# EDGAR Filing Document

**Accession Number:** 0001848309
**File Stem:** 0001171843-25-005444
**Filing Date:** 2025-8
**Character Count:** 235689
**Document Hash:** 791f89fb1cea447493fbe7c6afc021df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005444.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001171843-25-005444

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sigma Lithium Corp
- **CENTRAL INDEX KEY:** 0001848309
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40786
- **FILM NUMBER:** 251224381

**BUSINESS ADDRESS:**
- **STREET 1:** AV. NOVE DE JULHO, 4939
- **STREET 2:** CJ. 93 (PARTE)
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01407-200
- **BUSINESS PHONE:** 551130788575

**MAIL ADDRESS:**
- **STREET 1:** AV. NOVE DE JULHO, 4939
- **STREET 2:** CJ. 93 (PARTE)
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01407-200

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sigma Lithium Resources Corp
- **DATE OF NAME CHANGE:** 20210226

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR <br> 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of August 2025**

Commission File Number: **001-40786**

**Sigma Lithium Corporation**<br> (Translation of registrant's name into English)

**181, Bay Street, Suite 4400<br> Toronto, Ontario, M5J 2T3, Canada**<br> (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br> Form 20-F [ ] Form 40-F [X]

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description</u>** |
| [99.1](exh_991.htm) | [Management's discussion and analysis for the three months ended June 30, 2025](exh_991.htm) |
| [99.2](exh_992.htm) | [Condensed Interim Consolidated Financial Statements for the three months ended June 30, 2025](exh_992.htm) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Lithium Corporation |
|  | (Registrant) |
| Date: August 14, 2025 | <u>/s/ Ana Cristina Cabral</u> |
|  | Ana Cristina Cabral |
|  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](mdacover.jpg)

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

#### INTRODUCTION & BACKGROUND
This management's discussion and analysis dated as of August 14, 2025 (this "**MD&A**") of the financial condition and results of operations of Sigma Lithium Corporation ("**Sigma**", "**Sigma Lithium**" or the "**Company**") constitutes management's review of the key factors that affected the Company's financial and operating performance for the six-months ended June 30, 2025. This MD&A should be read in conjunction with the audited annual financial statements of the Company for the years ended December 31, 2024 and 2023 together with the notes thereto, and the unaudited condensed interim consolidated financial statements for the six-month periods ended June 30, 2025 and 2024. Results are reported in United States dollars, unless otherwise noted.

The Company's financial statements and the financial information contained in this MD&A are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Unless inconsistent with the context, references in this MD&A to the "Company" or "Sigma" are references to the Company and its subsidiaries.

The Company's office address is 181, Bay Street, Suite 4400, Toronto, Ontario, M5J 2T3, Canada. The Company's common shares ("**Common Shares**") trade under the symbol "SGML" in the United States on Nasdaq and in Canada on the TSX Venture Exchange ("**TSXV**"). Additionally, Brazilian Depositary Receipts ("**BDRs**") trade under the symbol "S2GM34" in Brazil on the B3 exchange.

Further information about the Company and its operations, including the financial statements referred to above and the Company's annual information form, is available on the Company's website at www.sigmalithiumcorp.com, at www.sedarplus.ca (SEDAR) and at www.sec.gov (EDGAR).

The information herein should be read in conjunction with the technical report titled "Grota do Cirilo Lithium Project Araçuaí and Itinga Regions, Minas Gerais, Brazil, dated March 31, 2025, with an effective date of January 15, 2025, (the "**Technical Report**"), for the resource and reserve estimates. The Technical Report is compliant with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

The Technical Report includes information about the Company's wholly-owned Grota do Cirilo lithium operations (the "**Operations**") in Brazil, such as: (i) the mineral reserve and resource estimates for the Xuxa deposit ("**Phase 1**"), the Barreiro deposit ("**Phase 2**") and the Nezinho do Chicão deposit ("**Phase 3**" and together with Phase 2, "**Phase 2 & 3**"); (ii) the results of the updated feasibility study on Phase 1 (the "**Phase 1 FS**"); and (iii) the results of the preliminary feasibility study on Phase 2 and 3 (the "**Phase 2 and 3 PFS**").

On January 1, 2025, the Company elected to change its presentation currency from Canadian dollars ("CAD") to United States dollars ("US$"). This change was made to better reflect the Company's business operations and to enhance the comparability of its financial results with those of other publicly traded companies in the mining industry. The change in presentation currency has been applied retrospectively, and comparative financial information has been restated as of US$ had always been the Company's presentation currency, in accordance with IAS 21 and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

The figures in this MD&A are presented in United States dollars and are referred herein as "**$**", "**US$**" or "**USD**". Additionally, Brazilian Reais are denoted as **"R$"** in this document.

Readers should refer to and carefully consider the sections below titled "Risk Factors", "Cautionary Note Regarding Forward-Looking Information" and "Cautionary Note Regarding Mineral Reserve and Mineral Resource Estimates".

**OUR BUSINESS**

Sigma Lithium is a commercial producer of high purity, environmentally sustainable, lithium oxide concentrate. The Company's existing Phase 1 operations, along with its planned Phase 2 and 3 expansions to triple capacity, represent one of the largest hard rock lithium mining and beneficiation complexes in the world. Our assets are located in the municipalities of Araçuaí and Itinga in the northeastern part of the state of Minas Gerais, Brazil. The Company owns 100% of the operating assets indirectly through its wholly-owned subsidiary Sigma Mineração S.A. ("**Sigma Brazil**"), with the leasehold area comprised of 29 mineral rights (which include mining concessions, applications for mining concessions, exploration authorizations, applications for mineral exploration authorizations) spread over 185 km<sup>2</sup>, located within the broader 19,000-hectare land package held by Sigma Brazil (containing the Grota do Cirilo, Sao José, Genipapo and Santa Clara properties).

![](mda_logo2.jpg) \| 1

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

Sigma's operations are vertically integrated, with the Company's mines supplying spodumene bearing material to its lithium production and processing plant (the "**Greentech Plant**"). The Greentech Plant is designed and operated to produce a 5.1% to 6.0% high purity lithium oxide concentrate ("**Green Lithium**"), engineered to the specifications of the Company's customers in the rapidly expanding lithium-ion battery supply chain for electric vehicles ("**EVs**"), in an environmentally friendly way through a fully automated and digital dense medium separation ("**DMS**") technology process.

Sigma is taking a phased approach to the expansion of its operations. Production at its Phase 1 Greentech Plant and associated mine commenced in April 2023. At 270,000 tonnes per annum of 5.5% lithium oxide concentrate production capacity, Phase 1 has positioned the Company as a globally relevant, Tier-1, concentrate producer. The Company issued a Final Investment Decision ("**FID**") on its Phase 2 project on April 1, 2024. Phase 2 would take consolidated capacity to 520,000 tonnes per annum of 5.5% concentrate. The existing shared infrastructure built with the Phase 1 Greentech Plant is expected to support two additional production lines, with each of the two planned phases of expansion designed to follow a similar flowsheet as demonstrated in Phase 1.

The Sigma Greentech Plant also produces a low-grade, high-purity, zero-chemical, hypofine by-product ("**Green By-Products**") at approximately 1.0% lithium oxide ("**Li2O**"). Depending on market conditions, these Green By-Products can be sold to strengthen Sigma's ESG-centric approach to pioneer a "zero tailings" environmental sustainability strategy, minimizing the environmental footprint of tailings storage with a positive ecosystem impact, while also generating an additional revenue stream to the Company.

Since its inception in 2012, the Company's mission has emphasized environmental, social, and governance ("**ESG**") practices to support sustainable development. The Company is also actively engaged in social programs that promote sustainable development and inclusion—including on its Board of Directors (the "**Board**")—as well as initiatives to upskill local communities in the region where it operates.

As part of this commitment, the Company has adopted the strategies outlined in Table 1 to advance its operations in a responsible and sustainable manner. Notably, the Company has successfully delivered on its "net zero carbon" program through the purchase of carbon credit in-setting, achieving "quintuple zero" status: zero net carbon, zero tailings dams, zero hazardous chemicals, zero use of potable water, and zero dirty power, from the outset of operations.

Looking ahead, Sigma plans to further enhance its ESG initiatives through innovative programs, including increasing the use of biofuels to 50% in its trucking fleet.

**Table 1**: Summary of Sigma's ESG-Driven Decisions & Strategies

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Governance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sustainable Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Greentech Plant** |
| CEO / Co- Chairpersons: 100% / 50% female <sup>(1)</sup> | Phase 1 built as two pits to preserve seasonal stream | Zero net carbon, tailings dams and hazardous chemicals |
| Board Independence: 60% independent <sup>(2)</sup> | Phase 1 built as two pits to preserve seasonal stream | Zero net carbon, tailings dams and hazardous chemicals |
| Board Committees Chair Independence: 75% independent <sup>(3)</sup> | Social programs / commitment to local hiring and training | Zero potable water use |
| Board Diversity: 40% female representatives / LGBTQ representation <sup>(4)</sup> | Social programs / commitment to local hiring and training | 100% green hydro power |

---

(1) The Company's CEO is female (100%); and the Board has two chairpersons whose one (50%) is female.

(2) The Board has five members, and three of them (60%) are independent.

(3) Three of the four Board Committees are chaired by independent directors (75%).

(4) The Board has two members (40%) that represent women and LGBTQ community.

**CORPORATE HIGHLIGHTS**

▪ Year to date 2025, as of the date of this MD&A, the Company notes the following corporate highlights:

▪ On March 13, 2025, Mr. Junaid Jafar was appointed as a new independent member of
the Board of Directors, replacing Mr. Bechara Azar, who resigned from his position on the Board for personal reasons. Mr. Jafar is currently
the Chief Investment Officer at Al Muhaidib Investment Office, which is the family office of Al Muhaidib Group, one of the largest private
conglomerates in the Middle East headquartered in Dammam, Saudi Arabia. Mr. Jafar's professional expertise spans direct investments
across private equity, private credit globally and throughout the Middle East. With nearly 30 years in investment management, he has previously
worked at J.P. Morgan, Fitch Ratings and Janus Henderson in London, as well as at Emerging Markets Partnership and Tadhamon Capital in
Bahrain. He is a Fellow of the Institute of Chartered Accountants England & Wales (ICAEW) and holds a bachelor's degree in economics
and political science from Middlebury College in Vermont, USA.

![](mda_logo2.jpg) \| 2

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

▪ In addition to the events of the three-month period ended June 30, 2025, Mr. Felipe
Peres has been appointed Chief Financial Officer ("CFO") on August 8, 2025, consolidating the entire team under his leadership.
He has taken over the responsibilities that were previously under former CFO, Mr. Rogério Marchini, who left the Company.

**FINANCIAL HIGHLIGHTS**

For the three-month period ended June 30, 2025, the Company notes the following financial highlights:

▪ Reported gross sales revenue – lithium oxide concentrate of $21.1 million, 60.3% decrease
compared to 2Q24

- CIF China cash operating costs of $442/t in 2Q25, 12% below target of $500/t.

- All-in sustaining cash costs (AISC) totaled $594/t in 2Q25, 10% below target of $660/t.

▪ Reported net loss of $18.9 million or $(0.17) per share.

**GREENTECH PLANT PRODUCTION HIGHLIGHTS**

Sigma Lithium's production of green lithium oxide concentrate totaled 68,368 tonnes for the three-month period ended June 30, 2025.

As of the date of this MD&A, the Company has the following operational updates related to its Greentech Plant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The optimization of the Greentech Plant continued following
the installation of the ultrafines re-treatment circuit. Work continued on the stability of the fines and coarse DMS circuit with the
aim of increasing recoveries. The planned upgrade of the thickener module was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A screen replacement in the crusher circuit went according
to plan with the new screens operating successfully. The replacement should result in an improvement in efficiency, reliability and plant
utilization.

**Table 2**: Summary of Key Phase 1 Operating Metrics

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Key Operating Metrics*** | **Unit** | **Jun 24** | **Sep 24** | **Dec 24** | **Mar 25** | **Jun 25** |
| **Production** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Green Lithium Production | *(kt)<sup>(1)</sup>* | 49.4 | 60.2 | 77.0 | 68.3 | 68.4 |
| &nbsp;&nbsp;&nbsp;Grade of Green Lithium shipped loading | *(%)* | 5.5% | 5.2% | 5.2% | 5.0% | 5.2% |
| **Sales** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Green Lithium Concentrate | *(kt)<sup>(1)</sup>* | 52.6 | 57.5 | 73.9 | 61.6 | 40.3 |
| &nbsp;&nbsp;&nbsp;Total Net Revenue | *($ million)* | 45.9 | 20.9 | 47.3 | 47.7 | 16.9 |
| *(\*) kt (thousands of tons)* | *(\*) kt (thousands of tons)* | *(\*) kt (thousands of tons)* | *(\*) kt (thousands of tons)* | *(\*) kt (thousands of tons)* | *(\*) kt (thousands of tons)* |  |

---

Going forward, the Company intends to remain focused on completing the following key workstreams in 2025:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Maximize daily production levels, with an expected improvement from the abovementioned
crusher circuit screen investment;

![](mda_logo2.jpg) \| 3

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;▪ Analyze further opportunities to optimize the plant's flowsheet to drive
better throughput and consistency; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Optimize preventive maintenance schedules to maximize crusher plant production.

**<u>Commercial Agreements</u>**

Sigma Lithium sold 40,350 tonnes of green lithium oxide concentrate in the three-month period ended June 30, 2025.

**<u>Health & Safety</u>**

Health and safety remains Sigma's primary focus at the operating site, and the Company is proud to report the following achievements as of the date of this MD&A:

&nbsp;&nbsp;&nbsp;&nbsp;· **Strengthening HSE Strategy:** The alignment of the Health, Safety, and Environment (HSE) operational
strategy has been a priority, ensuring that senior management's values are effectively communicated and translated into leadership
at the operational level. Clear and effective communication has been key to ensuring that all personnel understand the strategy, its objectives,
and their individual roles in its implementation. This alignment has helped to streamline efforts and prioritize safety outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;· **Employee Engagement & Safety Leadership:** Sigma promotes employee involvement as a core principle
in the continuous improvement of its health and safety systems. This commitment has been reinforced through the strengthening of the Internal
Accident Prevention Committee. Since January 2025, monthly meetings have been held to evaluate safety outcomes and implement improvement
actions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Workshops & Safety Culture Development:** monthly safety meetings have been held since the start
of 2025 with contracted teams to foster the collective development of a strong workplace safety culture. Practical actions have been implemented,
including the regular sharing of best practices among team members.

Over the twelve months ended December 31, 2024, the Company recorded **seven reportable cases** and a **total recorded injury frequency rate (TRIFR) of 2.35**, based on the International Council on Mining and Metals (ICMM) metric of total recorded cases per hours worked. The Company has achieved **514 consecutive days without a Lost Time Injury (LTI)**, reinforcing its commitment to workplace safety and operational excellence.

In the first semester of 2025, the Company improved its performance, reaching a TRIFR of 1.92 and extending its record to 695 consecutive days without a Lost Time Injury (LTI).

**MINING HIGHLIGHTS**

As of the date of this MD&A, the Company reports the following highlights and advancements in its 2025 mining activities:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The first geo-metallurgical model has been developed, including predictive outputs
for yield and metallurgical recovery, and is now being used to support mine planning and Dense Media Separation strategies;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A review of the medium and long term mine plan resulted in a new mine geometry
increasing the mine's footprint and its implementation is expected to lead to a significant increase in productivity;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A greater availability of ore contributed to more consistent ROM volumes and quality,
providing enhanced stability for downstream processing;

&nbsp;&nbsp;&nbsp;&nbsp;▪ An improvement of rock blasting, with updated drilling and blasting plans, was
implemented, focused on maximizing crushing quality, improving excavator productivity and reducing the number of blastings required. This
effort also produced benefits in terms of geotechnical stability and improved relations with the neighboring communities;

![](mda_logo2.jpg) \| 4

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;▪ The multi-pit and phase mine plan continued to evolve, confirming strong synergies
between Phases 1, 2, and 3, as outlined in the FY2024 MD&A;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Initiatives to assess the optimization of equipment size and configuration to improve
both productivity and cost efficiency are ongoing; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Further enhancements in grade control should result from an improved monitoring
of dispatched trucks, which should reduce ore losses and contamination and minimize feed variability at the processing plant.

**Table 3**: Total Mined and Processed Material

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Kt volume)** | **Units** | **Jun 25** | **Mar 25** | **Dec 24** | **Sep 24** | **Jun 24** | **Mar 24** | **Dec 23** | **Sep 23** |
| Ore mined | dmt | 301 | 395 | 478 | 397 | 298 | 389 | 435 | 381 |
| Waste mined | dmt | 4901 | 5026 | 4452 | 5097 | 6365 | 4275 | 2533 | 2922 |
| *Total material mined* | *dmt* | *5202* | *5421* | *4930* | *5494* | *6663* | *4664* | *2968* | *3303* |
| Ore crushed | dmt | 272 | 396 | 476 | 416 | 348 | 389 | 397 | 343 |
| Ore processed | dmt | 226 | 382 | 405 | 368 | 346 | 391 | 376 | 320 |

---

*<sup>(1)</sup>kt = thousands of tons ; <sup>(2)</sup>dmt = dry metric tonnes*

**PHASE 2 DEVELOPMENT PROGRESS**

During the six-month period ended June 30, 2025, Sigma continued to progress on the Phase 2 expansion project, with completion of key site preparation activities including formal earthworks and terracing. The Company remains focused on de-risking execution through strategic alignment of Phase 2 with the proven flowsheet, engineering concepts, and supplier partnerships established in Phase 1.

In parallel, Sigma has undertaken a detailed review of procurement priorities and project execution strategy, reinforcing its commitment to value-driven capital allocation and operational excellence. This includes evaluating optimal timelines for the contracting of long lead equipment and engineering services that will ensure readiness for the next construction milestones.

The Phase 2 expansion remains a transformative opportunity for the Company, with expected additional production capacity of 250,000 tonnes per annum of 5.5% Green Lithium. Together with Phase 1, this would bring the total annual production capacity to 520,000 tonnes of lithium oxide concentrate at Grota do Cirilo.

The Company continues to leverage the synergies and learnings from Phase 1 to enhance the efficiency and sustainability of the Phase 2 implementation, with ramping-up scheduled for 2026.

**Table 4**: Uses of Cash Analysis for Phase 2 Construction

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| | | |
|:---|:---|:---|
| **Capex (000 USD)** | **Phase 1 (actual)** | **Phase 2 (budget)** |
| **MINE** | **7337** | **-** |
| Mine General | 5259 |  |
| Mine Infrastructure General | 2078 |  |
| **Industrial Site Construction** | **16600** | **16454** |
| Earthworks | 4173 | 7216 |
| Infrastructure | 12427 | 9238 |
| **Industrial Plant** | **64357** | **62128** |
| Crushing System | 17378 | 21255 |
| DMS System | 29466 | 31096 |
| Assembly Direct and Construction Management | 3167 | 3409 |
| Civil Direct and Construction Management | 6295 | 5417 |
| Substation | 8051 | 951 |
| **Environmental** | **11775** | **10961** |
| Water Recycling | 3259 | 3094 |
| Tailings Dry Stack | 4901 | 5668 |
| Sewage & Water | 3615 | 2199 |
| **R&D Engineering Design** | **17222** | **5029** |
| Engineering | 17222 | 5029 |
| **Construction Management** | **9028** | **6398** |
| Construction Management | 7388 | 5484 |
| Procurement | 1640 | 914 |
| **(=) Construction Capex <sup>(\*)</sup>** | **126321** | **100970** |
| ***Construction Addition*** | **-** | **6536** |
| Acceleration Plan |  | 6536 |
| **(=) Total Construction Capex** | **126321** | **107506** |
| ***Others*** | **5584** | **(149)** |
| WC (Spare Parts) | 7034 | 1025 |
| VAT Tax Benefit | (1451) | (1174) |
| **(=) Total Capex** | **131904** | **107357** |

---

 

![](mda_logo2.jpg) \| 5

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**ESG & SUSTAINABILITY HIGHLIGHTS**

Sigma's mission statement and key focus have been guided by making business decisions in a manner consistent with furthering the UN SDGs and adhering to the highest level of ESG practices.

Specifically, Sigma is focused on the following three pillars: (i) sustainable development; (ii) minimizing the environmental impact of our operations; and (iii) improving the lives of those in and around the region where the Company operates. Further, Sigma remains focused on global leadership to increase awareness of our "green battery metals" approach.

Sigma is proud to report the progress made during the three-month period ended June 30, 2025 to advance its social and environmental programs, which have been designed to ensure the sustainability of its operations while promoting the development of the Jequitinhonha Valley region.

**<u>Environmental Programs Updates</u>**

All main environmental activities planned were successfully completed during the second quarter of 2025. These efforts focused on the restoration and conservation of local biodiversity, as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An application of topsoil to the surface of waste rock piles followed by hydroseeding
was completed in April 2025, leading to revegetation, biodiversity preservation, and the mitigation of environmental impacts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A regular execution of Sigma's fauna monitoring campaign, including the Company's
7th terrestrial fauna survey, was conducted by a team of biologists to assess the evolution of local wildlife and support ongoing conservation
and habitat restoration initiatives.

For the third quarter of 2025 the main actions planned are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An application of biodegradable polymer as a dust suppression agent, a testing
of fog cannons at waste rock dumping fronts, and an expansion of the Company's environmental monitoring network. These actions are
part of Sigma's Particulate Matter Emission Control Program and are strategically aligned with the onset of the dry season

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A reinforcement of the use of water trucks for dust control within the operational
areas and on community access roads in the surrounding areas. This initiative goes beyond Sigma's operational footprint and aims
to improve the well-being of neighboring communities.

![](mda_logo2.jpg) \| 6

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**<u>Social Programs Initiatives & Updates</u>**

Sigma's activities related to its social programs are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Microcredit Program: i** n
partnership with *Grupo Mulheres do Brasil*, Sigma Lithium has established one of the largest private microcredit initiatives in
the country dedicated to female entrepreneurship. The Program has already reached over 2,000 women in the municipalities where Sigma
Lithium operates in the Jequitinhonha Valley, by providing access to credit under favorable conditions, financial guidance, and entrepreneurial
training.

The Microcredit Program offers in-person advisory sessions at two *Casa Dona de Mim* centers, located in each of Sigma's operating municipalities, as well as community enrollment events and business development mentoring. It also includes community fairs organized within these communities, which have strengthened the initiative by creating structured opportunities for the businesses developed by the Program's microcredit recipients to sell their products, contributing to the growth of the local economy.

In July 2025, the Microcredit Program launched *Rural Dona de Mim*, which integrates the Program with investments in more than one thousand water dams under another of Sigma's initiatives, the Zero Drought for Small Holders Program, which is described below. This expansion aims to support the activities of women fish farmers and rural producers in the region.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Beginning in October, in association with SEBRAE, the Microcredit Program will
offer both in-person and online courses tailored to each entrepreneur, with the goal of ultimately reaching 10,000 women. This partnership
will also provide financial and institutional support for large-scale community engagement events, designed to promote the Microcredit
Program's new and expanded structure and ensure the continued growth of its socio-economic development model. **Zero Drought for Small Holder Farmers Program** **:** In 2023, the Company announced the "Zero Drought for Small Holder
Farmers" Program consisting of the construction of 1,000 small rainwater capture structures in the municipality of Itinga and another
1,000 in the municipality of Araçuaí, totalling 2,000 structures in the mid Jequitinhonha Valley region. As of the date
of this MD&A, 700 rainwater capture basins have been built in the municipality of Itinga and 700 in the municipality of Araçuaí.
These water capture basins are dug into the ground and located at strategic points to prevent soil erosion during the heavy rainfall season,
store water for irrigation of small crops during the dry periods and contribute to increasing the volume of water that feeds the region's
aquifers. The Company donates to the municipalities the structures, which are then implemented by third-party contractors. The municipalities
have completed geolocation studies for the allocation of all the structures, including the 1,400 already implemented and the additional
600 yet to be implemented.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Water For All Program:** To further combat the impacts
of water scarcity in the Jequitinhonha Valley region, the Company provided 151 water tanks to date for residents located in the surrounding
areas of the Greentech Plant. The drinking water tanks are refilled monthly with the support of tanker trucks and staff provided by Sigma.
By the end of June 2025, Sigma completed the delivery of 23 months of water supply to the neighboring communities. This program advances
the goals of UN's SDG #6 (Clean Water and Sanitation).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Combating Violence Against Women Program:** The
Company implemented a program, in partnership with the Justice Court of the state of Minas Gerais, targeting domestic abuse against women
in the Jequitinhonha Valley region. In May 2025, a conversation circle on domestic violence prevention was held with the participation
of 27 Sigma female employees and the Military Police of Minas Gerais, through the Domestic Violence Prevention Patrol of Araçuaí.
The initiative aims to create a safe space for listening, guidance, and support for our female employees. This program advances the goals
of UN's SDGs #5 (Gender Equality) and #11 (Sustainable Cities and Communities).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Homecoming Employment Program:** Sigma
remains committed to prioritizing employing local people in the Jequitinhonha Valley region. The Company is proud to report that it continued
to make progress on this initiative, with 92% of its employees living in the region. This program advances the goals of UN's SDGs
#8 (Decent Work and Economic Growth) and #10 (Reduced Inequalities).

![](mda_logo2.jpg) \| 7

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Education Program for Mining Technicians Program:** In
order to support the Homecoming Employment Program, in January 2022 Sigma set up a partnership between the Federal University of Vales
do Jequitinhonha e Mucuri (Campus Janaúba) and the Federal Institute of Education of Araçuaí, establishing the first
program to train mining technicians in the region. The educational program is be taught by ten teachers over a three-year period with
a workload of approximately 1,200 hours. The 40 individuals from the Jequitinhonha Valley region who have successfully graduated from
the program in 2024 were welcomed to Sigma's operational team. This program advances the goals of UN SDGs #4 (Quality Education)
and # 17 (Partnership for the Goals).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Zero Hunger Action Program:** The Company
remains committed to humanitarian relief efforts, continuing to deliver food baskets annually, with 600 distributed per month. This initiative
was first established in 2021, at the peak of the COVID-19 pandemic, to support vulnerable families in the Vale do Jequitinhonha region.
Currently, the Company continues to distribute 600 food baskets per month, with 300 allocated to the Municipality of Itinga and 300 to
the Municipality of Araçuaí. The decision to maintain this program reflects the Company's recognition of the ongoing vulnerability
faced by families in the region. This initiative aligns with the UN's SDGs #1 (No Poverty), #2 (Zero Hunger), and #17 (Partnerships
for the Goals).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Grievance Mechanism:** In line with the
UN Guiding Principles on Business and Human Rights, Sigma Lithium has a channel for handling complaints and grievances. The system has:

- 24/7 customer service team: 0800 channel (free phone calls), WhatsApp, and email; which are used for both inbound inquiries and proactive outreach;

- A certified and secure Grievances Management System, which allows the recording of receipt, analysis, processing and feedback; and

- Service procedures, in accordance with human rights guidelines and main international and national indicators, which are used for managing the mechanism and are adapted to accommodate people with special needs and to accept anonymous calls.

**Engaging and listening to local communities**

Since the start of its operations, the Company has maintained an ongoing dialogue with the residents of the communities where it operates. Regular face-to-face meetings have been held with the local community to discuss mutual interests and concerns. During each dialogue session, Sigma collaborates with internal experts to listen to community feedback, including concerns, demands, and suggestions, fostering transparency and strengthening the relationship between the Company and the local population. Together, solutions are developed, community interests are addressed, and progress is continuously monitored.

The Company is supported by a dedicated team specializing in human rights, community relations, and social dialogue. This team regularly visits residents to monitor the progress of social projects and ensure ongoing engagement with the community. In addition to in-person meetings, the Company operates the abovementioned Grievance Mechanism.

**<u>Corporate Governance Updates</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ On March 13, 2025, Mr. Bechara Azar resigned from his position on the Board for
personal reasons. On the same date, Mr. Junaid Jafar joined the Board.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The current composition of the Company's internal committees is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Audit, Finance and Risk Committee (formerly named Audit Committee):** comprised of Eugênio de Zagottis (Chairperson), Alexandre Rodrigues Cabral and Junaid Jafar, so as
to be comprised entirely of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **People & Governance Committee (formerly named Corporate Governance, Nomination and Compensation Committee):** comprised of Marcelo
Paiva (Chairperson), Eugênio de Zagottis and Junaid Jafar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **ESG Committee:** comprised of Alexandre
Rodrigues Cabral (Chairperson), Ana Cristina Cabral, and Maria José Gazzi Salum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Technical Committee:** comprised of Alexandre
Rodrigues Cabral (Co-Chairperson), Vicente Lobo (Co-Chairperson), Ana Cristina Cabral and Marcelo Paiva.

![](mda_logo2.jpg) \| 8

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**REGULATORY & LICENSING UPDATES**

**<u>Licensing Updates</u>**

On December 21, 2024, Sigma obtained the Preliminary License, the Installation License, and the Operating License ("**LP**", "**LI**" and "**LO**", respectively) for its Phase 2 – Barreiro mine. Once again, the approval was unanimous by the State Environmental Policy Council ("**COPAM**"), the board responsible for voting and awarding environmental licenses in the State of Minas Gerais, including the votes of non-governmental organizations representatives. This milestone enables Sigma to expand its mineral lithium production capacity to up to 5.5 million tonnes per year.

On January 31, 2024, Sigma was awarded its LP, LI and LO to install and operate its second Greentech Plant by the State of Minas Gerais. The Company, once again, received unanimous approval from all members of the COPAM, including the vote of the board members representing the NGOs. The obtainment of the LP, LI and LO for its second Greentech Plant allows the Company to further expand its industrial beneficiation and processing capacity of lithium minerals to up to a total of 3.7 million tonnes per year.

**<u>Litigation Updates</u>**

On March 18, 2024, the Company received an Initiation Letter of Arbitration by LG Group subsidiary, LG Energy Solution, Ltd. ("LG-ES") from the International Centre for Dispute Resolution of the American Arbitration Association. LG-ES is alleging that Sigma Lithium is in breach of certain provisions in connection with the term-sheet dated October 5, 2021, relating to offtake arrangements for the purchase of lithium oxide concentrate from the Company. The Term-Sheet was subject to, amongst other things, completion of the negotiation of definitive written agreements between the parties. The Company believes the claims are without merit. The legal counsel of the Company has formally attributed the probability of LG prevailing in this arbitration as possible. The amount involved is currently undetermined.

As of June 30, 2025, the Company is involved in civil and labor lawsuits totaling $8,397 for which the likelihood of loss has been assessed as possible by our external legal advisors, and $2,094 for cases assessed as probable losses, for which accounting provisions have been recognized.

**SELECTED FINANCIAL INFORMATION**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Quarterly Information*** | ***2025*** | ***2025*** | ***2024*** | ***2024*** | ***2024*** | ***2024*** | ***2023*** | ***2023*** |
| ***(in $ millions)*** | **Jun 25** | **Mar 25** | ***Dec 24*** | ***Sep 24*** | **Jun 24** | **Mar 24** | ***Dec 23*** | ***Sep 23*** |
| Total assets | 336.2 | 348.3 | 327.1 | 368.9 | 414.1 | 429.6 | 367.5 | 336.1 |
| Property, plant & equipment | 161.6 | 152.5 | 141.0 | 166.5 | 163.1 | 175.0 | 180.9 | 171.4 |
| Loans and export prepayment | 167.0 | 168.7 | 173.6 | 181.2 | 219.5 | 201.5 | 128.9 | 111.1 |
| Net sales revenue | 16.9 | 47.7 | 47.3 | 20.9 | 45.9 | 37.2 | 38.2 | 96.9 |
| Cost of goods sold | (23.6) | (34.2) | (32.0) | (29.2) | (29.8) | (28.6) | (33.4) | (35.1) |
| Expenses | (12.2) | (3.8) | (36.8) | (15.7) | (29.1) | (16.1) | (14.5) | (20.0) |
| Income tax and social contribution |  | (5.0) | 13.0 | (1.1) | 2.2 | 0.5 | 0.2 | (5.3) |
| Net (loss) / income for the period | (18.9) | 4.7 | (8.5) | (25.1) | (10.8) | (7.0) | (9.5) | 36.5 |

---

#### <sup>(1)</sup> On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in "Introduction & Background" section.
**Q2 2025** Net loss of $18.9 million for the three-month period ended June 30, 2025, derived from $21.1 million in sales revenue and $1.2 million in shipping service, offset by $5.4 million in provisional pricing adjustments, and $23.6 million in cost of goods sold and distribution costs.

**Q1 2025** Net income of $4.7 million during the three-month period ended March 31, 2025, consisted of a gross profit of $13.5 million, obtained from $47.7 million in sales revenue and $34.2 million in cost of goods sold and distribution costs.

![](mda_logo2.jpg) \| 9

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**Q4 2024** Net loss of $8.5 million during the three-month period ended December 31, 2024, consisted of a gross profit of $15.3 million, obtained from $47.3 million in sales revenue and $32.1 million in cost of goods sold and distribution costs.

**Q3 2024** Net loss of $25.1 million during the three-month period ended September 30, 2024, consisted of sales revenue $20.9 million as a result of provisional price adjustment due to the decrease in average prices realized during the period and $29.2 million in cost of goods sold and distribution costs.

**Q2 2024** Net loss of $10.8 million during the three-month period ended June 30, 2024, consisted of a gross profit of $16.2 million, obtained from $45.9 million in sales revenue and $29.8 million in cost of goods sold and distribution costs.

**Q1 2024** Net loss of $7.0 million during the three-month period ended March 31, 2024, consisted of a gross profit of $8.6 million, obtained from $37.2 million in sales revenue and $28.6 million in cost of goods sold and distribution costs.

**Q4 2023** Net loss of $9.5 million during the three-month period ended December 31, 2023, consisted of a gross profit of $4.8 million, obtained from $38.2 million in sales revenue and $33.4 million in cost of goods sold and distribution costs.

**Q3 2023** Net income of $36.5 million during the three-month period ended September 30, 2023, consisted of a gross profit of $61.8 million, obtained from $96.9 million in sales revenue and $35.1 million in cost of goods sold and distribution costs.

Selected consolidated financial information is as follows:

**<u>Results of Operations</u>**

***<u>Three-Month Period Ended June 30, 2025 compared to Three-Month Period Ended June 30, 2024</u>***

The following table summarizes the items that resulted for the three-month period ended June 30, 2025, and 2024:

#### <sup></sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** | *%*** |
| **Net sales revenue** | **16888** | **45920** | **(29032)** | **-63.2%** |
| Cost of goods sold | (23564) | (29765) | 6201 | -20.8% |
| Sales expenses and commissions | (183) | (376) | 193 | -51.3% |
| General and administrative expenses | (4336) | (4603) | 267 | -5.8% |
| Other operating income (expenses), net | (8491) | (3627) | (4864) | 134.1% |
| Stock-based compensation | (472) | (1943) | 1471 | -75.7% |
| Financial income (expenses), net | 1299 | (18632) | 19931 | -107.0% |
| Income tax and social contribution |  | 2178 | (2178) | -100.0% |
| **Net loss for the period** | **(18859)** | **(10848)** | **(8011)** |  |

---

#### <sup>(1)</sup> On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in "Introduction & Background" section.
The net income for the three-month period ended June 30, 2025, compared to the three-month period ended June 30, 2024, is primarily attributable to:

![](mda_logo2.jpg) \| 10

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**Net sales revenue**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1*** | ***Change*** |
| Gross sales revenue – lithium concentrate | 21148 | 53241 | (32093) |
| *Provisional price adjustment <sup>(2)(3)</sup>* | (5496) | (9620) | 4124 |
| Shipping services | 1236 | 2299 | (1063) |
| **Net sales revenue** | **16888** | **45920** | **(29032)** |

---

**<sup>(2)/(3)/(4)</sup> The amount includes: (2) $5,120 of final price adjustment for the three months period ended Jun 30, 2025, (3) $496 of interest of pre-payment of cargo for the three months period ended June 30, 2025.**

The Company's sales volume for the three-month period ended June 30, 2025, totaled 40.3 kt of high grade lithium oxide concentrate, compared to 52.6 kt in the same period of 2024, with sales revenue of $21.1 million in the three-month period ended June 30, 2025, compared to $53.2 million in the same period of 2024.This decrease was mainly due to a 12.3% reduction in sales volume and a significant decline in market prices during the period. Additionally, in the three-month period ended June 30, 2025, the Company recognized a higher provisional price adjustment in the amount of $5.5 million.

**Cost of Goods Sold**

The following table summarizes the Company's cost of goods sold for the three-month period ended June 30, 2025, and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Salaries and benefits | (3021) | (3504) | 483 |
| Mining service providers | (3557) | (7524) | 3967 |
| Blasting and fuels | (3422) | (3919) | 497 |
| Equipment rental | (240) | (399) | 159 |
| Fuels | (143) | (291) | 148 |
| Plant Services | (1347) | (1165) | (182) |
| Equipment services |  | (25) | 25 |
| Mobile Crushing | (1958) |  | (1958) |
| Consumables | (786) | (538) | (248) |
| Utilities | (84) | (259) | 175 |
| Insurance | (214) | (158) | (56) |
| Depletion | (892) | (1071) | 179 |
| Depreciation | (2360) | (1940) | (420) |
| Freight | (1185) | (2175) | 990 |
| Warehouse | (103) | (178) | 75 |
| Port operations | (477) | (553) | 76 |
| Expedition | (95) | (205) | 110 |
| Freight Maritime | (2587) | (2365) | (222) |
| Demurrage | 321 | (273) | 594 |
| Royalties | (336) | (1331) | 995 |
| Stock-based compensation <sup>(2)</sup> | 673 |  | 673 |
| Other | (1751) | (1892) | 141 |
| **Expenses by nature total** | **(23564)** | **(29765)** | **6201** |
| Mining costs | (8424) | (14502) | 6078 |
| Processing costs | (10667) | (8165) | (2502) |
| Logistics costs (trucking, shipping and port) | (4137) | (5767) | 1630 |
| Royalties | (336) | (1331) | 995 |
| **Cost of goods sold total** | **(23564)** | **(29765)** | **6201** |

---

**<sup>(2)</sup> Starting in 2025, the Company began allocating stock-based compensation for certain operational personnel directly to operating costs, in alignment with revised internal cost attribution practices. This change reflects a more accurate representation of total operating expenses.**

![](mda_logo2.jpg) \| 11

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

Total costs of goods sold decreased to $23.6 million for the three-month period ended June 30, 2025, from $29.8 million for the three-month period ended June 30, 2024, mainly due to mining costs in $6.1 million and $1.6 million in Logistics costs (trucking, shipping and port), partially offset by $2.5 million in processing costs, attributed to the 23.4% reduction in sales volume during the period.

**General and Administrative Expenses**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Legal | (989) | (875) | (114) |
| Salaries and benefits (Staff) | (1158) | (916) | (242) |
| Insurance (D&O) | (524) | (565) | 41 |
| Travel | (387) | (501) | 114 |
| Audit services | (119) | (78) | (41) |
| Salaries and benefits (Board, CEO and CFO) | (213) | (339) | 126 |
| IT and Security | (165) | (123) | (42) |
| Public company costs | (102) | (614) | 512 |
| Business development product and investor | (176) | (210) | 34 |
| Accounting services | (101) | (79) | (22) |
| Depreciation | (22) | (22) |  |
| Taxes and fees | (8) | (5) | (3) |
| Other | (372) | (276) | (96) |
| **General and administrative expenses total** | **(4336)** | **(4603)** | **267** |

---

The general and administrative expenses decreased to $4.3 million in the three-month period ended June 30, 2025, as compared to $4.6 million in the same period of 2024. The decrease was primarily driven by a $0.5 million decrease in Public company costs for the three-month period ended June 30, 2025, compared to the same period in 2024.

**Other operating expenses**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1*** | ***Change*** |
| Provision for expected inventory losses | (7859) |  | (7859) |
| Environmental and social expenses | (460) | (475) | 15 |
| Accrual for contingencies | (14) | (1910) | 1896 |
| Taxes and fees |  | (984) | 984 |
| Depreciation | (7) |  | (7) |
| Others | (151) | (258) | 107 |
| **Other operating expenses** | **(8491)** | **(3627)** | **(4864)** |

---

Other operating expenses increased to $8.3 million in the three-month period ended June 30, 2025, from $3.6 million of expenses in the three-month period ended June 30, 2024, mainly due to $7.8 million in the provision for expected inventory losses on green by-products and a reduction of $1.9 million in accrual for contingencies, compared to the same period in 2024.

**Stock-based compensation**

The decrease in stock-based compensation expenses to $0.5 million for the three-month period ended June 30, 2025, compared to $1.9 million for the same period in 2024, was primarily due to lower grants made during the period and the transfer of stock-based compensation costs for certain operational employees directly to operating costs.

![](mda_logo2.jpg) \| 12

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**Financial expenses, net**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| **Financial income** | 685 | 1770 | (1085) |
| **Financial expenses** |  |  |  |
| Interest accrued on loans and export prepayment | (4920) | (5375) | 455 |
| Foreign exchange on tax/fees | (617) | (242) | (375) |
| Interest and late payment penalties on taxes | (53) | 176 | (229) |
| Accretion of leases | (134) | (52) | (82) |
| Accretion of asset retirement obligation | (59) | (40) | (19) |
| Other expenses | (100) | (223) | 123 |
| **Total financial expenses** | **(5883)** | **(5756)** | **(127)** |
| Foreign exchange variation on net assets | 6497 | (14646) | 21143 |
| **Financial income (expenses), net total** | **1299** | **(18632)** | **19931** |

---

Net financial income (expenses) increased to $1.3 million in income in the three-month period ended June 30, 2025, from $19.6 million in expenses in the three-month period ended June 30, 2024, due to an increase in foreign exchange variation gains on net assets to $6.5 million recognized in the three-month period ended June 30, 2025, from a foreign exchange variation loss on net assets of $14.6 million recognized in the three-month period ended June 30, 2024, primarily due to the Brazilian real appreciation against the US$ in the half year.

**Income Tax and Social Contribution**

The decrease of $2.1 million in Income tax and social contribution was primarily due to the Brazilian income tax calculation, including deferred and current taxes, which does not impact cash flow, as derived mainly from the change in deferred tax on unrealized foreign exchange variation results. The overall effective tax rate is influenced by the unused tax credits in Canada.

***<u>Six-Month Period Ended June 30, 2025 compared to Six-Month Period Ended June 30, 2024</u>***

The following table summarizes the items that resulted for the six-month period ended June 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Results of Operations*** | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| ***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** | *%*** |
| **Net sales revenue** | **64560** | **83122** | **(18562)** | **-22.3%** |
| Cost of goods sold | (57781) | (58407) | 626 | -1.1% |
| Sales expenses | (388) | (1237) | 849 | -68.6% |
| General and administrative expenses | (9095) | (8966) | (129) | 1.4% |
| Other operating expenses | (9387) | (5026) | (4361) | 86.8% |
| Stock-based compensation | (1277) | (4209) | 2932 | -69.7% |
| Financial income (expenses), net | 4237 | (25683) | 29920 | -116.5% |
| Income tax and social contribution | (5000) | 2649 | (7649) | -288.8% |
| **Net loss for the period** | **(14131)** | **(17757)** | **(5497)** |  |

---

The net income for the six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024, is primarily attributable to:

![](mda_logo2.jpg) \| 13

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**Net sales revenue**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Gross sales revenue – lithium concentrate | 68803 | 96488 | (27685) |
| *Provisional price adjustment <sup>(2)(3)(4)</sup>* | (6874) | (15665) | 8791 |
| Shipping services | 2631 | 2299 | 332 |
| **Total sales revenue** | **64560** | **83122** | **(18562)** |

---

**<sup>(2)/(3)/(4)</sup>The amount includes: (1) $5,120 of final price adjustment for the three months period ended Jun 30, 2025, (3) $496 of interest of pre-payment of cargo for the three months period ended June 30, 2025, and (4) $977 of interest of pre-payment of cargo for the six months period ended June 30, 2025.**

The Company's sales volume for the six-month period ended June 30, 2025, totaled 101.9 kt of high grade lithium oxide concentrate, compared to 105.4 kt in the same period of 2024, with sales revenue of $68.8 million in the six-month period ended June 30, 2025, compared to $96.5 million in the same period of 2024.This decrease was due to a significant decline in market prices during the period. Additionally, in the six-month period ended June 30, 2025, the Company recognized provisional price adjustment in the amount of $8.8 million.

**Cost of goods sold**

The following table summarizes the Company's cost of goods sold for the six-month period ended June 30, 2025, and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | <br> **** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Salaries and benefits | (6024) |  | (5826) | (198) |
| Mining service providers | (9377) |  | (16021) | 6644 |
| Blasting and fuels | (9725) |  | (8115) | (1610) |
| Equipment rental | (645) |  | (738) | 93 |
| Fuels | (421) |  | (676) | 255 |
| Plant Services | (2233) |  | (2564) | 331 |
| Equipment services |  |  | (472) | 472 |
| Mobile Crushing <sup>(1)</sup> | (2959) |  |  | (2959) |
| Consumables | (1759) |  | (1304) | (455) |
| Utilities | (248) |  | (680) | 432 |
| Insurance | (573) |  | (586) | 13 |
| Taxes and fees | (23) |  | (4) | (19) |
| Depletion | (2190) |  | (2507) | 317 |
| Depreciation | (4252) |  | (3898) | (354) |
| Freight | (3471) |  | (3864) | 393 |
| Warehouse | (319) |  | (290) | (29) |
| Port operations | (1109) |  | (1108) | (1) |
| Expedition | (182) |  | (338) | 156 |
| Freight Maritime | (5875) |  | (2365) | (3510) |
| Demurrage | (32) |  | (273) | 241 |
| Royalties | (2207) |  | (2437) | 230 |
| Stock-based compensation <sup>(2)</sup> | 61 |  |  | 61 |
| Other | (4218) |  | (4341) | 123 |
| **Expenses by nature total** | **(57781)** |  | **(58407)** | **626** |
| Mining costs | (24266) |  | (30687) | 6421 |
| Processing costs | (20293) |  | (17018) | (3275) |
| Logistics costs (trucking, shipping and port) | (11015) |  | (8265) | (2750) |
| Royalties | (2207) |  | (2437) | 230 |
| **Cost of goods sold total** | **(57781)** |  | **(58407)** | **626** |

---

![](mda_logo2.jpg) \| 14

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**<sup>(2)</sup> Starting in 2025, the Company began allocating stock-based compensation for certain operational personnel directly to operating costs, in alignment with revised internal cost attribution practices. This change reflects a more accurate representation of total operating expenses.**

Total costs of goods sold remained flat with a slight decrease to $57.8 million for the six-month period ended June 30, 2025, from $58.4 million for the six-month period ended June 30, 2024, mainly due to a $6.4 million reduction in mining costs, partially offset by an increase of $2.7 million in Logistics costs (trucking, shipping and port), attributed to exports being conducted under the CIF (Cost, Insurance, and Freight) incoterm, as well as a $3.3 million increase in processing costs related to a non-recurring expense aimed at maintaining production levels during the maintenance periods of the Company's primary crusher.

**General and administrative expenses**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Legal | (2366) | (1273) | (1093) |
| Salaries and benefits (Staff) | (2186) | (1960) | (226) |
| Insurance (D&O) | (1043) | (1173) | 130 |
| Travel | (791) | (978) | 187 |
| Audit services | (430) | (433) | 3 |
| Salaries and benefits (Board, CEO and CFO) | (423) | (586) | 163 |
| IT and Security | (358) | (216) | (142) |
| Public company costs | (283) | (855) | 572 |
| Business development product and investor | (348) | (414) | 66 |
| Accounting services | (136) | (418) | 282 |
| Depreciation | (44) | (44) |  |
| Taxes and fees | (13) | (14) | 1 |
| Other | (674) | (602) | (72) |
| **General and administrative expenses total** | **(9095)** | **(8966)** | **(129)** |

---

The general and administrative expenses increased to $9.1 million in the six-month period ended June 30, 2025, as compared to $9.0 million in the same period of 2024. The increase was primarily driven by a $1.1 million in legal costs, offset by $572 in public company costs for the six-month period ended June 30, 2025, compared to the same period in 2024.

**Other operating expenses**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Provision for expected inventory losses | (7859) |  | (7859) |
| Environmental and social expenses | (1211) | (1568) | 357 |
| Accrual for contingencies | (86) | (1910) | 1824 |
| Taxes and fees |  | (984) | 984 |
| Depreciation | (14) |  | (14) |
| Others | (217) | (564) | 347 |
| **Other operating expenses** | **(9387)** | **(5026)** | **(4361)** |

---

![](mda_logo2.jpg) \| 15

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

Other operating expenses increased to $9.2 million in the six-month period ended June 30, 2025, from $5.0 million of expenses in the six-month period ended June 30, 2024, mainly due to $7.8 million in the provision for expected inventory losses on green by-products and a reduction of $1.8 million in accrual for contingencies, compared to the same period in 2024.

**Stock-based compensation**

Stock-based compensation expenses decreased to $1.3 million for the six-month period ended June 30, 2025, compared to $4.2 million for the same period in 2024, was primarily due to lower grants made during the period and the transfer of stock-based compensation costs for certain operational employees directly to operating costs.

**Financial expenses, net**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the six months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| **Financial income** | 1610 | 2949 | (1339) |
| **Financial expenses** |  |  |  |
| Interest accrued on loans and export prepayment | (9858) | (9956) | 98 |
| Foreign exchange on tax/fees | (1720) | (538) | (1182) |
| Interest and late payment penalties on taxes | (179) | (45) | (134) |
| Accretion of leases | (207) | (139) | (68) |
| Accretion of asset retirement obligation | (116) | (82) | (34) |
| Other expenses | (174) | (366) | 192 |
| **Total financial expenses** | **(12254)** | **(11126)** | **(1128)** |
| Foreign exchange variation on net assets | 14881 | (17506) | 32387 |
| **Financial income (expenses), net total** | **4237** | **(25683)** | **29920** |

---

Net financial income (expenses) increased to $4.23 million in income in the six-month period ended June 30, 2025, from $25.7 million in expenses in the six-month period ended June 30, 2024, due to an increase in foreign exchange variation gains on net assets to $14.9 million recognized in the six-month period ended June 30, 2025, from a foreign exchange variation loss on net assets of $17.5 million recognized in the six-month period ended June 30, 2024, primarily due to the Brazilian real appreciation against the US$ in the second quarter of 2025.

**Income tax and social contribution**

The decrease of $7.9 million in Income tax and social contribution was primarily due to the Brazilian income tax calculation, including deferred and current taxes, which does not impact cash flow, as derived mainly from the change in deferred tax on unrealized foreign exchange variation results. The overall effective tax rate is influenced by the unused tax credits in Canada.

![](mda_logo2.jpg) \| 16

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**Non-GAAP Measure**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")** 

The adjusted EBITDA is meaningful for the stakeholders, since the Company can demonstrate the effective EBITDA, considering the stock-based compensation impact in net loss. Since this item is a non-cash effect, the reconciliation below is necessary and relevant for understanding the Company´s EBITDA measurement.

Adjusted EBITDA is a non-GAAP measure, which is calculated using net loss for the period and excluding the amounts charged as (i) depreciation and depletion, (ii) financial expenses and (iii) income taxes as shown in the reconciliation below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>2</sup>*** | ***Jun 25*** | ***Jun 24***<br>***(As restated)<sup>2</sup>*** |
| Net loss for the period | (18859) | (10848) | (14131) | (17757) |
| (+) Depreciation and depletion | 3282 | 3033 | 6500 | 6449 |
| (+) Financial income (expenses), net | (1299) | 18632 | (4237) | 25683 |
| (+) Income taxes |  | (2178) | 5000 | (2649) |
| **EBITDA** | **(16876)** | **8639** | **(6868)** | **11726** |
| (+) Stock-based compensation | (201) | 1943 | 1216 | 4209 |
| **Adjusted EBITDA** | **(17077)** | **10582** | **(5652)** | **15935** |
| **Adjusted EBITDA (%)<sup>(1)</sup>** | **-101.1%** | **23.0%** | **-8.8%** | **19.2%** |

---

(1) *For the adjusted EBITDA (%) the Company consider the amount of the adjusted EBITDA over the net revenue, which represents net revenue of $16,888 for the three-month period ended June 30, 2025, $45,920 for the three-month period ended June 30, 2024, $64,560 for the six-month period ended June 30, 2025 and $83,122 for the six-month period ended June 30, 2024;*

(2) *On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in "Introduction & Background" section.* 

**<u>Liquidity and Capital Resources</u>**

---

| | | |
|:---|:---|:---|
| ***Cash Flow Highlights*** | ***For the six months ended*** | ***For the six months ended*** |
| <br>***(in $000s)*** | ***6/30/2025*** | ***6/30/2024***<br>***(As restated)<sup>1</sup>*** |
| Cash provided by (used in) Operating Activities | (8205) | (42710) |
| Cash used in Investing Activities | (8066) | (13895) |
| Cash provided by (used in) Financing Activities | (17868) | 92995 |
| Effect of Foreign Exchange on Cash | 3334 | (9644) |
| **Change in Cash and Cash Equivalents** | **(30805)** | **26746** |
| Cash & Cash Equivalents – Beginning of Period | 45918 | 48584 |
| **Cash & Cash Equivalents – End of Period** | **15113** | **75330** |

---

***<u>Liquidity Outlook</u>***

As of June 30, 2025, the Company had $15.1 million in cash and cash equivalents, which compares to $75.3 million as of June 30, 2024.

As of June 30, 2025, the Company had total debt outstanding (loans and export prepayment) of $167.0 million comprised of the long-term export prepayment agreement of $104.9 million entered into on December 10, 2022 (fully drawn as of the date of this MD&A), $14.4 million drawn from BDMG, $45.5 million in export prepayment trade finance and $2.1 million of foreign currency translation adjustments and foreign exchange variation compared to total debt outstanding of $219.5 million as of June 30, 2024.

![](mda_logo2.jpg) \| 17

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

***<u>Six-month period Ended June 30, 2025 compared to Six-month period Ended June 30, 2024</u>***

***<u>Operating Activities</u>***

Cash used in operating activities was $8.2 million for the six-month period ended June 30, 2025, compared to cash used in operating activities of $42.7 million for the six-month period ended June 30, 2024, the decrease in net cash used in operating activities is mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;· A decrease to a net loss of $14.1 million for the six-month period ended June 30, 2025, compared to a
net loss of $17.7 million for the six-month period ended June 30, 2024, adjusted by $31.9 million in certain reconciling items that do
not represent cash receipts or disbursements, such as decrease in stock-based compensation of $2.9 million, provision for contingencies
of $1.9 million and net exchange variations of $41.6 million, among others. These effects were partially offset by an increase in provision
for long-term inventory losses of $7.8 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A lower increase in trade accounts receivable to $3.8 million in the six-month period ended June 30, 2025,
from an increase of $48.7 million in the six-month period ended June 30, 2024, due to the partial settlement of sales and lower provisional
prices during the quarter at the end of June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;· Inventories increased to $12.5 million in the six-month period ended June 30, 2025, from $2.3 million
as of December 31, 2024, primarily due to the acquisition of spare parts totaling $3.0 million and finished goods totaling $10.9 million,
partially offset by a $7.8 million provision for expected losses related to Green By-Products;

&nbsp;&nbsp;&nbsp;&nbsp;· An increase in suppliers to $7.3 million in the six-month period ended June 30, 2025, from a decrease
of $9.2 million in the six-month period ended June 30, 2024, due to $4.8 million in exchange rate variation from the appreciation of the
Brazilian Real against the US Dollar and $4.2 million in related to the intensification of the construction of Plant 2 and the purchase
of materials, equipment, and services in the normal course of business;

&nbsp;&nbsp;&nbsp;&nbsp;· An increase in prepayment from customer to $9.0 million in the six-month period ended June 30, 2025, from
a decrease of $1.6 million in the six-month period ended June 30, 2024, due to $9.3 million in payments made in excess due to the provisional
pricing applied at the time of invoicing, with the final amount subject to adjustments based on all variable pricing elements outlined
in the sales contract; and

&nbsp;&nbsp;&nbsp;&nbsp;· A lower interest payment totaling $10.6 million, comprising $1.4 million related to export prepayment
trade finance and $0.6 million related to financing agreements with BDMG in the six-month period ended June 30, 2025, compared to total
interest payments of $15.5 million in the same period of 2024, of which $1.4 million related to export prepayment agreements, $0.2 million
to BDMG financing agreements, and $14.0 million to long-term export prepayment agreements.

***<u>Investing Activities</u>***

For the six-month period ended June 30, 2025, the cash used in investing activities was $8.1 million, when compared to cash used of $13.9 million in the same period of 2024, a decrease primarily due to $6.5 million in lower additions to geological expenditures and property, and equipment, offset by $0.7 million in advances for land acquisition.

***<u>Financing Activities</u>***

For the six-month period ended June 30, 2025, cash used in financing activities was $17.9 million compared to cash provided by of $93.0 million in the same period of 2024, a decrease primarily due to lower export prepayment trade finance lines of credit raised in the amount of $97.1 million and higher repayment on export prepayment trade finance in the amount of $13.3 million.

**CURRENT SHARE DATA** 

Issued and outstanding securities of the Company as at the date of this MD&A were as follows:

![](mda_logo2.jpg) \| 18

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

---

| | |
|:---|:---|
| Common Shares Issued and Outstanding | 111,311,979 |
| RSUs | 153277 |
| Stock Options | 128125 |
| Fully Diluted Number of Common Shares | 111,593,381 |

---

**DISCLOSURE, CONTROLS & PROCEDURES**

The CEO and CFO of the Company are responsible for establishing and maintaining disclosure controls and procedures ("**DC&P**") for the Company as defined under National Instrument 52-109 (NI 52-109) issued by the Canadian Securities Administrators and in Rule 13a-15d - 15(e) under the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). The DC&P is to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities legislation and include controls and procedures designed to ensure that information required to be disclosed by an issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is accumulated and communicated to the Company's management, including its certifying officers, as appropriate to allow timely decisions regarding required disclosure. The CEO and CFO of the Company concluded that, as a result of the material weaknesses in internal control over financial reporting as described below, our disclosure controls and procedures were not effective as of December 31, 2024.

Considering the material weaknesses described below, management performed additional analysis and other procedures to ensure that our consolidated financial statements were prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. Accordingly, management believes that the consolidated financial statements included in this Annual Report on Form 40-F fairly present, in all material respects, our financial position, results of operations, and cash flows as of and for the periods presented, in accordance with IFRS Accounting Standards.

**INTERNAL CONTROL OVER FINANCIAL REPORTING**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in NI 52-109 and Rule 13a-, 15d - 15(f) of the Exchange Act. Under the supervision and with the participation of Management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based upon criteria established in *Internal Control – Integrated Framework* (2013) by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, Management concluded that our internal control over financial reporting was not effective as of December 31, 2024 due to the material weaknesses described below.

A material weakness is a deficiency, or a combination of deficiencies, financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis.

Management has identified the following material weaknesses:

&nbsp;&nbsp;&nbsp;&nbsp;▪ An ineffective control environment resulting from an insufficient number of trained
personnel with the appropriate skills and knowledge, including an appropriate assigned level of authority, responsibility and accountability
related to the design, implementation and operating effectiveness of financial reporting, as well as insufficient board oversight over
the development and performance of internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;▪ An ineffective risk assessment process for identifying all relevant risks of material
misstatement and for evaluating changes that could impact internal control over financial reporting, as well as the implications of such
risks on the achievement of objectives, including those related to financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;▪ An ineffective internal and external information and communication process to ensure
the relevance, timeliness and quality of information used in control activities, including the communication of the Company's whistleblower
policy and the preparation and selection of appropriate methods for communicating external information;

![](mda_logo2.jpg) \| 19

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;▪ An ineffective monitoring process to ensure controls are periodically evaluated,
results of testing are communicated to senior management and the board of directors and the control deficiencies are tracked for remediation
on a timely basis; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Ineffective control activities due to the (i) failure to deploy general control
activities over information technology (ii) failure to document policies and procedures and (iii) failure to document control activities
to mitigate risks.

The control deficiencies resulted in immaterial misstatements to the consolidated financial statements. Furthermore, the control deficiencies described above created a reasonable possibility that a material misstatement to the consolidated financial statements would not be prevented or detected on a timely basis. Therefore we concluded that the deficiencies represent material weaknesses in the Company's internal control over financial reporting and our internal control over financial reporting was not effective as of December 31, 2024.

The Company engaged Grant Thornton Auditores Independentes Ltda. ("Grant Thornton") to perform an "integrated audit" which encompassed an opinion on the Company's annual consolidated financial statements as of and for the year ended December 31, 2024, as well as an opinion on the effectiveness of the Company's Internal Control over Financial Reporting ("ICFR") as of December 31, 2024. Grant Thornton, the Company's independent registered public accounting firm, audited the Company's consolidated financial statements and issued an adverse opinion on the effectiveness of ICFR. Grant Thornton's attestation report on the Company's ICFR was incorporated by reference into the Company's annual report on Form 40-F under the Exchange Act for the year ended December 31, 2024.

**MANAGEMENT'S REMEDIATION PLAN**

The Company continues its efforts to address the material weaknesses mentioned above. These remediation efforts are ongoing, and the Company intends to sustain its initiatives aimed at enhancing the internal control environment, a task that will demand significant efforts throughout 2025.

The Company is conducting a comprehensive review of our internal control procedures and has been actively pursuing steps to address and remediate the identified material weaknesses. The Company:

&nbsp;&nbsp;&nbsp;&nbsp;(i) will seek external consultants to assist Management in assessing its internal control over financial reporting,
mapping all existing control deficiencies, defining remediation plans and formed a team responsible for redesigning processes and developing
process automation, including those related to accounting and reporting;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) strengthened the accounting and reporting team by hiring more experienced people, which resulted in the
replacement of key personnel as well as reducing reliance on third parties engaged in the accounting, tax and reporting activities;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) implemented new procedures to enhance accuracy in the interim and annual filings. This includes developing
a detailed financial statement closing schedule to oversee preparation, completion, and quality control. Additionally, we introduced the
Disclosure and Content Guide, a comprehensive checklist ensuring compliance with all financial reporting requirements. Although it is
not documented as a control, senior management now conducts additional layers of review to ensure the accuracy of the filings; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) took steps to improve information technology (IT) controls and infrastructure. These efforts include addressing
IT general control (ITGC) activities, establishing relevant policies and procedures, and engaging external SAP developers to implement
IT system improvements and address gaps in the IT structure. Additionally, measures that have been implemented in 2024 involved collaborating
with SAP developers to map existing gaps, enhance ITGC, and establish policies and procedures for the IT organization structure. This
included the development of a Data Security Policy and an Access Control Policy.

Further steps to remediate the material weaknesses described above that the Company is pursuing include the following:

&nbsp;&nbsp;&nbsp;&nbsp;a. **Control environment:** We are committed to continuously identifying, training, and retaining personnel
with the necessary skills and experience in designing, operating, and documenting internal controls over financial reporting. Additionally,
we plan to expand our finance staff to enhance the segregation of duties and responsibilities.

![](mda_logo2.jpg) \| 20

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;b. **Risk assessment:** The Company is redesigning all financial reporting that will enhance risk assessment
process, document the process understanding, creating flowcharts, identifying process risk point and controls to address it.

&nbsp;&nbsp;&nbsp;&nbsp;c. **Information and communication:** The Company is redesigning its whistleblower channel to make it
user friendly and stimulate the usage thereof as a tool for important external and internal communication. We will continue enhancing
data reliability and internal controls, harmonizing our IT controls, and addressing current system limitations.

&nbsp;&nbsp;&nbsp;&nbsp;d. **Monitoring activities:** The financial and accounting team will work with external specialists to
bring in expertise and expedite the remediation of control deficiencies at the process level during 2025 with a focus on the controls
matrix for processes underlying all significant accounts and disclosures. The external specialists with expertise in internal controls
implementation are assisting with the development and documentation of the following workstreams related to the internal controls over
financial reporting needed to be in compliance with SOX ("Sarbanes-Oxley Act") : (i) prepare and review the risks and controls
matrix; (ii) establish a Project Management Office to manage the control deficiencies and remediation; (iii) develop and document structured
policies and procedures; (iv) test the design, implementation and operating effectiveness of the internal controls after remediation to
support the CEO and CFO certifications; and (v) support training content development and conducting training sessions across the Company.

&nbsp;&nbsp;&nbsp;&nbsp;e. **Control activities:** We will continue to refine our control activities to mitigate risks and ensure
the achievement of objectives, designing and implementing controls activities and IT general controls over all the processes in order
to address the process risk point .

We are confident that our remediation plan will adequately address the identified material weaknesses and bolster our internal control over financial reporting. Management will continue to review and make necessary changes to the overall design and operation of the Company's internal control environment, as well as the policies and procedures to improve the overall effectiveness of internal control over financial reporting. The material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management concludes, through testing, that these controls are operating effectively. The Company has taken steps toward remediation during the 2024 fiscal year and is working towards having its internal controls environment free of material weaknesses by the end of fiscal year 2025.

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING AND REMEDIATION**

As described above under Remediation Efforts to Address the "Material Weaknesses", we are taking actions to remediate the material weaknesses in our internal control over financial reporting. Same changes were implemented in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the year ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

![](mda_logo2.jpg) \| 21

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**RELATED PARTY TRANSACTIONS**

The Company's related parties include:

---

| | |
|:---|:---|
| **Related Party** | **Nature of relationship** |
| A10 Group | A10 Group is composed of:<br>(a) A10 Investimentos Ltda.;<br>(b) A10 Finanças e Capital Ltda. ("A10 Finanças");<br>(c) A10 Partners Participações Ltda.;<br>(d) A10 Serviços Especializados de Avaliação de Empresas Ltda. ("A10 Advisory"); and<br>(e) A10 Serviços de Análise de Empresas e Administrativos Ltda.<br>|
| A10 Investimentos Ltda. | A10 Investimentos Ltda. is an asset management firm indirectly controlled by Marcelo Paiva, a Director of Sigma Lithium, who is the investment manager of the A10 Fundo de Investimento Financeiro de Ações ("A10 Fund"), which holds a controlling position in the Company. |
| A10 Finanças | A10 Finanças is primarily a holding company. The firm is controlled by Marcelo Paiva, a Director of Sigma Lithium, and had no transactions with the Company during the period ended June 30, 2025. |
| A10 Partners Participações Ltda.<br>| A10 Partners Participações Ltda. is a holding company. The firm indirectly is controlled by Marcelo Paiva, a Director of Sigma Lithium. |
| A10 Advisory | A10 Advisory is an administrative services firm controlled by Marcelo Paiva, a Director of Sigma Lithium. The CEO, Ana Cristina Cabral has a minority interest. |
| A10 Serviços de Análise de Empresas e Administrativos Ltda. | A10 Serviços de Análise de Empresas e Administrativos Ltda. is an administrative services firm controlled by Marcelo Paiva, a Director of Sigma Lithium, and had no transactions with the Company before or during the period ended June 30, 2025. |
| Miazga | Miazga Participações S.A is a land administration company in which Ana Cristina Cabral, the CEO of the Company has an indirect economic interest. |
| Arqueana | Arqueana Empreendimentos e Participações S.A. is a land administration company in which Ana Cristina Cabral, the CEO of the Company has in indirect economic interest. |
| Tatooine | Tatooine Investimentos S.A. is a land administration company in which an officer of Miazga and of the Sigma Brazil, Marina Bernardini, is the controlling shareholder and officer. |
| Instituto Lítio Verde ("ILV") | Instituto Lítio Verde is a non-profit entity whose directors are Lígia Pinto, Sigma's VP of Institutional and Governmental Relations and Communication, Marina Bernardini, an officer of Miazga. |
| Key management personnel | Includes the directors of the Company, executive management team and senior management at Sigma Brazil. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Transactions with related parties** 

**Cost sharing agreement ("CSA"):** The Company has a CSA with A10 Advisory, whereby certain expenses are reimbursed: (i) the cost of administrative personnel that is 100% allocated to the Company; (ii) the rental of office space, which was formerly occupied and until recently paid by A10 Advisory that is now fully utilized by the Company; (iii) health insurance expenses of former A10 Advisory staff, now employed by the Company, which continue to be paid by A10 Advisory; and (iv) any relatively minor expenses of the Company that may be paid for later reimbursement by the Company.

**Leasing Agreements**: The Company has right-of-way lease agreements with Miazga and Arqueana relating to access to the industrial plant (See note 14).

**Royalties:** Pursuant to Brazilian legislation, royalties are payable to landowners whose properties are subject to mineral exploration activities. The valuation of the amount must be equivalent to 50% of the value paid as Financial Compensation for the Exploration of Mineral Resources (CFEM). As of June 30, 2025, the Company recognized an amount of $1.5 million ($0.94 million as of December 31, 2024) to be paid to Miazga, of which $0.54 million was settled during the first half of 2025.

![](mda_logo2.jpg) \| 22

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**Accounts receivable (Tatooine):** the loan of an amount up to $12.0 million. On November 14, 2024, the Company entered into a contractual amendment with an increase in the loan limit to $15.0 million, bearing 15% p.a. interest rate. The facility agreement is to be made available upon utilization requests made by Tatooine to Sigma Brazil, specifying the amount to be utilized by Tatooine for the acquisition of each property and its corresponding expected costs and expenses. The loan granted by Sigma Brazil to Tatooine under the Facility Agreement represents a total amount of $17,373 as of June 30, 2025 ($12,952 as of December 31, 2024). For the six-month period ended June 30, 2025 the Tatooine requested $1,043 to acquire properties located over mining rights of the Company.

**Instituto Lítio Verde ("ILV"):** Sigma Brazil and ILV are parties in the development of a major lithium mining project with a high degree of positive impact in the communities surrounding the Company's operations at the Vale do Jequitinhonha. ILV's purpose is to promote the well-being and the development of those communities.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Transactions with related parties** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ***Jun 25*** | ***Jun 25*** | ***Three <br> Months<br> Ended,*** | ***Dec 24*** | ***Dec 24*** | ***Three <br> Months Ended, <br> Jun 24*** |
| | | | ***Jun 25*** | ***(As restated)*<sup>1</sup>*** | ***(As restated)*<sup>1</sup>*** | ***(As restated)*<sup>1</sup>*** |
| <br>***Description*** | ***Pre-payments / Receivable*** | ***Accounts payable / Debt*** | ***(Expenses) / Income*** | ***Pre-payments / Receivable*** | ***Accounts payable / Debt*** | ***(Expenses) / Income*** |
| **A10 Advisory** | | | | | | |
| CSA |  | 16 | (158) |  |  | (129) |
| **Miazga** |  |  |  |  |  |  |
| Lease agreements |  | 570 | (104) |  | 5 | (2) |
| Royalties |  | 1090 | (575) |  | 671 |  |
| **Arqueana** |  |  |  |  |  |  |
| Lease agreements |  | 1436 | (121) |  | 123 | (9) |
| **Tatooine** |  |  |  |  |  |  |
| Loan to related party | 17376 |  | 1449 | 12953 |  | 585 |
| **Instituto Lítio verde** |  |  |  |  |  |  |
| Accounts payable |  | 1053 | (518) |  | 563 | (495) |
| **Total** | **17376** | **4165** | **(27)** | **12953** | **1362** | **(50)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Key management personnel** 

---

| | | |
|:---|:---|:---|
| | **Jun 25** | **Jun 24**<br>**(As restated)<sup>1</sup>** |
| Stock-based compensation, included in operating expenses | 844 | 913 |
| Salaries, benefits and director's fees, included in general and administrative expenses | 422 | 423 |
| **Total** | **1266** | **1336** |

---

Key management includes the directors of the Company, executive management team and senior management at Sigma.

![](mda_logo2.jpg) \| 23

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**CRITICAL ACCOUNTING ESTIMATES**

Please refer to the Company's annual MD&A for the year ended December 31, 2024, for Estimation Uncertainty and Accounting Policy Judgments disclosure. The nature and amount of significant estimates and judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty as well as accounting policies applied during the six months ended June 30, 2025, were substantially the same as those that management applied to the consolidated financial statements as at and for the year ended December 31, 2024.

**Standards issued but not yet effective in 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Presentation and Disclosure in Financial Statements – IFRS 18** 

The International Accounting Standards Board (IASB) has issued new requirements for the presentation and disclosure of information in general purpose financial statements to ensure they provide relevant and faithful representations of an entity's assets, liabilities, equity, income, and expenses. The objective is to offer financial information that helps users assess the prospects for future net cash inflows and evaluate management's stewardship of the entity's economic resources.

These financial statements comply with IFRS Accounting Standards, adhering to both general and specific requirements for presenting information in the statement of financial performance, the statement of financial position, and the statement of changes in equity. The requirements include aggregation and disaggregation of information to ensure clarity, a comprehensive statement of profit or loss, and the presentation of totals and subtotals for key financial metrics. This standard, issued in April 2024, is effective for annual periods beginning on or after January 1, 2027, and the Company is assessing the impacts arising from this standard on the presentation and disclosures in the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;· **IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures** 

The amendments to **IFRS 9 – Financial Instruments** and **IFRS 7 – Financial Instruments: Disclosures** aim to enhance the clarity of classification, measurement, and disclosure of financial instruments. The updates consisto of:

---

| | |
|:---|:---|
| ✔ | **Classification of Financial Instruments**: The new guidelines focus on the contractual characteristics of financial instruments, particularly those related to **Environmental, Social, and Governance (ESG)** factors, which influence their measurement, either at amortized cost or fair value. |

---

---

| | |
|:---|:---|
| ✔ | **Provision for Expected Losses**: IFRS 9 now adopts a model based on expected losses, replacing the previous model that depended on losses incurred. This shift reflects a more proactive approach to risk management. |

---

---

| | |
|:---|:---|
| ✔ | **Electronic Settlement of Liabilities**: The amendments clarify the recognition of financial assets and liabilities when settled through electronic payment systems. A new accounting policy will also allow for early recognition of financial liabilities under specific conditions. |

---

---

| | |
|:---|:---|
| ✔ | **Disclosure Transparency**: More detailed disclosures will be required, particularly for financial instruments with contingent features related to sustainability goals. This aims to increase transparency and allow investors to better understand company investments. |

---

These amendments will be effective from January 1, 2026, and the Company is assessing the impacts arising from this standard on the presentation and disclosures in the financial statements

**OFF-BALANCE SHEET ARRANGEMENTS**

As of the date of this MD&A, the Company does not have any off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on the financial performance or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

![](mda_logo2.jpg) \| 24

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**CAPITAL MANAGEMENT**

The Company's objective in managing its capital is to ensure that the Company is able to safeguard its ability to continue as a going concern, continue its operations, and has sufficient capital to be able to meet its strategic objectives, including the continued exploration and development of its existing mineral projects and the identification of additional projects. The Company's primary source of capital is derived from equity issuances. As of June 30, 2025, capital consisted of equity attributable to common shareholders of $70,579 (December 31, 2024 - $92,340). The Company has no externally imposed capital requirements and manages its capital structure in accordance with its strategic objectives and changes in economic conditions. In order to maintain or adjust its capital structure, the Company may issue new shares in the form of private placements and/or secondary public offerings. There has been no change in the Company's approach to capital management since the year ended December 31, 2024.

**FINANCIAL RISK FACTORS**

The Company is exposed to a variety of financial risks such as credit risk, liquidity risk and market risk, including interest rate risk, foreign currency risk and price risk.

The fair values of cash and cash equivalents, accounts payable, export prepayment trade finance and credits from related parties approximate their carrying amounts due to the short-term maturity of these financial instruments.

**<u>Credit Risk</u>**

The credit risk management policy aims to minimize the possibility of not receiving sales made and amounts invested, deposited or guaranteed by financial institutions and counterparties, through analysis, granting and management of credits, using quantitative and qualitative parameters.

The Company manages its credit risk by receiving in advance a substantial portion of its sales or by being guaranteed by letters of credit.

Credit granted to financial institutions is used to accept guarantees and invest cash surpluses.

**<u>Liquidity Risk</u>**

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure it will have sufficient liquidity to meet liabilities when due.

The Company's management of cash is focused on funding ongoing capital needs for operating the Greentech Plant, developing the Company's growth opportunities (including Phase 2) and for general corporate expenditures, Management intends to use cash generated by its operating activities to meet its obligations. To the extent the Company does not believe it has sufficient liquidity to meet obligations, it will consider securing additional equity or debt funding.

The Company continuously monitors its cash outflows and seeks opportunities to minimize all costs, to the extent possible, as well as its general and administrative expenses.

The following table shows the contractual maturities of financial liabilities, including interest:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual obligations**<br>**(in C$000s)** | **Up to 1 year** | **1-3 years** | **4-5 years** | **More than 5 years** | **Total** |
| Suppliers | 44325 |  |  |  | 44325 |
| Loans and export prepayment | 62626 | 119736 | 6950 | 1598 | 190910 |
| Lease liabilities | 2444 | 1485 | 977 | 1024 | 5930 |

---

![](mda_logo2.jpg) \| 25

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**<u>Market Risk</u>**

Provisional pricing adjustments – The Company's products may be provisionally priced at the date revenue is recognized and a provisional invoice issued. Provisionally priced receivables are subsequently measured at fair value through profit and loss under IFRS 9 "Financial Instruments". The final selling price for all provisionally priced products is based on forward market price based on the contract terms stipulated. The change in value of the provisionally priced receivable is based on relevant forward market prices. For contracts with variable pricing dependent on the content of minerals in the product delivered, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the products. The fair value of the final sale price adjustment is reassessed at each reporting date, based on all variable pricing elements and any changes are recognized as operational revenue in the statement of loss.

For June 2025, the Company recorded an adjustment to the provisional pricing, reflecting relevant differences between the price initially used and the price established for June sales.

The sensitivity of the Company's risk related to the final settlement of provisional pricing accounts receivable expected to be determined during the second quarter of 2025 is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ******Volume <br> (kt)*** <sup>(3)</sup>*** | ***Shipment <br> average price*** | ***Variation*** | ***Effect on Sales<br> Revenue*** |
| High grade lithium concentrate (Probable)<sup>(1)</sup> | 113570 | 846 | 11 | 1234 |
| High grade lithium concentrate (+20%)<sup>(2)</sup> | 113570 | 924 | 54 | 6136 |
| High grade lithium concentrate (-20%)<sup>(2)</sup> | 113570 | 616 | (54) | (6136) |

---

<sup>(1)</sup> The sensitivity analysis for the probable scenario was measured using June 30, 2024, futures price from the Guangzhou Futures Exchange as a reference

<sup>(2)</sup> Provisional price on June 30, 2025.

<sup>(3)</sup> Total volume of contracts with exposure to market price fluctuation

**<u>Interest Rate Risk</u>**

This risk arises from short and long-term financial investments, financing and export prepayment linked to fixed and floating interest rates of the CDI, SELIC and SOFR, exposing these financial liabilities to interest rate fluctuations as shown in the sensitivity analysis framework.

<br> The Company considered scenario probable and scenarios 1 and 2 of changes in interest rates volatility as of June 30, 2025.

The interest rates used in the sensitivity analysis in their respective scenarios are shown below together with the effects on the profit and loss balances for the six-month period ended June 30, 2025 :

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Notional** | **Probable <br> scenario <sup>(1)</sup>** | **Scenario <sup>1</sup>** | **Scenario <sup>2</sup>** |
| **Liabilities** |  |  |  |  |  |
| Rate |  | 15.00% p.a. | 15.00% p.a. | 16.50% p.a. | 18.00% p.a. |
| BDMG | Selic (+10% and +20%) | 16497 | -1194 | -1313 | -1433 |
| Rate |  | 4.12% p.a. | 4.12% p.a. | 4.22% p.a. | 4.33% p.a. |
| Export prepayment agreement | SOFR (+2,5% and +5,0%) | 100000 | -2040 | -2091 | -2195 |

---

<sup>(1)</sup> Sensitivity analysis of the scenario probable was measured using as reference the rates on Jul 15, 2025.

During 2024, the Company entered into a swap operation with the objective of exchanging the interest exposure of an advance on foreign exchange contract calculated in USD, which is originally calculated on the notional amount in USD, to DI plus an interest rate calculated on the notional amount in R$. The table below demonstrates the swap results up to June 30, 2025, recognized in the financial result.

![](mda_logo2.jpg) \| 26

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Appreciation** | **Appreciation** | **Jun 25** | **Impact on <br> financial <br> income / <br> (expense)** |
| | **Maturity** | **Functional <br> currency** | **Notional** | **Asset <br> position<br> R$** | **Liabilities <br> position<br> R$** | **Receivable / (Payable) <br> R$** | **Jun 25** |
| Interest rate swap | 11/24/2025 | R$ | 121070 | 126776 | (130945) | (4169) | (627) |

---

**<u>Foreign Currency Risk</u>**

The exposure arises from the existence of assets and liabilities generated in US dollar, since the Company's functional currency is the Brazilian Real. The consolidated exposure as of June 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Description** | **Jun 25** |
| **Canadian dollar** |  |
| Cash and cash equivalents | 57 |
| Tax recoverable | 605 |
| Suppliers | (4999) |
| Other current liabilities | (58) |
| **Total** | **(4395)** |
| **United States dollar** |  |
| Cash and cash equivalents | 14215 |
| Trade accounts receivable | 16764 |
| Cash held as collateral | 12686 |
| Suppliers | (723) |
| Prepayment from customer | (225) |
| Interest on export prepayment agreement | (8421) |
| Export prepayment agreement | (143250) |
| **Total** | **(108954)** |

---

We present below the sensitivity analysis for foreign exchange risks. The Company considered probable scenario(1), scenarios 1 and 2 as 10%, and 20%, respectively, of deterioration for volatility of the currency, using as reference the exchange rate on June 30, 2025.

The currencies used in the sensitivity analysis and its scenarios are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Jun 25** | **Jun 25** | **Jun 25** | **Jun 25** |
|<br>**Currency** | **Exchange rate** | **Probable scenario <sup>(1)</sup>** | **Scenario 1 (+/-10%)** | **Scenario 2 (+/-20%)** |
| CAD (+) | 4.0067 | 3.9273 | 4.32 | 4.7128 |
| CAD (-) | 4.0067 | 3.9273 | 3.5346 | 3.1418 |
| USD (+) | 5.4571 | 5.4052 | 5.9457 | 6.4862 |
| USD (-) | 5.4571 | 5.4052 | 4.8647 | 4.3242 |

---

The effects on profit and loss, considering scenarios 1 and 2 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Jun 25** | **Jun 25** | **Jun 25** | **Jun 25** |
| | **Notional** | **Probable scenario <sup>(1)</sup>** | **Scenario 1** | **Scenario 2** |
| Canadian dollar-denominated(+) | (4395) | 89 | (319) | (658) |
| Canadian dollar-denominated(-) | (4395) | 89 | 587 | 1210 |
| U.S. dollar-denominated(+) | (108954) | 1046 | (8954) | (17287) |
| U.S. dollar-denominated(-) | (108954) | 1046 | 13268 | 28546 |

---

<sup>(1)</sup> Sensitivity analysis of the scenario probable was measured using as reference the exchange rate, published by the Central Bank of Brazil on a Aug 12, 2025.

![](mda_logo2.jpg) \| 27

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

**<u>Changes in Directors and Management</u>**

Except for the changes to the Board of Directors noted in the Corporate Highlights section, there were no other changes in directors or management during the three-month period ended June 30, 2025.

**QUALIFIED PERSON**

Please refer to the Company's National Instrument 43-101 technical report titled "Grota do Cirilo Lithium Project Araçuaí and Itinga Regions, Minas Gerais, Brazil" issued March 31, 2025, which was 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 "Technical Report"). The Technical Report is filed on SEDAR and is also available on the Company's website.

The independent qualified person (QP) for the Technical Report's mineral resource estimates is Marc-Antoine Laporte P.Geo., M.Sc., of SGS Group in Quebec, Canada. Mr. Laporte is a Qualified Person as defined by Canadian National Instrument 43-101.

Other disclosures in this MD&A of a scientific or technical nature at the Grota do Cirilo Project have been reviewed and approved by Iran Zan MAIG (Membership number 7566), who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Zan is not considered independent under NI 43-101 as he is Sigma Lithium Director of Geology.

Mr. Zan has verified the technical data disclosed in this MD&A not related to the current mineral resource estimate disclosed herein.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

Certain information and statements in this MD&A may constitute "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of U.S. securities legislation (collectively, "**Forward-Looking Information**"), which involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information. 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 the mineralization that would be realized by development). When used in this MD&A, 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 of this MD&A. 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 MD&A contains Forward Looking Information with respect to the following matters: statements regarding anticipated decision making with respect to the Company; 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; currency exchange and interest rates; expected outcome and timing of environmental surveys and permit applications and other environmental matters; potential positive or negative implications of change in government; the Company's ability to raise capital and obtain project financing; expected expenditures to be made by the Company 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; and competitive conditions and the ongoing uncertainties and effects in respect of the military conflict in Ukraine.

![](mda_logo2.jpg) \| 28

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

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 several risks and uncertainties, many of which are beyond the Company'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, the Company has made assumptions regarding, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ General economic and political conditions (including but not limited to the impact of the
continuance or escalation of the military conflict between Russia and Ukraine, the military conflict in Middle East, and other military
and global conflicts, and the multinational economic sanctions in relation to such conflicts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Stable and supportive legislative, regulatory and community environment in the jurisdictions
where the Company operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 the Company's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Demand for lithium, including that such demand is supported by growth in the EV market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Estimates of, and changes to, the market prices for lithium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The impact of increasing competition in the lithium business and the Company's competitive
position in the industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's market position and financial and operating performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's estimates of mineral resources and mineral reserves, including whether
mineral resources will ever be developed into mineral reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Anticipated timing and results of exploration, development and construction activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reliability of technical data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's ability to maintain full capacity commercial production, including that
the Company will not experience any materials or equipment shortages, any labor or service provider outages or delays or any technical
issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's ability to obtain financing on satisfactory terms to develop its projects,
if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's ability to obtain and maintain mining, exploration, environmental and
other permits, authorizations and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The timing and outcome of regulatory and permitting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The exploration, development, construction and operational costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The accuracy of budget, construction and operations estimates for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Successful negotiation of definitive commercial agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company'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.

In addition, Forward Looking Information with respect to the potential outlook and future financial results contained in this MD&A is based on assumptions noted above and about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information available as at the date of such information. Readers are cautioned that any such information should not be used for purposes other than for which it is disclosed.

![](mda_logo2.jpg) \| 29

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

The Company'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 this MD&A. Such risks relate to, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There can be no assurance that market prices for lithium will remain at current levels or
that such prices will improve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The market for EVs and other large format batteries remains an emerging technology in several
markets. 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 expand lithium operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Changes in technology or other developments could result in preferences for substitute products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The imbalance in the lithium market due to an excess of supply from new or existing competitors
could adversely affect prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's financial condition, operations and results of operations are subject
to political, economic, social, regulatory and geographic risks of doing business in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Inflation in Brazil, along with Brazilian governmental measures to combat inflation, may
have a significant negative effect on the Brazilian economy and, as a result, on the Company's financial condition and results
of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Violations of anti-corruption, anti-bribery, anti-money laundering and economic sanctions
laws and regulations could materially adversely affect the Company's business, reputation, results of operations and financial
condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corruption and fraud in Brazil relating to ownership of real estate could materially adversely
affect the Company's business, reputation, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company 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 the Company's business and activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's operations are subject to numerous environmental laws and regulations
and expose the Company to environmental compliance risks, which may result in significant costs and have the potential to reduce the
profitability of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 the Company's business and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company'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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's capital and operating cost estimates may vary from actual costs and revenues
for reasons outside of the Company's control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 the Company's financial
position and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is subject to risks associated with securing title, property interests and exploration
and exploitation rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is subject to strong competition in Brazil and in the global mining industry;

![](mda_logo2.jpg) \| 30

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may become subject to government orders, investigations, inquiries or other proceedings
(including civil claims) relating to securities, labor, environmental and health and safety matters, which could result in consequences
material to its business and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company'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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's operations and the development of its projects may be adversely affected
if it is unable to maintain positive community relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is exposed to risks associated with doing business with counterparties, which
may impact the Company's operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may not be able to secure the supply of key raw
material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may not be able to meet the quality requirements
of its customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any limitation on the transfer of cash or other assets between the Company and the Company's
subsidiaries, or among such entities, could restrict the Company's ability to fund its operations efficiently or the ability of
its subsidiaries to distribute cash otherwise available for distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is subject to risks associated with its reliance on consultants and others for
mineral exploration and exploitation expertise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's operations are subject to the high degree of risk normally incidental to the
exploration for, and the development and operation of, mineral properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ From time to time, the Company may become involved in litigation, which may have a material
adverse effect on its business, financial condition and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The current military conflict in Ukraine and the Middle East and the economic or other sanctions
imposed in response to such military conflicts and other global conflicts may impact global markets in such a manner as to have a material
adverse effect on the Company's business, operations, financial condition and stock price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Operating cash flow may be insufficient for future needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may be unable to achieve cash flow from operating activities sufficient to permit
it to pay the principal, premium, if any, and interest on the Company's indebtedness, or maintain its debt covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may not be able to obtain sufficient financing in the future on acceptable terms,
which could have a material adverse effect on the Company's business, results of operations and financial condition. In order to
obtain additional financing, the Company may conduct additional (and possibly dilutive) equity offerings or debt issuances in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Actions taken by foreign governments regarding critical minerals
may affect the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's operations may be adversely affected if
its licenses and permits are challenged, revoked, amended, not issued or not renewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may be subject to sudden tax changes, which can
have a material adverse effect on profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may be unable to achieve cash flow from operating activities sufficient to permit
it to pay the principal, premium, if any, and interest on the Company's indebtedness, or maintain its debt covenants;

![](mda_logo2.jpg) \| 31

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company has not declared or paid dividends in the past and may not declare or pay dividends
in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company has increased costs as a result of being a public company both in Canada listed
on the TSXV and in the United States listed on the Nasdaq, and its management is required to devote further substantial time to United
States public company compliance efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the Company does not implement and maintain adequate and appropriate internal controls
over financial reporting as outlined in accordance with NI 52-109 or the Rules and Regulations of the SEC. Accordingly, inappropriately
designed or ineffective controls could result in inaccurate financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ As a foreign private issuer, the Company 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Failure to retain key officers, consultants and employees or to attract and retain additional
key individuals with necessary skills could have a materially adverse impact upon the Company's success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company's business depends on strong labor and employment
relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is subject to currency fluctuation risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is subject to interest rates fluctuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company may face challenges in accessing global capital
markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Failure in the infrastructure that the Company relies upon
could have an adverse effect on the its operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Certain directors and officers of the Company are, or may become, associated with other natural
resource companies which may give rise to conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The market price for the Company's shares may be volatile and subject to wide fluctuations
in response to numerous factors beyond its control, and the Company may be subject to securities litigation as a result;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If securities analysts, industry analysts or activist short sellers publish research or other
reports about the Company's business, prospects or value, which questions or downgrades the value of the Company, the price of
the Common Shares could decline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company will have broad discretion over the use of the net proceeds from offerings of
its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There is no guarantee that the Common Shares will earn any positive return in the short term
or long term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company has a major shareholder which owns 42.86% of the outstanding Common Shares and,
as such, for as long as such shareholder directly or indirectly maintains a significant interest in the Company, it may be in a position
to affect the Company's governance, operations and the market price of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ As the Company is a Canadian corporation but many 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 the Company 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 the Company 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 the Company to realize on judgements obtained in the United
States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is governed by the Ontario Business Corporations Act and by the securities laws
of the province of Ontario, which in some cases have a different effect on shareholders than U.S. corporate laws and U.S. securities
laws;

![](mda_logo2.jpg) \| 32

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION** | ![](mda_logo.jpg) |
| **MANAGEMENT'S DISCUSSION AND ANALYSIS** | ![](mda_logo.jpg) |
| **FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025** | ![](mda_logo.jpg) |
| (Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](mda_logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company is subject to risks associated with its information technology systems and cyber-security;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company 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 are not exhaustive. The Forward-Looking Information contained in this MD&A is expressly qualified by these cautionary statements. All Forward-Looking Information in this MD&A speaks as of the date of this MD&A. The Company 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 the Company's filings with securities regulators, including this MD&A and the Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca.

**CAUTIONARY NOTE REGARDING MINERAL RESERVE & MINERAL RESOURCE ESTIMATE**

Technical disclosure regarding the Company's properties included in this document 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 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 CIM Definition Standards.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to U.S. companies. Accordingly, information contained in this MD&A is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

![](mda_logo2.jpg) \| 33

------

## Exhibit 99.2

**Exhibit 99.2**

![](logo.jpg)

**SIGMA LITHIUM CORPORATION**

**UNAUDITED CONDENSED**

**INTERIM CONSOLIDATED**

**FINANCIAL STATEMENTS**

**FOR THE SIX-MONTH PERIODS**

**ENDED JUNE 30, 2025 AND 2024**

**(EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS)**

---

| | |
|:---|:---|
| **Summary**<br>**Description** | <br>**Page** |
| MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING | 1 |
| Unaudited Condensed Interim Consolidated Statements of Financial Position | 2 |
| Unaudited Condensed Interim Consolidated Statements of Income (Loss) | 3 |
| Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss) | 4 |
| Unaudited Condensed Interim Consolidated Statements of Cash Flows | 5 |
| Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | 6 |
| Notes to the Unaudited Condensed Interim Consolidated Financial Statements |  |
| Note 1 Corporate information | 7 |
| Note 2 Basis of preparation | 7 |
| Note 3 Cash and cash equivalents | 9 |
| Note 4 Trade accounts receivable | 9 |
| Note 5 Inventories | 9 |
| Note 6 Advance to suppliers | 10 |
| Note 7 Recoverable VAT and other taxes | 10 |
| Note 8 Cash held as collateral | 10 |
| Note 9 Property, plant and equipment | 11 |
| Note 10 Deferred exploration and evaluation expenditure | 12 |
| Note 11 Related parties' transactions | 13 |
| Note 12 Suppliers | 14 |
| Note 13 Loans and export prepayment | 15 |
| Note 14 Lease liability | 17 |
| Note 15 Prepayment from customer | 18 |
| Note 16 Taxes payable | 18 |
| Note 17 Income tax and social contributions | 18 |
| Note 18 Asset retirement obligations ("ARO") | 19 |
| Note 19 Financial instruments | 20 |
| Note 20 Share capital | 24 |
| Note 21 Income (Loss) per share | 24 |
| Note 22 Sales revenue | 25 |
| Note 23 Costs and expenses by nature | 25 |
| Note 24 Other operating expenses | 26 |
| Note 25 Financial expenses | 26 |
| Note 26 Stock-based compensation | 27 |
| Note 27 Legal claim contingency | 29 |
| Note 28 Additional information of the cash flow statement | 30 |
| Note 29 Subsequent Events | 30 |

---

**MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING**

The accompanying unaudited condensed interim consolidated financial statements of Sigma Lithium Corporation (the "Company") are the responsibility of management and have been approved by the Company's Board of Directors (the "Board").

The unaudited condensed interim consolidated financial statements have been prepared by management on a going concern basis in accordance with International Accounting Standard 34 Interim Financial ("IAS 34") as issued by the International Accounting Standards Board. When alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. Financial statements are not exact since they include certain amounts based on estimates and judgments. Management has determined such amounts on a reasonable basis in order to ensure that the financial statements are presented fairly, in all material respects.

The Board is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements. The Board carries out this responsibility principally through its Audit Committee.

The Audit Committee is appointed by the Board, and all of its members are independent directors. The Audit Committee meets at least four times a year with management, and with the external auditors, to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues, to satisfy itself that each party is properly discharging its responsibilities, and to review the quarterly and the annual reports, the unaudited condensed interim consolidated financial statements and the external auditor's reports. The Audit Committee reports its findings to the Board for consideration when approving the unaudited condensed interim consolidated financial statements for issuance to the shareholders. The Audit Committee also considers, for review by the Board and approval by the shareholders, the engagement or reappointment of the external auditors.

<u>"Ana Cristina Cabral"</u>

Chief Executive Officer and Co-Chairperson

<u>"Felipe Resende Peres"</u>

Chief Financial Officer

**Sigma Lithium Corporation**

**Unaudited Condensed Interim Consolidated Statements of Financial Position**

**As of June 30, 2025, December 31, 2024 and January 1, 2024.**

**(Expressed in thousands of United States dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **6/30/2025** | **12/31/2024** | **1/1/2024** |
| |<br>Notes | | (As restated<br> Note 2.3) | (As restated<br> Note 2.3) |
| **ASSETS** |  |  |  |  |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | 3 | 15113 | 45918 | 48584 |
| Trade accounts receivable | 4 | 16765 | 11584 | 22400 |
| Inventories | 5 | 24566 | 16140 | 14667 |
| Advance to suppliers | 6 | 5864 | 9727 | 5327 |
| Accounts receivable from related parties | 11 |  |  | 10 |
| Prepaid expenses and other assets |  | 1427 | 3034 | 3304 |
| Recoverable VAT and other taxes | 7 | 6015 | 6368 | 13339 |
| **Total current assets** |  | **69750** | **92771** | **107631** |
| **Non-current assets** |  |  |  |  |
| Judicial deposits | 27 | 859 |  | 49 |
| Loan and accounts receivable from related parties | 11 | 17376 | 12953 | 9928 |
| Recoverable VAT and other taxes | 7 | 2412 | 1312 |  |
| Deferred income tax and social contribution | 17 | 17003 | 19230 | 1561 |
| Cash held as collateral | 8 | 12686 | 12686 | 11519 |
| Property, plant and equipment | 9 | 161617 | 141025 | 180856 |
| Deferred exploration and evaluation expenditure | 10 | 54498 | 47141 | 56016 |
| **Total non-current assets** |  | **266451** | **234347** | **259929** |
| **Total assets** |  | **336201** | **327118** | **367560** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Suppliers | 12 | 44325 | 32627 | 53675 |
| Loans and export prepayment | 13 | 53655 | 61596 | 21807 |
| Lease liability | 14 | 2327 | 1753 | 1609 |
| Prepayment from customer | 15 | 225 | 1514 | 1625 |
| Taxes payable | 16 | 5428 | 3923 | 10234 |
| Payroll and related charges |  | 2945 | 1959 | 1907 |
| Legal contingencies | 27 | 534 | 155 |  |
| Other liabilities |  | 5900 | 5244 | 1459 |
| **Total current liabilities** |  | **115339** | **108771** | **92316** |
| **Non-current liabilities** |  |  |  |  |
| Loans and export prepayment | 13 | 113300 | 112003 | 107121 |
| Lease liability | 14 | 2415 | 1435 | 2712 |
| Taxes payable | 16 | 2636 | 3174 | 104 |
| Legal contingencies | 27 | 3454 | 3271 |  |
| Long term provisions |  | 3718 | 3221 | 764 |
| Asset retirement obligations | 18 | 3416 | 2903 | 2893 |
| **Total non-current liabilities** |  | **128939** | **126007** | **113594** |
| **Shareholders' equity** |  |  |  |  |
| Share capital | 20 | 327006 | 326832 | 291215 |
| Stock-based compensation reserve |  | 19762 | 18485 | 44488 |
| Tax incentive reserve |  | 2687 | 2500 |  |
| Accumulated other comprehensive income (loss) |  | (16419) | (28495) | 1533 |
| Accumulated losses |  | (241113) | (226982) | (175586) |
| **Total shareholders' equity** |  | **91923** | **92340** | **161650** |
| **Total liabilities and shareholders' equity** |  | **336201** | **327118** | **367560** |

---

#### The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements

**Sigma Lithium Corporation**

**Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)**

**For the Six-Month Periods ended June 30, 2025 and 2024**

**(Expressed in thousands of United States dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| |<br>**Note** | | **(As restated<br> Note 2.3)** | | **(As restated<br> Note 2.3)** |
| Net sales revenue | 22 | 16888 | 45920 | 64560 | 83122 |
| Cost of goods sold | 23.a | (23564) | (29765) | (57781) | (58407) |
| **Gross profit (loss)** |  | **(6676)** | **16155** | **6779** | **24715** |
| Sales expenses |  | (183) | (376) | (388) | (1237) |
| General and administrative expenses | 23.b | (4336) | (4603) | (9095) | (8966) |
| Other operating expenses, net | 24 | (8491) | (3627) | (9387) | (5026) |
| Stock-based compensation | 26.c | (472) | (1943) | (1277) | (4209) |
| **Operating expenses**  |  | **(13482)** | **(10549)** | **(20147)** | **(19438)** |
| **Operating income (loss) before financial results and income taxes** |  | **(20158)** | **5606** | **(13368)** | **5277** |
| Financial income (expenses), net | 25 | 1299 | (18632) | 4237 | (25683) |
| **Loss before income tax and social contribution** |  | **(18859)** | **(13026)** | **(9131)** | **(20406)** |
| Income tax and social contribution – current | 17 |  | (4530) | (353) | (5042) |
| Income tax and social contribution – deferred | 17 |  | 6708 | (4647) | 7691 |
| **Net loss for the period** |  | **(18859)** | **(10848)** | **(14131)** | **(17757)** |
| Basic and diluted net loss per common share | 21 | (0.17) | (0.10) | (0.13) | (0.16) |
| **Weighted average number of common shares outstanding - basic and diluted** |  | **111280482** | **110528083** | **111275927** | **110568147** |

---

**The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements**

**Sigma Lithium Corporation**

**Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)**

**For the Six-Month Periods ended June 30, 2025 and 2024**

**(Expressed in thousands of United States dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| **Net loss for the period** | **(18859)** | **(10848)** | **(14131)** | **(17757)** |
| **Items that are or may be reclassified subsequently to income or loss:** |  |  |  |  |
| Foreign currency translation adjustment of subsidiary | 4813 | (14812) | 12076 | (19670) |
| **Net loss and comprehensive loss for the period** | **(14046)** | **(25660)** | **(2055)** | **(37427)** |

---

**The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements**

**Sigma Lithium Corporation**

**Unaudited Condensed Interim Consolidated Statements of Cash Flows**

**For the Six-Month Periods ended June 30, 2025 and 2024**

**(Expressed in thousands of United States dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **6/30/2025** | **6/30/2024** |
| |<br>**Note** | | (As restated<br> Note 2.3) |
| **Operating activities** |  |  |  |
| **Net loss for the period** |  | **(14131)** | **(17757)** |
| **Adjustments for:** |  |  |  |
| Foreign exchange (gain) loss, net |  | (18703) | 22941 |
| Interest on loans with related parties |  | (1449) | (585) |
| Accretion of present value of assets retirement obligation | 18 | 116 | 82 |
| Amortization of transaction costs | 13 | 352 | 390 |
| Provision for contingencies |  | 140 | 1968 |
| Social programs provision | 24 | 504 | 473 |
| Stock-based compensation | 26.c | 1216 | 4209 |
| Depreciation and depletion |  | 6500 | 6449 |
| Provision for expected inventory losses | 5 | 7859 |  |
| Income tax and social contribution - current and deferred | 17 | 5000 | (2649) |
| Interest on loans and leases | 13 e 14 | 10065 | 10145 |
| Other |  | (4) | 119 |
| **(Increase) decrease in operating assets** |  |  |  |
| Trade accounts receivable |  | (3764) | (48719) |
| Inventories |  | (12538) | (2319) |
| Advance to suppliers |  | 5107 | (961) |
| Prepaid expenses and other assets |  | 1915 | 2027 |
| Recoverable VAT and other taxes, net | 7 | (4595) | (4683) |
| Other assets |  | (836) | 77 |
| **Increase (decrease) in operating liabilities** |  |  |  |
| Suppliers | 12 | 7113 | (9191) |
| Prepayment from customer | 15 | (1436) | (1577) |
| Taxes payables |  | 4824 | 6111 |
| Payroll and related charges |  | 613 | 2864 |
| Other liabilities |  | (101) | 407 |
| Interest payment on loans and leases | 13 | (1972) | (12531) |
| **Net cash used in operating activities** |  | **(8205)** | **(42710)** |
| **Investing activities** |  |  |  |
| Purchase of property, plant and equipment | 9 | (6479) | (11185) |
| Addition to exploration and evaluation assets | 10 | (545) | (2361) |
| Loans to related parties for surface rights acquisition | 11 | (1042) | (349) |
| **Net cash used in investing activities** |  | **(8066)** | **(13895)** |
| **Financing activities** |  |  |  |
| Repayment of loan | 13 | (55657) | (42389) |
| Proceeds from loans | 13 | 39015 | 136157 |
| Transactions costs | 15 |  | (174) |
| Payment of lease liabilities | 14 | (1226) | (599) |
| **Net cash provided by (used in) financing activities** |  | **(17868)** | **92995** |
| Effect of exchange rate changes on cash held in foreign currency |  | 3334 | (9644) |
| **Increase (decrease) in cash and cash equivalents in the period** |  | **(30805)** | **26746** |
| Cash and cash equivalents, beginning of period |  | 45918 | 48584 |
| Cash and cash equivalents, end of period |  | 15113 | 75330 |
| **Increase (decrease) in cash and cash equivalents in the period** |  | **(30805)** | **26746** |

---

**The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements**

**Sigma Lithium Corporation**

**Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity**

**For the Six-Month Periods ended June 30, 2025 and 2024**

**(Expressed in thousands of United States dollars, except the number of shares)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Number of common shares** | **Share capital** | **Stock-based reserve** | **Earning<br> reserves** | **Accumulated comprehensive income (loss)** | **Accumulated losses** | **Total** |
| **Balance as of January 01, 2024 (as restated Note 2.3)** |  | **110059471** | **291215** | **44488** | **-** | **1533** | **(175586)** | **161650** |
| Exercise of RSUs | 20c & 26a | 651491 | 22954 | (22954) |  |  |  | **-** |
| Stock-based compensation | 26.c |  |  | 5647 |  |  |  | **5647** |
| Net loss for the period |  |  |  |  |  |  | (17757) | **(17757)** |
| Other comprehensive loss for the period |  | - | - | - | - | (19670) | - | **(19670)** |
| **Balance at June 30, 2024 (as restated Note 2.3)** |  | **110710962** | **314169** | **27181** | **-** | **(18137)** | **(193343)** | **129870** |
| **Balance at December 31, 2024** |  | **111267279** | **326832** | **18485** | **2500** | **(28495)** | **(226982)** | **92340** |
| Exercise of RSUs | 20c & 26a | 14700 | 174 | (174) |  |  |  | **-** |
| Stock-based compensation | 26.c |  |  | 1451 |  |  |  | **1451** |
| Tax incentive reserve |  |  |  |  | 187 |  |  | **187** |
| Net loss for the period |  |  |  |  |  |  | (14131) | **(14131)** |
| Other comprehensive income for the period |  | - | - | - | - | 12076 | - | **12076** |
| **Balance at June 30, 2025** |  | **111281979** | **327006** | **19762** | **2687** | **(16419)** | **(241113)** | **91923** |

---

**The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements**

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**1.** **Corporate information**

Sigma Lithium Corporation (the "Company" or "Sigma Lithium" or "Sigma"), together with its direct and indirect subsidiaries, is a commercial producer of lithium oxide concentrate.

These unaudited condensed interim consolidated financial statements include the Company's wholly owned subsidiary Sigma Lithium Holdings Inc. ("Sigma Holdings"), which is domiciled in Canada and incorporated under the Business Corporations Act (British Columbia), and its indirect wholly-owned subsidiaries incorporated in Brazil, Sigma Mineração S.A. ("Sigma Brazil") and Sigma Industrial de Lítio S.A ("Sigma Industrial").

Sigma Brazil holds a 100% interest in four mineral properties: Grota do Cirilo, São José, Santa Clara, and Genipapo, located in the municipalities of Araçuaí and Itinga, in the Vale do Jequitinhonha region (referred as thereafter as "Jequitinhonha Valley") in the State of Minas Gerais, Brazil (together, the "Lithium Properties"), where our operating assets are located.

The Company's common shares commenced trading on the TSX Venture Exchange (the "TSXV") on May 9, 2018, under the symbol "SGML" (formerly "SGMA") and on September 13, 2021, on Nasdaq Capital Market ("Nasdaq"), the symbol was unified to "SGML". On July 24, 2023, Sigma Lithium began trading its unsponsored Brazilian Depositary Receipts ("BDR's") on B3, the Brazilian Stock Exchange. Unsponsored BDRs are issued by depository institutions without the participation of the foreign companies that issued the backing securities, being classified only as Level I Unsponsored BDRs.

**2.** **Basis of preparation**

The unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting. Accordingly, certain disclosures included in the Company's annual unaudited consolidated financial statements prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") have been condensed or omitted. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the year ended December 31, 2024, ("2024 Annual Financial Statements").

These unaudited condensed interim consolidated financial statements have been prepared under the historical cost method, except for certain financial instruments measured at fair value.

All the amounts presented in United States Dollars ("US$") have been translated from the Company's functional currency and may contain immaterial rounding.

As a result, the following explanatory notes are not repeated in this interim financial information either due to redundancy or materiality in relation to those previously presented in the annual financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;• Note 2.4 – Accounting policies

• Note 3 – Use of judgments and estimates

• Note 4 – New accounting standards and interpretations

• Note 11.g – Property, plant and equipment - Impairment of non-financial
assets

• Note 28.b – Stock-based compensation - Stock option

• Note 29 – Commitments

The unaudited condensed interim consolidated financial statements were approved by the Board on August 14, 2025.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**2.1. Transactions eliminated on consolidation**

Intra-group balances and transactions, as well as any unrealized income and expenses arising from intra-group transactions, are eliminated.

**2.2. Functional currency**

The Company's functional currency is the currency of the primary economic environment in which it operates and that best reflects its business and operations. The Company's operations are held by the Brazilian subsidiary, Sigma Mineração S.A., which provides the entirety of the inflows and outflows of the Company, including any dividends to be remitted. The Parent Company in Canada is a pure holding company with no operations and depends on the Brazilian subsidiary to provide its cash flow. The prices of the lithium commodity are globally referenced in U.S. dollars to provide reference for market players located in different countries and different currencies. Consequently, the Company's revenues are translated into the Brazilian Real, which is the currency that most of the costs for supplying products or services are incurred and which the costs are normally expressed and settled. Accordingly, the Company's functional currency is the Brazilian Real ("R$").

**2.3. Presentation currency of the financial statements**

On January 1, 2025, the Company elected to change its presentation currency from Canadian Dollars ("CAD") to United States Dollars ("US$"). This change was made to better reflect the Company's business operations and to enhance the comparability of its financial results with those of other publicly traded companies in the mining industry. The change in presentation currency has been applied retrospectively, and comparative financial information has been restated as though US$ had always been the Company's presentation currency, in accordance with IAS 21 and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

For reporting periods prior to January 1, 2025, the statements of financial position have been translated from the functional currency (R$) to the new presentation currency (US$) using the exchange rates prevailing at each respective reporting date. Equity items, however, have been translated using historical accumulated rates dating back to the Company's incorporation in 2018. The statements of income / (loss) and comprehensive income / (loss) were translated at average exchange rates for each reporting period, or at the rate prevailing on the date of the transaction. Exchange differences arising from the translation of 2024 financial information from R$(functional currency) to US$(presentation currency) have been recognized in other comprehensive income / (loss) and accumulated in a separate component of equity.

In compliance with IFRS Accounting Standards, the Company also presented a third statement of financial position as of January 1, 2024. Equity balances were restated using historical average exchange rates, except for significant transactions, which were translated using the actual historical rates. Any resulting differences were recorded as adjustments to the foreign currency translation reserve.

As of June 30, 2025, the main exchange rates used by the Company to convert the financial information with a currency different from functional currency were as follows: US$1.00 was equivalent to R$5.4571 (R$6.1923 on December 31, 2024) and CAD$1.00 was equivalent to R$4.0067 (R$4.3047 on December 31, 2024), based on the rates published by the Central Bank of Brazil.

**2.4. Going concern**

The Company's management believes that it has adequate resources to continue its operations. Therefore, these unaudited condensed interim financial statements for the six-month periods ended June 30, 2025, have been prepared on a going concern basis.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**3. Cash and cash equivalents**

Cash and cash equivalents include the following:

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Cash | 15113 | 24860 |
| Short-term investments | - | 21058 |
|  | **15113** | **45918** |

---

In 2024, the Company held short-term investments abroad (denominated in United States Dollars) with an approximate yield of 3.76% p.a., and fixed income investments, with immediate liquidity, yielding 98.2% p.a. of the Brazilian interbank deposit certificate ("CDI"). As of June 30, 2025, the Company has terminated its financial investment positions are in line with evolving liquidity and strategic priorities.

**4. Trade accounts receivable**

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Accounts receivable from customers | 12756 | 18013 |
| Provisional price adjustment | 4009 | (6429) |
|  | **16765** | **11584** |

---

The Company's operations include accounts receivable where the final selling price is established days after initial revenue recognition and product delivery.

The trade accounts receivable is subject to significant market price fluctuations until the final selling price is settled. The Company monitors the futures market for lithium to estimate the final prices when the quotational periods of the contracts close. As a result, accounts receivable as of June 30, 2025, have been estimated and adjusted based on relevant forward market prices (see Note 22). Any fluctuations in the value of these receivables are reflected in the Company's sales revenue.

**5. Inventories**

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Lithium oxide concentrate | 14412 | 2653 |
| Green By-Products | 7989 | 6499 |
| Provision for expected inventory losses<sup>(1)</sup> | (7989) | - |
| **Total finished goods** | **14412** | **9152** |
| Consumable | 556 | 391 |
|  | **14968** | **9543** |
| Spare parts | 9598 | 6597 |
| **Total** | **24566** | **16140** |

---

<sup>(1)</sup> For the period ended June 30, 2025, the Company conducted a review of the recoverability of its inventories, considering current market conditions and updated estimates of future selling prices and associated costs. As a result, a provision for expected inventory losses on green by-products, totaling $7,989 was recognized and recorded under other operating expenses in the income statement for the period. The Company will continue to monitor the factors that may affect the net realizable value of its inventories and will adjust the provision as necessary.

Spare parts refer to components and equipment used in the short-term maintenance of machinery and equipment. As of June 30, 2025, the Company has not identified any need to recognize losses on slow-moving inventory.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**6. Advance to suppliers**

As of June 30, 2025, the Company had outstanding balances for advances with domestic and foreign suppliers in the amount of $5,864 ($9,727 on December 31, 2024), for the acquisition of operating consumables.

**7. Recoverable VAT and other taxes**

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  |  | (As restated<br> Note 2.3) |
| ICMS (State VAT) | 2412 | 1312 |
| Federal tax credits (PIS / COFINS) | 4562 | 5224 |
| Other recoverable taxes <sup>(1)</sup> | 1453 | 1144 |
|  | **8427** | **7680** |
| **Current** | **6015** | **6368** |
| **Non-Current** | **2412** | **1312** |

---

<sup>(1)</sup> Income tax withheld on financial investments

The outstanding balance of recoverable federal taxes is expected to be recovered within the next 24 months, based on analysis and budget projections approved by management. Regarding the recoverable ICMS (state VAT), the Company expects to recover them in about two years.

**8. Cash held as collateral**

As of June 30, 2025 and December 31, 2024, the Company had advanced $12,686 as collateral related to the obligation to pay interest on export prepayment contract loans for the development of an industrial plant (Note 13). The amounts are determined based on the interest paid on the loan over the last twelve months established in the loan agreement. The settlement of the collateral will occur at the maturity of the agreement together with its final settlement.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

 **9. Property, plant and equipment**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets Under Construction** | **Buildings** | **Machinery and<br> equipment** | **Right-of-use assets** | **Mining rights** | **Other assets** | **Total** |
| **Cost** |  | 57540 | 95679 | 5702 | 29810 | 718 | **189449** |
| **Accumulated depreciation and depletion** | - | (1700) | (2973) | (1498) | (2327) | (94) | **(8592)** |
| **Balance as of January 1, 2024 (as restated Note 2.3)** | **-** | **55840** | **92706** | **4204** | **27483** | **624** | **180857** |
| Additions | 3857 | 66 | 2015 | 2232 | 6528 | 56 | 14754 |
| Disposal |  |  | (701) | (583) |  | (1) | (1285) |
| Transfers | (1134) |  | 851 |  | 283 |  |  |
| Depreciation and depletion |  | (2331) | (4956) | (2043) | (3974) | (103) | (13407) |
| Foreign currency translation adjustment of subsidiaries | (446) | (11854) | (20393) | (754) | (6313) | (134) | (39894) |
| **Balance as of December 31, 2024 (as restated Note 2.3)** | **2277** | **41721** | **69522** | **3056** | **24007** | **442** | **141025** |
| **Cost** | 2277 | 45039 | 76285 | 6082 | 29306 | 606 | 159595 |
| **Accumulated depreciation and depletion** | - | (3318) | (6763) | (3026) | (5299) | (164) | (18570) |
| **Balance as of December 31, 2024 (as restated Note 2.3)** | **2277** | **41721** | **69522** | **3056** | **24007** | **442** | **141025** |
| Additions | 3778 |  | 2630 | 2094 | 4 | 6 | **8512** |
| Depreciation and depletion |  | (1000) | (3035) | (1071) | (1860) | (57) | **(7023)** |
| Disposal |  |  |  | (16) |  |  | **(16)** |
| Foreign currency translation adjustment of subsidiaries | 500 | 5567 | 9384 | 478 | 3132 | 58 | **19119** |
| **Balance as of June 30, 2025** | **6555** | **46288** | **78501** | **4541** | **25283** | **449** | **161617** |
| **Cost** | 6555 | 51107 | 89379 | 9105 | 33259 | 695 | **190100** |
| **Accumulated depreciation and depletion** | - | (4819) | (10878) | (4564) | (7976) | (246) | **(28483)** |
| **Balance as of June 30, 2025** | **6555** | **46288** | **78501** | **4541** | **25283** | **449** | **161617** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**a)** **The average estimated useful lives are as follows (in years):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |
| **Description** | | | (As restated<br> Note 2.3) | (As restated<br> Note 2.3) |
| Buildings |  | 26 |  | 26 |
| Machinery and equipment |  | 19 |  | 20 |
| Right of use assets |  | 3 |  | 3 |
| Mining rights |  | 8 |  | 8 |
| Other assets | | 6 | | 5 |

---

**b)** **Assets under construction** 

In 2024, the Company began investments related to the Phase 2 capacity expansion, totaling $4,251 ($2,372 as of December 31, 2024). Initially, accumulated expenditures are classified as construction in progress and will be reclassified to the appropriate asset categories upon completion of the operational plant. Additionally, the Company continued to invest into Phase 1 operational infrastructure, with related expenditures classified as construction in progress and reclassified to the respective asset categories as each infrastructure initiative is completed.

**c)** **Right-of-use assets** 

Right-of-use assets include land, machinery, and equipment provided exclusively for the Company's use on-site. The Company considers as right-of-use those contracts longer than 12 months in which assets have individual amounts greater than $5.

**d)** **Depreciation and depletion** 

The allocation of depreciation costs incurred as of June 30, 2025 and 2024, is shown below:

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
| **Reconciliation of depreciation and depletion for the period** |  | (As restated<br> Note 2.3) |
| Operating expenses | 6910 | 13367 |
| Deferred exploration and evaluation expenditure | 113 | 40 |
| **Depreciation accumulated for the period** | **7023** | **13407** |

---

**10. Deferred exploration and evaluation expenditure**

A summary of exploration costs is set out below:

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| **Opening balance** | **47141** | **56016** |
| Exploration and feasibility investments | 658 | 3186 |
| Share based compensation of exploration and feasibility personnel | 296 | 1267 |
| **Additions** | **954** | **4453** |
| Disposal |  | (342) |
| Asset retirement cost |  | (100) |
| Foreign currency translation adjustment of subsidiaries | 6403 | (12886) |
| **Closing balance** | **54498** | **47141** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**11. Related parties' transactions**

A summary of related parties is set out below:

---

| | |
|:---|:---|
| **Related Party** | **Nature of relationship** |
| A10 Group | A10 Group is composed of:<br> (a) A10 Investimentos Ltda.;<br> (b) A10 Finanças e Capital Ltda. ("A10 Finanças");<br> (c) A10 Partners Participações Ltda.;<br> (d) A10 Serviços Especializados de Avaliação de Empresas Ltda. ("A10 Advisory"); and<br> (e) A10 Serviços de Análise de Empresas e Administrativos Ltda. |
| &nbsp;&nbsp;&nbsp;A10 Investimentos Ltda. | A10 Investimentos Ltda. is an asset management firm indirectly controlled by Marcelo Paiva, a Director of Sigma Lithium, who is the investment manager of the A10 Fundo de Investimento Financeiro de Ações ("A10 Fund"), which holds a controlling position in the Company. |
| &nbsp;&nbsp;&nbsp;A10 Finanças | A10 Finanças is primarily a holding company. The firm is controlled by Marcelo Paiva, a Director of Sigma Lithium, and had no transactions with the Company during the period ended June 30, 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Partners Participações Ltda.<br>| A10 Partners Participações Ltda. is a holding company. The firm indirectly is controlled by Marcelo Paiva, a Director of Sigma Lithium. |
| &nbsp;&nbsp;&nbsp;A10 Advisory | A10 Advisory is an administrative services firm controlled by Marcelo Paiva, a Director of Sigma Lithium. The CEO, Ana Cristina Cabral has a minority interest. |
| &nbsp;&nbsp;&nbsp;A10 Serviços de Análise de Empresas e Administrativos Ltda. | A10 Serviços de Análise de Empresas e Administrativos Ltda. is an administrative services firm controlled by Marcelo Paiva, a Director of Sigma Lithium, and had no transactions with the Company before or during the period ended June 30, 2025. |
| Miazga | Miazga Participações S.A is a land administration company in which Ana Cristina Cabral, the CEO of the Company has an indirect economic interest. |
| Arqueana | Arqueana Empreendimentos e Participações S.A. is a land administration company in which Ana Cristina Cabral, the CEO of the Company has in indirect economic interest. |
| Tatooine | Tatooine Investimentos S.A. is a land administration company in which an officer of Miazga and of the Sigma Brazil, Marina Bernardini, is the controlling shareholder and officer. |
| Instituto Lítio Verde ("ILV") | Instituto Lítio Verde is a non-profit entity whose directors are Lígia Pinto, Sigma's VP of Institutional and Governmental Relations and Communication, Marina Bernardini, an officer of Miazga. |
| Key management personnel | Includes the directors of the Company, executive management team and senior management at Sigma Brazil. |

---

**a)** **Transactions with related parties** 

**Cost sharing agreements ("CSAs")**: The Company has CSAs with A10 Advisory and A10 Finanças, whereby the firms are reimbursed for certain expenses: (i) the cost of administrative personnel that is 100% allocated to the Company; (ii) the rental of office space that was formerly occupied by A10 Advisory and that is now fully used by the Company; (iii) health insurance expenses of former A10 Advisory staff now employed by the Company; and (iv) any relatively minor expenses of the Company that may be paid by one of the firms for later reimbursement by the Company.

**Leasing Agreements:** The Company has right-of-way lease agreements with Miazga and Arqueana relating to access to the industrial plant (See note 14).

**Royalties:** Pursuant to Brazilian legislation, royalties are payable to landowners whose properties are subject to mineral exploration activities. The valuation of the amount must be equivalent to 50% of the value paid as Financial Compensation for the Exploration of Mineral Resources (CFEM). As of June 30, 2025, the Company recognized an amount of $1.5 million ($0.94 million as of December 31, 2024) to be paid to Miazga, of which $0.54 million was settled during the first half of 2025.

**Accounts receivable (Tatooine):** On April 20, 2023, Sigma Brazil entered into a facility agreement with Tatooine, to fund Tatooine's purchase of multiple properties located in areas of interest of the Company. The facility agreement provides for the loan of an amount up to $12.0 million. On November 14, 2024, the Company entered into a contractual amendment with an increase in the loan limit to $15.0 million, bearing 15% p.a. interest rate. The facility agreement is to be made available upon utilization requests made by Tatooine to Sigma Brazil, specifying the amount to be utilized by Tatooine for the acquisition of each property and its corresponding expected costs and expenses. The loan granted by Sigma Brazil to Tatooine under the Facility Agreement represents a total amount of $17,373 as of June 30, 2025 ($12,952 as of December 31, 2024). For the six-month period ended June 30, 2025 the Tatooine requested $1,043 to acquire properties located over mining rights of the Company.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**Instituto Lítio Verde ("ILV"):** Sigma Brazil and ILV are parties in the development of a major lithium mining project with a high degree of positive impact in the communities surrounding the Company's operations at the Vale do Jequitinhonha. ILV's purpose is to promote the well-being and the development of those communities.

**Transactions with related parties**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Six months Ended,** | | | **Six months Ended,** |
| | **6/30/2025** | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** | **6/30/2024** |
| | | | | (As restated<br> Note 2.3) | (As restated<br> Note 2.3) | (As restated<br> Note 2.3) |
| <br>**Description** | **Pre-payments / Receivable** | **Accounts payable / Debt** | **(Expenses) / Income** | **Pre-payments / Receivable** | **Accounts payable / Debt** | **(Expenses) / Income** |
| **A10 Advisory** |  |  |  |  |  |  |
| CSA | - | 16 | (158) | - | - | (129) |
| **Miazga** |  |  |  |  |  |  |
| Lease agreements |  | 570 | (104) |  | 5 | (2) |
| Royalties |  | 1090 | (575) |  | 671 |  |
| **Arqueana** |  |  |  |  |  |  |
| Lease agreements | - | 1436 | (121) | - | 123 | (9) |
| **Tatooine** |  |  |  |  |  |  |
| Loan to related party | 17376 | - | 1449 | 12953 | - | 585 |
| **Instituto Lítio verde** |  |  |  |  |  |  |
| Accounts payable | - | 1053 | (518) | - | 563 | (495) |
| **Total** | **17376** | **4165** | **(27)** | **12953** | **1362** | **(50)** |

---

**b)** **Key management personnel** 

The compensation paid or payable to key management for employee services is shown below:

---

| | | |
|:---|:---|:---|
|  | **Three months ended,** | **Three months ended,** |
|  | **6/30/2025** | **6/30/2024** |
|  | | (As restated<br> Note 2.3) |
| Stock-based compensation, included in operating expenses | 844 | 913 |
| Salaries, benefits and director's fees, included in general and administrative expenses | 422 | 423 |
|  | **1266** | **1336** |

---

Key management includes the directors of the Company, the executive management team and senior management at Sigma Brazil.

**12. Suppliers**

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Brazilian-based suppliers <sup>(1)</sup> | 39932 | 26190 |
| Non-Brazilian-based suppliers | 4393 | 6437 |
| **Total suppliers <sup>(2)</sup>** | **44325** | **32627** |

---

(1) Out of the amount recognized in suppliers, as of June 30, 2025, $7,997 ($5,631 as of December 31, 2024) is related to an ongoing arbitration
to which Sigma Brazil is a party, as per Note 27 - Legal claim contingency.

(2) As of December 31, 2024, the total suppliers balance includes an amount of $9,071 that was reclassified from "Accounts Payable".

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**13. Loans and export prepayment**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
|  | **6/30/2025** | **12/31/2024** | **6/30/2025** | **12/31/2024** |
|  | | As restated<br> Note 2.3) | | As restated<br> Note 2.3) |
| **Loans and export prepayment agreements** |  |  |  |  |
| **U.S dollar denominated** |  |  |  |  |
| Export prepayment trade finance | 45489 | 60125 |  |  |
| Export prepayment agreements - Synergy | 6182 | 624 | 100000 | 100000 |
|  | **51671** | **60749** | **100000** | **100000** |
| **Reais denominated** |  |  |  |  |
| Finame - BDMG | 1984 | 847 | 14513 | 13398 |
| **Total loans and export prepayment** | **53655** | **61596** | **114513** | **113398** |
| Transactions costs |  |  | (1213) | (1395) |
| **Total loans and export prepayment + Transactions costs** | **53655** | **61596** | **113300** | **112003** |

---

The balances of loans and export prepayments are recognized at the amortized cost and are detailed as follows:

As of June 30, 2025, the principal amount of short-term and long-term loans and export prepayments of the Company by maturity year, adjusted for interest and exchange variation, before transaction costs, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| ***In US$*** | **Reais denominated** | **U.S dollar denominated** | **Total** |
| 2025 | 688 | 51671 | 52359 |
| 2026 | 2965 | 100000 | 102965 |
| 2027 | 3343 |  | 3343 |
| 2028 | 3343 |  | 3343 |
| 2029 | 3283 |  | 3283 |
| After 2029 | 2875 | - | 2875 |
|  | **16497** | **151671** | **168168** |

---

The Reais denominated amounts refer to the loans from Banco de Desenvolvimento de Minas Gerais **(**BDMG) and the U.S dollar denominated amounts refer to the short-term and long-term export prepayment.

The table below shows the changes in the Company's loans and export prepayments during the periods:

 

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
| **Description** |  | (As restated<br> Note 2.3) |
| **Opening balances** | **173599** | **128929** |
| Additions | 39015 | 178383 |
| Interest expense <sup>(1)</sup> | 9858 | 20954 |
| Payment of interest <sup>(2)</sup> | (1972) | (31545) |
| Principal amortization <sup>(3)</sup> | (55657) | (122161) |
| Foreign exchange <sup>(4)</sup> | (19605) | 42387 |
| Transaction costs additions |  | (174) |
| Transaction costs amortization | 352 | 745 |
| Others |  | 1000 |
| Foreign currency translation adjustment of subsidiary | 21365 | (44919) |
| **Loans and export prepayment agreements** | **166955** | **173599** |

---

*(1) Interest expenses incurred in the six-month period ended June 30, 2025 and the year ended December 31, 2024 - see note 25.*

*(2) Interest payments made during the six-month period ended June 30, 2025, totaled $1,972 including: (i) $1,364 for export prepayment agreements and (ii) $608 for financing agreements with BDMG;*

*(3) Refers to repayment of principal of export prepayment trade finance;*

*(4) The Brazilian real appreciated by 11.9% against the U.S. dollar in the first half of 2025. This variation primarily affects provisions and does not significantly impact cash flow.* 

 

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

 

**Export Prepayment Trade Finance** 

During the year ended December 31, 2024, the Company entered into export prepayment agreements with financial institutions for a total of $171,778. These agreements have maturities ranging from 90 to 360 days and carry interest rates between 7.0% p.a. and 10.5% p.a. Additionally, the Company repaid $121,742 in export prepayment agreements, the maturities which occurred during the year.

For the six months ended June 30, 2025, the Company entered into export prepayment agreements with financial institutions for a total amount of $39,015. These agreements have maturities ranging from 30 to 180 days and bear interest rates between 9.0% p.a. and 10.7% p.a. Additionally, the Company repaid $55,657 related to export prepayment agreements that matured during this period.

**Export Prepayment Agreement – Synergy**

On December 13, 2022, the Company, through Sigma Brazil, entered into an export prepayment agreement in the amount of $100 million, with annual interest payments based on the 12-month Bloomberg short-term bank yield index ("BSBY") plus 6.95% per annum and maturing on December 13, 2026. On December 13, 2022, Sigma Brazil drew down $60 million. The balance of $40 million was disbursed in two subsequent drawdowns of $20 million each, on February 28, 2023, and on March 16, 2023.

The Company paid at the inception of the agreement $12,686 (Note 8) as collateral, based on an amount equal to twelve months of interest accrual for the first interest period, and an upfront fee of $2,964. Principal repayments of the Loan are due 48 days after the end of the Company's first and third quarters ending March 31 and September 30, respectively, each year, being the first measurement date, the third quarter ended September 30, 2023. Repayments will be determined based on an amount equivalent to 50% of the Company's net cash generated from operating activities plus 50% of the net cash generated from investing activities for the prior six-month period ended March 31 and September 30.

The loan contains an embedded prepayment feature, whereby the Company must pay an early prepayment premium of 4% during the first year of the loan, reducing proportionately from 4% to 1% after the first anniversary, finishing at 1% at the end of the fourth year. The fair value of this embedded derivative has been estimated and does not differ significantly from the nominal amount and, accordingly, no adjustments were made, since it is closely related to the primary indexation of the loan.

The loan is guaranteed by the Company's assets, rights, licenses, receivables, contracts (with flexibility to enter/terminate/amend offtake agreements) and a pledge of 100% of Sigma Lithium Holdings Inc's share interest in Sigma Brazil. The security will rank first in respect to all existing and future indebtedness of the Company, except in relation to permitted indebtedness of up to $100 million and R$100 million.

As of November 15, 2024, the Bloomberg Short-Term Bank Yield Index (BSBY) was discontinued. In response to this change, we have transitioned to using the 12-month Secured Overnight Financing Rate (SOFR) as our benchmark rate. For interest payments after December 2024, the new rate applied will be SOFR + 6.95%.

In the six-month period ended June 30, 2025, the Company recognized interest expense on this contract in the amount of $5,551 ($6,291 as of June 30, 2024).

**a)** **Banco de Desenvolvimento de Minas Gerais - BDMG** 

The Company entered into a financing agreement with BDMG. The first tranche of 3,084 was received on January 13, 2023, and $768 on November 14, 2023. This financing entails quarterly interest payments and includes a 24-month grace period for principal amortization. Principal repayment occurs over 60 monthly installments, with the first installment due on December 15, 2024. The financing carries an annual interest rate of Sistema Especial de Liquidação e Custodia SELIC+3.75%.

On October 24, 2023, the Company entered into another financing agreement with BDMG for $9,449, the first tranche of $8,607 was received in December 2023 and second tranche of $789 received in May 2024. Like the previous agreement, this financing involves quarterly interest payments and a 24-month grace period for principal amortization. Principal repayment is scheduled over 60 monthly installments, with the first installment due on December 7, 2025. The interest on this loan is SELIC+3.88% per annum.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

Additionally on May 9, 2024, the Company entered into another financing agreement with BDMG for $8,234. Like the previous agreement, this financing involves quarterly interest payments and a 24-month grace period for principal amortization. Principal repayment is scheduled for over 60 monthly installments, with the first installment due on May 30, 2026. The interest of this loan is SELIC+3.93% per annum.

In the six-month period ended June 30, 2025, the Company recognized an interest expense on this contract in the amount of $1,247 ($783 as of June 30, 2024).

**b)** **Banco Nacional de Desenvolvimento Econômico e Social - BNDES** 

On October 10, 2024, Sigma Lithium signed the final agreement securing a R$486.8 million development loan from the National Brazilian Bank for Economic and Social Development ("BNDES") to fund the construction of a second Greentech carbon neutral industrial plant for lithium oxide concentrate at Vale do Jequitinhonha in Brazil. The Company is required to provide a letter of credit ("bank guarantee") issued by a BNDES registered financial institution in advance of first drawdown. As of June 30, 2025 the Company has not recorded any drawdowns from BNDES.

As of June 30, 2025 the Company is in compliance with all debt covenants.

**14. Lease liability**

The lease liabilities are primarily related to the land leases owned by Miazga Participações S.A. ("Miazga") and Arqueana, a related party (note 11), while the remaining lease contracts relate to land, apartments and houses, commercial spaces, operational equipment, and vehicle leases with third parties.

The lease agreements have terms between 1 year to 12 years and the liability was measured at the present value of the lease payments discounted using interest rates, with a weighted average rate of 9.69% which was determined to be the Company's incremental borrowing rate.

The changes in lease liabilities are shown in the following table:

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
| **Description** |  | (As restated<br> Note 2.3) |
| **Opening balances** | **3188** | **4321** |
| Remeasurement | 2094 | 2232 |
| Interest expense | 207 | 369 |
| Disposal | (20) | (496) |
| Payments | (1226) | (2392) |
| Others |  | (47) |
| Foreign currency translation adjustment of subsidiary | 499 | (799) |
| **Lease Liability total** | **4742** | **3188** |
| **Current** | **2327** | **1753** |
| **Non-Current** | **2415** | **1435** |

---

**Maturity analysis - contractual discounted cash flows**

---

| | |
|:---|:---|
| **As at June 30, 2025** |  |
| Less than one year | 2327 |
| Year 2 | 830 |
| Year 3 | 415 |
| Year 4 | 337 |
| Year 5 | 304 |
| More than 5 years | 529 |
| **Total contractual discounted cash flows** | **4742** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**15. Prepayment from customer**

Refers to payments made in excess due to the provisional pricing applied at the time of invoicing, with the final amount subject to adjustments based on all variable pricing elements outlined in the sales contract. As of June 30, 2025, the outstanding balance was $225 ($1,514 as of December 31, 2024).

**16. Taxes payable**

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Municipal taxes | 842 | 422 |
| State taxes | 248 | 297 |
| Federal taxes | 6974 | 6378 |
|  | **8064** | **7097** |
| **Current** | **5428** | **3923** |
| **Non-Current** | **2636** | **3174** |

---

On October 4, 2024, the Northeast Development Authority – "SUDENE" approved Sigma Brazil the tax benefit of a 75% reduction in income tax, also known as Profit from Exploration, and issued the Constitutive Report. This tax benefit allows the Company to reduce its current income tax payment by approximately 75%, starting in 2024, for the next ten years. The amount saved will be transferred to a reserve account for tax incentives within the equity accounts and cannot be distributed to the shareholders. For the six-months ended June 30, 2025, the Company recognized a reserve for tax incentives in the amount of $187 ($3,440 as of December 31, 2024) - see note 20.d.

**17. Income tax and social contributions**

**a)** **Current Income tax and social contribution recognized in profit or loss** 

The income tax and social contribution recognized in profit or loss are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
|  |  | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Current |  | (4530) | (353) | (5042) |
| Deferred |  | 6708 | (4647) | 7691 |
|  |  | **2178** | **(5000)** | **2649** |

---

The reconciliation of Company income tax and social contribution expenses and the result from applying the effective rate to profit before income tax and social contribution is shown below. The Company operates in the following tax jurisdictions: Brazil, where the corporate tax rate is 34% and Canada, where the federal corporate tax rate is 15% with varying provincial tax rates, such as British Columbia's 12% tax rate, which totals 27% income tax rate applicable to Sigma in Canada:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
|  | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Loss before income tax and social contribution | (18859) | (13026) | (9131) | (20406) |
| Statutory tax rate | 27% | 27% | 27% | 27% |
| **Tax credit at statutory rate** | **5092** | **3517** | **2465** | **5510** |
| **Reconciling items** |  |  |  |  |
| Impact of foreign income tax rate differential | 1176 | 417 | 209 | 672 |
| Exclusion of Canadian tax credits | (556) | (1906) | (1659) | (2917) |
| Tax losses carryforward | (5924) | 150 | (6227) | (616) |
| Other | 212 | - | 212 | - |
| **Current and deferred income tax and social contribution** | **-** | **2178** | **(5000)** | **2649** |
| **Effective tax rate** | **0.0%** | **16.7%** | **(54.7** **%)** | **13.0%** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

The amount of $14,710 as of June 30, 2025 ($12,548 as of December 31, 2024) of tax loss carryforward generated in Canada by the Company has not been recognized since we do not expect to have taxable income to offset it. This tax loss carryforward expires between 2039 and 2044.

**b)** **Deferred income tax and social contribution:** 

The deferred income tax and social contribution are calculated on tax loss carryforwards and the temporary differences between the tax bases of assets and liabilities and their carrying amounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12/31/2024** | **Income** | **Equity** | **6/30/2025** |
|  | (As restated<br> Note 2.3) | | | |
| **Temporary differences:** |  |  |  |  |
| Pre-operational expenses | 2490 | (354) |  | 2136 |
| Tax loss carry forward | 8165 | (157) |  | 8008 |
| Unrealized foreign currency fluctuation | 8364 | (6546) |  | 1818 |
| Leasing | (14) | 17 |  | 3 |
| Taxes installments program | 1365 | (237) |  | 1128 |
| Commission provision | 435 | (371) |  | 64 |
| Reversal of present value adjustment (ARO) |  | 40 |  | 40 |
| Provision for expected inventory losses |  | 2619 |  | 2619 |
| Financial result – Swap transactions | 168 | 335 |  | 503 |
| Others |  | 7 |  | 7 |
| Foreign currency translation adjustment of subsidiaries | (1743) | - | 2420 | 677 |
| **Total deferred tax assets** | **19230** | **(4647)** | **2420** | **17003** |

---

The Company expects to realize the deferred tax assets within two years.

**18. Asset retirement obligations ("ARO")**

The balance of provisions for assets retirement obligations is as follows:

---

| | | |
|:---|:---|:---|
|  | **6/30/2025** | **12/31/2024** |
| | | **(As restated<br> Note 2.3)** |
| Xuxa Mine <sup>(1)</sup> | 2552 | 2169 |
| Barreiro Mine <sup>(2)</sup> | 864 | 734 |
| **Total** | **3416** | **2903** |

---

1 - Related to Phase I classified within property, plant and equipment.

2 - Related to Phase II classified within Deferred exploration and evaluation expenditure.

The changes in asset retirement obligations are shown in the following table:

---

| | | |
|:---|:---|:---|
| | **6/30/2025** | **12/31/2024** |
| <br>**Description** | | **(As restated<br> Note 2.3)** |
| **Opening balances** | **2903** | **2893** |
| Accretion of asset retirement obligation | 116 | 156 |
| Addition of fixed assets |  | 614 |
| Reversal of exploration assets |  | (100) |
| Foreign currency translation adjustment of subsidiary | 397 | (660) |
| **Asset retirement obligation total** | **3416** | **2903** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**19. Financial instruments** 

**a)** **Identification and measurement of financial instruments** 

The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term investments, accounts receivable, accounts payable to suppliers, and loans and export prepayment, which may contain embedded derivatives.

The amounts recorded in current assets and current liabilities have immediate liquidity or short-term maturity, mostly less than three-months. Considering the maturities and features of such instruments, their carrying amounts approximate their fair values.

· **Classification of financial instruments (consolidated)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |
| | | | | **(As restated<br> Note 2.3)** | **(As restated<br> Note 2.3)** |
| <br>**Description** |<br>**Note** | **Measured at amortized cost** | **Fair value through profit and loss <sup>(1)</sup>** | **Measured at amortized cost** | **Fair value through profit and loss <sup>(1)</sup>** |
| **Assets** | | | | | |
| **Current** | | | | | |
| Cash and cash equivalents | 3 | 15113 |  | 45918 |  |
| Trade accounts receivable | 4 |  | 16765 |  | 11584 |
| **Non-current** |  |  |  |  |  |
| Loan and accounts receivable from related parties | 11 | 17376 |  | 12953 |  |
| Cash held as collateral | 8 | 12686 | - | 12686 | - |
|  |  | **45175** | **16765** | **71557** | **11584** |
| **Liabilities** |  |  |  |  |  |
| **Current** |  |  |  |  |  |
| Suppliers | 12 | 44325 |  | 32627 |  |
| Loans and export prepayment | 13 | 53655 |  | 61596 |  |
| Prepayment from customer | 15 |  | 225 |  | 2154 |
| **Non-current** |  |  |  |  |  |
| Loans and export prepayment | 13 | 113300 | - | 112003 | - |
|  |  | **211280** | **225** | **206226** | **2154** |

---

<sup>(1)</sup> The Company measures certain financial assets and liabilities using Level 2 inputs, which are observable but not quoted in active markets.

**b)** **Financial risk management:** 

The Company uses risk management strategies in which the nature and general position of financial risks are regularly monitored and managed to assess results and the financial impact on cash flow.

The Company is exposed to exchange rates, interest rates, market price, credit risk and liquidity risks.

· **Foreign Exchange rate risk** 

The exposure arises from the existence of assets and liabilities generated in U.S dollar, since the Company's functional currency is the Brazilian Real.

The consolidated exposure as of June 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Description** | **6/30/2025** |
| **Canadian dollars** |  |
| Cash and cash equivalents | 57 |
| Tax recoverable | 605 |
| Suppliers | (4999) |
| Other current liabilities | (58) |
|  | **(4395)** |
| **United States dollar** |  |
| Cash and cash equivalents | 14215 |
| Trade accounts receivable | 16764 |
| Cash held as collateral | 12686 |
| Suppliers | (723) |
| Prepayment from customer | (225) |
| Interest on export prepayment agreement | (8421) |
| Export prepayment agreement | (143250) |
|  | **(108954)** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

· **Sensitivity analysis**

We present below the sensitivity analysis for foreign exchange risks. The Company considered probable scenario<sup>(1),</sup> scenarios 1 and 2 as 10%, and 20%, respectively, of deterioration for volatility of the currency, using as reference the exchange rate on June 30, 2025.

The currencies used in the sensitivity analysis and its scenarios are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** |
| <br>**Currency** | **Exchange rate** | **Probable scenario <sup>(1)</sup>** | **Scenario 1 (+/-10%)** | **Scenario 2 <br>(+/-20%)** |
| CAD (+) | 4.0067 | 3.9273 | 4.3200 | 4.7128 |
| CAD (-) | 4.0067 | 3.9273 | 3.5346 | 3.1418 |
| USD (+) | 5.4571 | 5.4052 | 5.9457 | 6.4862 |
| USD (-) | 5.4571 | 5.4052 | 4.8647 | 4.3242 |

---

The effects on profit and loss, considering scenarios 1 and 2 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** |
|  | **Notional** | **Probable scenario <sup>(1)</sup>** | **Scenario 1** | **Scenario 2** |
| Canadian dollar-denominated (+) | (4395) | 89 | (319) | (658) |
| Canadian dollar-denominated (-) | (4395) | 89 | 587 | 1210 |
| U.S dollar-denominated (+) | (108954) | 1046 | (8954) | (17287) |
| U.S dollar-denominated (-) | (108954) | 1046 | 13268 | 28546 |

---

<sup>(1)</sup> Sensitivity analysis of the scenario probable was measured using as reference the exchange rate, published by the Central Bank of Brazil, on Aug 12, 2025.

· **Interest rate risk**

<br> This risk arises from short and long-term financial investments, financing and export prepayment linked to fixed and floating interest rates of the CDI, SELIC and SOFR, exposing these financial assets and liabilities to interest rate fluctuations as shown in the sensitivity analysis framework.

· **Sensitivity analysis of interest rate variations**

<br> The Company considered scenario probable and scenarios 1 and 2 of changes in interest rates volatility as of June 30, 2025.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

The interest rates used in the sensitivity analysis in their respective scenarios are shown below together with the effects on the profit and loss balances for the three-month periods ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Notional** | **Probable scenario <sup>(1)</sup>** | **Scenario 1** | **Scenario 2** |
| **Liabilities** |  |  |  |  |  |
| Rate |  | 15.00% | 15.00% | 16.50% | 18.00% |
| BDMG | SELIC (+10% and +20%) | 16497 | (1194) | (1313) | (1433) |
| Rate |  | 4.12% | 4.12% | 4.22% | 4.33% |
| Export prepayment agreement | SOFR (+2.5% and +5.0%) | 100000 | (2040) | (2091) | (2195) |

---

<sup>(1)</sup> Sensitivity analysis of the probable scenario was measured using as reference the rates on July 15, 2025.

During 2024, the Company entered into a swap operation with the objective of exchanging the interest exposure of an advance on foreign exchange contract calculated in US$, which is originally calculated on the notional amount in US$, to DI plus an interest rate calculated on the notional amount in R$. The table below demonstrates the swap results up to June 30, 2025, recognized in the financial result.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Appreciation (R$)** | **Appreciation (R$)** | **6/30/2025** | **Six months ended, <br>6/30/ 2025** |
| <br>**Interest rate swap** | <br>**Maturity** | <br>**Functional currency** |<br>**Notional** | **Asset position<br> R$** | **Liabilities position<br> R$** | **Receivable / (Payable)<br> R$** | **Impact on financial income / (expense)** |
| Swap | 11/24/25 | R$ | 121070 | 126776 | 130945 | (4169) | (627) |

---

· **Market price risk**

Provisional pricing adjustments – The Company's products may be provisionally priced at the date revenue is recognized and a provisional invoice issued. Provisionally priced receivables are subsequently measured at fair value through profit and loss under IFRS 9 "Financial Instruments". The final selling price for all provisionally priced products is based on forward market price based on the contract terms stipulated. The change in value of the provisionally priced receivable is based on relevant forward market prices. For contracts with variable pricing dependent on the content of minerals in the product delivered, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the products. The fair value of the final sale price adjustment is reassessed at each reporting date, based on all variable pricing elements and any changes are recognized as operational revenue in the statement of loss.

For June 2025, the Company recorded an adjustment to the provisional pricing, reflecting relevant differences between the price initially used and the price established for June sales.

The sensitivity of the Company's risk related to the final settlement of provisional pricing accounts receivable expected to be determined during the second quarter of 2025 is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Volume (kt)** <sup>(3)</sup>** | **Shipment**<br>**average price** |<br>**Variation** | **Effect on**<br>**Sales Revenue** |
| Lithium oxide concentrate (Probable)<sup>(1)</sup> | 113570 | 846 | 11 | 1234 |
| Lithium oxide concentrate (+20%)<sup>(2)</sup> | 113570 | 924 | 54 | 6136 |
| Lithium oxide concentrate (-20%)<sup>(2)</sup> | 113570 | 616 | (54) | (6136) |

---

<sup>(1)</sup> The sensitivity analysis for the probable scenario was measured using June 30, 2024, futures price from the Guangzhou Futures Exchange as a reference.

<sup>(2)</sup> Provisional price on June 30, 2025.

<sup>(3)</sup> Total volume of contracts with exposure to market price fluctuation

· **Credit risk** 

The credit risk management policy aims to minimize the possibility of not receiving sales made and amounts invested, deposited or guaranteed by financial institutions and counterparties, through analysis, granting and management of credits, using quantitative and qualitative parameters.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

The Company manages its credit risk by receiving in advance a substantial portion of its sales or by being guaranteed by letters of credit.

Credit granted to financial institutions is used to accept guarantees and invest cash surpluses.

· **Liquidity risk**

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure it will have sufficient liquidity to meet liabilities when due.

The Company's management of cash is focused on funding ongoing capital needs for operating the Greentech Plant, developing the Company's growth opportunities (including Phase 2) and for general corporate expenditures. Management intends to use cash generated by its operating activities to meet its obligations. To the extent the Company does not believe it has sufficient liquidity to meet obligations, it will consider securing additional equity or debt funding.

The Company continuously monitors its cash outflows and seeks opportunities to minimize all costs, to the extent possible, as well as its general and administrative expenses.

The following table shows the contractual maturities of financial liabilities, including accrued interest.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual obligations** | **Up to 1 year** | **1-3 years** | **4-5 years** | **More than 5 years** | **Total** |
| Suppliers | 44325 |  |  |  | 44325 |
| Loans and export prepayment | 53652 | 106686 | 6266 | 1564 | 168168 |
| Lease liabilities | 2327 | 1245 | 641 | 529 | 4742 |

---

**a) Capital Management**

The Company's objective in managing its capital is to ensure that the Company is able to safeguard its ability to continue as a going concern, continue its operations, and has sufficient capital to be able to meet its strategic objectives, including the continued exploration and development of its existing mineral projects and the identification of additional projects. The Company's primary source of capital is derived from equity issuances. As of June 30, 2025, capital consisted of equity attributable to common shareholders of $91,923 ($92,340 as of December 31, 2024). The Company has no externally imposed capital requirements and manages its capital structure in accordance with its strategic objectives and changes in economic conditions. In order to maintain or adjust its capital structure, the Company may issue new shares in the form of private placements and/or secondary public offerings. There has been no change in the Company's approach to capital management since the year ended December 31, 2024.

**b) Fair values of assets and liabilities as compared to their carrying amounts.**

Financial assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities, while any gains and losses are recognized as financial income or financial costs, respectively.

The amounts are recognized in these financial statements at their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, including the export prepayment agreement and BDMG loan, since both are based on floating interest rates such as SOFR and SELIC, respectively. Given the very specific condition of the export prepayment loan, the Company was not able to quantify an equivalent loan with similar condition for the same borrower that could be considered to measure the fair value for this facility.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**20. Share capital**

**a)** **Ownership structure** 

As of June 30, 2025 and December 31, 2024, the Company's ownership structure is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |
|  | **Number of <br>Common <br>shares** | **% of voting capital and total shares** | **Number of common shares** | **% of voting capital and total shares** |
| A10 Investimentos Ltda. | 47686968 | 42.85% | 47684968 | 42.86% |
| Fitpart Fund Administration Services Limited | 8238230 | 7.40% | 8238230 | 7.40% |
| Appian Way Asset Management LP | 4963006 | 4.46% | 4712425 | 4.24% |
| Others | 50393775 | 45.29% | 50631656 | 45.50% |
|  | 111281979 | **100.00%** | **111267279** | **100.00%** |

---

**b) Authorized share capital**

The authorized share capital consists of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid.

**c)** **Common shares issued by the Company for the period ended June 30, 2025, and 2024:**

---

| | | |
|:---|:---|:---|
| | **Number of common shares** | **Amount ($)** |
| **Balance, January 1, 2024 (as restated Note 2.3)** | **110059471** | **291215** |
| Exercise of RSUs | 651491 | 22954 |
| **Balance, June 30, 2024 (as restated Note 2.3)** | **110710962** | **314169** |
| **Balance, January 1, 2025** | **111267279** | **326832** |
| Exercise of RSUs | 14700 | 174 |
| **Balance, June 30, 2025** | **111281979** | **327006** |

---

**d) Reserve for tax incentives**

On October 4, 2024, the Northeast Development Authority – "SUDENE" approved Sigma Brazil for the tax benefit of a 75% reduction in income tax (a federal tax), also known as Profit from Exploration, and issued the Constitutive Report. This tax benefit will allow the Company to reduce its current income tax expenses by approximately 75%, starting in 2024, for the next ten years. The tax incentive received by Sigma can be granted to new ventures located in the SUDENE, Espírito Santo, and cities in northern Minas Gerais (such as Araçuaí and Itinga) and applies to projects for implementation, modernization, expansion, or diversification of these companies. The amount saved cannot be distributed to the shareholders and will be added to a reserve account for tax incentives within the equity accounts. For the six-month period ended June 30, 2025, the Company recognized a reserve for tax incentives in the amount of $187 ($3,440 as of December 31, 2024).

**21. Loss per share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
|  | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Net loss for the period | (18859) | (10848) | (14131) | (17757) |
| Weighted average number of common shares | 111280482 | 110528083 | 111275927 | 110568147 |
| Basic and diluted net loss per common shares | **(0.17)** | **(0.10)** | **(0.13)** | **(0.16)** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**22. Net sales revenue** 

Net revenues presented in the income statement are comprised as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
|  | | (As restated <br> Note 2.3) | | (As restated <br> Note 2.3) |
| Gross sales revenue – lithium concentrate | 21148 | 53241 | 68803 | 96488 |
| *Provisional price adjustment <sup>(1)(2)(3)</sup>* | (5496) | (9620) | (6874) | (15665) |
| Shipping services | 1236 | 2299 | 2631 | 2299 |
| **Total net sales revenue** | **16888** | **45920** | **64560** | **83122** |

---

The amount includes: (1) $5,120 of final price adjustment for the three months period ended Jun 30, 2025, (2) *$496 of interest of pre-payment of cargo for the three months period ended June 30, 2025, and (3) $977 of interest of pre-payment of cargo for the six months period ended June 30, 2025.*

Shipment contracts are established with provisional terms and are subject to adjustments based on the variability of underlying lithium oxide concentrate market prices, as well as the confirmation of the lithium oxide grade of the shipment certificate of analysis by re-assaying at port of delivery. Consequently, the final settlement value may differ from the initial recorded value. Changes in this value are permanently monitored during the quotational period of each shipment and any provisional pricing adjustments are recognized as revenue in the statement of income (loss). Sales at the outset are booked adjusted for lithium oxide grade and net of moisture based on the assaying at the Brazilian port.

**23. Costs and expenses by nature**

**a) Cost of goods sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Mining service providers | (3557) | (7524) | (9377) | (16021) |
| Blasting and fuels | (3422) | (3919) | (9725) | (8115) |
| Salaries and benefits | (3021) | (3504) | (6024) | (5826) |
| Freight Maritime | (2587) | (2365) | (5875) | (2365) |
| Depreciation | (2360) | (1940) | (4252) | (3898) |
| Mobile Crushing <sup>(1)</sup> | (1958) |  | (2959) |  |
| Other | (1751) | (1892) | (4218) | (4341) |
| Plant Services | (1347) | (1165) | (2233) | (2564) |
| Freight (land) | (1185) | (2175) | (3471) | (3864) |
| Depletion | (892) | (1071) | (2190) | (2507) |
| Consumables | (786) | (538) | (1759) | (1304) |
| Port operations | (477) | (553) | (1109) | (1108) |
| Royalties <sup>(2)</sup> | (336) | (1331) | (2207) | (2437) |
| Equipment rental | (240) | (399) | (645) | (738) |
| Insurance | (214) | (158) | (573) | (586) |
| Fuels | (143) | (291) | (421) | (676) |
| Warehouse | (103) | (178) | (319) | (290) |
| Expedition | (95) | (205) | (182) | (338) |
| Utilities | (84) | (259) | (248) | (680) |
| Equipment services |  | (25) |  | (472) |
| Taxes and fees |  |  | (23) | (4) |
| Demurrage | 321 | (273) | (32) | (273) |
| Stock-based compensation <sup>(3)</sup> | 673 |  | 61 |  |
| **Expenses by nature** | **(23564)** | **(29765)** | **(57781)** | **(58407)** |
| Processing costs | (10667) | (8165) | (20293) | (17018) |
| Mining costs | (8424) | (14502) | (24266) | (30687) |
| Logistics costs (trucking, shipping and port) | (4137) | (5767) | (11015) | (8265) |
| Royalties | (336) | (1331) | (2207) | (2437) |
| **Cost of goods sold** | **(23564)** | **(29765)** | **(57781)** | **(58407)** |

---

<sup>(1)</sup> ***Mobile Crusher:*** *Non-recurring cost aimed at maintaining production levels during the maintenance periods of the Company's primary crusher expected planned to be eliminated by Q3/2025.*

 

***<sup>(2)</sup> Applicable Royalties:***

*i.) 2.0% 'Compensação Financeira pela Exploração de Recursos Minerais' (CFEM), a royalty on mineral production levied by the Brazilian government, payable on the price of minerals extracted from the Lithium Properties.*

*ii.) A royalty (currently held by LRC LP I, an unrelated party) of 1% of Net Revenues from sales of minerals extracted from the Lithium Properties.*

*iii.) Brazilian law requires paying landowner's royalties equal to 50% of the Financial Compensation for the Exploration of Mineral Resources (CFEM).*

 

*<sup>(3)</sup> Starting in 2025, the Company began allocating stock-based compensation for certain operational personnel directly to operating costs, in alignment with revised internal cost attribution practices. This change reflects a more accurate representation of total operating expenses.*

 

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

 

b) **General and administrative expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Legal | (989) | (875) | (2366) | (1273) |
| Salaries and benefits (Staff) | (1158) | (916) | (2186) | (1960) |
| Insurance (D&O) | (524) | (565) | (1043) | (1173) |
| Travel | (387) | (501) | (791) | (978) |
| Audit services | (119) | (78) | (430) | (433) |
| Salaries and benefits (Board, CEO and CFO) | (213) | (339) | (423) | (586) |
| IT and Security | (165) | (123) | (358) | (216) |
| Public company costs | (102) | (614) | (283) | (855) |
| Business development product and investor | (176) | (210) | (348) | (414) |
| Accounting services | (101) | (79) | (136) | (418) |
| Depreciation | (22) | (22) | (44) | (44) |
| Taxes and fees | (8) | (5) | (13) | (14) |
| Other | (372) | (276) | (674) | (602) |
|  | **(4336)** | **(4603)** | **(9095)** | **(8966)** |

---

**24. Other operating expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Provision for expected inventory losses<sup>(1)</sup> | (7859) |  | (7859) |  |
| Environmental and social expenses | (460) | (475) | (1211) | (1568) |
| Accrual for contingencies | (14) | (1910) | (86) | (1910) |
| Taxes and fees |  | (984) |  | (984) |
| Depreciation | (7) |  | (14) |  |
| Others | (151) | (258) | (217) | (564) |
| **Other operating expenses total** | **(8491)** | **(3627)** | **(9387)** | **(5026)** |

---

<sup>(1)</sup> For the period ended June 30, 2025, the Company conducted a review of the recoverability of its inventories, considering current market conditions and updated estimates of future selling prices and associated costs. As a result, an inventory write-off totaling $7,859 was recognized and recorded under other operating expenses in the income statement for the period. The Company will continue to monitor the factors that may affect the net realizable value of its inventories and will adjust the provision as necessary.

**25. Financial expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Financial income | 685 | 1770 | 1610 | 2949 |
| **Financial expenses** |  |  |  |  |
| Interest accrued on loans and export prepayment <sup>(1)</sup> | (4920) | (5375) | (9858) | (9956) |
| Foreign exchange on tax/fees | (617) | (242) | (1720) | (538) |
| Interest and late payment penalties on taxes | (53) | 176 | (179) | (45) |
| Accretion of leases | (134) | (52) | (207) | (139) |
| Accretion of asset retirement obligation | (59) | (40) | (116) | (82) |
| Other expenses | (100) | (223) | (174) | (366) |
|  | **(5883)** | **(5756)** | **(12254)** | **(11126)** |
| Foreign exchange variation on net assets <sup>(2)</sup> | 6497 | (14646) | 14881 | (17506) |
|  | **1299** | **(18632)** | **4237** | **(25683)** |

---

*(1) In the three-month periods ended June 30, 2025 and 2024 interest accrued on loans and export prepayment expenses, included $1,460 related to export prepayment agreements, $662 to financing agreements with BDMG and $2,798 to long-term export prepayment – Synergy, and in the six-month periods ended June 30, 2025 and 2024 interest accrued on loans and export prepayment expenses, included $3,060 related to export prepayment agreements, $1,247 to financing agreements with BDMG and $5,551 to long-term export prepayment – Synergy.*

*(2) The Brazilian real appreciated by 11.9% against the US$ in the six-month period ended June 30, 2025. This variation is non-cash and primarily affects provisions and accruals.*

 

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

 

**26. Stock-based compensation**

**(a) Restricted share units (RSU)**

The Company's Board has adopted an Equity Incentive Plan. The Equity Incentive Plan received majority shareholder approval in accordance with the policies of the TSXV at the annual and special meetings of the Company's shareholders held on June 28, 2019, and was last amended, by a majority of votes in a shareholders' meeting held on June 30, 2023. The Equity Incentive Plan is available to (i) the directors of the Company, (ii) the officers and employees of the Company and its subsidiaries and (iii) designated service providers who spend a significant amount of time and attention on the affairs and business of the Company or a subsidiary thereof (each, a "Participant"), all as selected by the Company's Board or a committee appointed by the Company's Board to administer the Equity Incentive Plan (the "Plan Administrators").

Under the approved Equity Incentive Plan a total of 18,120,878 RSUs and/or Options could be granted and converted into shares, out of which 15,252,838 equity units have already been granted or issued. A total of 2,868,040 equity units remain available for new grants. The exercise of RSUs is typically either milestones driven or has calendar weighted vesting schedules.

The accounting of RSUs granted to awardees is undertaken in accordance with the status of the grant, as follows:

a) Upon Board approval of the awardees grants: the Company commences accrual of unvested RSUs expenses throughout the vesting period. RSU expenses are calculated based on as per the stock price on the date of the Board approval.

b) Upon vesting of RSUs: end of accrual period. Once the awardees exercises the RSUs, shares are issued to the awardees.

---

| | |
|:---|:---|
|  | **Number of RSUs** |
| **Balance, January 1, 2024** | **1363660** |
| Exercised <sup>(1)</sup> | (1207808) |
| Forfeited <sup>(2)</sup> | (207000) |
| Granted <sup>(3)</sup> | 435000 |
| **Balance, December 31, 2024** | **383852** |
| Exercised | (14700) |
| Forfeited <sup>(4)</sup> | (185875) |
| **Balance, June 30, 2025** | **183277** |

---

(1) out of the total amount of RSUs exercised in the year ended December 31, 2024, 430,925 RSUs are related to packages granted to former directors related to their 2022/2023 year mandate, and 136,500 RSUS are related to packages granted to former and current directors related to their 2023/2024 year mandate.

(2) The amount includes 75,000 RSUs granted to former and current directors, related to the conclusion of a "Change in Control" (as defined in the Equity Incentive Plan) during their 2023/2024 year mandate, which did not happen. The remaining amount relates to packages granted to employees that have left the Company before the packages vested.

(3) The amount includes 162,000 RSUs granted to members of the Board, related to their 2023/2024-year and 2024/2025-year mandates. The remainder pertains to new retention packages awarded to employees and consultants of the Company.

(4) The amount includes 15,000 RSUs previously granted to a former director, for their 2024 / 2025 year mandate, which was forfeited since the director resigned his position in the Board. The remaining amount relates to packages granted to employees or consultants that have left the Company before the packages vested.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**(b) Stock options**

On April 12, 2022, the Company entered into an investor relations agreement with a service provider, in which a total of 100,000 stock options were granted. The Board approved on April 22, 2024, the grant of stock options at a price of $14.31, equivalent to the fair value per share on April 11, 2022.

The Company has used a Black-Scholes valuation methodology to determine the fair value of the stock options throughout the period, with the following assumptions:

---

| | |
|:---|:---|
| | **4/22/2024** |
| Risk-free rate | 3.82% |
| Expected equity volatility | 66.34% |
| Average share price | 27.27 |
| Expected dividend rate | - |

---

Given that the exercise expiry date of the stock options was on April 25, 2025, and the service provider did not exercise any stock options, the stock options expired and are no longer outstanding, as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Previous Exercise <br>Expiry date** | **Weighted average remaining exercisable life (years)** | **Number of options** | **Grant date (exercisable) fair value** |
| April 25, 2025 | N/A – stock options expired | 100000 | $17.47 |

---

**(c) Measurement of stock-based compensation**

The total stock-based compensation is a non-cash item in the period. It is accounted in the Income Statement as per the accounts below (non-cash item). It is also accounted for in the shareholder´s equity as a provision. Upon vesting of RSU´s (conditional to certain employee meeting their performance metrics) the provision is transferred to the Company´s share capital.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/2025** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Stock-based compensation expense | 472 | 1943 | 1277 | 4209 |
| Cost of goods sold (adjustments) | (673) |  | (61) |  |
| Property, plant and equipment | (75) | 815 | (61) | 407 |
| Deferred exploration and evaluation expenditure | 151 | 811 | 296 | 857 |
| Others | - | 174 | - | 174 |
|  | **(125)** | **3743** | **1451** | **5647** |

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**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**27. Legal claim contingency**

The Company is subject to certain claims, classified by legal advisors as probable losses, detailed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **6/30/2025** | **6/30/2025** |
| | **Contingency** | **Contingency** | | | |
| <br>**Nature**<br>| **Current** | **Non-current** | **Stock-based**<br>**compensation** |<br>**(-) Suppliers** |<br>**Probable loss, net** |
| Civil <sup>(1)</sup> | 534 | 1840 | 166 | (2108) | 432 |
| Labor | - | 1614 | - | - | 1614 |
| **total** | **534** | **3454** | **166** | **(2108)** | **2046** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **12/31/2024** | **12/31/2024** |
| | | | | | **(As restated<br> Note 2.3)** |
| | **Contingency** | **Contingency** | | | |
| <br>**Nature**<br>| **Current** | **Non-current** | **Stock-based**<br>**compensation** |<br>**(-) Suppliers** |<br>**Probable loss, net** |
| Civil <sup>(1)</sup> | 155 | 92 | 166 | (1736) | (1323) |
| Labor | - | 3179 | - | - | 3179 |
| **total** | **155** | **3271** | **166** | **(1736)** | **1856** |

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As of June 30, 2025, the Company, under court order, holds judicial deposits to guarantee certain civil lawsuits in the amount of $859.

The changes in legal claim contingency are shown in the following table:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nature** | **31/12/2024** | **Additions** | **(-) Suppliers** | **Accrued Charges** | **Net utilization of reversal** | **6/30/2025** |
| Civil <sup>(1)</sup> | 327 | 377 | (372) | 123 | (24) | 431 |
| Labor | 1529 | - | - | 86 | - | 1615 |
| **total** | **1856** | **377** | **(372)** | **209** | **(24)** | **2046** |

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<sup>(1)</sup> Sigma is a party to certain lawsuits and arbitrations, and a portion of the amount involved is recognized in the Company's statement.

Additionally, the Company is a party to other proceedings classified by legal advisors as possible loss, therefore representing present obligations whose cash outflow is not probable. Thus, no provision has been made for any liabilities in these consolidated financial statements. The amounts are detailed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **6/30/2025** | **6/30/2025** | | **12/31/2024** | **12/31/2024** |
|  | | | |  | (As restated | (As restated |
| **Nature** |  |  |  |  | Note 2.3) | Note 2.3) |
|  | **Contingency** | **(-) Suppliers** | **Possible loss, net** | **Contingency** | **(-) Suppliers** | **Possible loss, net** |
| Civil <sup>(2)</sup> | 15470 | -7997 | 7473 | 11770 | -5631 | 6139 |
| Regulatory | 149 |  | 149 | 128 | - | 128 |
| Labor | 775 | - | 775 | 487 | - | 487 |
|  | **16394** | **-7997** | **8397** | **12385** | **-5631** | **6754** |

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(2) Sigma is a party to certain lawsuits and arbitrations, and a portion of the amount involved is recognized in the Company's statement, as per note 12 (suppliers' costs).

On March 18, 2024, the Company received an Initiation Letter of Arbitration by LG Group subsidiary, LG Energy Solution, Ltd. ("LG-ES") from the International Centre for Dispute Resolution of the American Arbitration Association. LG-ES is alleging that Sigma Lithium is in breach of certain provisions in connection with the Term-Sheet dated October 5, 2021, relating to offtake arrangements for the purchase of lithium oxide from the Company. The Term-Sheet was subject to, amongst other things, completion of the negotiation of definitive written agreements between the parties. The Company believes the claims are without merit. The legal counsel of the Company has formally attributed the probability of LG prevailing in this arbitration as possible. The amount involved is currently undetermined.

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Six-Month Periods ended June 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**28. Additional information on the cash flow statement**

Seems all non-cash effects are presented below:

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| | | |
|:---|:---|:---|
|  | **6/30/2025** | **3/31/2024** |
| | | (As restated<br> Note 2.3) |
| **Addition to property, plant, and equipment in exchange for:** |  |  |
| &nbsp;&nbsp;&nbsp;Lease | 2094 |  |
| &nbsp;&nbsp;&nbsp;Suppliers |  | 90 |
| **Non-cash effects** | **2094** | **90** |

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**29. Subsequent Events**

In July 2025, the Company entered into an export prepayment trade finance agreement with a financial institution for a total amount of $5.0 million.

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