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: SGML : SGML : S2GM34 Operational Update and Business Strategy February 2026
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Disclaimer No Offer or Solicitation Regarding Securities This presentation has been prepared by Sigma Lithium Corporation (“Sigma”) for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Sigma or its affiliates in any jurisdiction, including but not limited to Canada and the United States. The contents of this presentation should not be interpreted as financial, investment, tax, legal, or accounting advice. Readers should consult their own advisors. The contents of this presentation have not been approved or disapproved by any securities commission or regulatory authority in United States or Canada or any other jurisdiction, and Sigma expressly disclaims any responsibility to make disclosures or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws. Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of applicable United States securities laws (collectively referred to herein as “Forward Looking Information”). All such Forward Looking Information is made under the provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, may be Forward Looking Information, including, but not limited to, mineral resource or mineral reserve estimates (which reflect a prediction of mineralization that would be realized by development). When used in this presentation, such statements generally use words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date such statements were made. Forward Looking Information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and does not necessarily provide accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the Forward-Looking Information, which is based upon what management believes are reasonable assumptions, and there can be no assurance that actual results will be consistent with the Forward-Looking Information. In particular (but without limitation), this presentation contains Forward Looking Information with respect to the following matters: the lithium sector and long-term outlook thereof; the growth of European electric vehicle (“EV”) demand; anticipated trends relating to lithium structural supply tightness; development, construction and large scale production at Sigma’s Grota do Cirilo Lithium Project (the “Project”) and the phases and timing thereof; sustainability and environmental initiatives and the continued success thereof; processing production costs and other cost estimates; the quality and grades of lithium concentrates; publishing of additional pre-feasibility and feasibility studies; expansion of mineral resources and mineral reserves at the Project; intentions to fund construction using debt from commercial and development banks; anticipated start-up costs at the Project; relationships with engineering and construction companies; anticipated risk mitigation and execution plans; the adherence by Sigma to global environmental guidance; and economic performance, financial projections and requirements, and other expectations of Sigma. In addition, documents referred to in this presentation and filed publicly by Sigma may contain further Forward-Looking Information with respect to the following matters: anticipated decision making with respect to the Project; capital expenditure programs; estimates of mineral resources and mineral reserves; development of mineral resources and mineral reserves; government regulation of mining operations and treatment under governmental and taxation regimes; the future price of commodities, including lithium; the realization of mineral resource and mineral reserve estimates, including whether mineral resources will ever be developed into mineral reserves; the timing and amount of future production; entering into binding offtake arrangements; currency exchange and interest rates; expected outcome and timing of environmental surveys and permit applications and other environmental matters; Sigma’s ability to raise capital and obtain project financing; expected expenditures to be made by Sigma on its properties; successful operations and the timing, cost, quantity, capacity and quality of production; capital costs, operating costs and sustaining capital requirements, including the cost of construction of the processing plant for the Project; competitive conditions and anticipated trends post-COVID-19 pandemic and the ongoing uncertainties and effects in respect of the COVID-19 pandemic. Forward Looking Information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward Looking Information is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, many of which are beyond Sigma’s control, that could cause actual results to differ materially from those disclosed in or implied by such Forward Looking Information. With respect to the Forward Looking Information, Sigma has made assumptions regarding, among other things: General economic and political conditions; Stable and supportive legislative, regulatory and community environment in the jurisdictions where Sigma operates; Stability and inflation of the Brazilian Real, including any foreign exchange or capital controls which may be enacted in respect thereof, and the effect of current or any additional regulations on Sigma’s operations; Anticipated trends and effects in respect of the COVID-19 pandemic and post-pandemic; Demand for lithium, including that such demand is supported by growth in the EV market; Estimates of, and changes to, the market prices for lithium; The impact of increasing competition in the lithium business and Sigma’s competitive position in the industry; Sigma’s market position and future financial and operating performance; Sigma’s estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; Anticipated timing and results of exploration, development and construction activities; Reliability of technical data; Sigma’s ability to develop and achieve production at the Project; Sigma’s ability to obtain financing on satisfactory terms to develop the Project; Sigma’s ability to obtain and maintain mining, exploration, environmental and other permits, authorizations and approvals for the Project; The timing and possible outcome of regulatory and permitting matters for the Project; The exploration, development, construction and operational costs for the Project; The accuracy of budget, construction and operations estimates for the Project; Successful negotiation of definitive commercial agreements, including off-take agreements for the Project; Sigma’s ability to operate in a safe and effective manner. Although management believes that the assumptions and expectations reflected in such Forward-Looking Information are reasonable, there can be no assurance that these assumptions and expectations will prove to be correct. Since Forward Looking Information inherently involves risks and uncertainties, undue reliance should not be placed on such information. Sigma’s actual results could differ materially from those anticipated in any Forward-Looking Information as a result of various known and unknown risk factors, including (but not limited to) the risk factors referred to under the heading “Risk Factors” in the most recent amended and restated annual information form of Sigma. Such risks relate to, but are not limited to, the following: Sigma may not develop the Project into a commercial mining operation; There can be no assurance that market prices for lithium will remain at current levels or that such prices will improve; The market for EVs 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 Sigma and its ability to develop lithium operations; Changes in technology or other developments could result in preferences for substitute products; New production of lithium hydroxide or lithium carbonate from current or new competitors in the lithium markets could adversely affect prices; The Project is at development stage and Sigma’s ability to succeed in progressing through development to commercial operations will depend on a number of factors, some of which may be outside its control; Sigma’s financial condition, operations and results of any future operations are subject to political, economic, social, regulatory and geographic risks of doing business in Brazil; Violations of anti-corruption, anti-bribery, anti-money laundering and economic sanctions laws and regulations could materially adversely affect Sigma’s business, reputation, results of any future operations and financial condition; Sigma is subject to regulatory frameworks applicable to the Brazilian mining industry which could be subject to further change, as well as government approval and permitting requirements, which may result in limitations on Sigma’s business and activities; Sigma’s operations are subject to numerous environmental laws and regulations and expose Sigma to environmental compliance risks, which may result in significant costs and have the potential to reduce the profitability of operations; Physical climate change events and the trend toward more stringent regulations aimed at reducing the effects of climate change could have an adverse effect on Sigma’s business and future operations; As Sigma does not have any experience in the construction and operation of a mine, processing plants and related infrastructure, it is more difficult to evaluate Sigma’s prospects, and Sigma’s future success is more uncertain than if it had a more proven history of developing a mine; Sigma’s future production estimates are based on existing mine plans and other assumptions which change from time to time. No assurance can be given that such estimates will be achieved; Sigma may experience unexpected costs and cost overruns, problems and delays during construction, development, mine start-up and operations for reasons outside of Sigma’s control, which have the potential to materially affect its ability to fully fund required expenditures and/or production or, alternatively, may require Sigma to consider less attractive financing solutions; Sigma’s capital and operating cost estimates may vary from actual costs and revenues for reasons outside of Sigma’s control; Sigma’s operations are subject to the high degree of risk normally incidental to the exploration for, and the development and operation of, mineral properties; Insurance may not be available to insure against all such risks, or the costs of such insurance may be uneconomic. Losses from uninsured and underinsured losses have the potential to materially affect Sigma’s financial position and prospects; Sigma is subject to risks associated with securing title and property interests; Sigma is subject to strong competition in Brazil and in the global mining industry; Sigma may become subject to government orders, investigations, inquiries or other proceedings (including civil claims) relating to health and safety matters, which could result in consequences material to its business and operations; Sigma’s mineral resource and mineral reserve estimates are estimates only and no assurance can be given that any particular level of recovery of minerals will in fact be realized or that identified mineral resources or mineral reserves will ever qualify as a commercially mineable (or viable) deposit; Sigma’s operations and the development of its projects may be adversely affected if it is unable to maintain positive community relations; Sigma is exposed to risks associated with doing business with counterparties, which may impact Sigma’s operations and financial condition; Any limitation on the transfer of cash or other assets between Sigma and Sigma’s subsidiaries, or among such entities, could restrict Sigma’s ability to fund its operations efficiently; Sigma is subject (…) page 2
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Disclaimer (…) to risks associated with its reliance on consultants and others for mineral exploration and exploitation expertise; The current COVID-19 pandemic could have a material adverse effect on Sigma’s business, operations, financial condition and stock price; If Sigma is unable to ultimately generate sufficient revenues to become profitable and have positive cash flows, it could have a material adverse effect on its prospects, business, financial condition, results of operations or overall viability as an operating business Sigma is subject to liquidity risk and therefore may have to include a “going concern” note in its financial statements; Sigma may not be able to obtain sufficient financing in the future on acceptable terms, which could have a material adverse effect on Sigma’s business, results of operations and financial condition. In order to obtain additional financing, Sigma may conduct additional (and possibly dilutive) equity offerings or debt issuances in the future; Sigma may be unable to achieve cash flow from operating activities sufficient to permit it to pay the principal, premium, if any, and interest on Sigma’s indebtedness, or maintain its debt covenants; Sigma has not declared or paid dividends in the past and may not declare or pay dividends in the future; Sigma will incur increased costs as a result of being a public company both in Canada listed on the TSXV and in the United States listed on Nasdaq, and its management will be required to devote further substantial time to United States public company compliance efforts; If Sigma does not maintain adequate and appropriate internal controls over financial reporting as outlined in accordance with National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings or the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), Sigma will have to report a material weakness and disclose that Sigma has not maintained appropriate internal controls over financial reporting; As a foreign private issuer, Sigma is subject to different U.S. securities laws and rules than a domestic U.S. issuer, which may limit the information publicly available to its shareholders; Failure to retain key officers, consultants and employees or to attract and, if attracted, retain additional key individuals with necessary skills could have a materially adverse impact upon Sigma’s success; Sigma is subject to currency fluctuation risks; From time to time, Sigma may become involved in litigation, which may have a material adverse effect on its business financial condition and prospects; Certain directors and officers of Sigma are, or may become, associated with other natural resource companies which may give rise to conflicts of interest; The market price for Sigma’s shares may be volatile and subject to wide fluctuations in response to numerous factors beyond its control, and Sigma may be subject to securities litigation as a result; If securities or industry analysts do not publish research or reports about Sigma’s business, or if they downgrade the common shares of Sigma (the “Common Shares”), the price of the Common Shares could decline; Sigma will have broad discretion over the use of the net proceeds from offerings of its securities; There is no guarantee that the Common Shares will earn any positive return in the short term or long term; Sigma has a major shareholder which owns 47.7% of the outstanding Common Shares and, as such, for as long as such shareholder directly or indirectly maintains a significant interest in Sigma, it may be in a position to affect Sigma’s governance, operations and the market price of the Common Shares; As Sigma is a Canadian corporation but most of its directors and officers are not citizens or residents of Canada or the U.S., it may be difficult or impossible for an investor to enforce judgements against Sigma and its directors and officers outside of Canada and the U.S. which may have been obtained in Canadian or U.S. courts or initiate court action outside Canada or the U.S. against Sigma and its directors and officers in respect of an alleged breach of securities laws or otherwise. Similarly, it may be difficult for U.S. shareholders to effect service on Sigma to realize on judgments obtained in the United States; Sigma is governed by the corporate and securities laws of the Province of Ontario and of Canada, which in some cases have a different effect on shareholders than U.S. corporate laws and U.S. securities laws; Sigma is subject to risks associated with its information technology systems and cyber-security; Sigma may be a Passive Foreign Investment Company, which may result in adverse U.S. federal income tax consequences for U.S. holders of Common Shares. Readers are cautioned that the foregoing lists of assumptions and risks is not exhaustive. The Forward-Looking Information contained in this presentation is expressly qualified by these cautionary statements. All Forward Looking Information in this presentation speaks as of the date of such statements were made, as applicable. Sigma does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additional information about these assumptions, risks and uncertainties is contained in Sigma’s filings with securities regulators, including Sigma’s then-current annual information form, which are available on SEDAR at www.sedar.com. and on EDGAR at www.sec.gov. Cautionary Note Regarding Mineral Resource and Mineral Reserve Estimates Technical disclosure regarding Sigma’s properties included in this presentation has not been prepared in accordance with the requirements of U.S. securities laws. Without limiting the foregoing, such technical disclosure uses terms that comply with reporting standards in Canada and estimates are made in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves (the “CIM Definition Standards”). Under the SEC rules regarding disclosure of technical information, the definitions of “proven mineral reserves” and “probable mineral reserves” are substantially similar to the corresponding CIM Definition Standards, and the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standards. However, there are still differences in the definitions and standards under the SEC rules and the CIM Definition Standards. Therefore, Sigma’s mineral resources and reserves as determined in accordance with NI 43-101 may be significantly different than if they had been determined in accordance with the SEC rules. Third Party Information This presentation includes market, industry, economic data and projections which was obtained from various publicly available sources and other sources believed by Sigma to be true. Although Sigma believes it to be reliable, it has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. Sigma believes that the market, industry and economic data is accurate and that the estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data in this presentation are not guaranteed, and Sigma does not make any representation as to the accuracy or completeness of such information. Technical Information Certain technical information in this presentation was derived from the technical report dated March 31, 2025, with an effective date of January 15, 20245 titled “Grota do Cirilo Lithium Project, Araçuaí and Itinga Regions, Minas Gerais, Brazil” and prepared for Sigma Lithium by Marc-Antoine Laporte, P.Geo, SGS Canada Inc., William van Breugel, P.Eng, SGS Canada Inc., Johnny Canosa, P.Eng, SGS Canada Inc., and Joseph Keane, P. Eng., SGS North America Inc. (the “Updated Technical Report”). The Updated Technical Report is available on the SEDAR profile of Sigma at www.sedar.com. Mineral resources in the Updated Technical Report are reported inclusive of mineral reserves. Readers are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. Some figures herein have been rounded for presentation purposes. Other disclosures in this presentation of a scientific or technical nature at the Grota do Cirilo Project have been reviewed and approved by Alexandre Rodrigues Cabral, P. Eng., member of the Ordre des Ingenieurs du Quebec (OIQ, membership number 105796), who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Cabral is not considered an independent QP under NI 43-101 as he is a Sigma Lithium Director and Chair of the Company’s Technical Committee.. Non-GAAP Measures This presentation may contain certain non-GAAP measures. The non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. These measures provide information that is customary in the mining industry. This data should not be considered as a substitute for measures of performance prepared in accordance with IFRS. Presentation Currency The Company changed its presentation currency to the U.S. dollar, effective January 1, 2025. As a result, all financial information in this presentation is presented in U.S. dollars, unless otherwise indicated. page 3
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April 2023 February 2026 Leading Producer Resilient to Cycles: 3 Year Track Record Operational discipline, delivered on all fronts Client financing: strengthened commercial strategy Reduced short term debt Phase 2 construction and commissioning Increased revenues with sales of low- grade fines Increased mineral reserves by 40% Lowest cost producer Mine operation upgraded: delivering large volumes with cadence Greentech Plant operation upgraded and more efficient page 4 Fully funded for Phase 2
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Strategic Priorities page 5 Deleveraging and Strengthening the Balance Sheet - Deleveraging via offtakes + client advancements for working capital - Continue to lean on suppliers for working capital Lowering All-In Sustaining Costs Even Further - Mining costs to be reduced substantially following the mining restructuring - Interest expenses set to decline due to deleveraging - Capacity increase by year end 2026 to lead to gains in scale in 2027 Maintaining a Highly Successful Commercial Strategy - Continue to partner with trading companies to capture seasonality (spring / fall) - Commercializing a wider range of products
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Sale of Lithium Fines: Proven Industrial Cleantech-Enabled Additional Revenues page 6
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Mining Capacity to Match that of Greentech Industrial Plant 3.0 Plant 2.0 – 2023 Module 3: Tailings dry-stacking and total reengineering of the water reusage circuit Plant 3.0 – Current Module 1: Increase in efficiency Module 2: Optimization of recoveries via reprocessing Module 3: Dry Stacker Module 2: DMS Module 1: Crusher Upgrades planned to support increased capacity
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Mining Operation Upgrade A restructuring took plance in 4Q25 and nameplate capacity is expected to be reached in 1Q26 page 8 • Ramp-up is structured along equipment deployment plan • Leased equipment followed by owned equipment • Pivot to in-housing mining operation (instead of outsourcing) • Larger machinery: more productivity
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We Mastered the DMS Technology for Lithium Processing: Greater Efficiency and Reliability During 2025 To be Matched by Mining Operations page 9 PLANT ALREADY RESTARTED Plant restarted processing high grade material Over 70% recoveries at plant level MINING UPGRADED Reassessment of mining plan and geometry Waste stripping to optimize geometry Ore grade aligned with mining plan with no significant dilution: 1.4% Larger equipment expected to increase volume mined and operational speed
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(1) Data as of December 31, 2025. Total Recordable Injury Frequency Rate, or number of injuries requiring medical treatment per million hours worked. Without Lost Time Injury (LTI) One of the World’s Best Safety Records YTD TRFIR (1) • Employee engagement & safety processes • Direct connection to factory floor • Enhanced performance • Cost optimization page 10 Over 2 Years with ZERO Accidents Achieved a low-cost position while maintaining operational excellence (1)
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Annual Nameplate Capacity (tonnes of LCE) 2027 FY Phase 2 Expansion 2028 FY Phase 3 Expansion 520,000 770,000 Funded to Deliver Growth: Capacity Expansion Outlook (1) 270,000 Current Capacity (1)
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Phase 2 Expansion Update Pre-Strip Phase 2 Mine 2026 Phase 2 Mine Infrastructure 2026 Water Pipelines In Place Power Substation In Place Support Infrastructure In Place Moving High Voltage Power Lines In Place Sewage Water Treatment Plant In Place Plant 2 Equipment Assembly Plant 2 Civil Foundations Water Drainage/Recycling System In Place Earthworks and Foundations In Place Plant 2 Testing & Commissioning 2026 Construction Progress P1 P2 Prepare Mine 1 for Volume Expansion (Widen Geometry) Existing infrastructure of mining operations and Greentech Plant 1 to support the development of Phase 2
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Cashflow Generation Outlook *Annualized historical monthly low and high production following the end of ramp-up. **Prices used to calculate cash flow are grade adjusted. (1) Production volumes and costs per tonne (US$/t) Estimated 12 Month Period (Phase 1 Only)* Estimated 2027E (Phases 1 & 2) Production volumes 220,000t 270,000t 520,000t CIF China run rate cash cost ($440) ($440) ($440) Maintenance capex + other expenses (12) (12) (12) ESG, G&A expenses (80) (80) (32) Interest expenses (67) (67) (27) All-In Sustaining Cost ($599) ($599) ($511) Cash flow forecasts at various realized prices (US$ M)** Cash Flow @ 1,000/t $78 $96 $225 Cash Flow @ 1,400/t $156 $191 $408 Cash Flow @ 1,800/t $233 $286 $592 Low-cost position makes Sigma Lithium resilient to lithium market volatility
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Financial Update
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Source: Benchmark Minerals, 4Q24 quarterly report. - 200 400 600 800 1,000 1,200 1,400 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 CIF China US$/t Cost of Lithium Concentrate Spodumene Concentrate, ktonnes Hard-Rock Lithium CIF China Cost-Curve 2Q25 Prices ($630) Sept 25 Prices ($830) Africa ”To Be Restarted” Mines? page 15 Sigma Lithium Competitiveness: Low-Cost Resilience & Responsible Sourcing Maintained the highest sustainability and ethical sourcing standards Nov 25 Prices ($1,000)
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Maintained Low-Cost Position in 3Q25 (1) Plant Gate cost per tonne includes mining, processing and on-site G&A expenses. It is calculated on an incurred basis, credits for any capitalized mine waste development costs, and it excludes depreciation, depletion and amortization of mine and processing associated activities. (2) CIF cash cost per tonne includes ocean freight, insurance and royalties. (3) All-in sustaining cost per tonne includes unit CIF China cash operating cost, SG&A, maintenance capex and financial expenses. Plant Gate Cost CIF Cash Cost with Royalties All In Sustaining Costs (2)(1) page 16 US$/TonneUS$/Tonne US$/Tonne +22% +23% +7% +6% $397 $364 $395 $318 $349 $348 $424 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $551 $515 $513 $427 $458 $442 $543 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $660 $692 $511 2025 Guidance 9M25 2027E +5% (3)
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$90 $101 $59 $60 $51 $43 $37 33.8 $24 9.9% 9.7% 8.6% 8.7% 8.7% 9.1% 8.7% 8.7% 8.7% 0. 00% 5.00% 10.00% 15.00% 20. 00% 25.00% 30. 00% 35.00% 40.00% 45.00% 50.00% $- $20 $40 $60 $80 $ 100 $ 120 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Oct-25 Nov-25 Interest % per Year Export Prepayment Trade Finance (US$ M) Paid Down Short-Term Debt with Cash Flow Generation in 2025 Short-Term Trade Finance Facilities page 17 Clients Advanced Payments for Shipments -60%
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Suppliers: Days of Payables Down 12% QoQ in 3Q25 US$ Millions (1) Classified as a possible, but not as a probable liability. (2) Classified as a probable liability and therefore subject to be reclassified from suppliers to long-term contingent liabilities. (3) Net suppliers at the end of the quarter divided by COGS of the quarter and multiplied by 90. page 18 20.7 M 21.7 M 23.4 M 26.2 M 5.6 M 6.1 M 8.0 M 9.4 M6.3 M 10.8 M 12.9 M 19.2 M58 days 57 days 89 days 78 days -5 days 5 days 15 days 25 days 35 days 45 days 55 days 65 days 7 5 day s 85 days 95 days 0. 0 M 10.0 M 20. 0 M 30. 0 M 40.0 M 50.0 M 60.0 M 70.0 M 4Q24 1Q25 2Q25 3Q25 Net suppliers In dispute In dispute subject to reclassification Net days of payables (excluding in dispute) (1) (2) (3)
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Commercial Strategy
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Maintain Optimum Commercial Strategy Achieved in 2025 Pricing strategy efficiently captures price cycles, despite price volatility Source: Fastmarkets, GFEX and company data. page 20 Sigma Final Prices vs Provisional Prices (US$/t) 0 200 400 600 800 1 00 0 1 200 - $200 $400 $600 $800 $1,000 $1,200 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Provisional Price Final Price SC6 Lithium Concentrate Liberation Day Lithium Prices Volatility
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Offtake Agreements: Enabled Mining Upgrade page 21 Contract negotiation Agreed Upon Term 3 months (rolling) 3 years 3 years US$ M Market Prices (US$ 80 M @ 1,000/t) Leased Equipment US$ 51 M Description Prepayment of production until March 30, 2026 Long-Term offtake Conventional offtake with prepayment Volume 80,000t 11,000t 40,000t Use of Proceeds Working capital Upgrade of mining operations Growth strategy Status Contract negotiation3 years US$ 100 M Conventional offtake with prepayment80,000t Replacement of expensive LT debt 20252026
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$15 $30 $6 $21 ($27) ($1) ($11) - $20 $20 $8 $8 $33 Cash end of 2Q25 Payments from Customers Payments for Operating Costs Capex Finance Expenses & Debt Repayment FX Variation Cash end of 3Q25 Cash as at Nov 13, 2025 3Q25 Cash Position: Commercial Success Resulted in Incremental Cash from Final Settlements with Trade Partners (1) Cash proforma from operations including 3Q25 customer receivables: $30 M + $20M - $27 M = $23 M. (2) Accounted as of September 30, 2025, at US$847/t. (3) (3) Incremental cash from average final prices of US$1,070/t from the end of 3QQ25 to November 13, 2025. Cash Flow Bridge (US$ M) page 22 Cash from Operations: $23M (1) Cash Description 1 Trade receivables booked in 3Q25 @ US$ 847/t (provisional price)1 2 3 2 Increase in Trade Receivables @ US$1,070/t (current price) 3 Sale of Lithium Fines @ US$140/t (current price) (2) (3)
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Greentech Plant 3.0 Upgrade Was Not Accompanied By Mining: Plant Outperformance Compensated for Mine page 23 Increased plant recoveries of 70% Mine did not keep up with industrial plant upgrades concluded in Nov-24 (“Greentech 3.0”) Mining operational upgrade is required: Reassessed our mining plan Larger equipment scale Ensure maintenance of our safety record 216kt 308kt Jan 24 Dec-24 165kt 181kt 9M24 9M25 +43% +11% 2025 2Q25 3Q25 -86% Jan vs Dec 2024 9M24 vs 9M25 Apr May AugJulJune Set (1) Annualized production. (1) (1) (1)
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We Successfully Solved the “Puzzle of Competitive Advantage” Scale + Low Costs = Price Cycle Resilience Traceability + Low Costs = Competitive Advantage to Africa Scale + Traceability = Sells to Largest Supply Chains Management Speed of Execution = Builds, Commissions on Time, on Budget Location in Developed Mining Province = Excellent Availability of Skilled Workers Low Construction Capex = Zero External Capex Low Energy Costs Low Labor Costs Low Equipment Costs page 24
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Balance Sheet Highlights US$ Millions page 25 Assets 3Q25 Liabilities 3Q25 Cash 6.1 Short trade finance 36.7 Accounts receivables 19.7 Long term debt 113.3 Inventories 22.3 Suppliers 54.9 Property, plant and equipment 171.4 Shareholders’ Equity 83.8 • Short term trade finance reduced in 2025 to the end of November by 60% to US$24M • Long term debt to be almost entirely paid down using the proceeds of an offtake agreement • Inventories exclude high purity lithium fines • Overbilling being successfully disputed with suppliers (expected fall by 35%) • Cash position of US$21M on 13 Nov 2025