Sigma Lithium Corp

PHASE 2 DEVELOPMENT PROGRESS

During the three-month ended December 31, 2024, Sigma advanced the development of its Phase 2 expansion project having completed site land clearing and fauna categorization to make way for formal earthworks and terracing.

As a reminder, on April 1, 2024 the Company announced a FID was made by the Sigma Board to green light the project and begin earthworks. The Phase 2 expansion is expected to add 250,000 tonnes per annum of 5.5% Green Lithium production capacity. This would bring the total annual lithium oxide concentrate production capacity at Sigma’s Grota do Cirilo operations to 520,000 tonnes.

The capital expenditure (“capex”) total for the second line is expected to be $136 million (FEL3). Sigma is targeting commissioning of the crushing circuit to begin in late 2Q25, with commercial production from Phase 2 starting in the calendar third quarter of 2025.

The existing shared infrastructure built with the Phase 1 Greentech Plant is expected to support two additional production lines, including Phase 2. To reduce execution risk, Sigma is deploying a similar engineering flowsheet as demonstrated at Phase 1 and is using most of the same parts suppliers. The Company has taken from its experiences in operating the Phase 1 plant to make upgrades to the Phase 2 design where applicable.

SIGMA LITHIUM CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2024

(Expressed in thousands of Canadian dollars, except per share amounts or unless stated otherwise)