Sigma Lithium mines and processes spodumene ore into lithium oxide concentrate at its Grota do Cirilo operation in Minas Gerais, Brazil. The end product — a 5% lithium oxide concentrate — is sold to battery manufacturers and trading companies as an input for EV and battery energy storage markets, with customers primarily in Asia and China. Sigma is the largest lithium concentrate producer in the Americas, with nameplate Phase 1 capacity of 270,000 tonnes per year. Sigma sells concentrate at spot-linked prices, with revenue driven by volume sold and realized price per tonne. The company also earns freight revenue by managing logistics to customer delivery locations, and earns incremental revenue from selling lithium middlings — low-grade by-products from processing — at near-zero incremental cost. Sigma's processing plant uses dense medium separation, a chemical-free physical separation technology, and runs on 100% renewable electricity with full water recycling. Sigma is pursuing a phased capacity expansion: Phase 2 targets an additional ~250,000 tonnes per year at ~$107M capex, targeting commissioning in 2026, with Phase 3 planned to bring total capacity to ~120,000 tonnes of lithium carbonate equivalent by 2027. Sigma funds expansion through cash from operations, customer prepayments tied to offtake agreements, and a R$100M subsidized loan from Brazil's development bank, BNDES.