Financial Data and Key Metrics Changes - The company reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 33% increase in pricing compared to the previous quarter [4][5] - Operating margin increased by 42% and net margin increased by 67% year-on-year [6][5] - Cash increased by 42% compared to the last quarter, totaling $21 million, plus $8 million in incremental trade receivables [7][6] Business Line Data and Key Metrics Changes - The company has approximately 1 million tons of high-purity middlings, which are expected to generate additional cash flow [4] - The plant has restarted operations, and the mine is expected to resume within two to three weeks [5][6] Market Data and Key Metrics Changes - The current market price for lithium is around $1,000 per ton, with expectations of free cash flow generation of $132 million based on this pricing [18][70] - The company is positioned as one of the lowest-cost producers globally, maintaining a competitive edge despite market volatility [13][14] Company Strategy and Development Direction - The company aims to upgrade mining operations to match the production capabilities of its Greentech Industrial Plant, targeting full operational capacity of 300,000 tons of lithium oxide concentrate by 2026 [22][24] - The company plans to finalize offtake agreements and monetize existing lithium products to capitalize on the current pricing environment [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer in a volatile market [70] - The company is focused on maintaining operational excellence and safety while increasing efficiency and reducing costs [8][6] Other Important Information - The company has achieved 787 consecutive days without accidents, demonstrating a strong commitment to safety [7][8] - The company has successfully reduced short-term trade finance debt by 43% this year, with a remaining balance of $33.8 million [6][12] Q&A Session Summary Question: Is the current cash balance at $29 million plus $33 million or only $29 million? - The current cash balance is $29 million, while the $33 million refers to bids received for lithium material [29] Question: What is the origin of lithium middlings from the process circuits? - The middlings are processed through the DMS circuit, with a lithium grade ranging from 1% to 1.3% [30] Question: Could you provide more info on the $100 million shareholders credit and the status of your BNDES loan disbursement for phase two? - The company is awaiting a quarter of lithium price stability before greenlighting equipment purchases, with potential disbursement as early as January 2026 [33][39] Question: Will production be fast-tracked if the lithium market tightens? - Yes, the mining upgrade is aimed at matching the plant's capabilities to increase production in response to market conditions [41][42] Question: What is the estimated CapEx for bringing phase two and three online? - The company has a credit signed with BNDES, and proceeds from offtakes will be redirected to fund the growth [46][48] Question: How much working capital will be required to restart the mine in Q1 2026? - The company plans to issue guidance for Q4 and Q1 together, with a focus on mobilizing large tonnage equipment [50][66]

Financial Data and Key Metrics Changes - The company reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 33% increase in pricing compared to the previous quarter [4][5] - Operating margin increased by 42% and net margin increased by 67% year-on-year [6][7] - Cash increased by 42% compared to the last quarter, totaling $21 million, plus $8 million in incremental trade receivables [7][10] Business Line Data and Key Metrics Changes - The company has approximately 1 million tons of dry stacked high-purity materials, which are expected to generate cash from sales [4][11] - The Greentech Plant has achieved a production capacity of 300,000 tons of lithium concentrate, with a recovery rate of 70% [20][22] - The company is in the process of upgrading mining operations to enhance production efficiency [5][23] Market Data and Key Metrics Changes - The current market price for lithium is around $1,000 per ton, with expectations of free cash flow generation of $132 million based on this pricing [18][70] - The company is experiencing a robust pricing environment, with bids for lithium middlings at $120 per ton [31][63] Company Strategy and Development Direction - The company aims to achieve an all-in sustaining cost of $560 per ton for 2026, focusing on increasing production efficiency and reducing costs [14][18] - Plans include finalizing offtake agreements and monetizing existing lithium products to capitalize on the current pricing environment [25][26] - The company is committed to maintaining its position as a low-cost and sustainable producer in the lithium market [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer amidst price volatility [70] - The company is focused on upgrading mining operations to match the capabilities of its Greentech Plant, ensuring a strong operational position [22][70] Other Important Information - The company has achieved 787 consecutive days without accidents, demonstrating operational excellence [8] - Deleveraging efforts have reduced short-term trade finance debt by 43% this year, with a remaining balance of $33.8 million [6][12] Q&A Session Summary Question: Current cash balance clarification - The current cash balance is $29 million, with an additional $33 million in bids for lithium material [29] Question: Origin and grade of lithium middlings - Lithium middlings are processed through the DMS circuit, with a grade range of 1% to 1.3% [30] Question: Status of $100 million shareholder credit and BNDES loan - The company is awaiting a quarter of price stability to greenlight equipment purchases, with plans to utilize large customer balance sheets for disbursement [33][39] Question: Production acceleration if lithium market tightens - The company is upgrading mining operations to match plant capabilities, preparing for increased production in a robust market [41][44] Question: Estimated CapEx for phases two and three - The company has a credit signed with BNDES, and proceeds from offtakes will be redirected to fund growth [46][48] Question: Inventory management strategy - The company plans to monetize all lithium inventory, including high-purity middlings, taking advantage of current prices [59] Question: Working capital required to restart the mine - The increase in cash balance is attributed to final price settlements and monetization of middlings [61][63] Question: Expected lithium concentrate production volume for Q4 2025 - Guidance for Q4 production will be issued once the mobilization curve for large equipment is completed [66][68]

Financial Data and Key Metrics Changes - Sigma Lithium reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 42% increase in cash compared to the previous quarter, resulting in a current cash position of $21 million plus $8 million in trade receivables [6][10] - Operating margin increased by 42% and net margin increased by 67% compared to the same quarter last year [6] Business Line Data and Key Metrics Changes - The company successfully upgraded its mining operations, with the plant restarting operations and the mine expected to resume within two to three weeks [5][24] - Sigma Lithium has approximately 1 million tons of high-purity middlings, which are expected to generate additional cash flow [4][10] Market Data and Key Metrics Changes - The pricing of lithium increased by 33% compared to the previous quarter, with current market prices at $1,700 per ton [5][10] - The company is positioned to benefit from the rising lithium prices, which increased from $700 per ton in mid-third quarter to $1,000 per ton as of November 13 [18] Company Strategy and Development Direction - Sigma Lithium aims to maintain its position as a low-cost and sustainable producer, with plans to upgrade mining operations and expand production capacity [25][27] - The company is negotiating various offtake agreements to secure future sales and funding for expansion [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer in a volatile market [49] - The company plans to continue its focus on operational excellence and sustainability while navigating the lithium price seasonality [27][28] Other Important Information - Sigma Lithium achieved 787 consecutive days without accidents, demonstrating a strong commitment to safety and operational excellence [7] - The company has a significant amount of lithium middlings that are expected to generate substantial cash flow, with current bids at $120 per ton [30][46] Q&A Session Summary Question: What is the current cash balance? - The current cash balance is $29 million, with an additional $33 million in bids for lithium material [29] Question: What is the origin of lithium middlings and their grade? - The lithium middlings are processed through the DMS circuit, with a grade range of 1% to 1.3% [30] Question: What is the status of the $100 million shareholders credit and BNDES loan disbursement? - The company is awaiting a quarter of lithium price stability to greenlight equipment purchases, with potential disbursement as early as January 2026 [31][33] Question: Will production be fast-tracked if the lithium market tightens? - Yes, the mining upgrade is aimed at matching the plant's capacity to take advantage of a robust lithium price environment [34][35] Question: What is the estimated CapEx for bringing phase two and three online? - The total cost to upgrade mining operations is $25 million, fully covered by clients [39] Question: How much spodumene concentrate inventory is there? - The company plans to monetize all existing inventories, including high-purity middlings [44]

Exhibit 99.2 SIGMA LITHIUM CORPORATION UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS) Summary | Description | Page | | --- | --- | | MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING | 1 | | Unaudited Condensed Interim Consolidated Statements of Financial Position | 2 | | Unaudited Condensed Interim Consolidated Statements of Income (Loss) | 3 | | Unaudited Condensed Interim Consol ...

Core Insights - Sigma Lithium Corporation reported significant revenue growth in Q3 2025, with net revenues increasing by 69% quarter-over-quarter and 36% year-over-year, driven by effective commercialization strategies and improved sales volumes [5][6]. Operational and Financial Metrics - Production volume decreased to 44.0 Kt in Q3 2025, down 36% from Q2 2025 and 27% from Q3 2024 [3]. - Sales volume increased to 48.6 Kt in Q3 2025, a 21% increase from Q2 2025 but a 15% decrease from Q3 2024 [3]. - Average net realized price rose to US$586 per tonne, a 40% increase quarter-over-quarter and a 61% increase year-over-year [3]. - EBITDA improved to -US$6.2 million in Q3 2025, a 64% improvement from -US$17.1 million in Q2 2025 [3]. - Cash and cash equivalents decreased to US$6.1 million, a 60% decline from Q2 2025 and a 91% decline from Q3 2024 [3]. Revenue Growth and Strategy - The company generated US$24 million from final price settlements in Q3 2025, with an additional US$4 million expected from incremental settlements [5]. - A total of US$33 million is anticipated from the sale of 950,000 tonnes of high purity lithium materials [5]. - The successful commercialization strategy allowed Sigma Lithium to navigate lithium price fluctuations effectively [6]. Mining Operations and Upgrades - Mining operations are expected to restart by the end of November 2025, with a full ramp-up anticipated by Q1 2026 [5][8]. - The company plans to upgrade mining operations by increasing equipment size and fully digitalizing controls [8]. - The Greentech industrial plant has achieved over 70% recovery levels since January 2025, with plans to reach full capacity of 300 Kt in 2026 [7][8]. Cash Position and Deleveraging - As of September 30, 2025, Sigma Lithium had cash and cash equivalents of US$6.1 million, with an additional US$20 million from trade receivables [9]. - The company converted trade account receivables into US$21 million in cash, improving liquidity significantly [10]. - Short-term trade finance debt was reduced by 38% to US$37 million as of September 30, 2025, with plans to decrease it further [11].

当前，Sigma不仅面临电池金属价格走弱的压力，还承受着投资者更严格的审视。截至目前，公司未立 即回应置评请求。 继2024年市值缩水64%后，Sigma今年股价跌幅已超过50%。全球锂市场持续动荡，电动汽车需求增长 不及预期，叠加美国总统特朗普重塑全球最大经济体的清洁能源政策，使行业雪上加霜。 上周一，BMO Capital Markets加入越来越多分析师的悲观阵营，纷纷下调展望。此举源于Sigma上月突 然更换采矿承包商，公司声称此举是为提升巴西旗舰矿场效率而采取的措施。但分析师指出，启用大型 卡车和设备现代化的计划可能导致资本支出增加，并拖累扩建项目进度。 BMO分析师Joel Jackson在给客户的报告中写道："我们尚不确定近期股价波动的具体原因，但已知市场 对采矿承包商更换、资产负债表状况等问题存在诸多疑问，这导致Sigma在本轮锂矿股反弹中表现落 后。" 早在今年8月，美国银行就发出预警，强调供应商账款延期支付可能带来的连锁反应。上月末，该行已 将Sigma股票评级从"买入"下调至"中性"。 昔日锂矿明星股Sigma Lithium Corp.(SGML.US)正深陷困境：市场对其短期产能的信 ...

Core Insights - Sigma Lithium is transitioning from a promise-driven narrative to a fully operational phase, indicating a significant shift in its business model and market positioning [1]. Company Analysis - The company is moving away from speculative growth stories and is now focused on establishing real operational capabilities, which may enhance its credibility and attract long-term investors [1]. Market Context - The analysis reflects a broader macroeconomic perspective, emphasizing the importance of understanding local and global trends in the investment landscape, particularly in dynamic markets like Argentina [1].

Core Insights - Sigma Lithium Corporation has been added to the Morgan Stanley National Security Stock Index, highlighting its role in the lithium supply chain for electric vehicles and energy storage systems [1][2]. Company Overview - Sigma Lithium is a leading global lithium producer focused on sustainable lithium concentrate for batteries [4]. - The company operates one of the largest lithium production sites globally, specifically the Grota do Cirilo Operation in Brazil, which is the fifth-largest industrial-mineral complex for lithium oxide [5]. Production Capacity - Sigma Lithium currently produces 270,000 tonnes of lithium oxide concentrate annually, equivalent to approximately 38,000–40,000 tonnes of lithium carbonate equivalent (LCE) [6]. - The company is constructing a second plant aimed at doubling its production capacity to 520,000 tonnes of lithium oxide concentrate, which translates to approximately 77,000–80,000 tonnes of LCE [6]. Sustainability Commitment - Sigma Lithium emphasizes environmental and social sustainability, producing "Quintuple Zero Green Lithium," which is characterized by zero carbon emissions, zero coal power, zero tailings dams, zero use of potable water, and zero hazardous chemicals [5]. Industry Context - The Morgan Stanley National Security Index includes other prominent U.S.-listed companies involved in strategic materials, such as Albemarle (lithium), Freeport-McMoRan (copper), and Tesla (technology, batteries), indicating a focus on companies that contribute to national security and supply chain resilience [2][3].

Core Viewpoint - Sigma Lithium Corporation (NASDAQ:SGML) is recognized as one of the best small-cap EV stocks to buy, with analysts maintaining a bullish outlook despite recent earnings misses [1][3]. Financial Performance - The company reported a revenue of $16.88 million for Q2 2025, which is a decline of 63.26% and fell short of expectations by $19.74 million [2]. - The earnings per share (EPS) was negative $0.17, missing the consensus by $0.09 [2]. - Despite the disappointing financial results, the stock has appreciated over 24% since the earnings release on August 14, attributed to exceeding lithium oxide concentrate production targets [2]. Production and Strategy - Sigma Lithium achieved a production of 68,368 tons of lithium oxide concentrate in Q2 2025, marking a 38% year-over-year increase and surpassing the target of 67,500 tons [2]. - Management indicated that the revenue decline was a result of a strategic decision to withhold products during periods of market volatility [3]. Analyst Ratings - Rock Hoffman from Bank of America Securities reiterated a Buy rating on Sigma Lithium with a price target of $12 on September 26 [4]. - Joel Jackson from BMO Capital Markets also maintained a Buy rating with the same price target of $12 on August 15 [4].

Core Insights - Sigma Lithium Corporation has been recognized for its sustainability excellence in a key industry report, highlighting its commitment to environmentally and socially responsible lithium production [1][2][3] Sustainability Recognition - The report titled "Climate and Nature Solutions in Brazil" acknowledges Sigma Lithium as a global reference in green lithium production, utilizing 100% renewable energy and achieving 90% water recirculation [2][3] - Sigma Lithium employs a "Quintuple Zero" approach, which aims to produce lithium without the use of dams, chemicals, carbon emissions, fossil energy, and water consumption [3] Mining Operations Upgrade - Sigma Lithium is upgrading its mining operations to enhance efficiency, as mining operations account for over 66% of the company's plant gate costs [4] - The upgrade aims to reduce overall plant gate costs by approximately 20% and improve production capacity at the Greentech industrial plant [5][6] - The company plans to modernize mining equipment and improve mine geometry to support a second Greentech plant scheduled for 2026 [7][8] Engagement in Global Energy Transition - Sigma Lithium actively participates in high-level dialogues during Climate Week NY, focusing on sustainable mineral supply chains and global decarbonization goals [9][10] - The company's leadership team engages in various forums to discuss the intersection of finance, policy, and industry in the context of the energy transition [10][12] Production Capacity - Sigma Lithium currently produces 270,000 tonnes of lithium oxide concentrate annually, with plans to double this capacity to 520,000 tonnes through the construction of a second plant [16]