Sigma Lithium Corporation (NASDAQ: SGML) (TSXV: SGML) (BVMF: S2GM34) reported its inaugural revenue from the sale of its “Triple Zero Green Lithium” concentrate and its associated “green by-products” in the third quarter.
On Wednesday, the company announced its financial results for the third quarter ended Sept. 30 this year. During the quarter, Sigma generated a total revenue of US$96.9 million (C$130 million), driven by the sale of 38,000 tonnes of triple zero green lithium concentrate and 16,500 tonnes of lithiated green by-products.
After releasing the results, company stock grew by 8.57 per cent to C$37 on the Canadian Ventures Stock Exchange.
Sigma’s triple zero green lithium concentrate is characterized by zero tailings, zero hazardous chemicals and zero carbon emissions. The average realized price for the company’s concentrate in the third quarter stood at US$2,488 per tonne.
The ramp-up process has had an impact on third-quarter financial performance, especially in July when throughput at the Greentech Plant was at a minimum. Despite this, the company reported on-site operating cash costs per tonne of US$425 in October, with the FOB Vitoria cost at US$485 per tonne.

Table via Sigma Lithium.
The adjusted cash operating costs for lithium concentrate production at Sigma Lithium’s Grota do Cirilo operations averaged US$505 per tonne during the quarter. The adjusted FOB Vitoria cost for the same period, encompassing transportation and warehousing, totalled US$577 per tonne (or $649 per tonne inclusive of royalties).
“Looking ahead we expect to deliver increasing production volumes at a lower cost with a high standard of quality and purity,” Sigma Lithium CEO Ana Cabral said.
“Our cost and purity advantages, combined with our industry-leading sustainability practices, provide Sigma Lithium with a preferential position in the marketplace,” she added.
Cabral says that its green practices allow the company to expand production capacity regardless of market conditions. “As production increases, so too should shareholder value as we continue our mission to sustainably power the next generation of electric vehicle batteries.”
@SigmaLithium delivering on operations, forward looking numbers look remarkable and should be financed through free cash flow and debt financing.
Additionally strategic review going full steam ahead.
Going to be a very interesting time for shareholders. $SGML.V $SGML… pic.twitter.com/mFweHbWlbl
— Arlen Hansen (@ArlenHansen) November 15, 2023
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Sigma Lithium reported an EBITDA of US$53 million for the third quarter, with $3.4 million attributed to non-recurring expenditures related to the ongoing strategic review. These costs were partially offset by the reversal of a $1.8 million tailwind from stock-based compensation.
Excluding these costs, the company delivered an adjusted EBITDA of USD $54.6 million. The net income for the quarter totalled US$36.4 million, translating to $0.33 per diluted share outstanding.
In the third quarter, Sigma Lithium kept hitting its operational goals on time. The plant’s recovery rates, averaging 49 per cent, were affected by lower throughput, especially in July. To improve this, the company is taking steps to reach a consistent recovery rate of 65 per cent.
In October, throughput hit 61.5 per cent, boosted by a daily record of 890 tonnes of triple zero green lithium concentrate. The company aims to produce 130,000 tonnes of lithium concentrate for the full year, combining ongoing production with the sale of green by-products.
Sigma Lithium also made three successful shipments, achieving net-zero carbon emissions through sustainable methods and carbon credits. Sales included 38,000 tonnes of lithium concentrate and 16,500 tonnes of tailings.
The company is progressing with its expansion plans and will update the market as soon as the definitive feasibility study and final investment decision are completed. With its high-purity triple zero green lithium and environmental credentials, Sigma Lithium is confident in expanding its production capacity.
