Core Insights - Sigma Lithium Corporation reported its financial results for the first quarter of 2024, highlighting significant operational milestones and financial performance improvements [3][4]. Financial Performance - Reported revenue for Q1 2024 was $37.2 million, a slight decrease from $37.7 million in Q4 2023 [5][14]. - Average reported selling price increased to $704 per tonne in Q1 2024, up from $583 per tonne in Q4 2023 [5]. - Adjusted EBITDA for Q1 2024 was $5.9 million, reflecting a margin of 15.8%, compared to $1.3 million in Q4 2023 [9][10]. - Net income for the quarter was a loss of $7.0 million, an improvement from a loss of $9.5 million in the previous quarter [10][26]. Production and Sales Metrics - Lithium concentrate production totaled 54,168 tonnes in Q1 2024, down from 59,938 tonnes in Q4 2023 [5][11]. - Sales volumes for Q1 2024 were 52,857 tonnes, compared to 64,670 tonnes in Q4 2023 [5]. - The company achieved a premium price of $1,290 per tonne for its Quintuple Zero Green Lithium in May 2024, marking an 11% increase from April [6][15]. Operational Developments - The company made a final investment decision to construct a second Greentech plant, which will double production capacity to 520,000 tonnes annually by 2025 [4][12]. - Proven and probable mineral reserves at Grota do Cirilo increased by 40% to 77 million tonnes, extending the operational life to 25 years [4][6]. Cost Management - Reported cash costs for lithium concentrate production averaged $397 per tonne in Q1 2024, down 16% from $462 per tonne in Q4 2023 [8][14]. - The company is on track to meet its cost guidance of $370 per tonne at the plant gate and $420 per tonne FOB [14][20]. Balance Sheet and Liquidity - Sigma Lithium ended Q1 2024 with $108.2 million in cash and cash equivalents, a significant increase from $48.5 million at the end of Q4 2023 [18]. - Total liabilities stood at $201 million, including $89 million in drawn and available liquidity through trade finance lines [18][19].
SIGMA LITHIUM REPORTS 1Q 2024 RESULTS: MAY SHIPMENT PRICED AT $1,290, INCREASED 25% FROM 1Q; PRODUCTION COSTS AT $397/t, 2ND LOWEST IN INDUSTRY