Sigma Lithium (NASDAQ: SGML, TSXV: SGML) has reached its second shipment target after trucking 15,000 tonnes of battery-grade lithium concentrate and 30,000 tonnes of byproducts to Vitoria Port in Brazil.
It follows the first shipment made on July 27, consisting of 15,000 tonnes of lithium and 16,500 tonnes of byproducts, at a price of approximately $3,500 per tonne and $350 per tonne, respectively.
These shipments were produced at Sigma’s Greentech plant at Grota do Cirilo, the first lithium project in the world without a tailings dam. First production was achieved at the Phase 1 plant in April 2023.
With the completion of two shipments, Sigma says it remains on track to achieve its 2023 lithium production guidance of 130,000 tonnes, with consistent annualized production of 270,000 tonnes expected by the end of Q3 2023.
As production at the Greentech Plant continues to ramp up, Sigma expects to execute upcoming shipments including 15,000 tonnes of lithium in early September, 30,000 tonnes of byproducts by mid-September, and 18,000 tonnes of lithium by the end of September.
The company said it also expects to begin recognizing revenue from the sale of its lithium concentrate and byproducts in Q3 2023, resulting in a positive operating profit for that quarter, as revenues from the sale of its products are expected to exceed operating costs.
Sigma is advancing plans to triple production capacity and expects to have Phases 2 and 3 reach full production capacity in 2024, which would position the company as one of the world’s largest lithium producers, it said.
Meanwhile, Sigma also closed the first Green ACE Credit Line with Santander Brazil for R$50 million ($10 million). This, according to the company, demonstrates its operational and credit strength and ESG reputation in Brazil.
Shares of Sigma Lithium shot up 4.9% by 12:30 p.m. EDT, giving the green lithium producer a market capitalization of C$4.8 billion ($3.5bn).
