# EDGAR Filing Document

**Accession Number:** 0001848309
**File Stem:** 0001292814-25-003982
**Filing Date:** 2025-11
**Character Count:** 243291
**Document Hash:** ebd38a190a5b4fc144c6b74d873a0b70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-003982.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001292814-25-003982

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**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:** 251481515

**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 November 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](ex99-1.htm) | [Management's discussion and analysis for the three & nine-month period ended September 30, 2025](ex99-1.htm) |
| [99.2](ex99-2.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the nine-month periods ended September 30, 2025 and 2024](ex99-2.htm) |
| [99.3](ex99-3.htm) | [Press Release dated November 14, 2025](ex99-3.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: November 14, 2025 | <u><u>/s/ Ana Cristina Cabral</u></u> |
|  | Ana Cristina Cabral |
|  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**INTRODUCTION & BACKGROUND**

This management's discussion and analysis dated as of November 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 nine-months ended September 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 nine-month period ended September 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.

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 <u>www.sigmalithiumcorp.com</u>, at <u>www.sedarplus.ca</u> (SEDAR) and at <u>www.sec.gov</u> (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. Sigma Lithium´s operations 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 assets indirectly through its wholly-owned subsidiary Sigma Mineração S.A. ("**Sigma Brazil**"), which include operating assets and a 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).

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 1<br>

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

Sigma Lithium'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 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**") and energy storage systems, in an environmentally friendly way through a fully automated and digital dense medium separation ("**DMS**") technology process.

Sigma Lithium 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, hyperfine 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 for the Company.

Since its inception in 2012, the Sigma Lithium'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 as well as initiatives to upskill local communities in the region where it operates.

**FINANCIAL HIGHLIGHTS**

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Net sales revenue from the sale of lithium oxide concentrate of $28.5 million,
showing a 69% increase on a quarter-over-quarter basis and a 36% rise on a year-over-year basis.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sales volumes of 48,626 tonnes of lithium oxide concentrate
at an average realized price of $626/t.

&nbsp;&nbsp;&nbsp;&nbsp;▪ CIF China cash operating costs of $475/t in the nine months to September
30, 2025, 5.0% below the Company's target of $500/t.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sigma Lithium continued to deleverage, with a decrease in trade finance
of 38% and a reduction in total debt of 7% in the nine months to September 30, 2025.

**OPERATIONAL HIGHLIGHTS**

**<u>Greentech Plant Update</u>**

Sigma Lithium's production of lithium oxide concentrate totaled 43,998 tonnes in the three-month period ended September 30, 2025. The plant output was impacted by lower deliveries of ore, due to changes related to an upgrade of mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 2<br>

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Key Operating Metrics*** | **Unit** | **Sep 25** | **Jun 25** | **Mar 25** | **Dec 24** | **Sep 24** | **Jun 24** | **Mar 24** | **Dec 23** |
| **Production** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithium Production | *(kt)<sup>(1)</sup>* | 44.0 | 68.4 | 68.3 | 77.0 | 60.2 | 49.4 | 54.2 | 59.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grade of Lithium Concentrate shipped | *(%)* | 5.2% | 5.2% | 5.0% | 5.2% | 5.2% | 5.5% | 5.4% | 5.3% |
| **Sales** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithium Concentrate | *(kt)<sup>(1)</sup>* | 48.6 | 40.3 | 61.6 | 73.9 | 57.5 | 52.6 | 52.9 | 64.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Revenue | *($ million)* | 28.5 | 16.9 | 47.7 | 47.3 | 20.9 | 45.9 | 37.2 | 38.2 |
| *<sup>(1)</sup>kt (thousands of tons)* |  |  |  |  |  |  |  |  |  |

---

**<u>Mining Update</u>**

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

▪ Initiatives to assess the optimization of equipment
size resulted in a plan to move to larger trucks and excavators;

▪ In view of the above, the medium and long-term mine
plans are being reviewed;

▪ A change in equipment suppliers resulted in a slowdown
of mining activities in September and ore delivery to the plant; and

▪ 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;

![](sgml202511126k_003.jpg)\| 3<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**<u>Phase 2 Development Progress</u>**

During the three-month period ended September 30, 2025, Sigma Lithium continued to make progress on the Company´s Phase 2 expansion project, completing earthworks and terracing. Sigma Lithium's focus remains on mine development aiming to allow the existing pit to feed both Phase 1 and Phase 2 processing plants.

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% lithium oxide concentrate. 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 completion aimed to occur by year end 2026.

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

---

| | | |
|:---|:---|:---|
| **Capex (000 USD)** | **Phase 1 (actual)** | **Phase 2 (budget)** |
| Mine | 7337 |  |
| Industrial Site Construction | 16600 | 16454 |
| Industrial Plant | 64357 | 62128 |
| Environmental | 11775 | 10961 |
| R&D Engineering Design | 17222 | 5029 |
| Construction Management | 9028 | 6398 |
| **(=) Construction Capex <sup>(\*)</sup>** | **126319** | **100970** |
| *Construction Addition* |  | 6536 |
| **(=) Total Construction Capex** | **126319** | **107506** |
| *Others* | 5584 | (149) |
| **(=) Total Capex** | **131903** | **107357** |

---

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

On December 21, 2024, Sigma Lithium 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 Lithium to expand its mineral lithium production capacity to up to 5.5 million tonnes per year.

On January 31, 2024, Sigma Lithium 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.

**ESG & SUSTAINABILITY HIGHLIGHTS**

Sigma Lithium´s approach to sustainability reflects not only the company´s regulatory obligations, but also the evolving expectations of key stakeholders — including customers, investors, local communities, employees, and public institutions — regarding responsible and transparent socio-environmental performance. The Company´s commitment to sustainability underpins every aspect of management´s decision making. Sigma Lithium´s environmental and social programs are a visible way that this commitment is translated into action.

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

In the first nine months of 2025, the Company recorded a total injury frequency rate (TRIFR - or number of injuries excluding fatalities requiring medical treatment per million hours worked) of 1.79 and extending its record to 787 consecutive days without a Lost Time Injury (LTI).

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 4<br>

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

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

These are Sigma Lithium's environmental programs, which continued to be executed in 3Q25:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Environmental Program** | &nbsp;&nbsp; <br> **Area** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;Conservation of Permanent Preservation Areas (APP) and Legal Reserves | &nbsp;&nbsp;Land Use and Biodiversity Management | &nbsp;&nbsp;This is a program to preserve areas on the banks of rivers and streams. |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;Flora and Fauna Rescue Program | &nbsp;&nbsp;Land Use and Biodiversity Management | &nbsp;&nbsp;This program aims to rescue and recover any fauna affected by Sigma Lithium´s operations. |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;Degraded Area Recovery Program | &nbsp;&nbsp;Land Use and Biodiversity Management | &nbsp;&nbsp;This program is related to the recovery of areas previously used in mining through the planting of seedlings. |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;Water Quality Monitoring Program | &nbsp;&nbsp;Pollution<br> and Waste | &nbsp;&nbsp;This program consists in a continuous monitoring of the quality of surface water in the Piauí Stream, the Jequitinhonha River and of groundwater. |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;Air Quality Preservation Program | &nbsp;&nbsp;Pollution<br> and Waste | &nbsp;&nbsp;This program includes the application of dust-suppressing polymers on unpaved roads and tailings piles, the application of bio mats for vegetation regrowth on tailings piles and air quality monitoring at four points in Sigma Lithium's neighboring communities. |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;Noise and Vibration Control Program | &nbsp;&nbsp;Pollution<br> and Waste | &nbsp;&nbsp;This program includes the use of software to calibrate blasting and a monitoring of vibrations and environmental noise levels at sensitive locations. |

---

**<u>Social Programs</u>**

Sigma Lithium has several community outreach and social programs in place, which remained active in 3Q25. Community outreach programs include holding monthly meetings with local communities and several other structured initiatives. Sigma Lithium´s voluntary social programs are described below.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 5<br>

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Social Program** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp; Fundo<br> Dona de Mim Program | &nbsp;&nbsp;This is a microcredit program set up in partnership with Grupo Mulheres do Brasil to promote female entrepreneurship. The Fund is independently managed and has benefited more than 2,000 women in the municipalities of Araçuaí and Itinga with small businesses in the areas of food, crafts, clothing, and services. |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;Zero Drought Program | &nbsp;&nbsp;This program consists in the construction of rainwater reservoirs, known locally as "barraginhas" and aims to expand access to water for small rural producers, ensuring irrigation during dry periods. |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;Water for All Program | &nbsp;&nbsp;Sigma Lithium has installed 1,000-liter household water tanks and funds water deliveries by truck from the local water utility, COPANOR, supplying neighbouring homes and the local school on a regular basis. |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;Zero Hunger Action Program | &nbsp;&nbsp;This involves the donation of food baskets aimed at combating food insecurity. |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;Education That Transforms Program | &nbsp;&nbsp;This consists of several initiatives dedicated to the education of children, adolescents, and adults in the municipalities of Araçuaí and Itinga. It has included the renovation of the local Nuno Murta Municipal School and currently runs an adult education program, various sports and cultural activities and environmental awareness programs. |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;Community Infrastructure Program | &nbsp;&nbsp;Sigma Lithium maintains access roads in neighboring rural communities. |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;Combatting Domestic Violence Program | &nbsp;&nbsp;This is joint initiative with the Court of Justice of the State of Minas Gerais to combat domestic violence in the Jequitinhonha Valley. |

---

In the third quarter of 2025, students from The Children in The Spotlight, an initiative of the Education That Transforms Program; designed to value and disseminate local culture, strengthen children's self-esteem and sense of belonging and develop expressive and artistic skills; participated in a project supported by Sigma Lithium. They performed for an audience of hundreds of people as part of the Filhos da Terra do Sol (Children of the Land of the Sun) festival in the Araçuaí municipality. There were also separate performances as part of the celebrations of the anniversary of the Araçuaí municipality and at Festivale, a highly relevant regional cultural festival in the Jequitinhonha Valley.

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

▪ In the nine months ended 30 September 2025, there
was the following change in Sigma Lithium´s board: 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.

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

**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;

![](sgml202511126k_003.jpg)\| 6<br>

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| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

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

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

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

**SELECTED FINANCIAL INFORMATION**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Quarterly Information*** |  |  | ***2025*** |  |  |  | ***2024 <sup>1</sup>*** | ***2023<sup>1</sup>*** |
| ***(in $ millions)*** | **Sep 25** | **Jun 25** | **Mar 25** | **Dec 24** | **Sep 24** | **Jun 24** | **Mar 24** | **Dec 23** |
| Cash and cash equivalents | 6.1 | 15.1 | 31.1 | 45.9 | 65.6 | 75.3 | 108.2 | 48.6 |
| Total assets | 342.8 | 336.2 | 348.3 | 327.1 | 368.9 | 414.1 | 429.6 | 367.5 |
| Property, plant & equipment | 171.4 | 161.6 | 152.5 | 141.0 | 166.5 | 163.1 | 175.0 | 180.9 |
| Loans and export prepayment | 161.9 | 167.0 | &nbsp;&nbsp;&nbsp;&nbsp;168.7 | 173.6 | &nbsp;&nbsp;&nbsp;&nbsp;181.2 | 219.5 | 201.5 | 128.9 |
| Net sales revenue | 28.5 | 16.9 | 47.7 | 47.3 | 20.9 | 45.9 | 37.2 | 38.2 |
| Cost of goods sold | (30.1) | (23.6) | (34.2) | (32.0) | (29.2) | (29.8) | (28.6) | (33.4) |
| Expenses | (10.1) | (12.2) | (3.8) | (36.8) | (15.7) | (29.1) | (16.1) | (14.5) |
| Income tax and social contribution | 0.1 |  | (5.0) | 13.0 | (1.1) | 2.2 | 0.5 | 0.2 |
| Net (loss) / income for the period | (11.6) | (18.9) | 4.7 | (8.5) | (25.1) | (10.8) | (7.0) | (9.5) |

---

<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.

**Q3 2025** Net loss of $11.6 million for the three-month period ended September 30, 2025, derived from $30.4 million in gross sales revenue and $1.0 million in shipping services, offset by $2.9 million in provisional pricing adjustment, and $30.1 million in cost of goods sold and distribution costs.

**Q2 2025** Net loss of $18.9 million for the three-month period ended June 30, 2025, derived from $21.1 million in gross sales revenue and $1.2 million in shipping services, offset by $5.4 million in provisional pricing adjustment, 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 net sales revenue and $34.2 million in cost of goods sold and distribution costs.

**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 net 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 net 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 net 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 net 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, consisting of a gross profit of $4.8 million, obtained from $38.2 million in net sales revenue and $33.4 million in cost of goods sold and distribution costs.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 7<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

Selected consolidated financial information is as follows:

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| <br>***(in $000s)*** | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** | *%*** |
| **Net sales revenue** | **28549** | **20894** | **7655** | **36.6%** |
| Cost of goods sold | (30082) | (29232) | (850) | 2.9% |
| Sales expenses and commissions | (189) | (392) | 203 | -51.8% |
| General and administrative expenses | (4523) | (5252) | 729 | -13.9% |
| Other operating income (expenses), net | (2368) | (304) | (2064) | 678.9% |
| Stock-based compensation | (453) | (1369) | 916 | -66.9% |
| Financial income (expenses), net | (2612) | (8430) | 5818 | -69.0% |
| Income tax and social contribution | 103 | (1013) | 1116 | -110.2% |
|  **Net loss for the period** | **(11575)** | **(25098)** | **13523** |  |

---

**<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 loss for the three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024, is primarily attributable to:

**Net sales revenue**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Gross sales revenue – lithium concentrate *<sup>(2)</sup>* | **30433** | **41383** | (10950) |
| *Provisional price adjustment <sup>(3)(4)</sup>* | (2889) | (20764) | 17875 |
| Shipping services | 1005 | 275 | 730 |
| **Net sales revenue** | **28549** | **20894** | **7655** |

---

**<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.** 

**<sup>(2)</sup> Gross sales revenue is reported on an FOB basis. On a CIF basis, gross sales revenue amounted to $32,448.**

**<sup>(3)/(4)</sup> The amount includes: (3) $2,105 of final price adjustment positive and (4) ($2,452) of interest of pre-payment of cargo for the three months period ended September 30, 2025.**

▪ Sigma Lithium reported revenues of $28.5 million for the three months ended
September 30, 2025, representing a substantial increase of 36% on a year-on-year basis. This increase was achieved despite a decline in
sales volumes, which, at 48.6 thousand tonnes, were down by 15% due to higher realized prices.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 8<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**Expenses by category** 

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

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Operation | (17542) | (15842) | (1700) |
| Labor | (5814) | (7310) | 1496 |
| Logistics costs (trucking, shipping and port) | (3566) | (3169) | (397) |
| Depletion/Depreciation | (1869) | (2876) | 1007 |
| Services | (1722) | (2122) | 400 |
| Royalties<sup>(2)</sup> | (958) | (651) | (307) |
| Stock-based compensation<sup>(3)</sup> | (538) |  | (538) |
| Other | (2785) | (2906) | 121 |
| **Expenses by category total** | **(34794)** | **(34876)** | **82** |
| Cost of products sold | (30082) | (29232) | (850) |
| General and administrative expenses | (4523) | (5252) | 729 |
| Sales expenses | (189) | (392) | 203 |
| **Expenses by category** | **(34794)** | **(34876)** | **82** |

---

**<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.** 

***<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.**

▪ The Company reported cost of goods sold of $30.1 million for the three months
ended September 30, 2025, reflecting a 3% increase on a year-over-year basis. On a per-tonne basis, the cost of sales averaged $619 per
tonne of product sold, which represents a 22% increase on a year-over-year basis. This increase was due to the decline in production mentioned
above, which reduced the dilution of fixed costs.

▪ General and administrative expenses were $4.5 million for the three months
ended September 30, 2025, compared to $5.2 million in the same period of 2024, reflecting a decrease of $0.7 million. The savings were
achieved through a sharp reduction in services expenditures and by gains of corporate efficiency.

**Other operating expenses**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Taxes and fees | (1360) |  | (1360) |
| Environmental and social expenses | (773) | (585) | (188) |
| Others | (235) | 281 | (516) |
| **Other operating expenses** | **(2368)** | **(304)** | **(2064)** |

---

**<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.** 

▪ Other operating expenses were $2.4 million for the three months ended September
30, 2025, compared to $0.3 million in the same period of 2024, representing an increase of $2.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 9<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

▪ The increase was primarily driven by the recognition of a $1.4 million charge
arising from prior-period tax obligations.

▪ Environmental and social expenses amounted to $0.8 million, consistent with
ongoing initiatives.

**Stock-based compensation**

▪ The decrease in stock-based compensation expenses to $0.5 million for the
three-month period ended September 30, 2025, compared to $1.4 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 three months ended*** | ***For the three months ended*** | ***For the three months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| **Financial income** | 629 | (237) | 866 |
| **Financial expenses** |  |  |  |
| Interest accrued on loans and export prepayment | (4843) | (5728) | 885 |
| Other expenses | (1920) | (2302) | 382 |
| **Total financial expenses** | **(6763)** | **(8030)** | **1267** |
| Foreign exchange variation on net assets | 3522 | (163) | 3685 |
| **Financial expenses, net total** | **(2612)** | **(8430)** | **5818** |

---

**<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.** 

▪ Net financial expenses totaled $2.6 million in the three months ended September
30, 2025, compared to $8.4 million in the same period of 2024, representing a favorable variance of $5.8 million.

▪ The improvement was primarily attributable to foreign exchange variation
on net assets, which resulted in a gain of $3.5 million in the current quarter compared to a loss of $0.2 million in the prior-year period,
reflecting the appreciation of the Brazilian real against the U.S. dollar.

▪ Financial income increased to $0.6 million, compared to a loss of $0.2 million
due to taxes applied to financial income during the same period in 2024.

▪ Total financial expenses decreased to $6.8 million from $8.0 million, primarily
due to lower interest accrued on loans and export prepayments as a result of amortizations during the period.

**Income tax and social contribution**

▪ The decrease of $1.1 million in income tax and social contribution was primarily
due to a change in deferred taxes on unrealized foreign exchange gains. The overall effective tax rate was influenced by unused tax credits.

***<u>Nine-Month Period Ended September 30, 2025 compared to Nine-Month Period Ended September 30, 2024</u>***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Results of Operations*** | ***For the nine months ended*** | ***For the nine months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| ***(in $000s)*** | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** | *%*** |
| **Net sales revenue** | **93109** | **104016** | **(10907)** | **-10.5%** |
| Cost of goods sold | (87862) | (87639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223) | 0.3% |
| Sales expenses | (577) | (1629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | -64.6% |
| General and administrative expenses | (13618) | (14218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | -4.2% |
| Other operating expenses | (11755) | (5331) | &nbsp;&nbsp;&nbsp;&nbsp;(6424) | 120.5% |
| Stock-based compensation | (1731) | (5577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | -69.0% |
| Financial income (expenses), net | 1624 | (34112) | &nbsp;&nbsp;&nbsp;&nbsp;35736 | -104.8% |
| Income tax and social contribution | (4896) | 1636 | &nbsp;&nbsp;&nbsp;&nbsp;(6532) | -399.3% |
|  **Net loss for the period** | **(25706)** | **(42854)** | **17148** |  |

---

**<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.** 

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 10<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

The net loss for the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, is primarily attributable to:

**Net sales revenue**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the nine months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Gross sales revenue – lithium concentrate <sup>(2)</sup> | 96101 | 137870 | (41769) |
| *Provisional price adjustment <sup>(3)(4)</sup>* | (10249) | (36430) | 26181 |
| Shipping services | 7257 | 2576 | 4681 |
| **Total sales revenue** | **93109** | **104016** | **(10907)** |

---

**<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.**

**<sup>(2)</sup> Gross sales revenue is reported on an FOB basis. On a CIF basis, gross sales revenue amounted to $101,429 for the nine-month period ended September 30, 2025.** 

**<sup>(3)/(4)</sup>The amount includes: (3) ($3,803) of final price adjustment and (4) $(2,933) of interest of pre-payment of cargo for the nine months period ended September 30, 2025.**

▪ Gross sales revenue from lithium concentrate totaled $96.1 million in the
nine-month period ended September 30, 2025, versus $137.9 million in the prior year. The decrease reflects a slight reduction in sales
volumes (150.5 kt versus 163.0 kt) combined with a decline in average realized price to approximately $641 per tonne from $939 per tonne
in the same period of 2024.

▪ Provisional price adjustments were a negative $10.2 million compared to a negative $36.4 million
in the nine-month period ended September 30, 2024, resulting in a smaller adverse impact on revenue relative to the prior period.

▪ Shipping services revenue was $7.3 million compared to $2.6 million in the
prior-year period.

▪ Net sales revenue for the nine-month period ended September 30, 2025, was
$93.1 million compared to $104.0 million in the same period of 2024, representing a decrease of $10.9 million.

**Expenses by category** 

The following table summarizes the Company's expenses by category for the nine-month period ended September 30, 2025, and 2024.

**** 

---

| | | | |
|:---|:---|:---|:---|
| | ***For the nine months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Operation | (45048) | (46411) | 1363 |
| Labor | (17524) | (19417) | 1893 |
| Logistics costs (trucking, shipping and port) | (14554) | (11409) | (3145) |
| Depletion/Depreciation | (8356) | (9325) | 969 |
| Services | (5383) | (5967) | 584 |
| Royalties<sup>(2)</sup> | (3166) | (3089) | (77) |
| Stock-based compensation<sup>(3)</sup> | (477) |  | (477) |
| Other | (7549) | (7868) | 319 |
| **Expenses by category total** | **(102057)** | **(103486)** | **1429** |
| Cost of products sold | (87862) | (87639) | (223) |
| General and administrative expenses | (13618) | (14214) | 600 |
| Sales expenses | (577) | (1629) | 1052 |
| **Expenses by category** | **(102057)** | **(103486)** | **1429** |

---

**<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.** 

***<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.**

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 11<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

▪ Cost of products sold totaled $87.9 million for the nine months ended
 September 30, 2025, compared to $87.7 million in the same period of 2024, remaining broadly flat with a slight decrease of $0.2
 million. The consistency between periods is a result of the Company's efforts to be cost-effective, while also delivering its
 product.

▪ Logistics costs, including trucking, shipping, and port operations, increased
to $14.6 million from $11.5 million, mainly due to higher freight maritime expenses as exports were conducted under the CIF (Cost, Insurance,
and Freight) incoterm.

▪ General and administrative expenses were $13.6 million for the nine months
ended September 30, 2025, compared to $14.2 million in the same period of 2024, reflecting a decrease of $0.6 million. The savings were
achieved through a sharp reduction in services expenditures and by gains of corporate efficiency.

▪ Sales expenses were $0.6 million for the nine months ended September 30,
2025, compared to $1.6 million in the same period of 2024, reflecting a decrease of $1.0 million, which is a combined result of internal
cost reduction initiatives and a lower volume sold for the period.

**Other operating expenses**

---

| | | | |
|:---|:---|:---|:---|
| | ***For the nine months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| Provision for expected inventory losses | (7859) |  | (7859) |
| Environmental and social expenses | (1984) | (2153) | 169 |
| Taxes and fees | (1360) | (984) | (376) |
| Accrual for contingencies | (97) | (1892) | 1795 |
| Others | (455) | (302) | (153) |
| **Other operating expenses** | **(11755)** | **(5331)** | **(6424)** |

---

**<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.** 

▪ Other operating expenses were $11.8 million for the nine months ended September
30, 2025, compared to $5.3 million in the same period of 2024, representing an increase of $6.4 million.

▪ The increase was primarily driven by the recognition of a $7.9 million provision
for expected inventory losses on green by-products, reflecting adjustments to their net realizable value of such materials and the recognition
of a $1.4 million arising from prior-period tax obligations.

▪ This increase was partially offset by a $1.8 million reduction in accruals
for contingencies recorded in the prior year period.

▪ Environmental and social expenses were $2.0 million, consistent with ongoing
community and sustainability initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 12<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**Stock-based compensation**

▪ Stock-based compensation expenses decreased to $1.7 million for the nine-month
period ended September 30, 2025, compared to $5.6 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 nine months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| | ***Sep 25*** | | ***Change*** |
| <br>***(in $000s)***  | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>1</sup>*** | ***Change*** |
| **Financial income** | 2238 | 2711 | (473) |
| **Financial expenses** |  |  |  |
| Interest accrued on loans and export prepayment | (14701) | (15683) | 982 |
| Other expenses | (4317) | (3471) | (846) |
| **Total financial expenses** | **(19018)** | **(19154)** | **136** |
| Foreign exchange variation on net assets | 18404 | (17669) | 36073 |
| **Financial income (expenses), net total** | **1624** | **(34112)** | **35736** |

---

**<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.** 

▪ Net financial income totaled $1.6 million in the nine months ended September
30, 2025, compared to a net financial expense of $34.1 million in the same period of 2024, representing a favorable variance of $35.7
million.

▪ The improvement was primarily attributable by foreign exchange variation
on net assets, which resulted in a gain of $18.4 million in the current period compared to a loss of $17.7 million in the prior-year period,
reflecting the appreciation of the Brazilian real against the U.S. dollar.

▪ Financial income decreased to $2.2 million from $2.7 million.

▪ Total financial expenses decreased modestly to $19.0 million from $19.1
million.

**Income tax and social contribution**

▪ The increase of $6.5 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>Non-GAAP Measure</u>**

**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, 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:

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 13<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***For the three months ended*** | ***For the three months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| <br>***(in $000s)*** | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>2</sup>*** | ***Sep 25*** | ***Sep 24***<br>***(As restated)<sup>2</sup>*** |
| Net loss for the period | (11575) | (25098) | (25706) | (42854) |
| (+) Depreciation and depletion | 1878 | 2876 | 8378 | 9325 |
| (+) Financial income (expenses), net | 2612 | 8430 | (1624) | 34112 |
| (+) Income taxes | (103) | 1013 | 4896 | (1636) |
| **EBITDA** | **(7188)** | **(12779)** | **(14056)** | **(1053)** |
| (+) Stock-based compensation | 991 | 1369 | 2208 | 5577 |
| **Adjusted EBITDA** | **(6197)** | **(11410)** | **(11848)** | **4524** |
| **Adjusted EBITDA (%)<sup>(1)</sup>** | **-21.7%** | **-54.6%** | **-12.7%** | **4.4%** |

---

(1) For the adjusted EBITDA (%) the Company consider the amount of the adjusted EBITDA over the net revenue, which represents net revenue of $28,549 for the three-month period ended September 30, 2025, $20,894 for the three-month period ended September 30, 2024, $93,109 for the nine-month period ended September 30, 2025 and $104,016 for the nine-month period ended September 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 nine months ended*** | ***For the nine months ended*** |
| <br>***(in $000s)*** | ***9/30/2025*** | ***9/30/2024***<br>***(As restated)<sup>1</sup>*** |
| Cash used in Operating Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9797) |
| Cash used in Investing Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19236) |
| Cash provided by (used in) Financing Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54416 |
| Effect of Foreign Exchange on Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8373) |
| **Change in Cash and Cash Equivalents** | **(39810)** | **17010** |
| Cash & Cash Equivalents – Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48584 |
| **Cash & Cash Equivalents – End of Period** | **6108** | **65594** |

---

**<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.** 

**Liquidity Outlook**

As of September 30, 2025, the Company's cash and cash equivalents totaled $6.1 million, representing an 87% decrease from $45.9 million as of December 31, 2024, primarily driven by the deleveraging of trade finance lines. On September 30, 2025, the Company's cash position excluded $19.7 million in trade accounts receivable, which have since been substantially translated into revenues and greatly improved the Company´s liquidity.

The Company reduced its short-term trade finance by approximately $6 million in the three months ended September 30, 2025, bringing the balance to $37 million as of September 30, 2025. The total amount of short and long-term debt was $161.9 million as of September 30, 2025.

**Operating Activities**

Cash used in operating activities was $6.6 million for the nine-month period ended September 30, 2025, compared to cash used in operating activities of $9.8 million for the nine-month period ended September 30, 2024, the decrease in net cash used in operating activities is mainly due to:

▪ A decrease to a net loss of $25.7 million for the nine-month period ended
September 30, 2025, compared to a net loss of $42.9 million for the nine-month period ended September 30, 2024, adjusted by $35.5 million
in certain reconciling items that do not represent cash receipts or disbursements, such as decrease in stock-based compensation of $3.3
million, provision for contingencies of $1.6 million and net exchange variations of $42.1 million, among others. These effects were partially
offset by an increase in provision for expected inventory losses of $7.8 million;

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 14<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

▪ An increase in trade accounts receivable to $6.0 million in the nine-month
period ended September 30, 2025, from a decrease of $2.5 million in the nine-month period ended September 30, 2024, due to lower provisional
prices during the period at the ended of September 30, 2025;

▪ Inventories increased to $11.6 million in the nine-month period ended September
30, 2025, from $4.4 million in the nine-month period ended September 30, 2024, primarily due to finished goods totaling $12.3 million,
partially offset by a $7.8 million provision for expected inventory losses;

▪ Advance to suppliers decreased to $6.1 million in the nine-month period
ended September 30, 2025, from an increase of $4.4 million in the nine-month period ended September 30, 2024, mainly due to the receipt
of services and materials previously paid in advance.

▪ An increase in suppliers to $8.6 million in the nine-month period ended
September 30, 2025, from a decrease of $5.2 million in the nine-month period ended September 30, 2024, due to $6.2 million in exchange
rate variation from the appreciation of the Brazilian Real against the US Dollar the purchase of materials, equipment, and services in
the normal course of business;

▪ A lower interest payment totaling $15.7 million, comprising $1.9 million
related to export prepayment trade finance and $1.0 million related to financing agreements with BDMG in the nine-month period ended September
30, 2025, compared to total interest payments of $18.6 million in the same period of 2024, of which $4.2 million related to export prepayment
agreements, $0.4 million to BDMG financing agreements, and $14.0 million to long-term export prepayment agreements.

**Investing Activities**

For the nine-month period ended September 30, 2025, the cash used in investing activities was $8.4 million compared to $19.2 million in the same period of 2024, a decrease primarily due to $9.1 million in lower additions to geological expenditures and property, plant and equipment, and $1.7 million in advances for land acquisition.

**Financing Activities**

For the nine-month period ended September 30, 2025, cash used in financing activities was $28.2 million compared to cash provided by financing activities of $54.4 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 $109.1 million and higher repayment of export prepayment trade finance in the amount of $35.1 million.

**CURRENT SHARE DATA**

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

---

| | |
|:---|:---|
| Common Shares Issued and Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,383,979 |
| RSUs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,234 |
| Stock Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,125 |
| Fully Diluted Number of Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,540,338 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 15<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.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. |
| 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 Investimentos Fundo de Investimento Financeiro em Ações ("A10 Fund"), which is the major shareholder of 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 September 30, 2025. |
|  A10 Partners Participações Ltda.<br>| A10 Partners Participações Ltda. is a holding company. The firm is indirectly 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 September 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 an 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, has an indirect economic interest and is an officer. |
| Instituto Lítio Verde ("ILV") | Instituto Lítio Verde is a non-profit entity whose directors are Lígia Pinto, Sigma Lithium's VP of Institutional and Governmental Relations and Communication, and Marina Bernardini, an officer of Miazga and Sigma Brazil. |
| Key management personnel | Includes the directors of the Company, executive management team and senior management at Sigma Brazil. |

---

**<u>Transactions with related parties</u>**

**Cost sharing agreement ("CSA"):** The Company has a CSA with A10 Advisory, whereby strictly the following expenses are reimbursed: (i) the cost of administrative personnel that is 100% allocated to Sigma Lithium; (ii) the rental of Sigma Lithium's office space, which was formerly occupied and until recently paid by A10 Advisory, and is now fully utilized by Sigma Lithium; and (iii) health insurance expenses of former A10 Advisory staff, now employed only by Sigma Lithium, which continue to be paid by A10 Advisory. Marcelo Paiva does not receive any compensation or benefits as part of such CSA.

**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 September 30, 2025, the Company recognized an amount of $1,702 ($951 as of December 31, 2024) to be paid to Miazga, of which $537 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 a loan of an amount up to $12,000. On November 14, 2024, the Company entered into a contractual amendment with an increase in the loan limit to $15,000, 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 totaled $18,491 as of September 30, 2025 ($12,953 as of December 31, 2024), of which $13,875 ($12,795 as of December 2024) represents loan disbursements and $4,621 ($2,566 as of December 2024) corresponds to capitalized interest. During the nine-month period ended September 30, 2025, Tatooine requested $1,080 to acquire properties located over the Company's mining rights.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 16<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Description*** | ***Sep 25*** | ***Sep 25*** | ***Three Months Ended,*** | ***Dec 24*** | ***Dec 24*** | ***Three Months Ended,*** |
| ***Description*** | ***Sep 25*** | ***Sep 25*** | ***Sep 25*** | ***(As restated)<sup>1</sup>*** | ***(As restated)<sup>1</sup>*** | ***Sep 24*** |
| ***Description*** | ***Pre-payments / Receivable*** | ***Accounts payable / Debt*** | ***(Expenses) / Income*** | ***Pre-payments / Receivable*** | ***Accounts payable / Debt*** | ***(Expenses) / Income*** |
| **A10 Advisory** |  |  |  |  |  |  |
| CSA |  | 26 | (342) |  |  | (168) |
| **Miazga** |  |  |  |  |  |  |
| Lease agreements |  | 613 | (176) |  | 5 | (3) |
| Royalties |  | 1299 | (751) |  | 671 |  |
| **Arqueana** |  |  |  |  |  |  |
| Lease agreements |  | 1413 | (211) |  | 123 | (14) |
| **Tatooine** |  |  |  |  |  |  |
| Loan to related party | 18491 |  | 2055 | 12953 |  | 888 |
| **Instituto Lítio verde** |  |  |  |  |  |  |
| Accounts payable |  | 1383 | (808) |  | 563 | (637) |
| **Total** | **18491** | **4734** | **(233)** | **12953** | **1362** | **66** |

---

**<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.** 

**<u>Key management personnel</u>**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **Sep 25** | **Sep 24** |
|  | **Sep 25** | **(As restated)<sup>1</sup>** |
| Stock-based compensation, included in operating expenses | 1386 | 2088 |
| Salaries, benefits and director's fees, included in general and administrative expenses | 593 | 883 |
| **Total** | **1979** | **2971** |

---

**<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.** 

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

**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.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 17<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**<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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Up to 1 year** | **1-3 years** | **4-5 years** | **More than 5 years** | **Total** |
| **Contractual obligations**<br>**(in C$000s)** | **Up to 1 year** | **1-3 years** | **4-5 years** | **More than 5 years** | **Total** |
| Suppliers | 54873 |  |  |  | 54873 |
| Loans and export prepayment | 53650 | 120276 | 7217 | 991 | 182134 |
| Lease liabilities | 2414 | 1308 | 1003 | 926 | 5651 |

---

**<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 September 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 last quarter of 2025 is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Volume (kt)*** <sup>(3)</sup> | ***Shipment average price*** | ***Variation*** | ***Effect on Sales Revenue*** |
| High grade lithium concentrate (Probable)<sup>(1)</sup> | 162196 | 919 | 13 | 2097 |
| High grade lithium concentrate (+20%)<sup>(2)</sup> | 162196 | 933 | 23 | 3772 |
| High grade lithium concentrate (-20%)<sup>(2)</sup> | 162196 | 622 | (23) | (3772) |

---

<sup>(1)</sup> The sensitivity analysis for the probable scenario was measured using Oct 24, 2024, futures price from the Guangzhou Futures Exchange as a reference

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

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

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 18<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**<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 September 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 nine-month period ended September 30, 2025 :

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Notional** | **Probable 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%) | 17157 | (610) | (671) | (732) |
| 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 | (1021) | (1047) | (1099) |

---

<sup>(1)</sup> Sensitivity analysis of the scenario probable was measured using as reference the rates on October 20, 2025.

During 2025, 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 September 30, 2025, recognized in the financial result.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Appreciation** | **Appreciation** | | **Impact on financial income / (expense)** |
|  | <br>**Maturity** | <br>**Functional currency** | <br>**Notional** | **Asset position<br> R$** | **Liabilities position<br> R$** | **Sep 25**<br>**Receivable / (Payable)<br> R$** | **Sep 25** |
| Interest rate swap | 11/24/2025 | R$ | 121070 | 129135 | (135499) | (6364) | (1030) |

---

**<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 September 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Description** | **Sep 25** |
| **Canadian dollar** |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Tax recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |
| Suppliers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6836) |
| Other current liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| **Total** | **(6199)** |
| **United States dollar** |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |
| Trade accounts receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688 |
| Cash held as collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686 |
| Suppliers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2905) |
| Prepayment from customer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4178) |
| Interest on export prepayment agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11975) |
| Export prepayment agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133800) |
| **Total** | **(119311)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 19<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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 September 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sep 25** | **Sep 25** | **Sep 25** | **Sep 25** |
| <br>**Currency** | **Exchange rate** | **Probable scenario <sup>(1)</sup>** | **Scenario 1 (+/-10%)** | **Scenario 2 (+/-20%)** |
| CAD (+) | 3.8186 | 3.8391 | 4.2230 | 4.6069 |
| CAD (-) | 3.8186 | 3.8391 | 3.4552 | 3.0713 |
| USD (+) | 5.3186 | 5.3797 | 5.9177 | 6.4556 |
| USD (-) | 5.3186 | 5.3797 | 4.8417 | 4.3038 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sep 25** | **Sep 25** | **Sep 25** | **Sep 25** |
|  | **Notional** | **Probable scenario <sup>(1)</sup>** | **Scenario <sup>1</sup>** | **Scenario <sup>2</sup>** |
| Canadian dollar-denominated(+) | (6199) | (33) | (594) | (1061) |
| Canadian dollar-denominated(-) | (6199) | (33) | 652 | 1508 |
| U.S. dollar-denominated(+) | (119311) | (1355) | (12078) | (21014) |
| U.S. dollar-denominated(-) | (119311) | (1355) | 11751 | 28134 |

---

(1) Sensitivity analysis of the scenario probable was measured using as reference the exchange rate, published by the Central Bank of Brazil
on Oct 24, 2025.

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

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

**<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 September 30, 2025, the Company is involved in civil and labor lawsuits totaling $8,553 for which the likelihood of loss has been assessed as possible by our external legal advisors, and $2,027 for cases assessed as probable losses, for which accounting provisions have been recognized.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 20<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

**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 an 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:

▪ 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;

▪ 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;

▪ 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;

▪ 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

▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 21<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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:

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.

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;

![](sgml202511126k_003.jpg)\| 22<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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.

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.

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. Some 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.

**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 nine months ended September 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**

▪ **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.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 23<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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 statement.

**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.

**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 September 30, 2025, capital consisted of equity attributable to common shareholders of $83,770 ($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.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 24<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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.

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:

▪ 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;

![](sgml202511126k_003.jpg)\| 25<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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

▪ Stability and inflation of the Brazilian Real, including any foreign exchange
or capital controls which may be enacted in respect thereof, and the effect of current or any additional regulations on the Company's
operations;

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

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

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

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

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

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

▪ Reliability of technical data;

▪ 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;

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

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

▪ The timing and outcome of regulatory and permitting matters;

▪ The exploration, development, construction and operational costs;

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

▪ Successful negotiation of definitive commercial agreements; and

▪ 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.

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:

▪ 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;

![](sgml202511126k_003.jpg)\| 26<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

▪ 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;

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

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

▪ 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;

▪ 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;

▪ 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;

▪ 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;

▪ 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;

▪ 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;

▪ 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;

▪ 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;

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

▪ 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;

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

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

▪ 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;

▪ 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;

▪ 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;

![](sgml202511126k_003.jpg)\| 27<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

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

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

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

▪ 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;

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

▪ 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;

▪ 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;

▪ 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;

▪ Operating cash flow may be insufficient for future
needs;

▪ 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;

▪ 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;

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

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

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

▪ 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;

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

▪ 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;

▪ 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;

▪ 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;

![](sgml202511126k_003.jpg)\| 28<br>

---

| | |
|:---|:---|
| **SIGMA LITHIUM CORPORATION**<br>**MANAGEMENT'S DISCUSSION AND ANALYSIS**<br>**FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**<br>(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise) | ![](sgml202511126k_002.jpg) |

---

▪ 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;

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

▪ The Company is subject to currency fluctuation risks;

▪ The Company is subject to interest rates fluctuation;

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

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

▪ 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;

▪ 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;

▪ 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;

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

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

▪ The Company has a major shareholder which owns 42.82%
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;

▪ 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;

▪ 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;

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

▪ 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 <u>www.sedarplus.ca</u>.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 29<br>

## Exhibit 99.2

**Exhibit 99.2**

![](sgml202511126k_004.jpg)

------

**SIGMA LITHIUM CORPORATION**

**UNAUDITED CONDENSED**

**INTERIM CONSOLIDATED**

**FINANCIAL STATEMENTS**

**FOR THE NINE-MONTH PERIODS**

**ENDED SEPTEMBER 30, 2025 AND 2024**

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

------

---

| | |
|:---|:---|
| **Summary**<br>**Description** | <br>**Page** |
| [MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING](#a_001) | [1](#a_001) |
| [Unaudited Condensed Interim Consolidated Statements of Financial Position](#a_002) | [2](#a_002) |
| [Unaudited Condensed Interim Consolidated Statements of Income (Loss)](#a_003) | [3](#a_003) |
| [Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)](#a_004) | [4](#a_004) |
| [Unaudited Condensed Interim Consolidated Statements of Cash Flows](#a_005) | [5](#a_005) |
| [Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](#a_006) | [6](#a_006) |
| Notes to the Unaudited Condensed Interim Consolidated Financial Statements |  |
| [Note 1 Corporate information](#a_007) | [7](#a_007) |
| [Note 2 Basis of preparation](#a_008) | [7](#a_008) |
| [Note 3 Cash and cash equivalents](#a_009) | [9](#a_009) |
| [Note 4 Trade accounts receivable](#a_010) | [9](#a_010) |
| [Note 5 Inventories](#a_011) | [9](#a_011) |
| [Note 6 Advance to suppliers](#a_012) | [10](#a_012) |
| [Note 7 Recoverable VAT and other taxes](#a_013) | [10](#a_013) |
| [Note 8 Cash held as collateral](#a_014) | [10](#a_014) |
| [Note 9 Property, plant and equipment](#a_015) | [11](#a_015) |
| [Note 10 Deferred exploration and evaluation expenditure](#a_016) | [12](#a_016) |
| [Note 11 Related parties' transactions](#a_017) | [13](#a_017) |
| [Note 12 Suppliers](#a_018) | [14](#a_018) |
| [Note 13 Loans and export prepayment](#a_019) | [15](#a_019) |
| [Note 14 Lease liability](#a_020) | [17](#a_020) |
| [Note 15 Prepayment from customer](#a_021) | [18](#a_021) |
| [Note 16 Taxes payable](#a_022) | [18](#a_022) |
| [Note 17 Income tax and social contributions](#a_023) | [18](#a_023) |
| [Note 18 Asset retirement obligations ("ARO")](#a_024) | [19](#a_024) |
| [Note 19 Financial instruments](#a_025) | [20](#a_025) |
| [Note 20 Share capital](#a_026) | [24](#a_026) |
| [Note 21 Income (Loss) per share](#a_027) | [24](#a_027) |
| [Note 22 Net Sales revenue](#a_028) | [24](#a_028) |
| [Note 23 Expenses by category](#a_029) | [25](#a_029) |
| [Note 24 Other operating expenses](#a_030) | [25](#a_030) |
| [Note 25 Financial expenses](#a_031) | [26](#a_031) |
| [Note 26 Stock-based compensation](#a_032) | [26](#a_032) |
| [Note 27 Legal claim contingency](#a_033) | [28](#a_033) |
| [Note 28 Additional information of the cash flow statement](#a_034) | [29](#a_034) |
| [Note 29 Subsequent Events](#a_035) | [29](#a_035) |

---

**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**<br>**Unaudited Condensed Interim Consolidated Statements of Financial Position**<br> **As of September 30, 2025, December 31, 2024 and January 1, 2024.**<br> **(Expressed in thousands of United States dollars)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **9/30/2025** | **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 | 6108 | 45918 | 48584 |
| Trade accounts receivable | 4 | 19688 | 11584 | 22400 |
| Inventories | 5 | 22314 | 16140 | 14667 |
| Advance to suppliers | 6 | 6822 | 9727 | 5327 |
| Accounts receivable from related parties | 11 |  |  | 10 |
| Prepaid expenses and other assets |  | 739 | 3034 | 3304 |
| Recoverable VAT and other taxes | 7 | 7125 | 6368 | 13339 |
| **Total current assets** |  | **62796** | **92771** | **107631** |
| **Non-current assets** |  |  |  |  |
| Judicial deposits | 27 | 894 |  | 49 |
| Loan and accounts receivable from related parties | 11 | 18491 | 12953 | 9928 |
| Recoverable VAT and other taxes | 7 | 2725 | 1312 |  |
| Deferred income tax and social contribution | 17 | 17548 | 19230 | 1561 |
| Cash held as collateral | 8 | 12686 | 12686 | 11519 |
| Property, plant and equipment | 9 | 171350 | 141025 | 180856 |
| Deferred exploration and evaluation expenditure | 10 | 56329 | 47141 | 56016 |
| **Total non-current assets** |  | **280023** | **234347** | **259929** |
| **Total assets** |  | **342819** | **327118** | **367560** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Suppliers | 12 | 54873 | 32627 | 53675 |
| Loans and export prepayment | 13 | 48578 | 61596 | 21807 |
| Lease liability | 14 | 2308 | 1753 | 1609 |
| Prepayment from customer | 15 | 4178 | 1514 | 1625 |
| Taxes payable | 16 | 7620 | 3923 | 10234 |
| Payroll and related charges |  | 3276 | 1959 | 1907 |
| Legal contingencies | 27 | 563 | 155 |  |
| Other liabilities |  | 6920 | 5244 | 1459 |
| **Total current liabilities** |  | **128316** | **108771** | **92316** |
| **Non-current liabilities** |  |  |  |  |
| Loans and export prepayment | 13 | 113300 | 112003 | 107121 |
| Lease liability | 14 | 2226 | 1435 | 2712 |
| Taxes payable | 16 | 4337 | 3174 | 104 |
| Legal contingencies | 27 | 3327 | 3271 |  |
| Long term provisions |  | 3976 | 3221 | 764 |
| Asset retirement obligations | 18 | 3567 | 2903 | 2893 |
| **Total non-current liabilities** |  | **130733** | **126007** | **113594** |
| **Shareholders' equity** |  |  |  |  |
| Share capital | 20 | 328097 | 326832 | 291215 |
| Stock-based compensation reserve |  | 19803 | 18485 | 44488 |
| Tax incentive reserve | 20.d | 2674 | 2500 |  |
| Accumulated other comprehensive income (loss) |  | (14116) | (28495) | 1533 |
| Accumulated losses |  | (252688) | (226982) | (175586) |
| **Total shareholders' equity** |  | **83770** | **92340** | **161650** |
| **Total liabilities and shareholders' equity** |  | **342819** | **327118** | **367560** |

---

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

**Sigma Lithium Corporation**<br>**Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)**<br>**For the Nine-Month Periods ended September 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| |<br>**Note** | | **(As restated<br> Note 2.3)** | | **(As restated<br> Note 2.3)** |
| Net sales revenue | 22 | 28549 | 20894 | 93109 | 104016 |
| Cost of goods sold | 23 | (30082) | (29232) | (87862) | (87639) |
| **Gross profit (loss)** |  | **(1533)** | **(8338)** | **5247** | **16377** |
| Sales expenses | 23 | (189) | (392) | (577) | (1629) |
| General and administrative expenses | 23 | (4523) | (5252) | (13618) | (14218) |
| Other operating expenses, net | 24 | (2368) | (304) | (11755) | (5331) |
| Stock-based compensation | 26.c | (453) | (1369) | (1731) | (5577) |
| **Operating expenses** |  | **(7533)** | **(7317)** | **(27681)** | **(26755)** |
| **Operating loss before financial results and income taxes** |  | **(9066)** | **(15655)** | **(22434)** | **(10378)** |
| Financial income (expenses), net | 25 | (2612) | (8430) | 1624 | (34112) |
| **Loss before income tax and social contribution** |  | **(11678)** | **(24085)** | **(20810)** | **(44490)** |
| Income tax and social contribution – current | 17 | 21 | (461) | (332) | (5503) |
| Income tax and social contribution – deferred | 17 | 82 | (552) | (4564) | 7139 |
| **Net loss for the period** |  | **(11575)** | **(25098)** | **(25706)** | **(42854)** |
| Basic and diluted net loss per common share | 21 | (0.10) | (0.23) | (0.23) | (0.39) |
| **Weighted average number of common shares outstanding - basic and diluted** |  | **111307968** | **110821505** | **111286725** | **110626605** |

---

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

**Sigma Lithium Corporation**<br>**Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)** <br> **For the Nine-Month Periods ended September 30, 2025 and 2024**<br> **(Expressed in thousands of United States dollars)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| **Net loss for the period** | **(11575)** | **(25098)** | **(25706)** | **(42854)** |
| **Items that are or may be reclassified subsequently to income or loss:** |  |  |  |  |
| Foreign currency translation adjustment of subsidiary | 2303 | 2214 | 14379 | (17456) |
| **Net loss and comprehensive loss for the period** | **(9272)** | **(22884)** | **(11327)** | **(60310)** |

---

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

**Sigma Lithium Corporation**<br>**Unaudited Condensed Interim Consolidated Statements of Cash Flows** <br> **For the Nine-Month Periods ended September 30, 2025 and 2024**<br> **(Expressed in thousands of United States dollars)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | | **9/30/2025** | **9/30/2024** |
| |<br>**Note** | | (As restated<br> Note 2.3) |
| **Operating activities** |  |  |  |
| **Net loss for the period** |  | **(25706)** | **(42854)** |
| **Adjustments for:** |  |  |  |
| Foreign exchange (gain) loss, net |  | (22399) | 19666 |
| Interest on loans with related parties | 11 | (2055) | (888) |
| Accretion of present value of assets retirement obligation | 18 | 177 | 120 |
| Amortization of transaction costs | 13 | 537 | 572 |
| Provision for contingencies |  | 311 | 1892 |
| Social programs provision |  | 794 | 473 |
| Stock-based compensation | 26.c | 2208 | 5577 |
| Depreciation and depletion | 23 / 24 | 8378 | 9325 |
| Provision for expected inventory losses | 24 | 7859 |  |
| Income tax and social contribution - current and deferred | 17 | 4896 | (1636) |
| Interest on loans and leases | 13 / 14 | 15022 | 15959 |
| Other |  | 15 | 169 |
| **(Increase) decrease in operating assets** |  |  |  |
| Trade accounts receivable |  | (6031) | 2455 |
| Inventories |  | (11570) | (4363) |
| Advance to suppliers |  | 6129 | (3831) |
| Prepaid expenses and other assets |  | 2619 | 1170 |
| Recoverable VAT and other taxes, net | 7 | (7930) | (7567) |
| Other assets |  | (848) | (38) |
| **Increase (decrease) in operating liabilities** |  |  |  |
| Suppliers | 12 | 8560 | (5152) |
| Prepayment from customer | 15 | 2475 | 4416 |
| Taxes payables |  | 10887 | 8872 |
| Payroll and related charges |  | 1495 | 4252 |
| Other liabilities |  | 541 | 258 |
| Interest payment on loans and leases | 13 | (2930) | (18644) |
| **Net cash used in operating activities** |  | **(6566)** | **(9797)** |
| **Investing activities** |  |  |  |
| Purchase of property, plant and equipment | 9 | (6545) | (13385) |
| Addition to exploration and evaluation assets | 10 | (736) | (3066) |
| Loans to related parties for surface rights acquisition | 11 | (1080) | (2785) |
| **Net cash used in investing activities** |  | **(8361)** | **(19236)** |
| **Financing activities** |  |  |  |
| Repayment of loan | 13 | (75259) | (109181) |
| Proceeds from loans | 13 | 48958 | 164721 |
| Transactions costs | 15 |  | (174) |
| Payment of lease liabilities | 14 | (1887) | (950) |
| **Net cash provided by (used in) financing activities** |  | **(28188)** | **54416** |
| Effect of exchange rate changes on cash held in foreign currency |  | 3305 | (8373) |
| **Increase (decrease) in cash and cash equivalents in the period** |  | **(39810)** | **17010** |
| Cash and cash equivalents, beginning of period |  | 45918 | 48584 |
| Cash and cash equivalents, end of period |  | 6108 | 65594 |
| **Increase (decrease) in cash and cash equivalents in the period** |  | **(39810)** | **17010** |

---

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

**Sigma Lithium Corporation**<br>**Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity**<br>**For the Nine-Month Periods ended September 30, 2025 and 2024**<br> **(Expressed in thousands of United States dollars, except the number of shares)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | 809991 | 27563 | (27563) |  |  |  | **—** |
| Stock-based compensation | 26.c |  |  | 8096 |  |  |  | **8096** |
| Net loss for the period |  |  |  |  |  |  | (42854) | **(42854)** |
| Other comprehensive loss for the period |  |  |  |  |  | (17456) |  | **(17456)** |
| **Balance at September 30, 2024 (as restated Note 2.3)** |  | **110869462** | **318778** | **25021** | **—** | **(15923)** | **(218440)** | **109436** |
| **Balance at December 31, 2024** |  | **111267279** | **326832** | **18485** | **2500** | **(28495)** | **(226982)** | **92340** |
| Exercise of RSUs | 20c & 26a | 95700 | 1265 | (1265) |  |  |  | **—** |
| Stock-based compensation | 26.c |  |  | 2583 |  |  |  | **2583** |
| Tax incentive reserve | 20.d |  |  |  | 174 |  |  | **174** |
| Net loss for the period |  |  |  |  |  |  | (25706) | **(25706)** |
| Other comprehensive income for the period |  |  |  |  |  | 14379 |  | **14379** |
| **Balance at September 30, 2025** |  | **111362979** | **328097** | **19803** | **2674** | **(14116)** | **(252688)** | **83770** |

---

**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 Nine-Month Periods ended September 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

&nbsp;&nbsp;&nbsp;&nbsp;• Note
3 – Use of judgments and estimates

&nbsp;&nbsp;&nbsp;&nbsp;• Note
4 – New accounting standards and interpretations

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

&nbsp;&nbsp;&nbsp;&nbsp;• Note
28. b – Stock-based compensation - Stock option

&nbsp;&nbsp;&nbsp;&nbsp;• Note
29 – Commitments

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

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Nine-Month Periods ended September 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 September 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$5.3186 (R$6.1923 on December 31, 2024) and CAD$1.00 was equivalent to R$3.8186 (R$4.3047 on December 31, 2024), based on the rates published by the Central Bank of Brazil.

**2.4.** **Going concern**

Management understands that the actions being currently undertaken to obtain additional funding and implement its strategy, including making changes to its mains suppliers, enable it for the Company to continue as a going concern.

During the period ended September 30, 2025, the Company presented a negative working capital of $65,520, accumulated losses of $252,688¹ and incurred a net loss of $25,706.

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

The Company's ability to continue as a going concern is dependent upon management's ability to successfully execute its business plan, which includes increasing revenues while controlling operating expenses, as well as, generating operational cash flows and continuing to maintaining support from outside sources of financing, while managing the uncertainty brought by the volatility in lithium markets.

¹Include $151,462 of Stock Based Compensation which did not impact cash flow of the Company.

**3.** **Cash and cash equivalents**

Cash and cash equivalents include the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **9/30/2025** | **9/30/2025** | **12/31/2024** | **12/31/2024** |
|  | | | (As restated <br>Note 2.3) | (As restated <br>Note 2.3) |
| Cash |  | 6108 |  | 24860 |
| Short-term investments | |  | | 21,058 |
|  | | **6,108** | | **45,918** |

---

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 September 30, 2025, the Company has terminated its financial investment positions are in line with evolving liquidity and strategic priorities.

**4.** **Trade accounts receivable**

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
|  | | (As restated <br>Note 2.3) |
| Accounts receivable from customers | 11172 | 18013 |
| Provisional price adjustment | 8516 | (6429) |
|  | **19688** | **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 September 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**

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
|  | | (As restated <br>Note 2.3) |
| Lithium oxide concentrate | 14915 | 2653 |
| Green By-Products | 8197 | 6499 |
| Provision for expected inventory losses<sup>(1)</sup> | (8197) |  |
| **Total finished goods** | **14915** | **9152** |
| Consumable | 689 | 391 |
|  | **15604** | **9543** |
| Spare parts | 6710 | 6597 |
| **Total** | **22314** | **16140** |

---

(1) On 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 $8,197 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 September 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 Nine-Month Periods ended September 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**6.** **Advance to suppliers**

As of September 30, 2025, the Company had outstanding balances for advances with domestic and foreign suppliers in the amount of $6,822 ($9,727 on December 31, 2024), for the acquisition of operating consumables.

**7.** **Recoverable VAT and other taxes**

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
|  | | (As restated <br>Note 2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICMS (State VAT) | 2725 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal tax credits (PIS / COFINS) | 5493 | 5224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other recoverable taxes <sup>(1)</sup> | 1632 | 1144 |
|  | **9850** | **7680** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current** | **7125** | **6368** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-Current** | **2725** | **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 September 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 Nine-Month Periods ended September 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 | 717 | **189448** |
| **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** | **623** | **180856** |
| Additions | 3857 | 66 | 2015 | 2232 | 6528 | 57 | 14755 |
| 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 | 4710 |  | 4324 | 2324 | 2610 | 9 | **13977** |
| Depreciation and depletion |  | (1538) | (4299) | (1635) | (2454) | (87) | **(10013)** |
| Disposal |  |  | (20) | (22) |  |  | **(42)** |
| Transfers of inventory – current assets |  |  | 2950 |  |  |  | **2950** |
| Foreign currency translation adjustment of subsidiaries | 720 | 6759 | 11501 | 591 | 3814 | 68 | **23453** |
| **Balance as of September 30, 2025** | **7707** | **46942** | **83978** | **4314** | **27977** | **432** | **171350** |
| **Cost** | 7707 | 52438 | 96434 | 9526 | 36773 | 716 | **203594** |
| **Accumulated depreciation and depletion** |  | (5496) | (12456) | (5212) | (8796) | (284) | (32244) |
| **Balance as of September 30, 2025** | **7707** | **46942** | **83978** | **4314** | **27977** | **432** | **171350** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Nine-Month Periods ended September 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):**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **9/30/2025** | **9/30/2025** | **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, with capital expenditures for the project totaling $7,903 in 2025 ($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 September 30, 2025 and December 31, 2024, is shown below:

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
| **Reconciliation of depreciation and depletion for the period** |  | (As restated<br> Note 2.3) |
| Operating expenses | 9843 | 13367 |
| Deferred exploration and evaluation expenditure | 170 | 40 |
| **Depreciation accumulated for the period** | **10013** | **13407** |

---

**10.** **Deferred exploration and evaluation expenditure**

A summary of exploration costs is set out below:

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| **Opening balance** | **47141** | **56016** |
| Exploration and feasibility investments | 906 | 3186 |
| Share based compensation of exploration and feasibility personnel | 450 | 1267 |
| **Additions** | **1356** | **4453** |
| Disposal |  | (342) |
| Asset retirement cost |  | (100) |
| Foreign currency translation adjustment of subsidiaries | 7832 | (12886) |
| **Closing balance** | **56329** | **47141** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Nine-Month Periods ended September 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;&nbsp;&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 Investimentos Fundo de Investimento Financeiro em Ações ("A10 Fund"), which is the major shareholder of the Company. |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 September 30, 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Partners Participações Ltda.<br>| A10 Partners Participações Ltda. is a holding company. The firm is indirectly controlled by Marcelo Paiva, a director of Sigma Lithium. |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&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 September 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 an 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, has an indirect economic interest and is an 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, and Marina Bernardini, an officer of Miazga and Sigma Brazil. |
| 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 a CSA with A10 Advisory, whereby strictly the following expenses are reimbursed: (i) the cost of administrative personnel that is 100% allocated to Sigma Lithium; (ii) the rental of Sigma Lithium's office space, which was formerly occupied and until recently paid by A10 Advisory, and is now fully utilized by Sigma Lithium; and (iii) health insurance expenses of former A10 Advisory staff, now employed only by Sigma Lithium, which continue to be paid by A10 Advisory. Marcelo Paiva does not receive any compensation or benefits as part of such CSA.

**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 September 30, 2025, the Company recognized an amount of $1,702 ($951 as of December 31, 2024) to be paid to Miazga, of which $537 was settled during the first half of 2025.

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

**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 the loan of an amount up to $12,000. On November 14, 2024, the Company entered into a contractual amendment with an increase in the loan limit to $15,000, 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 totaled $18,491 as of September 30, 2025 ($12,953 as of December 31, 2024), of which $13,875 ($12,795 as of December 2024) represents loan disbursements and $4,621 ($2,566 as of December 2024) corresponds to capitalized interest. During the nine-month period ended September 30, 2025, Tatooine requested $1,080 to acquire properties located over the Company's mining rights.

**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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Nine months Ended,** | | | **Nine months Ended,** |
| | **9/30/2025** | **9/30/2025** | **9/30/2025** | **12/31/2024** | **12/31/2024** | **9/30/2024** |
| | | | | (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 |  | 26 | (342) |  |  | (168) |
| **Miazga** |  |  |  |  |  |  |
| Lease agreements |  | 613 | (176) |  | 5 | (3) |
| Royalties |  | 1299 | (751) |  | 671 |  |
| **Arqueana** |  |  |  |  |  |  |
| Lease agreements |  | 1413 | (211) |  | 123 | (14) |
| **Tatooine** |  |  |  |  |  |  |
| Loan to related party | 18491 |  | 2055 | 12953 |  | 888 |
| **Instituto Lítio verde** |  |  |  |  |  |  |
| Accounts payable |  | 1383 | (808) |  | 563 | (637) |
| **Total** | **18491** | **4734** | **(233)** | **12953** | **1362** | **66** |

---

**b) Key management personnel**

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

---

| | | |
|:---|:---|:---|
|  | **Nine months ended,** | **Nine months ended,** |
|  | **9/30/2025** | **9/30/2024** |
|  | | (As restated<br> Note 2.3) |
| Stock-based compensation, included in operating expenses | 1386 | 2088 |
| Salaries, benefits and director's fees, included in general and administrative expenses | 593 | 883 |
|  | **1979** | **2971** |

---

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

**12.** **Suppliers**

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Brazilian-based suppliers <sup>(1) /(2)</sup> | 47060 | 26190 |
| Non-Brazilian-based suppliers | 7813 | 6437 |
| **Total suppliers <sup>(3)</sup>** | **54873** | **32627** |

---

*(1)* *Out of the amount recognized in suppliers, as of September 30, 2025, $9,387 ($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)* *The Company has decided to review mining operations to increase it efficiency, where its includes a change of some suppliers and the outstanding balance as of September 30, 2025 is part of demobilization process;* 

*(3)* *As of December 31, 2024, the Company reclassified to suppliers the amount of $9,071 previously recognized as accounts payable.* 

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Nine-Month Periods ended September 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** |
|  | **9/30/2025** | **12/31/2024** | **9/30/2025** | **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 | 36742 | 60125 |  |  |
| Export prepayment agreements - Synergy | 9033 | 624 | 100000 | 100000 |
|  | **45775** | **60749** | **100000** | **100000** |
| **Reais denominated** |  |  |  |  |
| Finame - BDMG | 2803 | 847 | 14354 | 13398 |
| **Total loans and export prepayment** | **48578** | **61596** | **114354** | **113398** |
| Transactions costs |  |  | (1054) | (1395) |
| **Total loans and export prepayment + Transactions costs** | **48578** | **61596** | **113300** | **112003** |

---

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

As of September 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 | 551 | 40769 | 41320 |
| 2026 | 3126 | 105006 | 108132 |
| 2027 | 3514 |  | 3514 |
| 2028 | 3514 |  | 3514 |
| 2029 | 3450 |  | 3450 |
| After 2029 | 3002 |  | 3002 |
|  | **17157** | **145775** | **162932** |

---

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:

 

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
| **Description** |  | (As restated<br> Note 2.3) |
| **Opening balances** | **173599** | **128928** |
| Additions | 48958 | 178383 |
| Interest expense <sup>(1)</sup> | 14701 | 20954 |
| Payment of interest <sup>(2)</sup> | (2930) | (31545) |
| Principal amortization <sup>(3)</sup> | (75259) | (122161) |
| Foreign exchange <sup>(4)</sup> | (23323) | 42387 |
| Transaction costs additions |  | (174) |
| Transaction costs amortization | 537 | 745 |
| Others |  | 1001 |
| Foreign currency translation adjustment of subsidiary | 25595 | (44919) |
| **Loans and export prepayment agreements** | **161878** | **173599** |

---

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

*(2)* *Interest payments made during the nine-month period ended September 30, 2025, totaled $2,930 including: (i) $1,918 for export prepayment agreements and (ii) $1,012 for financing agreements with BDMG;* 

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

*(4)* *The Brazilian real appreciated by 14.1% against the U.S. dollar in the 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 Nine-Month Periods ended September 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 nine months ended September 30, 2025, the Company entered into export prepayment agreements with financial institutions for a total amount of $48,958. 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 $74,807 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, the Company 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 nine-month period ended September 30, 2025, the Company recognized interest expense on this contract in the amount of $8,402 ($9,414 as of September 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%.

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

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.

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 nine-month period ended September 30, 2025, the Company recognized an interest expense on this contract in the amount of $2,018 ($1,332 as of September 30, 2024).

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

On October 10, 2024, Sigma Lithium signed the final agreement securing a R$486,800 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 September 30, 2025 the Company has not recorded any drawdowns from BNDES.

As of September 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 10.72% which was determined to be the Company's incremental borrowing rate.

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

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
| **Description** |  | (As restated<br> Note 2.3) |
| **Opening balances** | **3188** | **4321** |
| Remeasurement | 2324 | 2232 |
| Interest expense | 321 | 369 |
| Disposal | (25) | (496) |
| Payments | (1887) | (2392) |
| Others |  | (47) |
| Foreign currency translation adjustment of subsidiary | 613 | (799) |
| **Lease Liability total** | **4534** | **3188** |
| **Current** | **2308** | **1753** |
| **Non-Current** | **2226** | **1435** |

---

**Maturity analysis - contractual discounted cash flows**

---

| | |
|:---|:---|
| **As at September 30, 2025** | |
| Less than one year | 2308 |
| Year 2 | 678 |
| Year 3 | 408 |
| Year 4 | 346 |
| Year 5 | 312 |
| More than 5 years | 482 |
| **Total contractual discounted cash flows** | **4534** |

---

**Sigma Lithium Corporation**<br>**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**<br>**For the Nine-Month Periods ended September 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 September 30, 2025, the outstanding balance was $4,178 ($1,514 as of December 31, 2024).

**16.** **Taxes payable**

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
|  | | (As restated<br> Note 2.3) |
| Municipal taxes | 1287 | 422 |
| State taxes <sup>(1)</sup> | 2569 | 297 |
| Federal taxes | 8101 | 6378 |
|  | **11957** | **7097** |
| **Current** | **7620** | **3923** |
| **Non-Current** | **4337** | **3174** |

---

<sup>(1)</sup> During 2025 3rd Quarter, the Company identified inconsistencies in its tax ancillary obligations related to prior years (mostly 2022 and 2023) regarding the non-fulfillment of certain requirements and deadlines set by tax legislation. To rectify its situation with the tax authorities and demonstrate full compliance with legal obligations, the Company took a proactive approach by voluntarily disclosing the issue to the relevant authorities. The amounts related to this voluntary disclosure will be paid in 60 installments, comprising $1,360 of principal, $672 in interest and fines.

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 nine-months ended September 30, 2025, the Company recognized a reserve for tax incentives in the amount of $174 ($2,500 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** | **Nine Months Ended** | **Nine Months Ended** |
| | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Current | 21 | (461) | (332) | (5503) |
| Deferred | 82 | (552) | (4564) | 7139 |
|  | **103** | **(1013)** | **(4896)** | **1636** |

---

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:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
|  | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
|  Loss before income tax and social contribution | (11678) | (24085) | (20810) | (44490) |
| Statutory tax rate | 27% | 27% | 27% | 27% |
| **Tax credit at statutory rate** | **3153** | **6503** | **5619** | **12012** |
| **Reconciling items** |  |  |  |  |
| Impact of foreign income tax rate differential | 619 | 1428 | 828 | 2100 |
| Exclusion of Canadian tax credits | (926) | (995) | (2585) | (3912) |
| Unrecognized tax loss carryforwards | (2530) | (7949) | (8758) | (8564) |
| Other | (213) |  |  |  |
| **Current and deferred income tax and social contribution** | **103** | **(1013)** | **(4896)** | **1636** |
| **Effective tax rate** | **0.9%** | **(4.2** **%)** | **(23.5** **%)** | **3.7%** |

---

The amount of $13,885 as of September 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** | **9/30/2025** |
|  | (As restated<br> Note 2.3) | | | |
| **Temporary differences:** |  |  |  |  |
| Pre-operational expenses | 2490 | (533) |  | 1957 |
| Tax loss carry forward | 8165 | (157) |  | 8008 |
| Unrealized foreign currency fluctuation | 8364 | (7166) |  | 1198 |
| Leasing | (14) | 22 |  | 8 |
| Taxes installments program | 1365 | 590 |  | 1955 |
| Commission provision | 435 | (372) |  | 63 |
| Reversal of present value adjustment (ARO) |  | 60 |  | 60 |
| Provision for expected inventory losses |  | 2627 |  | 2627 |
| Financial result – Swap transactions | 168 | 351 |  | 519 |
| Others |  | 14 |  | 14 |
| Foreign currency translation adjustment of subsidiaries | (1743) |  | 2882 | 1139 |
| **Total deferred tax assets** | **19230** | **(4564)** | **2882** | **17548** |

---

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:

---

| | | |
|:---|:---|:---|
|  | **9/30/2025** | **12/31/2024** |
| | | **(As restated<br> Note 2.3)** |
| Xuxa Mine <sup>(1)</sup> | 2665 | 2169 |
| Barreiro Mine <sup>(2)</sup> | 902 | 734 |
| **Total** | **3567** | **2903** |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| | **9/30/2025** | **12/31/2024** |
| <br>**Description** | | **(As restated<br> Note 2.3)** |
| **Opening balances** | **2903** | **2893** |
| Accretion of asset retirement obligation | 177 | 156 |
| Addition of fixed assets |  | 614 |
| Reversal of exploration assets |  | (100) |
| Foreign currency translation adjustment of subsidiary | 487 | (660) |
| **Asset retirement obligation total** | **3567** | **2903** |

---

**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)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **9/30/2025** | **9/30/2025** | **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 | 6108 |  | 45918 |  |
| Trade accounts receivable | 4 |  | 19688 |  | 11584 |
| **Non-current** |  |  |  |  |  |
| Loan and accounts receivable from related parties | 11 | 18491 |  | 12953 |  |
| Cash held as collateral | 8 | 12686 |  | 12686 |  |
|  |  | **37285** | **19688** | **71557** | **11584** |
| **Liabilities** |  |  |  |  |  |
| **Current** |  |  |  |  |  |
| Suppliers | 12 | 54873 |  | 32627 |  |
| Loans and export prepayment | 13 | 48578 |  | 61596 |  |
| Prepayment from customer | 15 |  | 4178 |  | 2154 |
| **Non-current** |  |  |  |  |  |
| Loans and export prepayment | 13 | 113300 |  | 112003 |  |
|  |  | **216751** | **4178** | **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.

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

· **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 September 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Description** | **9/30/2025** |
| **Canadian dollars** |  |
| Cash and cash equivalents | 13 |
| Tax recoverable | 711 |
| Suppliers | (6836) |
| Other current liabilities | (87) |
|  | **(6199)** |
| **United States dollar** |  |
| Cash and cash equivalents | 1173 |
| Trade accounts receivable | 19688 |
| Cash held as collateral | 12686 |
| Suppliers | (2905) |
| Prepayment from customer | (4178) |
| Interest on export prepayment agreement | (11975) |
| Export prepayment agreement | (133800) |
|  | **(119311)** |

---

· **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 September 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **9/30/2025** | **9/30/2025** | **9/30/2025** | **9/30/2025** |
|<br>**Currency** | **Exchange rate** | **Probable scenario <sup>(1)</sup>** | **Scenario 1 (+/-10%)** | **Scenario 2** <br> **(+/-20%)** |
| CAD (+) | 3.8186 | 3.8391 | 4.2230 | 4.6069 |
| CAD (-) | 3.8186 | 3.8391 | 3.4552 | 3.0713 |
| USD (+) | 5.3186 | 5.3797 | 5.9177 | 6.4556 |
| USD (-) | 5.3186 | 5.3797 | 4.8417 | 4.3038 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **9/30/2025** | **9/30/2025** | **9/30/2025** | **9/30/2025** |
|  | **Notional** | **Probable scenario <sup>(1)</sup>** | **Scenario 1** | **Scenario 2** |
| Canadian dollar-denominated (+) | (6199) | (33) | (594) | (1061) |
| Canadian dollar-denominated (-) | (6199) | (33) | 652 | 1508 |
| U.S dollar-denominated (+) | (119311) | (1355) | (12078) | (21014) |
| U.S dollar-denominated (-) | (119311) | (1355) | 11751 | 28134 |

---

<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 October 24, 2025.

· **Interest rate risk** 

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.

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

· **Sensitivity analysis of interest rate variations** 

The Company considered scenario probable and scenarios 1 and 2 of changes in interest rates volatility as of September 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 three-month periods ended September 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%) | 17157 | (610) | (671) | (732) |
| Rate |  | 4.15% | 4.15% | 4.25% | 4.36% |
| Export prepayment agreement | SOFR (+2.5% and +5.0%) | 100000 | (1021) | (1047) | (1099) |

---

<sup>(1)</sup> Sensitivity analysis of the probable scenario was measured using as reference the rates on October 20, 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 September 30, 2025, recognized in the financial result.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Appreciation (R$)** | **Appreciation (R$)** | **9/30/2025** | **Nine months ended,** <br> **9/30/ 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 | 129135 | 135499 | (6364) | (1030) |

---

· **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.

As of September 30, 2025, the Company recorded an adjustment to the provisional pricing, reflecting relevant differences between the price initially used and the price established for September sales.

The sensitivity of the Company's risk related to the final settlement of provisional pricing accounts receivable expected to be determined during the last 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> | 162196 | 919 | 13 | 2097 |
| Lithium oxide concentrate (+20%)<sup>(2)</sup> | 162196 | 933 | 23 | 3772 |
| Lithium oxide concentrate (-20%)<sup>(2)</sup> | 162196 | 622 | (23) | (3772) |

---

<sup>(1)</sup> The sensitivity analysis for the probable scenario was measured using October 24, 2025, futures price from the Guangzhou Futures Exchange as a reference.

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

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

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

· **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.

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 | 54873 |  |  |  | 54873 |
| Loans and export prepayment | 48573 | 107028 | 6389 | 942 | 162932 |
| Lease liabilities | 2308 | 1086 | 658 | 482 | 4534 |

---

**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 September 30, 2025, capital consisted of equity attributable to common shareholders of $83,770 ($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 Nine-Month Periods ended September 30, 2025 and 2024**<br>**(Expressed in thousands of United States dollars, unless otherwise stated)**<br>

**20.** **Share capital**

**a) Ownership structure**

On September 30, 2025 and December 31, 2024 the Company had 111,362,979 and 111,267,279 common shares, respectively. On September 30, 2025, to the best of the Company's knowledge, the Company´s largest shareholder, and the only shareholder with over 10% of common shares, is A10 Investimentos Fundo de Investimento Financeiro em Ações ("A10 Fund"), with 42.82% of the common shares.

**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 September 30, 2025, and 2024:**

---

| | | |
|:---|:---|:---|
| | **Number of common shares** | **Amount ($)** |
| **Balance, January 1, 2024 (as restated Note 2.3)** | **110059471** | **291215** |
| Exercise of RSUs | 809991 | 27563 |
| **Balance, September 30, 2024 (as restated Note 2.3)** | **110869462** | **318778** |
| **Balance, January 1, 2025** | **111267279** | **326832** |
| Exercise of RSUs | 95700 | 1265 |
| **Balance, September 30, 2025** | **111362979** | **328097** |

---

**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 nine-month period ended September 30, 2025, the Company recognized a reserve for tax incentives in the amount of $174 ($2,500 as of December 31, 2024).

**21.** **Loss per share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
|  | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Net loss for the period | (11575) | (25098) | (25706) | (42854) |
| Weighted average number of common shares | 111307968 | 110821505 | 111286725 | 110626605 |
| Basic and diluted net loss per common shares | **(0.10)** | **(0.23)** | **(0.23)** | **(0.39)** |

---

**22.** **Net sales revenue** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
|  | | (As restated <br> Note 2.3) | | (As restated <br> Note 2.3) |
| Gross sales revenue – lithium concentrate | 30433 | 41383 | 96101 | 137870 |
| *Provisional price adjustment <sup>(1)(2)(3)(4)</sup>* | (2889) | (20764) | (10249) | (36430) |
| Shipping services | 1005 | 275 | 7257 | 2576 |
|  **Total net sales revenue** | **28549** | **20894** | **93109** | **104016** |

---

*The amount includes: (1)$2,105 of final price adjustment and (2) ($2,452) of interest of pre-payment of cargo for the three months period ended September 30, 2025 and (3)* ($3,803) of final price adjustment and (4) $(2,933) of interest of pre-payment of cargo for the nine months period ended September 30, 2025*.*

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

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.** **Expenses by category**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Operation | (17542) | (15842) | (45048) | (46411) |
| Labor | (5814) | (7310) | (17524) | (19417) |
| Logistics costs (trucking, shipping and port) | (3566) | (3169) | (14554) | (11409) |
| Depletion/Depreciation | (1869) | (2876) | (8356) | (9325) |
| Services | (1722) | (2122) | (5383) | (5967) |
| Royalties<sup>(1)</sup> | (958) | (651) | (3166) | (3089) |
| Stock-based compensation<sup>(2)</sup> | (538) |  | (477) |  |
| Other | (2785) | (2906) | (7549) | (7868) |
| **Expenses by nature** | **(34794)** | **(34876)** | **(102057)** | **(103.486)** |
| Cost of products sold | (30082) | (29232) | (87862) | (87639) |
| General and administrative expenses | (4523) | (5252) | (13618) | (14218) |
| Sales expenses | (189) | (392) | (577) | (1629) |
|  | **(34794)** | **(34876)** | **(102057)** | **(103486)** |

---

***<sup>(1)</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>(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.*

 

**24.** **Other operating expenses, net**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Provision for long-term inventory losses<sup>(1)</sup> |  |  | (7859) |  |
| Warehouse Low Grade | (333) |  | (333) |  |
| Environmental and social expenses | (773) | (585) | (1984) | (2153) |
| Accrual for contingencies | (11) | 18 | (97) | (1892) |
| Taxes and fees<sup>(2)</sup> | (1360) |  | (1360) | (984) |
| Depreciation | (9) |  | (22) |  |
| Others | 118 | 263 | (100) | (302) |
| **Other operating expenses, net total** | **(2368)** | **(304)** | **(11755)** | **(5331)** |

---

<sup>(1)</sup> On 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.

<sup>(2)</sup> During 2025 3rd Quarter, the company identified inconsistencies in its tax ancillary obligations related to prior years (mostly 2022 and 2023) regarding the non-fulfillment of certain requirements and deadlines set by tax legislation. To rectify its situation with the tax authorities and demonstrate full compliance with legal obligations, the Company took a proactive approach by voluntarily disclosing the issue to the relevant authorities. The amounts related to this voluntary disclosure will be paid in 60 installments, comprising $1,360 of principal, $672 in interest and fines (Note 25).

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

**25.** **Financial expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Financial income | 629 | (237) | 2238 | 2711 |
| **Financial expenses** |  |  |  |  |
| Interest accrued on loans and export prepayment <sup>(1)</sup> | (4843) | (5728) | (14701) | (15683) |
| Contractual penalty fee | (258) |  | (258) |  |
| Foreign exchange on tax/fees | (196) | (1937) | (1916) | (2475) |
| Interest and late payment penalties on taxes (Note 24 <sup>(2)</sup>) | (1118) | (102) | (1297) | (147) |
| Accretion of leases and asset retirement obligation | (175) | (92) | (498) | (312) |
| Other expenses | (173) | (171) | (348) | (537) |
|  | **(6763)** | **(8030)** | **(19018)** | **(19154)** |
| Foreign exchange variation on net assets <sup>(2)</sup> | 3522 | (163) | 18404 | (17669) |
| **Financial expenses, net total** | **(2612)** | **(8430)** | **1624** | **(34112)** |

---

*(1)* *In the three-month periods ended September 30, 2025 interest accrued on loans and export prepayment expenses, included $1,222 related to export prepayment agreements, $770 to financing agreements with BDMG and $2,851 to long-term export prepayment – Synergy, and in the nine-month periods ended September 30, 2025 interest accrued on loans and export prepayment expenses, included $4,281 related to export prepayment agreements, $2,018 to financing agreements with BDMG and $8,402 to long-term export prepayment – Synergy.* 

*(2)* *The Brazilian real appreciated by 14.1% against the US$ in the nine-month period ended September 30, 2025. This variation is non-cash and primarily affects provisions and accruals.* 

 

**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 15,278,130 equity units have already been granted or issued. A total of 2,842,748 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 | (95700) |
| Granted <sup>(4)</sup> | 34000 |
| Forfeited <sup>(5)</sup> | (261250) |
| Adjustment <sup>(6)</sup> | 21667 |
| **Balance, September 30, 2025** | **82569** |

---

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

(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 relates to 34,000 RSUs granted to a member of the Board, related to their 2024/2025-year mandate.

(5) 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 amount also includes 60,000 RSUs granted to current directors, related to the conclusion of a "Change in Control" (as defined in the Equity Incentive Plan) during their 2024/2025-year mandate, which did not happen. The remaining amount relates to packages granted to employees or consultants that have left the Company before the packages vested.

(6) This adjustment represents 21,667 RSUs previously forfeited on an outdated proportional basis, which now has been updated to reflect the terms of the Equity Incentive Plan.

**(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 September 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 RSUs the provision is transferred to the Company´s share capital.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** | **9/30/2025** | **9/30/2024** |
| | | (As restated<br> Note 2.3) | | (As restated<br> Note 2.3) |
| Stock-based compensation expense | 453 | 1369 | 1731 | 5577 |
| Cost of goods sold (adjustments) | 538 |  | 477 |  |
| Property, plant and equipment | (13) | 945 | (75) | 1351 |
| Deferred exploration and evaluation expenditure | 450 | 138 | 450 | 994 |
| Others |  |  |  | 174 |
|  | **1428** | **2452** | **2583** | **8096** |

---

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

**27.** **Legal contingencies**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **9/30/2025** | **9/30/2025** | **9/30/2025** | **9/30/2025** | **9/30/2025** |
| | **Contingency** | **Contingency** | | | |
| **Nature** | **Current** | **Non-current** |<br>**Stock-based compensation** |<br>**(-) Suppliers** |<br>**Probable loss, net** |
| Civil <sup>(1)</sup> | 563 | 1747 | 166 | (2029) | 447 |
| Labor |  | 1580 |  |  | 1580 |
| **total** | **563** | **3327** | **166** | **(2029)** | **2027** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **12/31/2024** | **12/31/2024** | **12/31/2024** | **12/31/2024** | **12/31/2024** |
| | | | | | **(As restated<br> Note 2.3)** |
| | **Contingency** | **Contingency** | | | |
|<br>**Nature** | **Current** | **Non-current** |<br>**Stock-based compensation** |<br>**(-) Suppliers** |<br>**Probable loss, net** |
| Civil <sup>(1)</sup> | 155 | 1742 | 166 | (1736) | 327 |
| Labor |  | 1529 |  |  | 1529 |
| **total** | **155** | **3271** | **166** | **(1736)** | **1856** |

---

As of September 30, 2025, the Company, under court order, holds judicial deposits to guarantee certain civil lawsuits in the amount of $894.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nature** | **12/31/2024** | **Accrued Charges** | **Net utilization of reversal** | **(-) Suppliers** | **Exchange<br> Variation** | **Foreign currency translation adjustment of subsidiary** | **9/30/2025** |
|  | (As restated<br> Note 2.3) |  |  |  |  |  |  |
| Civel <sup>(1)</sup> | 327 | 380 | (25) | (258) | (264) | 287 | 447 |
| Labor | 1529 |  |  |  | (188) | 239 | 1580 |
| **total** | **1856** | **380** | **(25)** | **(258)** | **(452)** | **526** | **2027** |

---

(1) 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **9/30/2025** | **9/30/2025** | **9/30/2025** | **12/31/2024** | **12/31/2024** | **12/31/2024** |
| **Nature** |  |  |  | (As restated<br> Note 2.3) | (As restated<br> Note 2.3) | (As restated<br> Note 2.3) |
|  | **Contingency** | **(-) Suppliers** | **Possible loss, net** | **Contingency** | **(-) Suppliers** | **Possible loss, net** |
| Civil <sup>(2)</sup> | 16346 | (9387) | 6959 | 11770 | (5631) | 6139 |
| Regulatory | 154 |  | 154 | 128 |  | 128 |
| Labor | 1440 |  | 1440 | 487 |  | 487 |
|  | **17940** | **(9387)** | **8553** | **12385** | **(5631)** | **6754** |

---

(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).

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

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.

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

Non-cash effects are presented below:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **9/30/2025** | **9/30/2024** |
| | | **(As restated<br> Note 2.3)** |
| **Addition to property, plant, and equipment in exchange for:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease | 2324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Suppliers | 5182 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (74) | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related parties |  | 163 |
|  | **7432** | **2192** |
| **Addition to exploration and evaluation assets in exchange for:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 450 | 995 |
| **Non-cash effects** | **7882** | **3187** |

---

**29.** **Subsequent events**

In November 2025, the Company entered into an export prepayment trade finance agreement with a financial institution for a total amount of $8,800, with a maturity term of 180 days.

\* \* \*

## Exhibit 99.3

![](sgml202511126k_005.jpg)

**SIGMA LITHIUM'S 3Q 25 RESULTS:<br> INCREASE IN REVENUES AND CASH POSITION** 

**HIGH** **LIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Sigma Lithium net revenue increased by 69% QoQ and 36% YoY, as it commercially partnered with its clients and leaned on their balance sheets: efficiently navigated lithium price fluctuations.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Generated US$24 million from final price settlements of sales concluded by 3Q25, with an additional cash generation of approximately US$ of approximately US$4 million expected from incremental settlements.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Additionally, US$33 million is expected from the sale of 950,000 tonnes of high purity lithium materials ("middlings") that can be reprocessed by clients.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Mining operations are expected to restart by the end of November and achieve a full ramp-up by 1Q26 with upgraded equipment leased directly from manufacturers at low rates and directly managed and operated by Sigma Lithium.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Maintained financial discipline and continued to deleverage: short term (high interest) trade finance debt was decreased by 48% during the year till Nov 2025*** 

**Conference Call Information**

The Company will hold a conference call to discuss its financial results for the second quarter of 2025 at 8:30 a.m. ET on Friday, November 14, 2025. Register for the call at <u>https://ir.sigmalithiumcorp.com/events</u>

**São Paulo, Brazil. November 14, 2025. Sigma Lithium Corporation (TSXV/NASDAQ: SGML, BVMF: S2GM34)**, a leading global lithium producer dedicated to powering the next generation of batteries for electric vehicles and energy storage systems with socially and environmentally sustainable lithium concentrate, reports its results for the third quarter ended September 30, 2025.

**SUMMARY OF OPERATIONAL AND FINANCIAL METRICS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;**% QoQ** | &nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**% YoY** |
| &nbsp;&nbsp;Production Volume | &nbsp;&nbsp;Kt | &nbsp;&nbsp;44.0 | &nbsp;&nbsp;68.4 | &nbsp;&nbsp;-36% | &nbsp;&nbsp;60.2 | &nbsp;&nbsp;-27% |
| &nbsp;&nbsp;Sales Volume | &nbsp;&nbsp;Kt | &nbsp;&nbsp;48.6 | &nbsp;&nbsp;40.4 | &nbsp;&nbsp;21% | &nbsp;&nbsp;57.5 | &nbsp;&nbsp;-15% |
| &nbsp;&nbsp;Average Net Realised Price | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;586 | &nbsp;&nbsp;419 | &nbsp;&nbsp;40% | &nbsp;&nbsp;364 | &nbsp;&nbsp;61% |
| &nbsp;&nbsp;**Net Revenues** | &nbsp;&nbsp;**US$ M** | &nbsp;&nbsp;**28.5** | &nbsp;&nbsp;**16.9** | &nbsp;&nbsp;**69%** | &nbsp;&nbsp;**20.9** | &nbsp;&nbsp;**36%** |
| &nbsp;&nbsp;CIF Cash Cost + Royalties | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;543 | &nbsp;&nbsp;442 | &nbsp;&nbsp;23% | &nbsp;&nbsp;513 | &nbsp;&nbsp;6% |
| &nbsp;&nbsp;EBITDA | &nbsp;&nbsp;US$ M | &nbsp;&nbsp;-6.2 | &nbsp;&nbsp;-17.1 | &nbsp;&nbsp;-64% | &nbsp;&nbsp;-11.4 | &nbsp;&nbsp;-46% |
| &nbsp;&nbsp;**Cash and Cash Equivalents** | &nbsp;&nbsp;**US$ M** | &nbsp;&nbsp;**6.1** | &nbsp;&nbsp;**15.1** | &nbsp;&nbsp;**-60%** | &nbsp;&nbsp;**65.6** | &nbsp;&nbsp;**-91%** |
| &nbsp;&nbsp;**Trade Finance** | &nbsp;&nbsp;**US$ M** | &nbsp;&nbsp;**37** | &nbsp;&nbsp;**43** | &nbsp;&nbsp;**-14%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**-37%** |
| &nbsp;&nbsp;Total Debt | &nbsp;&nbsp;US$ M | &nbsp;&nbsp;161.9 | &nbsp;&nbsp;167 | &nbsp;&nbsp;-3% | &nbsp;&nbsp;181.2 | &nbsp;&nbsp;-11% |

---

**SUBSTANTIAL REVENUE GROWTH**

Sigma Lithium reported net revenues of US$28.5 million for 3Q25, representing substantial increases of 69% quarter-over-quarter and 36% year-on-year. The increases reflected a successful commercialization strategy, which enabled the company to maximize seasonal lithium price variations and lock gains, enabled by the Company's provisional pricing strategy. The increase on a quarter-over-quarter basis also reflected better sales volumes, which rose 21% primarily because in the previous quarter, in line with Sigma Lithium´s disciplined commercial strategy, the Company temporarily withheld product from the market during periods of intense price volatility to preserve pricing power and protect long-term margins.

&nbsp;&nbsp;&nbsp;&nbsp;

![](sgml202511126k_003.jpg)\| 1<br>

![](sgml202511126k_005.jpg)

**MINING OPERATIONS UPGRADED TO MATCH GREENTECH INDUSTRIAL PLANT 3.0**

Following the upgrade in the Greentech industrial plant last year in Nov. 24, it has veen recurringly delivering unprecedent recovery levels since January 2025, with over 70% at plant level. As a result, in 2026, the Company plans to reach the full Greentech industrial plant capacity of 300kt, already achieved in 4Q 24.

As a result, our medium term mine plan was extensively reviewed throughout the year: initiatives to assess the upgrade in mining operations currently in execution include the increase in the size of the mining equipment (double the capacity of trucks and excavators) and full digitalization of controls in mining operations, including fleet and diesel. Sigma Lithium took over the mining operations from a previous equipment contractor and plans to be leasing equipment directly from manufacturers, funding this upgrade via offtake agreements in Asia, with low interest rates. The Company expects mining operations to resume by the end of November achieving a full ramp-up by 1Q26.

**SIGNIFICANT IMPROVEMENT IN CASH POSITION IN CONTRAST TO PEERS**

As of September 30, 2025, the Company's had cash and cash equivalents of US$6.1 million in addition to US$20 million from trade receivables booked in the quarter totaling US$26.1 million.

Currently, as of November 13, 2025, Sigma Lithium converted the trade account receivables into US$21 million in cash and benefitted from an US$8 million increase in the value of certain settled trade receivables sold by the 3Q25, totaling US$29 million representing a significant improvement in the Company´s liquidity.

Additionally, the company has the opportunity to monetize its high purity re-processed lithium materials ("middlings") in the robust lithium market environment during this quarter.

**DELEVERAGED BY DECREASING TRADE FINANCE SHORT TERM DEBT** 

During 2025, Sigma Lithium has substantially deleveraged by reducing its expensive short-term trade finance by 38% to US$37 million as of September 30, 2025. Additionally, the Company continued to execute this strategy planning to decreasing the trade finance debt by 60% to November 30, 2024.

**ABOUT SIGMA LITHIUM** 

Sigma Lithium (NASDAQ: SGML, TSXV: SGML, BVMF: S2GM34) is a leading global lithium producer dedicated to powering the next generation of batteries for electric vehicles and energy storage systems with socially and environmentally sustainable chemical-grade lithium concentrate.

The Company operates one of the world's largest lithium production sites—the fifth-largest industrial-mineral complex for lithium oxide—at its Grota do Cirilo Operation in Brazil. Sigma Lithium is at the forefront of environmental and social sustainability in the battery materials supply chain, producing Quintuple Zero Green Lithium: made with zero coal power, zero tailings dams, zero utilization of potable water, zero use of hazardous chemicals and zero accidents.

Sigma Lithium currently produces 270,000 tonnes of lithium oxide concentrate on an annualized basis (approximately 37,000 tonnes of LCE) at its state-of-the-art Greentech Industrial Lithium Plant. The Company is now constructing a second plant to more than double production capacity to approximately 80,000 tonnes of LCE per year.

For more information about Sigma Lithium, visit our <u>website</u> 

**FOR ADDITIONAL INFORMATION PLEASE CONTACT**

**Anna Hartley**, Vice President of Global Banking and Investor Relations

<u>anna.hartley@sigmalithium.com.br</u>

+44 7866 458 093

**Sigma Lithium**

---

| | |
|:---|:---|
| ![](sgml202511126k_006.jpg) | &nbsp;&nbsp;Sigma Lithium |
| ![](sgml202511126k_007.jpg) | &nbsp;&nbsp;@sigmalithium |

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| | |
|:---|:---|
| ![](sgml202511126k_008.jpg) | &nbsp;&nbsp;@SigmaLithium |

---

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![](sgml202511126k_005.jpg)

**FORWARD-LOOKING STATEMENTS** 

*This news release includes certain "forward-looking information" under applicable Canadian and U.S. securities legislation, including but not limited to statements relating to timing and costs related to the general business and operational outlook of the Company, the environmental footprint of tailings and positive ecosystem impact relating thereto, donation and upcycling of tailings, timing and quantities relating to tailings and Green Lithium, achievements and projections relating to the Zero Tailings strategy, achievement of ramp-up volumes, production estimates and the operational status of the Grota do Cirilo Project, and other forward-looking information. All statements that address future plans, activities, events, estimates, expectations or developments that the Company believes, expects or anticipates will or may occur is forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Forward-looking information contained herein is based on certain assumptions regarding, among other things: general economic and political conditions; the stable and supportive legislative, regulatory and community environment in Brazil; demand for lithium, including that such demand is supported by growth in the electric vehicle market; the Company's market position and future financial and operating performance; the Company's estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; and the Company's ability to operate its mineral projects including that the Company will not experience any materials or equipment shortages, any labour or service provider outages or delays or any technical issues. Although management believes that the assumptions and expectations reflected in the forward-looking information are reasonable, there can be no assurance that these assumptions and expectations will prove to be correct. Forward-looking information inherently involves and is subject to risks and uncertainties, including but not limited to that the market prices for lithium may not remain at current levels; and the market for electric vehicles and other large format batteries currently has limited market share and no assurances can be given for the rate at which this market will develop, if at all, which could affect the success of the Company and its ability to develop lithium operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the current annual information form of the Company and other public filings available under the Company's profile at **www.sedarplus.com**.*

 

***Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.***

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