UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number: 001-40786
Sigma
Lithium Corporation
(Translation of registrant's name into English)
2200 HSBC Building
885 West Georgia Street
Vancouver, British Columbia
V6C
3E8
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation
S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation
S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document
that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is
incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country
exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required
to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject
of a Form 6-K submission or other Commission filing on EDGAR.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
|
Sigma Lithium Corporation |
| |
|
(Registrant) |
| |
|
|
| Date: August 16, 2024 |
|
 |
| |
|
Ana Cristina Cabral Gardner |
| |
|
Chief Executive Officer |
Exhibit 99.1
SIGMA LITHIUM
ANNOUNCES 2Q 24 RESULTS: REDUCED CASH COSTS BY 22%, INCREASED FOB MARGINS TO 54%
ACHIEVING GUIDANCE
AHEAD OF SCHEDULE
2Q OPERATIONAL
HIGHLIGHTS (USD)
| · | Sigma
Lithium achieved “all-around” operational efficiency in 2Q24, reaching
metrics of larger seasoned producers: |
| o | Further
increased cadence of volumes sold of Quintuple Zero High Purity Lithium Concentrate (“5.0
Green Lithium”) |
| o | Achieved
sales volumes of 52,572t in 2Q24 |
| · | The
Company expects total production of 5.0 Green Lithium in 3Q 24 of 60,000t |
| · | Continues
to increase sales price premium relative to peer lithium producers: |
| o | Maintained
average of 10% price premiumization year to date |
| · | Established
track record of delivering high quality lithium materials to leading supply chains, increasing
commercial assertiveness and flexibility |
| o | Diversified
commercial relationships by selling and engaging with new South Korean industrial, trading
and battery manufacturing companies |
| o | Sigma’s
11th shipment sold to a large Japanese large industrial conglomerate |
| · | Implemented
culture of excellence and high standards, driving overall productivity and top global indexes
of employee safety & health: |
| o | 1
Year: ZERO fatalities, ZERO acidentes |
| o | 2nd
place amongst world’s largest metals and mining companies (ICMM ranking) |
2Q FINANCIAL
HIGHLIGHTS (USD)
| · | Revenues
from volumes of lithium concentrate sold in 2Q totaled $54.4 million |
| o | Reported
revenue totaled $45.9 million |
| · | Achieved
cost guidance ahead of schedule: 22% reduction in unit cash costs year to date, amongst the
lowest in the sector |
| o | CIF
equivalent (1) cash costs of $515/t / (2024 Guidance: $510/t) |
| o | FOB
cash costs of $424/t / (2024 Guidance: $420/t) |
| o | Cash
costs at industrial plant gate averaging $364/t / (2024 Guidance: $370/t) |
| · | Robust
adjusted cash EBITDA margins of 29%, up from 16% in 1Q 24 |
| · | Consistent
operational performance and reliability of monthly shipments results in robust access to
liquidity via export-linked credit lines at attractive interest rates: |
| o | Comfortable
liquidity position with cash balances as of August 14 of $99 million |
| o | Decreased
cost of debt linked to export financing: |
§ From
15% per year in Jan. 24 to <6% per year (in USD)
Conference Call
Information
The Company will
conduct a conference call to discuss its financial results for the second quarter at 8:00 a.m. EST on Friday, August 16, 2024.
Participating in the call will be Co-Chairperson and Chief Executive Officer, Ana Cabral and the Executive Vice President for Corporate
Affairs and Strategic Development, Matthew Deyoe. To register for the call, please proceed through the following link Register here.
For access to the webcast, please Click here.
São Paulo,
Brazil – (August 16, 2024) – Sigma Lithium Corporation NASDAQ: SGML, BVMF: S2GM34, TSXV: SGML), a leading global
lithium producer dedicated to powering the next generation of electric vehicles with carbon neutral, socially and environmentally sustainable
Quintuple Zero High Purity Lithium Concentrate (“5.0 Green Lithium”), today announced its results for the second quarter
ended June 30, 2024. The Quarterly Filings and accompanying Management Discussion and Analysis (“MD&A”) will be
available on SEDAR+ (www.sedarplus.ca), EDGAR (www.sec.gov) and the Company’s corporate website.
Ana Cabral, Co-Chairperson
and CEO said: “We are extremely pleased to present Sigma’s robust financial results. This quarter, we achieved operational
excellence on key fronts: Continuing to deliver the sales volume cadence of a seasoned producer, maintaining premiumization of our 5.0
Green Lithium while further diversifying our commercial relationships by selling to new geographies such as Japan and South Korea. We
focused on increasing our robust cash margins, maintaining our draconian cost discipline culture, leading Sigma to achieve our 2024 cash
cost guidance this quarter, ahead of schedule.
“Operationally,
the Company has invested in improving the throughput and recovery at our Greentech plant, which will bear fruit in the third quarter
further increasing the efficiency of the operations. As a result, we are forecasting our 3Q sales to reach 60,000t, which will bring
the extra benefit of a further decrease of our unit costs”, Ana concluded.
Operational
Update
Sigma Lithium is
pleased to celebrate its first full year of shipments at Grota do Cirilo, achieving the operational excellence of a seasoned lithium
producer: Reaching regular cadence of 22,000t shipments, delivering the second highest operational employee safety index globally (achieving
the high standards equivalent to the second place at ICMM rankings (International Council of Metals and Mining), while maintaining
high cash margins of 54% (FOB Brazil), equal to larger peer companies.
During 2Q, Sigma
Lithium sold 52,572t of its 5.0 Green Lithium. The Company made two full shipments during the quarter, with an additional sale FOB Brazil
Port totalling 17,270 tonnes at the end of 2Q’24. The Company continued a strategy initiated in the 1Q 24, when it delivered 8,700
tonnes (ultimately shipped in April 24) in a similar FOB Brazil Port sale agreement.
Looking forward,
the Company has deployed significant operational improvements at the Greentech Plant, which should drive yield and recoveries:
| · | Developed
enhancements to the flowsheet to increase recoveries and operational efficiency, which brings
an additional production boost by allowing reprocessing of previously dry stacked lithium
high quality fines (at 1.5% Li2O). |
| · | Results
of these improvements already reflected in production levels of Jul. 24 and Aug. 24
driving 3Q 24 sales guidance. |
Lithium concentrate
production in the second quarter totaled 49,389t, compared to 54,168t in 1Q24. The change is primarily related to the replacement of
a crusher module which occurred in June. Production has since normalized and continued to increase in July and August. For the third
quarter, the Company expects to produce roughly 60,000 tonnes of 5.0 Green Lithium.
Commercial Update
Establishing a
track record as a reliable supplier to the battery supply chain has enabled the Company to increase its commercial independence. This
has led to a diversification of sales and commercial relationships by engaging with new South Korean and Japanese industrial, trading
and battery manufacturing companies.
During the second
quarter, the Company internalized additional logistics and commercial functions, leading to further efficiency and cost savings of approximately
$20/t per shipment. The improved commercial capabilities allowed Sigma to capture stronger market opportunities as they arose during
the quarter.
Pricing mechanisms
were also quite varied in 2Q, as Sigma deployed fixed price, fixed floating ratios and provisional price models in its negotiations.
Going forward, the Company will continue to remain flexible with its commercial strategy to maximize the value for its premium product.
Financial Update
Key Performance
Metrics for Quarter Ended June 30, 2024 ($ USD)
| | |
Unit | |
| 2Q24 | | |
| 1Q24 | |
| Reported Revenue | |
$000s | |
| 45,920 | | |
| 37,202 | |
| Concentrate Sold | |
tonnes | |
| 52,572 | | |
| 52,857 | |
| Concentrate Grade Produced | |
% | |
| 5.35 | % | |
| 5.40 | % |
| Average
Reported Selling Price CIF (1) | |
$/t | |
| 1,056 | | |
| 1,010 | |
| Average
Realized Price CIF (2) | |
$/t | |
| 894 | | |
| 785 | |
| Unit
Operating Cost (3) | |
$/t | |
| 364 | | |
| 397 | |
| Adjusted
Cash EBITDA (4) | |
$000s | |
| 13,288 | | |
| 5,878 | |
| Net Income | |
$000s | |
| (10,848 | ) | |
| (6,962 | ) |
| Cash and Cash Equivalents | |
$000s | |
| 75,330 | | |
| 108,191 | |
| Accounts Receivable | |
$000s | |
| 65,652 | | |
| 29,027 | |
Revenues in the
second quarter totaled USD $46 million, implying a realized CIF equivalent sales price(2) of $894/t. Provisional price
adjustments continued to impact results although at much lower levels than in 4Q23 and 1Q24. The Company notes that the average CIF equivalent
price for product shipped during 2Q (1) was $1,056/t.
Sigma Lithium’s
focus on dynamic pricing strategies, combined with a disciplined cost focus, led the Company to achieve the second-highest FOB unit cash
margins amongst lithium producers in the second quarter, at 54%. Year to date, cash unit operating costs have declined by 22%, leading
the Company to achieve its guided cost structure ahead of schedule.
| · | Cash
unit operating costs(3) for lithium concentrate produced at the Company’s
Grota do Cirilo operations in the second quarter averaged USD $364/t. |
| · | On
an FOB Vitoria basis (which includes transportation and port charges) costs averaged USD
$424/t. |
| · | On
a CIF China equivalent basis (includes ocean freight, insurance and royalties) costs averaged
$515/t. |
Sigma Lithium expects
to further decrease its unit costs as it continues to increase the efficiency and recoveries of the Greentech Plant increasing production
volumes and leveraging fixed-costs.
The Company delivered
second quarter cash adjusted EBITDA(4) of $13.3 million (C$18.2 million), reflecting a margin of 29%. Reported EBITDA
for the second quarter totaled $8.6 million (C$11.9 million).
| · | The
cash adjusted EBITDA number excludes $0.7 million (C$1.0 million) of non-recurring expenditures,
primarily related to legal initiatives, nearly $2 million (C$2.7 million) in non-cash, non-operating,
accruals adjustments, and $1.9 million (C$2.6 million) in non-cash stock-based compensation
expenses. |
Net income in the
quarter totaled -$10.8 million (C$14.8 million), or -$0.10 per diluted share outstanding. Headline net income was impacted by $14.6mn
in non-operating currency related adjustments, the vast majority of which were non-cash in nature.
Phase 2 Expansion
Recall, on April 1,
2024, the Board of Directors announced a Final Investment Decision (“FID”) for the Company’s Phase 2 Greentech
Plant expansion. The project is expected to add 250,000 tonnes of production capacity to the current Phase 1 operation. The Company has
begun land clearing and fauna suppression to ready the site for formal earthworks.
Total building
and commissioning are expected to occur over a 12-month period. The total expected capex for the Phase 2 construction is $100 million
(C$136 million), and the Company has already secured all relevant environmental licenses to build and operate its second Greentech Plant.
Land Suppression
and Clearing for Phase 2 operations at Grota do Cirilo.
Balance Sheet &
Liquidity
Sigma Lithium ended
the second quarter with $75.3 million (C$103 million) in cash and cash equivalents. The sequential decline is largely related to the
timing of cash receivables and a reduction in our payables balance. As of the time of filing, the Company’s cash balance had returned
to $99 million. At the end of the quarter, the Company had $219 million (C$300 million) in short-term loans and export prepayment liabilities.
This included $99 million in drawn and available, but unutilized, liquidity through trade finance lines.
Capital expenditures
during the second quarter totaled $8.6 million (C$11.9 million) directed towards maintenance, mining, Phase 2 expansion work, and incremental
investments in the Greentech Plant.
Free cash flow
was a drag as a result of the timing of our receivables (~$45 million), which we received after quarter end, and a decrease in payables
balance.
ABOUT SIGMA
LITHIUM
Sigma Lithium (NASDAQ:
SGML, TSXV: SGML, BVMF: S2GM34) is a leading global lithium producer dedicated to powering the next generation of electric vehicle batteries
with carbon neutral, socially and environmentally sustainable chemical-grade lithium concentrate.
Sigma Lithium is
one of the world’s largest lithium producers. The Company operates at the forefront of environmental and social sustainability
in the EV battery materials supply chain at its Grota do Cirilo Operation in Brazil. Here, Sigma produces Quintuple Zero Green Lithium
at its state-of-the-art Greentech lithium beneficiation plant that delivers net zero carbon lithium, produced with zero dirty power,
zero potable water, zero toxic chemicals and zero tailings’ dams.
Phase 1 of the
Company’s operations entered commercial production in the second quarter of 2023. The Company has issued a Final Investment Decision,
formally approving construction to double capacity to 520,000 tonnes of concentrate through the addition of a Phase 2 expansion of its
Greentech Plant.
Please
refer to the Company’s National Instrument 43-101 technical report titled “Grota do Cirilo Lithium Project Araçuaí
and Itinga Regions, Minas Gerais, Brazil, Amended and Restated Technical Report” issued March 19, 2024, which was prepared
for Sigma Lithium by Homero Delboni Jr., MAusIMM, Promon Engenharia; Marc-Antoine Laporte, P.Geo, SGS Canada Inc; Jarrett Quinn, P.Eng.,
Primero Group Americas; Porfirio Cabaleiro Rodriguez, (MEng), FAIG, GE21 Consultoria Mineral; and William van Breugel, P.Eng (the “Updated
Technical Report”). The Updated Technical Report is filed on SEDAR and is also available on the Company’s website.
For more information
about Sigma Lithium, visit https://www.sigmalithiumresources.com/
FOR ADDITIONAL INFORMATION PLEASE
CONTACT
Matthew DeYoe, EVP, Corporate
Affairs and Strategic Development
+1 (201) 819-0303
matthew.deyoe@sigmalithium.com.br
Daniel Abdo, Director, Investor
Relations
+55 11 2985-0089
daniel.abdo@sigmalithium.com.br
Sigma Lithium
 |
Sigma
Lithium |
 |
@sigmalithium |
 |
@SigmaLithium |
FORWARD-LOOKING
STATEMENTS
This news release
includes certain “forward-looking information” under applicable Canadian and U.S. securities legislation, including but not
limited to statements relating to timing and costs related to the general business and operational outlook of the Company, the environmental
footprint of tailings and positive ecosystem impact relating thereto, donation and upcycling of tailings, timing and quantities relating
to tailings and Green Lithium, achievements and projections relating to the Zero Tailings strategy, achievement of ramp-up volumes, production
estimates and the operational status of the Grota do Cirilo Project, and other forward-looking information. All statements that address
future plans, activities, events, estimates, expectations or developments that the Company believes, expects or anticipates will or may
occur is forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves
which may or may not occur. Forward-looking information contained herein is based on certain assumptions regarding, among other things:
general economic and political conditions; the stable and supportive legislative, regulatory and community environment in Brazil;
demand for lithium, including that such demand is supported by growth in the electric vehicle market; the Company’s market position
and future financial and operating performance; the Company’s estimates of mineral resources and mineral reserves, including whether
mineral resources will ever be developed into mineral reserves; and the Company’s ability to operate its mineral projects including
that the Company will not experience any materials or equipment shortages, any labour or service provider outages or delays or any technical
issues. Although management believes that the assumptions and expectations reflected in the forward-looking information are reasonable,
there can be no assurance that these assumptions and expectations will prove to be correct. Forward-looking information inherently involves
and is subject to risks and uncertainties, including but not limited to that the market prices for lithium may not remain at current
levels; and the market for electric vehicles and other large format batteries currently has limited market share and no assurances can
be given for the rate at which this market will develop, if at all, which could affect the success of the Company and its ability to
develop lithium operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking
information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of
new information, future events or otherwise, except as required by law. For more information on the risks, uncertainties and assumptions
that could cause our actual results to differ from current expectations, please refer to the current annual information form of the Company
and other public filings available under the Company’s profile at www.sedarplus.com.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Financial Tables
The Company’s
independent auditor has not performed a review of the unaudited interim consolidated financial statements for the three-month period
ended March 31, 2024 or these unaudited interim consolidated financial statements for the six-month period ended June 30, 2024
in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements
by the entity’s auditor.
Figure 1:
Unaudited Income Statement Summary
| | |
Three Months
Ended
June 30, 2024 | | |
Three Months
Ended
June 30, 2024 | |
| ($000) | |
CAD | | |
USD | |
| Revenue | |
| 62,857 | | |
| 45,920 | |
| Operating costs | |
| (40,712 | ) | |
| (29,766 | ) |
| Gross profit | |
| 22,145 | | |
| 16,155 | |
| Sales expense | |
| (515 | ) | |
| (376 | ) |
| G&A expense | |
| (6,297 | ) | |
| (4,603 | ) |
| Stock-based compensation | |
| (2,656 | ) | |
| (1,943 | ) |
| ESG and other operating expenses | |
| (4,966 | ) | |
| (3,627 | ) |
| EBIT | |
| 7,711 | | |
| 5,606 | |
| Financial income and (expenses), net | |
| (5,453 | ) | |
| (3,987 | ) |
| Non-cash FX & other income (expenses), net | |
| (20,045 | ) | |
| (14,646 | ) |
| Income (loss) before taxes | |
| (17,787 | ) | |
| (13,026 | ) |
| Income taxes and social contribution | |
| 2,966 | | |
| 2,178 | |
| Net Income (loss) for the period | |
| (14,821 | ) | |
| (10,848 | ) |
| | |
| | | |
| | |
| Weighted avg diluted shares outstanding | |
| 110,528 | | |
| 110,528 | |
| | |
| | | |
| | |
| Earnings per share | |
$ | (0.13 | ) | |
$ | (0.10 | ) |
Figure 2:
Unaudited Balance Sheet Summary
| | |
Three Months
Ended June 30, 2024 | | |
Three Months
Ended June 30, 2024 | |
| ($000) | |
CAD | | |
USD | |
| Assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 103,090 | | |
| 75,330 | |
| Trade accounts receivable | |
| 89,846 | | |
| 65,652 | |
| Other current assets | |
| 39,821 | | |
| 29,098 | |
| Total current assets | |
| 232,757 | | |
| 170,080 | |
| Property, plant and equipment | |
| 223,269 | | |
| 163,147 | |
| Other non-current assets | |
| 110,611 | | |
| 80,825 | |
| Total Assets | |
| 566,637 | | |
| 414,053 | |
| | |
| | | |
| | |
| Liabilities & Shareholder Equity | |
| | | |
| | |
| Financing and export prepayment | |
| 148,858 | | |
| 108,774 | |
| Accounts payable | |
| 51,761 | | |
| 37,822 | |
| Other current liabilities | |
| 21,888 | | |
| 16,002 | |
| Total current liabilities | |
| 222,507 | | |
| 162,598 | |
| Financing and export prepayment | |
| 151,544 | | |
| 110,736 | |
| Other non-current liabilities | |
| 14,858 | | |
| 10,857 | |
| Total non-current liabilities | |
| 166,401 | | |
| 121,593 | |
| | |
| | | |
| | |
| Total shareholders' equity | |
| 177,729 | | |
| 129,863 | |
| | |
| | | |
| | |
| Total Liabilities & Shareholders' Equity | |
| 566,637 | | |
| 414,053 | |
Figure 3:
Unaudited Cash Flow Statement Summary
| | |
Six Months
Ended June 30, 2024 | | |
Six Months
Ended June 30, 2024 | |
| ($000) | |
CAD | | |
USD | |
| Operating Activities | |
| | | |
| | |
| Net income (loss) for the
period | |
| (24,055 | ) | |
| (17,757 | ) |
| Adjustments, including FX movements | |
| 49,165 | | |
| 36,292 | |
| Interest payment on loans and leases | |
| (3,739 | ) | |
| (2,631 | ) |
| Adjustments to income (loss) for
the period | |
| 21,371 | | |
| 15,904 | |
| Change in working capital | |
| (77,296 | ) | |
| (56,466 | ) |
| Net Cash from Operating Activities | |
| (55,926 | ) | |
| (40,562 | ) |
| | |
| | | |
| | |
| Investing Activities | |
| | | |
| | |
| Purchase of PPE | |
| (17,244 | ) | |
| (12,597 | ) |
| Addition to exploration and evaluation
assets | |
| (3,262 | ) | |
| (2,383 | ) |
| Other | |
| (478 | ) | |
| (349 | ) |
| Net Cash from Investing Activities | |
| (20,984 | ) | |
| (15,329 | ) |
| | |
| | | |
| | |
| Financing Activities | |
| | | |
| | |
| Proceeds of loans, net | |
| 126,900 | | |
| 92,702 | |
| Other | |
| (1,043 | ) | |
| (762 | ) |
| Net Cash from Financing Activities | |
| 125,857 | | |
| 91,940 | |
| | |
| | | |
| | |
| Effect of FX | |
| (10,260 | ) | |
| (9,304 | ) |
| Net (decrease) increase in cash | |
| 38,687 | | |
| 26,745 | |
| Cash & Equivalents, Beg of Period | |
| 64,403 | | |
| 48,584 | |
| Cash & Equivalents, End of Period | |
| 103,090 | | |
| 75,330 | |
Endnotes &
Reconciliations:
To provide investors
and others with additional information regarding the financial results of Sigma Lithium, we have disclosed in this release certain non-IFRS
operating performance measures such as realized price per tonne, unit operating costs, EBITDA, EBITDA margin, Adjusted cash EBITDA, and
Adjusted cash EBITDA margin. These non-IFRS financial measures are a supplement to and not a substitute for or superior to, the Company's
results presented in accordance with IFRS. The non-IFRS financial measures presented by the Company may be different from non-GAAP/IFRS
financial measures presented by other companies. Specifically, the Company believes the non-IFRS information provides useful measures
to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not
indicative of its core operating results. The presentation of these non-U.S. GAAP/IFRS financial measures is not meant to be considered
in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP/IFRS. A reconciliation
of these financial measures to IFRS results is included herein.
1: Average reported
selling price is a CIF equivalent metric with the associated adjustments made to FOB accounted shipments to gross up for the relevant
ocean freight and insurance costs. The associated revenue figure represents revenues associated with shipments made during the reporting
period. The final adjusted price may be higher or lower than the estimated realized price based on future price movements.
| $000 | |
| 1Q24 | | |
| 2Q24 | |
| Revenues from Shipments Made | |
| 49,141 | | |
| 54,418 | |
| Tonnage Sold | |
| 52,857 | | |
| 52,572 | |
| Realized Price /t | |
| 930 | | |
| 1,035 | |
| | |
| | | |
| | |
| Ocean Freight & Insurance | |
| 4,290 | | |
| 1,088 | |
| CIF Equivalent Revenues | |
| 53,431 | | |
| 55,506 | |
| Tonnage Sold | |
| 52,857 | | |
| 52,572 | |
| CIF Equivalent Realized Price /t | |
| 1,010 | | |
| 1,056 | |
2: Average realized
price is a reflection of net revenues for the quarter and tonnes shipped. Reported revenues are accounted for on an “as accounted”
basis, and thus reflect FOB and FOB & CIF shipments as was the case for 1Q and 2Q, respectively. These figures have been grossed
up for the associated CIF shipping costs to create a more peer comparable figure. The final adjusted price may be higher or lower than
the estimated realized price based on future price movements.
| $000 | |
| 1Q24 | | |
| 2Q24 | |
| Reported Revenues | |
| 37,202 | | |
| 45,920 | |
| Tonnage Sold | |
| 52,857 | | |
| 52,572 | |
| Realized Price /t | |
| 704 | | |
| 873 | |
| | |
| | | |
| | |
| Ocean Freight & Insurance | |
| 4,290 | | |
| 1,088 | |
| CIF Equivalent Revenues | |
| 41,492 | | |
| 47,008 | |
| Tonnage Sold | |
| 52,857 | | |
| 52,572 | |
| CIF Equivalent Realized Price /t | |
| 785 | | |
| 894 | |
3: Cash unit
operating costs include mining, processing, and site based general and administration costs. It is calculated on an incurred basis, credits
for any capitalised mine waste development costs, and it excludes depreciation, depletion and amortization of mine and processing associated
activities. When reported on an FOB basis, this metric includes road freight, and port related charges. When reported on a CIF it includes
ocean freight, insurance and royalty costs. For CIF costs, management is making assumptions to right-size its cost of goods sold balances
for the effective ocean freight and insurance payments which were netted against revenues for shipments that were accounted for on an
FOB basis. Royalty costs include a 2% government royalty and a 1% private royalty.
Adjusted Cash
EBITDA Bridge
| | |
Three Months
Ended June 30, 2024 | | |
Three Months
Ended June 30, 2024 | |
| ($ 000) | |
CAD | | |
USD | |
| Revenues | |
| 62,857 | | |
| 45,920 | |
| Cost of goods sold | |
| (40,712 | ) | |
| (29,766 | ) |
| Gross Profit | |
| 22,145 | | |
| 16,155 | |
| Sales expenses | |
| (515 | ) | |
| (376 | ) |
| G&A expense | |
| (6,297 | ) | |
| (4,603 | ) |
| Stock-based compensation | |
| (2,656 | ) | |
| (1,943 | ) |
| ESG & other operating expenses, net | |
| (4,966 | ) | |
| (3,627 | ) |
| EBIT | |
| 7,711 | | |
| 5,606 | |
| Depreciation & Amortization | |
| 4,149 | | |
| 3,033 | |
| EBITDA | |
| 11,860 | | |
| 8,639 | |
| EBITDA (%) | |
| 19 | % | |
| 19 | % |
| Non-recurring
expenses (1) | |
| 1,008 | | |
| 737 | |
| Stock-based compensation | |
| 2,656 | | |
| 1,943 | |
| Other
non-cash expenses (2) | |
| 2,696 | | |
| 1,969 | |
| Adjusted Cash EBITDA | |
| 18,220 | | |
| 13,288 | |
| Adjusted EBITDA (%) | |
| 29 | % | |
| 29 | % |
| (1) | This
number includes US $650,000 in legal related expenses |
| (2) | Primarily
related to non-cash reversal of accrual liabilities |
Sigma Lithium (NASDAQ:SGML)
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