Group 1 - Sigma Lithium Corporation is focusing on operating costs and cash flow management while executing capacity expansion [1] - The current lithium concentrate prices are expected to positively impact the company's operations [1] Group 2 - The analyst has extensive experience across various industries, including airlines, oil, retail, mining, fintech, and e-commerce [1] - The analyst has lived through multiple crises, which contributes to a broad base of experience applicable across different disciplines [1]

Group 1 - Sigma Lithium Corporation is focusing on operating costs and cash flow management while executing capacity expansion [1] - The current lithium concentrate prices are expected to positively impact the company's operations [1] Group 2 - The analyst emphasizes the importance of experience in analyzing diverse industries and macroeconomic factors [1] - The company has a history of navigating through multiple crises, which contributes to its strategic insights [1]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

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].

Core Viewpoint - Sigma Lithium Corp. is facing significant challenges, with market confidence in its short-term production capacity waning and potential delays in key expansion projects [1][2]. Group 1: Stock Performance - Sigma's market value has evaporated by nearly one-third, marking the worst two-day decline in 21 months [1]. - The company's stock price has dropped over 50% this year, with a 64% decrease in market value projected for 2024 [2]. - As of this week, Sigma's stock is one of the worst performers in the lithium mining index, with a more than 7% drop on Tuesday [1]. Group 2: Analyst Sentiment - BMO Capital Markets has joined other analysts in downgrading Sigma's outlook, citing concerns over the recent change in mining contractors and its impact on capital expenditures and project timelines [1]. - Analyst Joel Jackson expressed uncertainty about the reasons behind the recent stock price volatility, highlighting market doubts regarding the contractor change and the company's balance sheet [1]. Group 3: Market Conditions - Sigma is under pressure from declining battery metal prices and stricter scrutiny from investors [2]. - The global lithium market is experiencing turmoil, with electric vehicle demand growth falling short of expectations, compounded by changes in U.S. clean energy policies [2]. Group 4: Upcoming Events - Sigma is scheduled to release its third-quarter financial report on November 14, Eastern Time [3].

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].