About this episode
Ana Cabral, CEO of Sigma Lithium (NASDAQ/TSXV: SGML) discusses the company’s restart of mining operations at its flagship hard-rock lithium project in Minas Gerais, Brazil, and what that means for production, costs, cash flow, and growth.
Chapters
(00:00) Introduction
(02:14) Restart Timeline
(03:05) Cash Flow And Costs
(05:45) Fines Sales Strategy
(10:18) Plant Recovery Performance
(11:35) Move To Owner Mining
(13:51) Expansion Plans
(16:45) Funding And Loans
(19:23) Team And Operations
(27:22) Prepay And Offtakes
(31:56) Closing Remarks
Sigma has remobilized to site and expects to reach steady-state production within approximately three months, with updated production guidance to follow shortly thereafter. We review the company’s operating profile, including all-in sustaining costs near $600 per tonne, historical production levels of 220–270kt per year, and management’s view that the operation remains profitable across a wide range of lithium price scenarios.
We also examine several key developments:
• Transition from contract mining to owner-operated mining and the potential impact on safety, productivity, and margins
• Plant performance and recoveries (~70% DMS)
• Monetization of high-purity fines inventory as an incremental revenue stream
• Status of Phase 2 expansion, with most civil works completed and remaining equipment capex outlined
• Funding strategy, including cash flow, development bank financing, and customer prepayments/offtakes
• The depth of Sigma’s technical and operational team as it scales production
Our goal in this discussion is to clarify what has changed operationally, what risks remain, and how management is approaching capital discipline and growth in the current lithium market.
If you follow lithium stocks, battery metals, EV supply chains, or hard-rock spodumene producers, this interview provides a detailed operational update directly from management.
Sponsors
- Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio.
(Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty)
- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).
(Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)
Links
- Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/
- Read Matt's research blog: https://blog.rkequity.com/
- Sign up for the Lithium-Ion Bull newsletter/Mat
