14 June 2023investor presentation● Neutral
Sponsored an Aspen Institute and Columbia University energy forum.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 June 2023resource reserve update● Neutral
The amended and restated technical report, effective 31 October 2022 and reissued 12 June 2023.
13 June 2023annual report▼ BadMajor
Filed the delayed 2022 accounts. Cash was C$96.4 million at 31 December 2022 and C$67.1 million by 9 June 2023 - a third of the balance gone in five months as the plant was commissioned. The same filing carries an amended and restated technical report.
6 June 2023regulatory community update● Neutral
The chief executive attended a World Environment Day ceremony with President Lula and the environment minister. No company development.
26 May 2023material agreement▲ GoodMajor
Received its first revenue: a payment under a three-year offtake covering all of its tailings, which run about 1.3% lithium oxide, alongside a spot sale of 15,000 tonnes of concentrate priced at 9% of the lithium hydroxide index. Selling the waste stream as a product is what the company means by zero tailings.
12 May 2023regulatory community update▲ Good
Rang the Nasdaq bell with the governor of Minas Gerais and Brazil's deputy energy minister to launch a "Lithium Valley Brazil" initiative. The state and federal governments are publicly aligned with the project.
28 Apr 2023other▲ Good
Trucked the first product to Vitoria port - four trucks carrying about 146 tonnes of concentrate and six of dry-stacked tailings - ahead of a 15,000 tonne shipment of each in May.
17 Apr 2023production update▲ GoodMajor
First production. The dense media separation circuit was commissioned and Phase 1 construction finished, with the plant running at 75% of nameplate and full capacity expected by July. Sigma went from mobilising to site in November 2021 to producing lithium concentrate in April 2023.
11 Apr 2023regulatory community update▲ GoodMajor
The environmental operating licence was granted on 31 March 2023 by unanimous vote of the Minas Gerais mining chamber, including every NGO member, and issued by the state regulator COPAM - the final step of environmental licensing. Sixteen months from first mobilisation to an operating licence, with no opposition recorded on the vote.
11 Apr 2023late filing notice▼ Bad
Warned that its 2022 annual filings, due 31 March, would be late because moving into commercial production and installing a new accounting system required extra audit work. Reports nothing about production itself.
14 Feb 2023other▲ GoodMajor
Finished commissioning the crushing circuit and the water pumping system, stayed on track for April production, and began detailed engineering to expand the plant from 270,000 to 760,000 tonnes a year.
23 Jan 2023other▲ GoodMajor
Started commissioning the dense media separation module a month early and within budget, with first ore crushed expected in mid-February.
20 Jan 2023resource reserve update▲ GoodMajor
Filed the production expansion report. It describes the reserve increase as 60%, where the December release said 63%, and confirms the US$15.3 billion value and US$155 million of expansion capital.
17 Jan 2023resource reserve update● Neutral
The updated technical report, effective 31 October 2022, behind the expansion study.
20 Dec 2022other▲ GoodMajor
Started commissioning the first module of the plant - the crushing circuit - on schedule and within budget, with the dense media separation circuit to follow in February and commercial production still planned for April 2023.
19 Dec 2022debt financing● NeutralMajor
The debt itself: a US$100 million pre-export financing agreement dated 3 December 2022, borrowed by the Brazilian operating subsidiary Sigma Mineracao S.A., guaranteed by the parent, and lent by Synergy Acquisitions Holding Ltd.
5 Dec 2022other● Neutral
Flagged appearances at two New York bank conferences in December.
5 Dec 2022debt financing▲ GoodMajor
One filing, three things: reserves up 63%, an expansion study putting Phases 1 to 3 together at an after-tax value of US$15.3 billion for US$155 million of expansion capital, and US$100 million of debt secured. The expansion would take output from 270,000 to 768,000 tonnes a year of concentrate.
18 Nov 2022other▲ GoodMajor
Construction reached 94% of concrete and 76% of steel, with commissioning to start in December 2022 and commercial production planned for April 2023.
15 Sept 2022director officer appointment● Neutral
Appointed Dana Perlman as a third independent director, taking the board to half independent.
9 Aug 2022resource reserve update● Neutral
Confirmed the filing of the Phase 3 report supporting June's 50% resource increase to 86 million tonnes at the wholly owned Grota do Cirilo project.
8 Aug 2022resource reserve update● Neutral
The Phase 3 resource technical report, effective 30 May 2022.
13 July 2022regulatory community update▲ GoodMajor
Construction reached 25% and remained on schedule and budget for commissioning by December 2022, with about 600 people expected on site at peak. The release also reported favourable regulatory progress.
22 June 2022resource reserve update▲ GoodMajor
Raised the total resource about 50% to 85.7 million tonnes from 58.9 million: 73.6 million tonnes measured and indicated at 1.43% lithium oxide and 12.1 million inferred at 1.45%, the increase coming from 27 million tonnes at 1.49% in the Phase 3 area.
27 May 2022resource reserve update● Neutral
The technical report itself - Phase 1 definitive feasibility and Phase 2 pre-feasibility, effective 24 February 2022.
26 May 2022resource reserve update▲ GoodMajor
Filed the technical report for the combined Phase 1 and 2 project: after-tax value of US$5.1 billion, average free cash flow of US$595 million a year over thirteen years, 531,000 tonnes a year of concentrate and cash costs of US$454 a tonne delivered to China.
3 May 2022resource reserve update▲ GoodMajor
Updated the feasibility study: Phase 1 alone at an after-tax value of US$1.6 billion, a 424% return and a four-month payback, with reserves up 2.6 times to 34 million tonnes and combined Phase 1 and 2 capacity of 450,000 tonnes a year. Returns of that order describe a small, cheap, high-grade starter pit rather than a mine of Phase 1's eventual size.
24 Mar 2022other● Neutral
An update on community programmes: about 300 people employed on site, 72% of them from the Jequitinhonha region, plus food relief and childcare sponsorship. Local support is a deliberate part of how this project keeps its licence.
24 Feb 2022other● Neutral
Noted its inclusion in a Bank of America research list of fifty stocks exposed to scarcity themes. No company development.
28 Dec 2021substantial holder notice● Neutral
An early warning report covering a private disposition of Sigma shares on 23 December 2021 by the A10 Investimentos fund, whose manager's principals are described in the filing as directors, officers or indirect significant shareholders of Sigma. A related-party holding sits alongside the outside institutions in the register.