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Sigma Lithium shares jump as it posts first quarterly profit

Sigma Lithium shares jump as it posts first quarterly profit
Mining News Pro - Sigma Lithium reported on Wednesday a revenue of $97 million for the third quarter of 2023, marking the company’s first revenue-generating quarter.

The miner reported on Wednesday sales of 38,000 tonnes of lithium concentrate and 16,500 tonnes of lithiated byproducts in Q3 2023.

Adjusted underlying earnings (EBITDA) totaled $54.6 million, for an adjusted EBITDA margin of 56%. It also achieved net income of $36.4 million and a net profit margin of 37%.

For the full year, the company expects lithium concentrate production of 130,000 tonnes.

Sigma said it achieved operational net-zero carbon emissions for all three of its shipments to date through the implementation of its environmentally sustainable production methods and the purchase of carbon credits.

The company said it continues to progress towards completing its definitive feasibility study and final investment decision for its Phase 2 and 3 expansions.

The expansion would lift the Greentech plant’s nameplate throughput potential to 766,000 tonnes from the current level of 270,000 tonnes.

The Greentech plant, located at Sigma’s Grota do Cirilo mine in Minas Gerais state, is the first lithium facility in the world to produce chemical-grade lithium concentrate without a tailings dam and with 100% reuse of the water utilized in the processing.

Sigma expects to produce 270,000 tonnes of lithium concentrate in its first year of full operation – over twice the 112,000 tonnes of lithium concentrate produced in all of Brazil last year, according to the Brazilian Mining Association.

Sigma shares were up 11% by 10:50 am EDT. The lithium developer has a market capitalization of C$4.08 billion ($2.9bn).

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