自 2024 年 12 月我們升級工廠以來我們就知道這點；如果你看 24 年第四季的產量，當時我們只用新鮮礦石供料，那就是年化的處理量。

As we vastly disclosed here and discussed we have not been able to deliver fresh ore at a cadence to the plant ever since because the troubles with the old mining contractor began right after that during the first quarter and then in the second quarter. And by the third quarter, we ended up changing contractors and dismissing that contractor all along and insourcing the mine.

正如我們在此充分揭露並討論的，自那之後我們一直無法以一定節奏向工廠供應新鮮礦石，因為舊採礦承包商的問題在那之後不久就開始了，先是在第一季，接著在第二季。到了第三季，我們最終更換了承包商，並一路解約該承包商，改為將採礦業務內部化。

So essentially, what we will do is to go back to full capacity of the plant by having both main circuit and reprocessing circuits a full charge once this mine delivers material -- at fresh ore material in full in full capacity, which is 160,000 tonnes of ore per month. What we've done this quarter is a demonstration of it with 35 tonnes 35,000 tonnes of -- we produced 35,000 tonnes of concentrate because we've been feeding fresh ore to the plant.

因此，本質上我們要做的是：一旦礦山能以滿負荷交付新鮮礦石材料——也就是每月 160,000 噸礦石——我們就讓主迴路與再處理迴路同時滿載運轉，使工廠回到滿產能。我們本季所做的就是一個示範：我們生產了 35 噸、35,000 噸的——我們生產了 35,000 噸精礦，因為我們一直在向工廠供應新鮮礦石。

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

問答環節到此結束。現在我把時間交回給我們的執行長 Ana Cabral，請她做最後總結。

Well, I want to thank you all for bearing with us during this presentation. And again, we're very confident in what we're doing. We have a significant growth profile. We've proven that we can execute in under fire, and we have the experience to deal with pretty much most issues. More importantly, we can prove, and we have been proving that we're doing at one of our shareholders said is validation of ESG under stress.

我想感謝各位在本次簡報期間的耐心。再次強調，我們對正在做的事情非常有信心。我們有顯著的成長曲線。我們已證明在壓力之下仍能執行到位，也具備處理幾乎大多數問題的經驗。更重要的是，我們能夠證明——而且一直在證明——正如我們一位股東所說，這是在壓力下對 ESG 的驗證。

In other words, our governance is in compliance are being tested out there in use our social and environmental credentials and track record withstand any attempts to challenge it and withstand all the scrutiny. Our operational resilience is there. Look how far we got. No one expected us to do this without raising additional capital. That's the result of our structural low cost in financial discipline.

換句話說，我們的治理與合規正在接受考驗；我們的社會與環境資質及過往紀錄能夠承受任何挑戰，也能承受所有審視。我們的營運韌性就在那裡。看看我們走了多遠。沒有人預期我們能在不額外募資的情況下做到這些。這是我們結構性低成本與財務紀律的結果。

So again, I reiterate what's happening in the market, plus the way this company has been battle-tested positions us incredibly well for what's coming ahead in the second half of the year. Thank you very much for listening.

因此，我再次重申：市場正在發生的事情，加上這家公司經過實戰考驗的方式，使我們在今年下半年即將到來的局勢中具備極佳的定位。非常感謝各位的收聽。

The second quarter of 2026 conference call of Sigma Lithium has concluded. For further information, please visit the company's website at www.sigmalithiumresources.com. You may disconnect now, and have a nice day.

Sigma Lithium 2026 年第二季電話會議到此結束。如需更多資訊，請造訪公司網站 www.sigmalithiumresources.com。您現在可以掛線，祝您有美好的一天。