I'd like to welcome you to our third quarter earnings conference call. Joining me on the call today is Ana Cabral, CEO of Sigma Lithium.

Our third quarter 2025 earnings press release, presentation, and corresponding documents are available on our website. I will now turn the call over to Ana Cabral.

Good morning, everyone. It's with great pleasure to present Sigma Lithium's third quarter 2025 results directly from the Amazon, where COP30, the United Nations climate conference, is being held.

Sigma is here as a member of the Brazilian delegation. We have been engaged in high-level dialogues with other delegations from all over the world, and we are showcasing how we have implemented and executed on every single one of our targets of sustainability set out in 2017 when we made the original investment in the company.

Since then, we have managed to build the most sustainable lithium beneficiation plant in the world, digitalized, and using algorithms that employ bots, or AI, to become more and more efficient in treating the mineralogy of our mines and increasing plant recovery. Our plant is where technology meets metallurgy meets mining and delivers sustainability, doing more with less.

Please kindly read the disclaimers. We're going to make quite a number of forward-looking statements, and projections, and guidances as we go through this presentation.

We're very proud of our accomplishments in the third quarter, especially considering the state of the lithium markets throughout the quarter. We have managed to increase the resilience of our business significantly, achieving the following five initiatives.

First, we substantially increased our net revenues through optimum commercial strategy. We increased revenues by 69% quarter on quarter, and by 36% if compared to the third quarter of last year.

We have generated cash of $31 million resulting from final price settlements of sales that happened throughout the year. In addition, we expect cash generation from sales of re-processing high-purity, high-grade middlings, which are the result of our sustainable efforts.

We have approximately a million tonnes of those dry stacked high-purity materials. We're also in process of successfully upgrading our mining operations.

Our plant has already restarted this week. Our mine is expected to resume operations within two to three weeks, and Sigma will operate the mine with equipment leased directly from the manufacturer.

Lastly, we continue to maintain financial discipline, and that's demonstrated by deleveraging on our short-term trade finance debt by 43% this year despite the challenging lithium pricing environment. On this page, we showcase the financial highlights of the third quarter of '25 related to the increased cash margins and the deleveraging of our short-term trade finance debt.

Our revenues have increased by 69% if compared to last quarter. More importantly, we increased revenues by 36% versus the third quarter of last year.

Our pricing also increased by 33% versus last quarter. The revenues increase are a result of our efficiency increase.

Our margins also increased. The operating margin increased in 42% versus the third quarter of last year, and the net margin increased 67% versus the third quarter of last year.

Both margins also increased substantially versus the previous quarter, but by showcasing the increase versus last year, we demonstrate how we increase the resilience and the strength of the business. Our deleveraging is demonstrated by the decrease in trade finance.

We managed to pay down export financing short-term debt in 43% this year. The remaining balance is just $33.8 million as of November 13th.

Our cash has also increased by 42% versus last quarter, which is a trend very different from our peers, which have burned [crack?] cash.

Our current cash today is $21 million, plus $8 million of incremental trade receivables, all related to sales realized until the third quarter of 2025. On this page, we discuss our stellar record of zero accidents.

We have achieved 787 consecutive days without accidents with lost-time injury. It's over two years with zero records.

This demonstrates our operational excellence in addition to managing to continuously decrease our costs. We haven't cut costs at the expense of health and safety.

Our TRFIR is 1.79, amongst the lowest in the world. This results in employee engagement in safety processes, a direct connection to the factory floor, which leads us to enhanced performance and ideas for cost optimization coming straight from our employees.

It's a self-fulfilling circle where focusing on safety enables us to keep on getting better, both operationally by increasing efficiency, but also cost-wise by gaining ideas directly from employees on how to be lower cost. We're very proud of this.

On this page, we're going to start to discuss our financial performance this quarter. On this slide, we demonstrate how Sigma achieved an optimum commercial strategy, which allowed us to price efficiently our material capturing the price cycles, despite the price volatility that took over the metals market throughout the period that followed Liberation Day and the tariffs.

You can see on this chart in red the sales on provisional prices, and in green the sales on final prices. It's visible that we were able to capture a much higher final price as we managed to authorize our clients to resell the products and settle our final prices.

These adjustments resulted in incremental cash revenues for this quarter. A picture is a thousand words.

Here is how that translates into cash generation. This commercial success resulted in incremental cash from the final settlement with the trade partners.

You can see that by looking at the initial cash position at the end of the second quarter, the increase in cash from operations on a provisional price basis of $30 million, then the generation of trade receivables booked on sales up until third quarter on provisional prices of $20 million. That got converted into cash as of now, but that refers to sales with a cut-off on the third quarter.

In addition to that, we had another incremental increase in trade receivables because of the extra increasing prices that we have been experiencing to date at $1,700 per tonne, so that's another $8 million, which means that there were $28 million extra that resulted from our optimum commercial strategy. When you observe our cash as of today, we have $21 million in the bank, plus $8 million of settled trades at current market prices.

Now, in addition, we have $33 million of potential sale of lithium middlings, which are high-purity middlings or dry stacked material that currently sits both at the port and at our plant, at current market prices quoted at Shanghai Metals Market of $112 per tonne, net of transportation costs to port for part of it, and to China for the material sitting at the port. A significant cash boost coming from materials that have already been produced, but more importantly, a direct result of our investment in dry stacking our tailings and recycling and reprocessing and optimizing our lithium greentech industrial plant.

On this page, we show what that cash position enabled us to do. We managed to pay down our short-term trade finance 60% year-to-date to November.

If you cut it off as of October, we paid it down 44%. That's a significant debt reduction, especially considering the down markets and the lithium prices volatility we experienced this year.

We had a cash increase and we decreased our short-term trade finance expensive debt. That's a significant accomplishment in financial results for a year such as this in lithium markets.

On this page, we demonstrate how the debt maturity profile will be lengthened further, because all that is left now is essentially $10 million that we already paid down, plus $100 million that will be paid down next year in December, which relates to our shareholder debt, whose generosity has allowed us to get here, to commission our greentech plant, and to continue to make improvements to achieve the stellar operational performance the plant has been delivering. We are in a very comfortable debt position as of November 13th.

We demonstrate here on this page all the short-term debt that we have managed to pay down or roll. This page demonstrates our low-cost resilience and the fact that we are a source of responsible lithium production in this industry.

We have managed to maintain the highest sustainability and ethical sourcing standards throughout market pricing, meaning our resilience is here to stay. Even with a slight decrease in production, which is shown here in the little green over our regular costs, we're still lower than the lowest cost producer for non-integrated lithium oxide concentrate in Africa.

This location to the very left of the non-integrated supply curve is exactly where we plan to remain throughout the foreseeable future. On this page, we demonstrate how the lower production levels in September have not really affected our low-cost position.

In other words, the slight increase in cost maintained us on guidance for the all-in sustaining cost. That's demonstrated by the chart to the right, where we show the nine-month all-in sustaining cost versus the full-year guidance we provided at the beginning of the year.

This all-in sustaining cost includes interest, capex, maintenance, all of it, royalties, SG&A, environmental and social that is voluntary. We're very much on track.

We're issuing guidance of this all-in sustaining cost becoming $560, meaning lowering to $560 for 2026 based solely on production from the first plant. Now, the increase in CIF cash costs and plant gate costs are easily corrected once we return to full production in the first quarter of '26.

Our low-cost position is unmatched and unchanged. On this slide, we basically outline the offtake agreements expected for this year.

They're basically enabled by the significant commercial leverage and power we achieved by being an ethical producer and one of the lowest cost producers of lithium concentrate globally. Now, what we've done, we tailored different types of offtakes to cater for different specific client needs across geographies.

This year what we have is three different kinds of offtakes being discussed with three very different kinds of clients. The first kind is what we call the three-month rolling offtake.

They're done at market prices, and these are prepayment of upcoming production until March. The objective is to provide Sigma with low-cost working capital.

The second kind of offtake is a 20,000 tonnes for three years for $25 million. It's a small, long-term offtake, and the use of proceeds will be to pay for the mining equipment that will help us upgrade our mining operations, meaning the larger scale trucks, and overall excavators, and mining equipment.

The third category is a conventional offtake with prepayment being negotiated with a global European trading company. The use of proceeds is to deploy towards our expansion plans, remaining on track for our growth strategy next year.

We are in contract negotiation stages with that one. Now, for 2026, we still have another 120,000 tonnes of product uncommitted to be contracted into offtakes.

The objective is to strike conventional offtakes for both amounts. The first amount for 80,000 tonnes will be assigned to a regular end user, and the objective is to repay the long-term shareholder debt that was generously enough offered to Sigma in December 2022 and enabled us to get here to this very strong operational position.

We are in contract negotiations for that one. The second offtake is going to be achieved against an agent, meaning a trading company, which again is going to be a typical conventional offtake, once again deployed towards building and delivering on our growth strategy, meaning building a second plant.

This offtake is under contract negotiation. We're expecting to announce three offtakes still this year, and two more next year.

This page demonstrates our production and cost guidance for the upcoming years, 2026 and 2027. Our cash flow is poised to increase as our production efficiency increases with the execution of our strategic plan.

With plant one alone, we're bound to generate an all-in sustaining cost of $560 per tonne, and that includes everything, including interest expenses. Now, at the current price levels of $1,000 per tonne, that represents a cash flow, free cash flow generation of $132 million.

Once we complete plant two by the end of next year, we expect to have 550,000 tonnes of production throughout 2027, which will lower our all-in sustaining cost to $500 approximately. That, at current price points for lithium, is expected to generate a free cash flow of approximately $270 million.

This page really demonstrates how by remaining the lowest cost producer globally, we are bound to benefit with excess returns from this relative increase in lithium prices from $700 per tonne at mid third quarter to $1,000 per tonne as of now, November 13th. This page demonstrates how our greentech plant upgrade into the 3.0 version concluded and executed in November of '24 was not accompanied with pausa, pausa, de novo, de novo, do zero, 1, 2, 3.

This page demonstrates how the upgrade in our greentech plant into a 3.0 version, which was concluded in November of '24 of last year, one year ago, was not followed by our mining operations. Here at Sigma, just to recap, we have two different operations which are integrated.

We have a mine that delivers raw material to a state-of-the-art industrial lithium beneficiation plant, the greentech plant, that is automated, digitalized, and run by an algorithm. Throughout the first nine months of this year, what we could demonstrate is that the plant outperformance was compensating for the mine.

You can clearly see that in the chart at the bottom left of the slide, where we had an 11% increase in production in the first nine months of this year. Now, the chart above show and demonstrate the significant upgrade that took place in the greentech plant last year, when from the beginning of '24 to the end of '24, the production went up 43%.

In other words, the plant can produce 300,000 tonnes of lithium concentrate if properly fed with fresh rock, fresh spodumene ore. It process it efficiently because the plant recoveries are 70%.

Now, that made it clear that a mining upgrade was required. We reassessed our mining plan and concluded that we needed larger equipment scale to basically ensure higher volumes that would be moved faster.

More importantly, that would also ensure that we would maintain our stellar safety and health record at our operations. The charts on the right break down the two quarters, the second quarter '25 and the third quarter '25.

It clearly shows that the last month of the third quarter, when the mining equipment provider was demobilized, was where we had a significant production decrease because they were simply demobilizing and phasing down their efforts in operating and moving material at the expected productivity rates. This page shows what's the way forward.

We have mastered dense media separation technology achieving 70% recovered. Let me go back to the beginning.

Pause, pause. Again.

This page demonstrates our way forward and our operational plan. Clearly, we have mastered dense media separation technology for lithium processing, achieving 70% recovery rates.

That's equivalent to flotation. We have demonstrated also greater efficiency and reliability throughout 2025.

Now we're going to match it by upgrading our mining operations. First, our plant, it has already restarted.

It restarted processing high-grade material that's in our current operating site. The target for 2026 is to achieve full plant operational capacity of 300,000 tonnes of lithium oxide concentrate.

We have been recurrently achieving unprecedented recovery levels throughout the year up until the third quarter, so that's where our confidence comes from, from this track record. Now, on the feed of the plant, clearly a mining upgrade was required and is underway.

We reassessed the mining plan and the geometry. We observed that we have mined about 798,000 tonnes in July and 659,000 tonnes in August.

We continue to mine waste and strip in order to optimize geometry, and that is something I talked about during our second quarter '25 announcement. The ore grade is being perfectly aligned with our mine plan with no significant dilutions, we maintain the cadence of the ore grade fed to the plant.

As a result, we're very well positioned to resume our mining operations within two to three weeks once we're able to mobilize large-scale equipment, so that we can increase the volume mined and the operational speed at which we advance the geometry and increase mining volumes. With those upgrades, we expect to evolve our production capabilities at the plant already in the first quarter '26 reaching 73,000 tonnes of lithium oxide concentrate produced.

That's the guidance for the first quarter of '26. This slide demonstrates how, by being the low-cost and most sustainable producer at large scale, we have been able to obtain significant support by our clients to execute our on our expansion plans.

That's financial support and offtake support. We plan to reach 80,000 tonnes of lithium carbonate equivalent upon completion of our phase two expansion next year.

By just adding a third production line, which infrastructure is already on site, we expect it to achieve 120,000 tonnes of LCE equivalent of production. That is a consequence of Sigma already being a pillar throughout global lithium supply chains.

This underpins the financial support that we receive from our very large clients downstream in the lithium supply chain. We also conclude by outlining how we're going to continue to deliver on our strategic plan for 2025.

First, we're going to conclude the offtake agreements as we have outlined in the presentation. Second, we have achieved financial strength, but we're going to continue to do so by continuing to close final prices on the provisional price sales that we have achieved year-to-date until the third quarter, and will continue to deliver throughout the fourth quarter.

We have deleveraged, and we will continue to deleverage by basically paying down expensive short-term trade finance debt. We're also going to monetize existing lithium products that are currently sitting in our plant and in the port, taking advantage of the current robust pricing environment where demand for these products become actual.

Currently, these products are priced at about $120 per tonne, which could bring the additional revenues of $33 million throughout the fourth quarter. Thirdly, we are going to upgrade our mining operations to increase the greentech plant production scale, more feed, more concentrate.

There's another advantage to that, which means we're going to lower the structural costs of this company by lowering the plant gate costs, by increasing production volume, and by actually decreasing the absolute number of mining costs, which represent two thirds of our plant gate costs. Four, we're going to continue to partner with our very large clients with very large balance sheets to create commercial strategies that allows us to navigate lithium price seasonality, benefiting from achieving higher prices during the high seasonality.

Number five, we're going to continue to increase the scale of our suppliers so that we can obtain working capital support. This is a strategy where we're simply matching or copying what the global leaders in downstream, including battery makers and car makers, receive from their own suppliers in the duration of their account payables.

The average of the largest car makers in the world is from 130 days to 180 days to 210 days. We've been barely doing 30 days of deadlines for suppliers, we're lengthening that period by leaning on larger suppliers that are as large as us.

I want to thank you for the opportunity to present to you our third quarter earnings, and I'm now going to open the floor for the Q&A questions that are going to be submitted to our moderator through the chat function of this Zoom.

Thank you very much for the presentation. We will now begin the Q&A section.

To ask questions, just queue the question in the Q&A button. Please be aware that your company name should be visible for a question to be taken.

Our first question comes from Buvida from Bloomberg. Hi.

Thanks for the clarity on the cash balance. Based on page 9, is current cash balance at $29 million US dollars plus $33 million [West dollars?]

, or only $29 US dollars million [West dollars?] .

Thank you. No, the current cash balance is $29 million.

The 33 are basically bids we received on the current lithium material we already have, and we were mentioning that exists in the port and at the plant.

Yes, these are typical materials that are processed through the DMS circuit. They're more valuable because the chemical structure of the particle hasn't been broken.

In other words, it's a very different manner of processing lithium ore than the flotation plant. The lithium grade goes from 1% to 1.3%.

There's an official quote for these products at Shanghai Metals Market, which can be validated daily. In current market environments where it's actually a search for physical materials to close open positions in Guangzhou, we've been getting bids for these materials, 100,000 of which are at the port already, which makes their cost simply shipping to China, which is $40 a tonne.

Then we have another 850,000 tonne of these materials at the plant, which makes their costs approximately $85. When we banked on $33 million, it's just pure profit given that their costs incurred in transportation.

The number is net of transportation. The current quote for these materials at Shanghai Metals Market is $120 per tonne.

They're roughly 11%-ish of current lithium oxide concentrate prices as of today, which is about $1,070 to $1,080 per tonne.

Absolutely. We're going to lean on our suppliers, on our clients the same way we have been leaning on them for a number of advancements we've been doing here, including mining upgrade.

There are a number of ways to basically disperse the BNDES loan. However, as we discussed earlier, we were awaiting for a quarter of lithium price stability, given the highly volatile pricing environment we experienced this year.

We were one of the few companies to actually generate cash this year. Our peers were mainly cash burning.

Our board decided to wait for a quarter of stability so that we could basically greenlight purchasing equipment. Once we do so, it could happen as early as January or late January, given current price environment being very robust.

We're going to utilize the same structures we've been utilizing, which are large customer balance sheet support, to basically disburse. What we're doing about expansion is ensure...

Okay. Yes, regarding the structure for disbursing BNDES, our board was awaiting for at least a quarter of price stability given the volatility in lithium pricings the market experienced this year.

What we are planning to do, if the lithium prices environment continue to be as robust as it is now, is probably greenlight equipment purchasing as early as January, late January of '26. More importantly, we have already disbursed a certain amount, and filed that with BNDES.

It's all basically ready to be deployed once we continue on equipment purchases, which is the plant portion of phase two. Now, the key element in ensuring the timeliness of a potential 2026 commissioning of the plant was adjusting mine's geometry, so that we could feed the plant with the same geometallurgy that we are feeding our current plant one.

Feeding plant one and plant two with the same geometallurgy would ensure a shorter ramping-up period, given that we would have more chemical certainty of the ramp-up. In other words, any ramp-up issues could be only narrowed to processing, which are relatively easy to fix.

The work on mine geometry would continue the same way we carried on geometry work throughout the second quarter despite the lithium prices volatility.

Yes, that's exactly why we're carrying through the mining upgrade. You were spot-on.

Meaning, we know what the plant can do. We have a state-of-the-art greentech lithium plant that can do 300,000 tonnes of lithium oxide concentrate on its own.

What we needed to do was to match mine to plant, and this is exactly what we're doing, taking advantage of the relatively muted lithium price environment that we observed on the third... tonnes production a year...

Okay. Resuming.

What we are doing is basically spot-on. The reason to decide on the upgrade of the mine was exactly what you asked us.

In other words, we know what the plant can do. The plant can deliver 300,000 tonnes of lithium oxide concentrate per year if properly fed with fresh rock.

By upgrading the plant, by revisiting the mine plan and moving more material, what we're doing is making more product available for the robust lithium price environment that we were expecting in 2026. We took advantage of the muted price environment still in the third quarter to make that decision, and it was the accurate timing to do so, because as we enter '26, we will already enter with an upgraded quarterly production, as we indicated, to 73,000 tonnes.

We have a credit signed with BNDES, which is the best possible credit we can get. To your point, the offtakes, as I outlined on the discussion that we had about them, and it was quite detailed, are meant for that.

In other words, we have the conventional offtakes, when we declare the use of proceeds is to fund the growth, what they will be doing is essentially closing that gap. As offtakes get closed this year, what we will do is redirect those proceeds for the plant, phase two, given that the mining upgrade has been fully covered by our current clients.

Yes, what we are planning to do, Joe, is to issue guidance for fourth and first quarter together. We issued the first quarter guidance, and we're going to issue fourth quarter guidance soon when we show a remobilization plan.

What we have, though, is the full cost to upgrade mining operations, which is $25 million, which has been fully covered by our clients. What we need to do now is to just wrap up what we call the mobilization curve for large tonnage equipment, which is either twice the tonnage of what we got, or probably two and a half times the tonnage of what we got, depending on the mobilization curve, which will be announced promptly.

We will be able to perhaps have a surprise for the fourth quarter. We've given the first quarter guidance, and the fourth quarter guidance will be given as soon as we wrap up the mobilization curve for the very large tonnage equipment that's been made available to us by the manufacturer directly.

By the way, one more point that's very important: the $25 million are not going to be paid at once. They're going to be paid in very nice, soft installments throughout two to three years at very low rate, SOFR plus under 1% or 1%, again, facilitated by our very supportive clients given that we are the pillars of global downstream supply chains.

It'll be an offtake like any other.

It's spot, essentially. We close provisional prices at spot.

Today, fortunately, there's a very liquid market for both chemicals and spodumene, or what we call lithium oxide concentrate. Shanghai Metals Market, Guangzhou, they're literally moving with significant volumes.

Just for example, last night, Guangzhou negotiated over 600,000 tonnes of LCE of open interest contracts. That's a third of global lithium demand.

There's a quite precise pricing. Last night, prices hovered around $1,070 a tonne.

That level of liquidity allows for spot to be quite precise, meaning clients bid and hedge immediately into chemicals. We believe pricing is becoming more and more efficient, which helps producers like us, given that there's less opacity, more transparency.

Again, what we do, though, is, depending on the season, we close at final or we close at provisional. What we've done this year, given volatility, we basically closed at provisional pricing.

Now we're benefiting from having the clients to lean on and realizing final pricing, hence the cash boost we received from sales up to third quarter at the moment, as we explained in detail in our cash from operations section of this presentation.

No, unfortunately not. Here at COP30, that's been one of the frustrations.

What the advantage is, though, is commercial power, meaning, given that global supply chains have been rearranged, what we have is similar battery makers supplying car makers globally, in the West, in the East, all over. There's a huge focus on traceability, on sustainability, on health and safety.

What we have is essentially a brand that safeguards us from any questions. It's very easy to ascertain the Quintuple Zero advantage.

That's what we have, a commercial advantage, which translates into what we've showcased so far: our ability to negotiate provisionals when we believe it's reasonable to negotiate provisionals, our ability to lean on our clients' balance sheets for support for mining upgrades, and so on and so forth. Unfortunately, there's no green premium, and we do not believe there will be a green premium.

Hopefully, there could be, but it's years ahead. What there is is a green commercial advantage.

Thank you, David. We'll sell it all down.

At current prices, the plan is to basically monetize everything we have, including what we call in China middlings, right? We have high-purity middlings with an intact spodumene chemical structure, because it comes from DMS and it hasn't been affected chemically by the flotation, nor by organic contaminants, nor by the chemicals utilized in flotations.

Hence, we can get a straight quotation for $120 even for middlings, which just shows that the current strategy is to monetize all the lithium we currently have.

No, we discussed that. If you look at lithium price behavior, it came from the final price settlements.

The lithium prices have rallied considerably. RMB contracts for LCE in Guangzhou were close to 88,000, 87,000, we were able to receive the final price settlement adjustment from the sales of product that took place up until the cut-off date of September 30th of 2025.

That's where the adjustment comes from, from actual cash from these settlements. More importantly, there's extra adjustments from the settlements that haven't been closed yet.

We started to close settlements at 875, and we kept going until the latest ones, which were 1,035 just last week. Again, these were shipments material in boats in the water.

We were literally shipping everything and selling everything. The other question you asked was about the $33 million, that's essentially middlings, which are monetized.

Their bids out. We are awaiting to work out on logistics.

The profit varies significantly on logistics because we have 100,000 at the port. That is simply $40 to China.

$120 minus $40, that's net profit, pure profit, no costs associated with it. Then we have 850,000 tonnes of those middlings, high-purity, with chemical structure intact at the plant.

The logistic costs there are different because we need to truck it to port. What we're working on is to think through birthing the biggest ships we can obtain, and therefore lower the shipping cost to perhaps $25, $30, so that $120 minus $70 of logistics back to back, plant to China.

Essentially two different costs of logistics. These products are zero cost to produce because they are middlings, or what we call dry stacked high-grade lithium tailings.

That's the sustainability advantage. We are able to monetize it to a net of $33 million US dollars, which is a considerable sum.

It's equivalent to a boat or a bit more, actually, pure profit.

We're not there yet. I answered a similar question.

We issued guidance for the first quarter of '26, and as soon as we wrap up the what we call the mobilization curve in terms of the scale of the large equipment being made available to us, it could vary from 60-tonne trucks to up to 95-tonne trucks, which is a significant increase from the small 40-tonne trucks we were using before. A 75-tonne truck could move twice as much material than a 40-tonne truck.

A 60-tonne truck could move 50% more material. A 95 to 120-tonne truck, same axis size, could move three times more material.

Cost not that dissimilar because it's diesel, it's four drivers per equipment. We are decreasing the number of men involved, consumption of diesel not that dissimilar.

Overall, structurally lowering the cost of this operation. This is the guidance that we plan to provide in detail as soon as we wrap up mobilization schedule for the equipment, which is currently taking place.

I was in China for two weeks, just got back a day and a half ago, and we're making progress in strides on that front. We're delighted with the support we received from manufacturers, clients, because we're pillars of three global supply chains, actually: Europe, Asia, and China.

We're very optimistic about 2026. It's been a year where volatility dominated the conversation.

It's consensus now where lithium is headed. Now, what's important to highlight is lithium is a commodity like any other, meaning prices will be what they are.

We're not talking about price spikes. We're talking about prices being at $1,000, $1,100, which, for low-cost producers such as Sigma with current plant gate costs of around 350 normalized, is a fantastic operating environment.

The key is to continue to be a low-cost producer, hence our efforts in upgrading our mining operations to match the exceptional industrial operations we have achieved throughout this year. Thank you all for listening.

Thank you all for being with us on our journey. We're going to be open for welcoming you all through my colleague, Anna Hartley, who's heading investor relations, and we'll be visiting some of you through conference calls in the next couple of days throughout the world.