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VANCOUVER, BC , Aug. 19, 2022 /PRNewswire/ -- SIGMA Lithium Corporation ("Sigma Lithium" or the "Company") (NASDAQ: SGML, TSXV: SGML), dedicated to powering the next generation of electric vehicles with environmentally sustainable and high-purity lithium, is pleased to provide a corporate update from a transformative second quarter of 2022.
Sigma Lithium ended the quarter with C$123.3 million in cash and cash equivalents as of June 30, 2022 , providing sufficient liquidity to advance the Grota do Cirilo Project (the "Project") into production. Phase 1 construction at the Project remains on track with commissioning expected to begin December 2022 .
From Ana Cabral-Gardner , Co-CEO of Sigma Lithium. "We are delighted to have further strengthened our operational team by adding industry-leading executives, rounding out a world-class management team at Sigma Lithium. Having achieved all of our execution milestones to date, delivering a transformational quarter demonstrates the ability of this team to drive us in our successful trajectory to become a global protagonist in lithium minerals for electric vehicle batteries"
From Calvyn Gardner , Co-CEO of Sigma Lithium: "We are very enthusiastic to have recruited Brian, an exceptional, high-caliber individual who has already made his mark at Allkem (Galaxy Resources) over the past ~6 years as COO. Brian has significant experience in operating integrated lithium processing and mining companies. He has a remarkable track record in driving production growth and scalability, as Sigma Lithium prepares to deliver in rapid succession Phase 1, Phase 2 and Phase 3".
Ana adds: "We are delighted that Brian Talbot has accepted the Board's offer to become Sigma Lithium's next COO, following a comprehensive international search process that yielded some outstanding candidates. Calvyn and Brian have been working together since October 2021 , successfully executing the design and detailed engineering of Sigma's environmentally sustainable lithium processing plant. As COO, Brian will now undertake a critical operational role in the Company, moving permanently to Vale do Jequitinhonha in Brazil to the site of Sigma Lithium operations and construction, physically sitting side-by-side with Calvyn in order to further increase and facilitate seamless interactions and collaboration."
During the second quarter of 2022, Sigma Lithium made significant strides in advancing the Grota do Cirilo Project, including:
Additionally, the Company continued to advance social programs to foster the sustainable development of the local communities where we operate, progressing the following initiatives during the quarter:
Sigma Lithium was delighted to appointed Brian Talbot to the leadership team as Chief Operating Officer, completing the key appointments in preparation for operational readiness for production and for final stage of construction prior to commissioning.
As the Company rapidly prepares for operational readiness and quickly advances towards the initiation of commissioning of the Phase 1 plant, Brian Talbot joins the team of executives working with the co-CEOs in the management committee at Sigma Lithium, as follows:
Sigma Lithium has also conducted key hires of directors and managers in the critical departments of project management, metallurgy, processing and mining operations to support the COO and co-CEO. These experienced executives have stellar track record with professional experience in large companies such as: SNC Lavalin, Nexa Resources and Ausenco
Sigma Lithium continued to advance construction of the Phase 1 production plant and mine during the second quarter of 2022, maintaining its target of initiating commissioning by the end of 2022 and achieving the following significant milestones:
In addition, the construction team is currently focused on completing the following key workstreams:
Mr. Wes Roberts , P.Eng., a member of the technical committee of the Company, is the "qualified person" under NI 43-101 who reviewed and approved the other technical information included in this news release.
Sigma Lithium (NASDAQ: SGML, TSXV: SGML) is a Canadian company dedicated to powering the next generation of electric vehicle batteries with environmentally sustainable and high-purity lithium.
Sigma Lithium is currently in construction at its wholly owned Grota do Cirilo Project in Brazil , the largest lithium hard rock project in the Americas and one of the largest and highest purity lithium projects in the world. The lithium will be processed in a state-of-the-art, green-tech processing plant that uses 100% renewable energy, 100% recycled water and 100% dry-stack tailings. Since inception, Sigma Lithium has devoted itself to strong ESG practices, from its ongoing support of local communities to its goal of achieving net zero by 2024. For more information about Sigma Lithium, visit https://www.sigmalithiumresources.com/
This news release includes certain "forward-looking information" under applicable Canadian and U.S. securities legislation, including but not limited to statements relating to the timing of commissioning of the Project, the general business and operational outlook of the Company, 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 the jurisdictions where the Company operates (including that the Company will obtain all licenses and approvals required); anticipated trends and effects in respect of the COVID-19 pandemic and post-pandemic; the military conflict in Ukraine and related sanctions; 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 develop and achieve production at its mineral projects. 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 Company may not develop its mineral projects into a commercial mining operation; 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.sedar.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.
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