Disclaimer No Offer or Solicitation Regarding Securities Fourth Quarter 2025 Earnings Release Presentation 30th of March 2026 : SGML : SGML : S2GM34 This presentation has been prepared by Sigma Lithium Corporation ("Sigma") for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Sigma or its affiliates in any jurisdiction, including but not limited to Canada and the United States. The contents of this presentation should not be in ...

Summary of Conference Call Notes on Lithium Supply and Market Dynamics Industry Overview - **Industry**: Lithium Mining and Supply - **Key Region**: Zimbabwe, with implications for the global lithium market Core Insights and Arguments 1. **Zimbabwe's Export Suspension**: On February 25, 2026, Zimbabwe suspended exports of all raw materials and lithium concentrates, which will remain in effect until further notice. A 10% export tax was imposed on 2026 concentrate exports, and a ban on lithium concentrate exports is set to begin on January 1, 2027, to promote domestic processing capabilities [1][2] 2. **Projected Production Levels**: Chinese producers expect aggregated production in Zimbabwe to reach 213kt-LCE in 2026 and 248kt-LCE in 2027, accounting for 10% and 9% of total global lithium supply, respectively. However, uncertainties regarding export license approvals and production capacity suggest effective supply could range from a bear case of 101kt-LCE in 2026 to 128kt-LCE in 2027, indicating a potential global supply reduction of up to 5% [2][8] 3. **Impact of Export License Delays**: All producers are currently applying for new export licenses, with expectations to complete the process in 2-4 weeks. Mining operations remain normal despite the suspension of exports [7] 4. **Lithium Sulfate Capacity**: Major producers are constructing lithium sulfate plants in Zimbabwe, which are expected to contribute significantly to exports. Current construction plans indicate a capacity of 128kt-LCE per annum if completed, which could represent nearly half of Zimbabwe's total concentrate production [7][8] 5. **Cost Implications**: The production of lithium sulfate is expected to incur high costs due to sulfuric acid prices, currently at US$300/t. This could offset transportation cost savings, leading to a net impact of nearly zero for petalite and an increase of US$800/t-LCE for spodumene in terms of unit cost for lithium carbonate [8][12] 6. **Market Deficits and Surpluses**: The China lithium market is projected to remain at a 19% deficit as of December 2025. The global lithium market is expected to be tight in the first half of 2026, transitioning to a surplus of 0-13% in the second half of 2026 and 21% in 2027. The potential lower supply from Zimbabwe could tighten balances by up to 9% in the second half of 2026 and 5% in 2027 [8][19] Additional Important Points 1. **Zimbabwe's Contribution to China’s Lithium Imports**: In 2025, spodumene imports from Zimbabwe accounted for 15% of total lithium imports into China [9] 2. **Cost Structure Analysis**: The estimated cost impact for Zimbabwe's integrated lithium projects could range from -9% to +10% based on various factors including sulfuric acid prices and transportation costs [12][18] 3. **Valuation of Lithium Companies**: The report includes a valuation of various lithium companies, with several rated as "Sell" based on their market performance and projected financial metrics [21] 4. **Potential Conflicts of Interest**: The report notes that Goldman Sachs may have conflicts of interest due to its business relationships with companies covered in the research [3] This summary encapsulates the key points from the conference call regarding the lithium market dynamics, particularly focusing on the implications of Zimbabwe's export policies and production forecasts.

Core Viewpoint - The lithium battery sector experienced a significant decline, with major companies like Yahua Group and Shengxin Lithium Energy seeing substantial stock drops following Zimbabwe's announcement to suspend all raw mineral and lithium concentrate exports, impacting the global lithium supply chain [1] Group 1: Market Impact - On February 26, Yahua Group's stock hit the limit down, closing at a decrease of 8.76%, while Shengxin Lithium Energy fell by 6.50% [1] - The export ban from Zimbabwe, which has an estimated lithium resource reserve of 126 million tons, is expected to affect companies involved in lithium mining and production in the region, altering the global lithium supply landscape [1] Group 2: Company Responses - In response to investor concerns, Yahua Group stated that the export ban would not impact its normal production and operations, as their projects in Zimbabwe comply with the new regulations [1] - Yahua Group has already resubmitted its export application and anticipates approval within 1-2 weeks, ensuring continued operations [1] - The Zimbabwean government is encouraging Chinese companies to expedite the construction of lithium sulfate plants, with Yahua's project already underway [1]

Core Viewpoint - The Zimbabwean government has announced an immediate suspension of all raw material and lithium concentrate exports, which will significantly impact the global lithium supply chain and potentially drive lithium prices higher [1] Group 1: Export Regulations - Zimbabwe's export ban includes all shipments in transit and restricts exports to companies with valid mining rights and approved processing plants [1] - Companies must submit a recommendation from provincial mining offices regarding processing capacity and compliance when applying for export permits [1] - Violators of the new regulations may face revocation of export licenses and mining rights [1] Group 2: Impact on Lithium Supply - According to CITIC Securities, 19% of China's lithium concentrate imports are sourced from Zimbabwe, and the country is expected to account for 12% of global lithium resource output by 2026 [1] - The export ban is anticipated to exacerbate the short-term supply shortage of lithium carbonate in China, likely leading to a significant increase in lithium prices [1] Group 3: Investment Opportunities - The New Energy Vehicle ETF (515030) is currently the largest themed ETF in the market, tracking the CSI New Energy Vehicle Index [1] - The ETF includes stocks from companies involved in lithium batteries, charging stations, and new energy vehicles, with a high weight of 79.98% in lithium battery concepts [1] - Major holdings in the ETF include industry leaders such as CATL (300750), Huayou Cobalt (603799), EVE Energy (300014), Ganfeng Lithium (002460), and Zhongmin Resources (002738) [1]

Operational Update and Business Strategy February 2026 : SGML : SGML : S2GM34 Disclaimer No Offer or Solicitation Regarding Securities This presentation has been prepared by Sigma Lithium Corporation ("Sigma") for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Sigma or its affiliates in any jurisdiction, including but not limited to Canada and the United States. The contents of this presentation should not be interpreted as f ...

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]

Financial Performance - The company's plant gate cost decreased by 4% from $364/t in 2Q24 to $348/t in 2Q25[28] - CIF cash cost with royalties decreased by 14% from $515/t in 2Q24 to $442/t in 2Q25[28] - All-in sustaining costs decreased by 24% from $779/t in 2Q24 to $594/t in 2Q25[28] - Short-term trade finance debt decreased by 57% from $101 million in 2Q24 to $43 million in 2Q25[29] - Gross sales revenue was $211 million in 2Q25[32] Production and Sales - Production volume increased by 40% from 49,389t in 2Q24 to 68,368t in 2Q25[28] - The company is on track to deliver 270kt annualized production in FY25E, a 13% increase from 240kt in FY24[28] - Sales volumes were 40,350t in 2Q25[32] - The average provisional price for 2Q25 was $637/t, with a net price of $507/t after adjustments[32] Expansion and Strategy - Phase 2 expansion is underway, leveraging existing infrastructure from Plant 1[34] - The company is pursuing a geographically diversified offtake strategy targeting 240,000t per year with potential prepayment value of $300 million[51] - Sales in August achieved final prices of $966/t (SC6)[18]

Core Viewpoint - The overseas lithium market in Q1 2025 remains resilient under continuous price pressure, with Australian mining expansion slowing and South American salt lakes operating steadily due to cost advantages. The negative feedback from declining lithium prices on upstream supply is beginning to show [1] Group 1: Australian Lithium Mining - In Q1 2025, tracked Australian lithium mines produced approximately 732,000 tons of spodumene concentrate, a decrease of about 9% quarter-on-quarter [2] - Many Australian lithium mines adopted production cuts or slowed expansion to cope with high costs and low prices, leading to a significant decline in overall output [2] - The average FOB cost for sample mines decreased by 10% to $418 per ton, while the average realized price increased by 4.75% to $833 per ton, slightly alleviating profit pressure for producers [2] Group 2: South American Salt Lakes - South American salt lake companies demonstrated stronger operational resilience due to their cost advantages, with SQM achieving its highest Q1 sales of 55,000 tons of LCE [3] - Lithium Argentina's C-O salt lake operations met expectations, with Q1 lithium carbonate production increasing by 60% year-on-year to 7,200 tons [3] - South American salt lakes maintain considerable profitability and cash flow due to their significantly lower cost structure compared to hard rock lithium projects [3] Group 3: Supply and Demand Dynamics - The reduction in production from major overseas lithium mines has not fundamentally reversed the short-term oversupply situation, and inventory digestion will require time [3] - It is anticipated that downstream demand will seasonally recover in Q3 2025, which, along with the ongoing effects of production cuts, may support lithium prices in the second half of the year [3]