15 Apr 2024production update▲ Good
Loaded the eighth 22,000 tonne shipment at the US$1,333 a tonne fixed price with 85% prepaid.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Apr 2024listing compliance notice▼ Bad
Received a Nasdaq letter over the late Form 40-F, the second year running that the annual filings have slipped past their deadline, and said the filing was expected by the end of April. The same release announced the expansion of a forest conservation programme to 7 square kilometres.
28 Mar 2024production update▲ GoodMajor
Sold its eighth cargo of 22,000 tonnes at a fixed US$1,333 a tonne including 13% Brazilian tax, US$1,160 net, with 85% prepaid - a final rather than provisional price, set by closed private bidding and equal to about 8.75% of the lithium hydroxide index.
21 Mar 2024resource reserve update● Neutral
Set the date for 2023 results and confirmed the filing of the updated technical report with the new resource estimate.
20 Mar 2024other material event▼ BadMajor
LG Energy Solution began arbitration at the International Centre for Dispute Resolution, alleging Sigma breached the October 2021 offtake term sheet. That term sheet was expressly conditional on negotiating definitive agreements, which never happened; Sigma says the claims have no merit. The flagship customer of 2021 is now a litigant.
19 Mar 2024resource reserve update● Neutral
The technical report behind the 109 million tonne resource, effective 18 January 2024.
8 Mar 2024debt financing▲ GoodMajor
Closed US$90 million of trade finance lines - Citibank US$50 million, Santander US$20 million, Banco do Brasil US$10 million and XP US$10 million - and loaded another 22,000 tonnes to Glencore, this time with 85% prepaid rather than 50%.
26 Feb 2024investor presentation▲ Good
Gave unit cost guidance of US$370 a tonne at the plant gate, US$420 free on board at Vitoria and US$510 delivered to China.
15 Feb 2024debt financing▲ GoodMajor
Brazil's development bank BNDES issued a letter of intention to lend against the second plant, whose construction and engineering cost is put at R$492.4 million, about US$100 million. A state lender funding the expansion is a different kind of backing from the equity and prepayments used so far.
7 Feb 2024production update● Neutral
Shipped 22,000 tonnes with Glencore prepaying half, but at 7.5% of the lithium hydroxide price rather than the 9% obtained on the three previous cargoes.
31 Jan 2024resource reserve update▲ GoodMajor
Audited resource up 27% to 109 million tonnes: 94.3 million measured and indicated at 1.40% lithium oxide and 14.6 million inferred at 1.37%, against the January 2023 report. Grade held while scale grew, and the company expects to reach 150 million tonnes.
31 Jan 2024production update▲ GoodMajor
The plant sustained its design rate of 270,000 tonnes a year through December, completing the first year of production, with another 22,000 tonne Glencore shipment loading.
18 Dec 2023other material event● NeutralMajor
The sale process moved into contractual negotiation with finalists and slipped into the new year, and Sigma began preparing a primary listing of the Brazilian subsidiary on Nasdaq and in Singapore so that the Brazilian company could be sold or listed on its own.
6 Dec 2023regulatory community update● Neutral
Appeared at COP28 for a fourth consecutive climate conference.
27 Nov 2023production update▲ Good
Loaded a fourth 22,000 tonne shipment to Glencore on the same 50% prepayment and 9% pricing terms.
3 Nov 2023drilling progress report▲ GoodMajor
Phase 4 exploration results point to a resource about 25% larger, above 110 million tonnes, with up to 20 million tonnes more identified in a further pegmatite. Framed as potential rather than an estimate at this stage.
1 Nov 2023other material event● NeutralMajor
The sale process reached a final round with bidders forming consortiums, and the company said it aimed to conclude by year end and that the remaining parties had agreed in principle to keep its sustainability model.
31 Oct 2023production update▲ Good
Received Glencore's 50% prepayment on the third 20,000 tonne shipment, again at 9% of the lithium hydroxide price.
27 Oct 2023director officer appointment● Neutral
Hired Matthew DeYoe from Bank of America, where he covered lithium, as executive vice president for corporate affairs, and Alexandre Mattos from Kinross as environmental director.
17 Oct 2023production update▲ Good
Readied a third shipment of 20,000 tonnes at port, with all three plant circuits running.
13 Oct 2023other● Neutral
Chief executive Ana Cabral was named mining person of the year by a trade publication.
6 Oct 2023director officer appointment● Neutral
Promoted its directors of mining, processing and geology to co-general managers.
2 Oct 2023production update▲ GoodMajor
Hit a record 890 tonnes a day, an annualised 320,000 tonnes, running at 88% utilisation against an 85% design assumption and at full design throughput, with 2023 guidance of 130,000 tonnes intact.
29 Sept 2023regulatory community update▼ BadMajor
Denied press reports of an injunction, saying the Brazilian courts had approved the transfer of two exploration sub-plots from RIX to Sigma Brazil subject to conditions, and that these do not impede the Phase 2 and 3 expansion. The first title or permitting friction to appear in this record, and it arrived while the company was in a sale process.
22 Sept 2023other● Neutral
Rang the Nasdaq opening bell during New York climate week.
21 Sept 2023production update▲ GoodMajor
Shipped 22,500 tonnes to Glencore with 50% prepaid at a provisional 9% of the lithium hydroxide price - the start of a repeating pattern of Glencore prepayments that funded working capital.
13 Sept 2023other material event● NeutralMajor
The board disclosed that it had received multiple proposals for the Brazilian operating company, for the Canadian parent and for the project itself, from companies in the energy, automotive, battery and lithium refining industries, and had begun a strategic review. Five months after first production the company put itself up for sale.
1 Sept 2023auditor change● Neutral
Changed auditor from KPMG LLP in Canada to KPMG's Brazilian firm, the former auditor simply not being put up for re-appointment at the June 2023 meeting. No modified audit opinion had been issued.
26 July 2023production update▲ GoodMajor
Shipped 30,000 tonnes of concentrate and by-products, and said the first shipment was carbon neutral after offsets, sold at a premium and operationally profitable. First revenue at scale, three months after first production.
28 June 2023investor presentation● Neutral
Presented at a J.P. Morgan energy and renewables conference.