INVESTOR VIDEO CONFERENCE
CALL
December 6, 2022 at
10AM (EST)
Registration Link for Zoom video call below:
https://us06web.zoom.us/j/83014247697
Zoom Meeting ID: 830 1424 7697
HIGHLIGHTS OF PLANNED PRODUCTION EXPANSION
- Sigma Lithium announces positive economic results of its
study to potentially triple integrated production (the "Production
Expansion Study") of Battery Grade Sustainable Lithium Concentrate
from 270,000 tpa (36,700 tpa LCE) commencing in 2023 to 768,000 tpa
(104,200 tpa LCE) in the second year at the Company's 100% owned
Grota do Cirilo Project (the "Project").
- The Project expansion may potentially position Sigma Lithium
as one of the world's largest fully integrated lithium producers
(from mine to lithium materials).
- The Production Expansion Study demonstrated robust Project
economics, highlighted by an after-tax NPV8% of
US$ 15.3 billion, incorporating
production from Phase 1 (nearing commissioning initiation) combined
with Phase 2 and Phase 3.
- Total Capex for the Project expansion is estimated at
US$ 155 million and could be fully
funded as follows:
-
- A portion of the US$ 100
million Debt Financing
- After-tax free cash flow once production is initiated in
early 2023.
- The Construction of the Project expansion could potentially
be initiated with earthworks and ordering of long lead items in the
first quarter of 2023, once a final decision is made by the
Company.
- At the expanded capacity, the key economics of the Project
are as follows:
|
Year
1
|
Years
2-8
|
Years
9-13
|
Key Metrics &
Assumptions
|
Average
Annual
|
Battery Grade
Sustainable Lithium Production (t)
|
277,000
|
768,200
|
491,000
|
All In Sustainable Cash
Costs CIF China (per tonne)
|
$458
|
$539
|
$491
|
Financial
Metrics
|
Average Annual
(US$M)
|
|
|
|
|
Gross
Revenue
|
$1,599
|
$3,620
|
$1,029
|
After-Tax
Earnings
|
$1,233
|
$2,682
|
$650
|
% After-Tax Earnings
Margin
|
79 %
|
76 %
|
65 %
|
SIGNING DEFINITIVE AGREEMENTS FOR UP TO US$100 MILLION DEBT FINANCING
- Sigma Lithium also announces signing of definitive
agreements for up to US$100 million
senior secured pre-export financing (the "Debt Financing") with
Synergy Capital, one of the Company's current shareholders, based
in the United Arab
Emirates.
- The Debt Financing will fully fund the Company until
August 2023, including the initiation
of detailed engineering and the initiation of construction of the
Project Expansion.
- The Debt Financing has a 4-year maturity date and interest
rate of BSBY plus 6.95% per annum (12-month Bloomberg Short Term
Bank Yield Index).
- The initial drawdown of $60
million under the Debt Financing is expected to close this
year.
MINERAL RESERVES INCREASED BY 63% AND MINERAL RESOURCE
INCREASE
- Increased proven and probable mineral reserves by 63% to
54.8 Mt of lithium spodumene, while maintaining high grade at 1.44%
lithium oxide.
- Total Project measured and indicated mineral resources
(inclusive of reserves) increased to 77.0 Mt grading 1.43% lithium
oxide and 12.1 Mt of inferred mineral resources grading 1.45%
lithium oxide.
- Increased Project life to 20 years (at the current
planned production rate).
- Phase 3 proven and probable mineral reserve estimate of 21.2
Mt, while maintaining a high grade at 1.45% lithium oxide.
-
- Phase 3 measured and indicated mineral resources (inclusive
of reserves) updated to a total of 26.7 Mt maintaining a high grade
at 1.49% lithium oxide.
VANCOUVER, BC, Dec. 4, 2022
/PRNewswire/ -- SIGMA Lithium Corporation ("Sigma
Lithium" or the "Company") (NASDAQ: SGML, TSXV:
SGML), dedicated to powering the next generation of
electric vehicles with high-purity lithium environmentally and
socially sustainable lithium, is pleased to announce the positive
economic results of its study ("Production Expansion Study") for a
potential integrated production increase of Battery Grade
Sustainable Lithium Concentrate from 270,000 tpa (36,700 tpa LCE)
commencing in 2023 to 768,000 tpa (104,200 tpa LCE) in the second
year at the Company's 100% owned Grota do Cirilo Project (the
"Project"), currently in construction in Minas Gerais,
Brazil.
The Production Expansion Study demonstrated robust Project
economics, highlighted by an after-tax NPV8% of
US$15.3 billion, incorporating
production from Phase 1 (nearing commissioning initiation) combined
with Phase 2 and Phase 3.
Battery Grade Sustainable Lithium Concentrate production
expansion could be achieved by the addition to the Greentech
Lithium Plant of a single larger additional dense media separation
module paired with a proportional crushing module. Increase in
mining feedstock for the integrated production expansion of the
Greentech Lithium Plant shall be achieved by the construction of
the Phase 2 and Phase 3 Mines.
Sigma Lithium also announces the signing of definitive
agreements for up to US$100 million
senior secured pre-export financing (the "Debt Financing") with
Synergy Capital, one of the Company's current shareholders, based
in the United Arab Emirates.
"With Phase 1 rapidly progressing towards production in the
near term, we are delighted to share the outstanding achievements
of our team towards increasing near-term production of Battery
Grade Sustainable Lithium on two critical fronts: completion of
technical studies for Project Expansion and debt financing,"
says Ana Cabral-Gardner, Co-CEO and
Co-Chairperson of Sigma Lithium. "More importantly, we shall be
able to remain at the low end of the cost curve."
Co-CEO and Co-Chairperson Calvyn
Gardner adds, "We are very happy with the results of the
Phase 2 and 3 expansion plans at Grota do Cirilo, which cements
Sigma Lithium as potentially one of the largest lithium producers
globally. Further, our ability to continue to maintain the high
grades of the mineral resources, as we expand integrated production
demonstrates the significant additional growth potential of the
Company."
Sudhir Maheshwari, Managing
Partner of Synergy Capital says: "We are extremely pleased that
our multi-year partnership with Sigma Lithium has reached a major
milestone, as the Company is set to start lithium production in a
few months."
The technical report for the Production Expansion Study (the
"Updated Technical Report") will be filed on SEDAR (www.sedar.com),
EDGAR (www.sec.gov) and the Company's corporate website within 45
days of this news release. Readers are encouraged to read the
Updated Technical Report in its entirety, including all
qualifications and assumptions related to the Updated Technical
Report announced in this news release.
Table 1: Combined Project Economic Analysis
Base
Case
|
5.5%
Li2O
|
Economic
Analysis
|
|
After-Tax Net Present
Value (@ 8% Discount Rate)
|
US$15.3
Billion
|
After-Tax Internal
Rate of Return
|
1,273 %
|
Payback
Period
|
1
month
|
Revenues, Cash Flow
and Capex
|
|
Operating
Life
|
13
years
|
Battery Grade
Sustainable Lithium Run-Rate Production
|
766,000
tpa
|
Lithium Carbonate
Equivalent Run-Rate Production
|
104,200 tpa
LCE
|
Average Annual
Revenue
|
US$2.5
Billion
|
Average Annual
After-Tax Free Cash Flow
|
US$1.8
Billion
|
Costs per tonne of
Lithium Concentrate
|
|
Total Cash Cost at
Production
|
US$401/t
|
All-in Sustaining Cost
(CIF China)
|
US$523/t
|
Phase 1 Lithium
Recovery Rate (DMS)
|
65.0 %
|
Phase 2 Lithium
Recovery Rate (DMS)
|
57.9 %
|
Phase 3 Lithium
Recovery Rate (DMS)
|
50.6 %
|
Integrated Costs
(per tonne of lithium concentrate)
|
|
Mining
costs
|
US$215/t
|
Greentech Plant
Processing costs
|
US$53/t
|
G&A
costs
|
US$22/t
|
Transportation costs
(Mine to CIF China)
|
US$120/t
|
Spodumene Ore Mined
Feedstock for Greentech Plant
|
|
Total quantity mined
(plant feed)
|
54.8
Mt
|
Annual run of mine
(ROM) plant feed
|
4.2
Mtpa
|
Table 2: Annual Combined Project Integrated Estimated Revenue
and Operating Costs
|
Year
1
|
Years
2-8
|
Years
9-13
|
Key Metrics &
Assumptions
|
|
|
|
Avg. Battery Grade
Lithium Hydroxide Price (US$/t)
|
$64,150
|
$52,293
|
$23,272
|
Avg. Battery Grade
Sustainable Lithium Price (US$/t)
|
$5,774
|
$4,706
|
$2,094
|
Avg. Battery Grade
Sustainable Lithium Production (t)
|
277,000
|
768,200
|
491,000
|
Estimated Revenue,
Operating Cost and After-Tax Earnings
|
|
|
|
|
|
|
|
Gross Revenue
(US$ M)
|
$1,599
|
$3,620
|
$1,029
|
Less: Realization
costs (US$ M)
|
($45)
|
($102)
|
($29)
|
(-) CFEM Royalty
(US$ M)
|
($32)
|
($72)
|
($21)
|
(-) Other Royalties
(US$ M)
|
($13)
|
($30)
|
($8)
|
(-) Commercial Discount
(US$ M)
|
-
|
-
|
-
|
Net Revenues (US$
M)
|
$1,554
|
$3,518
|
$1,000
|
Less: Site Operating
Costs (US$ M)
|
($99)
|
($353)
|
($233)
|
(-) Mining (US$
M)
|
($25)
|
($160)
|
($119)
|
(-) Processing (US$
M)
|
($15)
|
($41)
|
($25)
|
(-) Transport (US$
M)
|
($33)
|
($92)
|
($59)
|
(-) Selling, General
& Administration (US$ M)
|
($8)
|
($17)
|
($10)
|
(-) Depreciation
(US$ M)
|
($18)
|
($42)
|
($21)
|
EBIT (US$
M)
|
$1,455
|
$3,165
|
$767
|
% EBIT
Margin
|
94 %
|
90 %
|
77 %
|
(-) Taxes (US$
M)
|
($222)
|
($483)
|
($117)
|
After-Tax Earnings
(US$ M)
|
$1,233
|
$2,682
|
$650
|
% After-Tax Earnings
Margin
|
79 %
|
76 %
|
65 %
|
US$100 MILLION DEBT
FINANCING
The Debt Financing will fully fund the Company until
August 2023, including the initiation
of detailed engineering and initiation of construction of the
Project expansion. The Debt Financing is also expected to fund
working capital requirements for the entire commissioning period of
the Greentech Plant as well as for general corporate purposes.
The initial drawdown of $60
million under the Debt Financing is expected to close this
year. The remaining drawdown is subject to certain remaining
conditions precedent.
The Debt Financing is available by way of a multi-draw term loan
and contemplates a 48-month maturity date and a borrowing rate of
12-month BSBY plus 6.95% per annum (which may be increased by an
additional 3.5% per annum to the extent that there is a delay in
the satisfaction of certain conditions subsequent).
- The Debt Financing is a senior secured obligation, secured by,
among other things, all assets of Sigma Brazil including a pledge
of all of the shares of Sigma Brazil, as well as a guarantee from
the Company until certain release conditions are met.
- Amounts borrowed under the Debt Financing must be repaid by 50%
of net cash generated from export receivables generated from
operating and investing activities of the Company.
- Furthermore, the Debt Financing must be permanently repaid in
part, to the extent any additional debt financing is raised by
Sigma Brazil exceeding the threshold of approximately US$ 120 million.
- The Debt Financing is otherwise due in full on the Maturity
Date, subject to the prior occurrence of an event of default or
change of control transaction.
The definitive agreements for the Debt Financing include other
customary financing terms and conditions, including those related
to security, fees, prepayment premiums, representations,
warranties, covenants, and conditions.
MAIDEN PHASE 3 MINERAL RESERVES AND UPDATED MINERAL
RESOURCES
The Phase 3 mineral reserve has been declared as a result of the
positive economic results of the analysis to be published in the
Updated Technical Report. The Phase 3 mineral resource was updated
after Sigma Lithium completed an additional 13 drillholes (3,531
meters), which enabled the conversion of previous Inferred mineral
resource estimates into the Indicated category down-dip and at the
top of the south zone of the deposit. The additional drilling also
allowed the Company's geological and metallurgical engineering
consultant, SGS Canada Lakefield ("SGS"), to model two small
satellite zones, one in the hanging wall of the north zone and one
in the hanging wall of the south zone.
Table 3: Maiden Phase 3 Mineral Reserve
Estimate
Maiden Phase 3
Mineral Reserves
|
Cut-off
Grade
(%
Li2O)
|
Category
|
Tonnes
(Mt)
|
Grade
(%
Li2O)
|
Contained
LCE
(kt)
|
0.5 %
|
Proven
|
2.2
|
1.53 %
|
82
|
0.5 %
|
Probable
|
19.0
|
1.44 %
|
677
|
0.5 %
|
Proven &
Probable
|
21.2
|
1.45 %
|
759
|
Note:
1. Mineral Reserves were estimated using Geovia
Whittle 4.3 software and following the economic parameters listed
below:
2. Sale price for Lithium concentrate
at 6% Li2O = US$3,500/t concentrate
FOB Mine.
3. Mining costs: US$2.43/t mined.
4.
Processing costs: US$10.7/t ore
milled.
5. G&A: US$4.00/t ROM (run of
mine).
6. Exchange rate US$1.00 = R$5.30.
7. Mineral
Reserves are the economic portion of the Measured and Indicated
Mineral Resources.
8. 94% Mine Recovery and
3% Mine Dilution
9. Final slope angle: 35°to
52° based on Geotechnical Document presented in Section
16.
10. Strip Ratio = 16.01 t/t
(waste)/mineral reserve..
11. Mineral
Reserves have been classified using the 2014 CIM Definition
Standards. The Qualified Person for the estimate is PorfÃrio
Cabaleiro Rodriguez, BSc. (MEng), FAIG, an employee of
GE21.
12. The estimate of Mineral Reserves
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues.
Table 4: Updated Phase 3 Mineral Resource
Estimate
Updated Phase 3
Mineral Resources
|
Cut-off
Grade
(%
Li2O)
|
Category
|
Tonnes
(Mt)
|
Grade
(%
Li2O)
|
Contained
LCE
(kt)
|
0.5 %
|
Measured
|
2.4
|
1.56 %
|
93
|
0.5 %
|
Indicated
|
24.3
|
1.48 %
|
889
|
0.5 %
|
Measured &
Indicated
|
26.7
|
1.49 %
|
984
|
Note:
1. Mineral Resources are not Mineral Reserves and do not
have demonstrated economic viability. Inferred mineral resources
are exclusive of the Measured and Indicated resources.
2. Mineral Resources have an effective date of
October 31, 2022 and have been
classified using the 2014 CIM Definition Standards. The Qualified
Person for the estimate is Mr. Marc-Antoine
Laporte, P.Geo., an SGS Canada employee.
3. A fixed density of 2.72 t/m3 was used to estimate the
tonnage from block model volumes.
4. Mineral Resources are reported assuming open pit mining
methods, and the following assumptions: lithium concentrate (6%
Li2O) price of US$1,500/t, mining
costs of US$2.20/t for mineralization
and waste, crushing and processing costs of US$10.70/t, general and administrative (G&A)
costs of US$4.00/t, metallurgical DMS
recovery of 60%, 2% royalty payment, pit slope angles of 55º, and
an overall cut-off grade of 0.5% Li2O.
5. All Resources are presented undiluted and in situ,
constrained by continuous 3D wireframe models, and are considered
to have reasonable prospects for eventual economic
extraction.
6. Tonnages and grades have been rounded in accordance
with reporting guidelines. Totals may not sum due to
rounding.
7. The estimate of Mineral Resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
8. Mineral Resources are inclusive of Mineral Reserves
Table 5: Updated Consolidated Project Mineral
Reserves
Consolidated Project
Mineral Reserves
|
Cut-off
Grade (%
Li2O)
|
Category
|
Tonnes
(Mt)
|
Grade
(%
Li2O)
|
Contained
LCE
(kt)
|
0.5 %
|
Proven
|
27.4
|
1.44 %
|
979
|
0.5 %
|
Probable
|
27.3
|
1.43 %
|
962
|
0.5 %
|
Proven &
Probable
|
54.8
|
1.44 %
|
1,941
|
Note:
1. Mineral Reserves were estimated using Geovia
Whittle 4.3 software and following the economic parameters listed
below:
2. Sale price for Lithium concentrate
at 6% Li2O = US$1,500/t concentrate
FOB Mine (Xuxa and Barreiro); US$3,500/t concentrate FOB Mine
(NDC).
3. Mining costs: US$2.20/t mined (Xuxa); US$2.19/t (Barreiro); US$2.43/t mined (NDC).
4.
Processing costs: US$10.7/t ore
milled (Xuxa, Barreiro and NDC).
5. G&A:
US$4.00/t ROM (run of mine) (Xuxa,
Barreiro and NDC).
6. Exchange rate
US$1.00 = R$5.00 (Xuxa and Barreiro); R$5.30 (NDC).
7. Mineral
Reserves are the economic portion of the Measured and Indicated
Mineral Resources.
8. 82.5% Mine Recovery
and 3.75% Mine Dilution (Xuxa); 95% Mine Recovery and 3% Mine
Dilution (Barreiro); 94% Mine Recovery and 3% Mine Dilution
(NDC)
9. Final slope angle: 34° to 72°
(Xuxa); 35° to 55° (Barreiro); 35° to 52° (NDC) based on
Geotechnical Document presented in Section
16.
10. Strip Ratio = 16.6 t/t waste/mineral
reserve (NDC); 12.5 t/t waste/mineral reserve (NDC); 16.0 t/t
waste/mineral reserve (NDC).
11. Mineral
Reserves have been classified using the 2014 CIM Definition
Standards. The Qualified Person for the estimate is PorfÃrio
Cabaleiro Rodriguez, BSc. (MEng), FAIG, an employee of
GE21.
12. The estimate of Mineral Reserves
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues.
Table 6: Updated Consolidated Project Mineral
Resources
Updated Consolidated
Project Mineral Resources
|
Cut-off
Grade
(%
Li2O)
|
Category
|
Tonnes
(Mt)
|
Grade
(%
Li2O)
|
Contained
LCE
(kt)
|
0.5 %
|
Measured
|
37.1
|
1.43 %
|
1,312
|
0.5 %
|
Indicated
|
39.9
|
1.43 %
|
1,411
|
0.5 %
|
Measured &
Indicated
|
77.0
|
1.43 %
|
2,723
|
0.5 %
|
Inferred
|
12.1
|
1.45 %
|
434
|
Note:
1. Mineral Resources are not Mineral Reserves and
do not have demonstrated economic viability. Inferred mineral
resources are exclusive of the Measured and Indicated
resources.
2. Mineral Resources have an
effective date of October 31, 2022
and have been classified using the 2014 CIM Definition Standards.
The Qualified Person for the estimate is Mr. Marc-Antoine Laporte, P.Geo., an SGS Canada
employee.
3. Mineral Resources are reported
assuming open pit mining methods, and the following assumptions:
lithium concentrate (6% Li2O) price of US$1,500/t, mining costs of US$2.20/t for mineralization and waste, crushing
and processing costs of US$10.70/t,
general and administrative (G&A) costs of US$4.00/t, metallurgical DMS recovery of 60%, 2%
royalty payment, pit slope angles of 55º, and an overall cut-off
grade of 0.5% Li2O.
4. All
Resources are presented undiluted and in situ, constrained by
continuous 3D wireframe models, and are considered to have
reasonable prospects for eventual economic
extraction.
5. Tonnages and grades have been
rounded in accordance with reporting guidelines. Totals may not sum
due to rounding.
6. The estimate of Mineral
Resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other
relevant issues.
7. Mineral Resources are
inclusive of Mineral Reserves
QUALIFIED PERSONS
The technical and scientific information related to geology and
mineral resource estimates in this news release has been reviewed
and approved by Marc-Antoine Laporte
P.Geo., M.Sc., of SGS. Mr. Laporte is a Qualified Person as
defined by National Instrument 43-101 and is independent of Sigma
Lithium.
The mining and mineral reserve estimates in this news release
have been reviewed and approved by Porfirio
Cabaleiro Rodriguez P.Eng, Mining Engineer of GE21
Consultoria Mineral Brazil. Mr. Rodriguez is a Qualified Person as
defined by National Instrument 43-101 and is independent of Sigma
Lithium.
The financial information in this news release has been reviewed
and approved by Noel O'Brien B.E.,
MBA, F AusIMM, who is a Qualified Person as defined by National
Instrument 43-101 and is independent of Sigma Lithium.
ABOUT SIGMA LITHIUM
Sigma Lithium (NASDAQ: SGML, TSXV: SGML) is a Canadian company
dedicated to powering the next generation of electric vehicle
batteries with environmentally sustainable and high-purity
lithium.
Sigma Lithium is currently in construction at its wholly owned
Grota do Cirilo Project in Brazil,
which includes a state-of-the-art, green-tech processing plant that
uses 100% renewable energy, 100% recycled water and 100% dry-stack
tailings. The project also represents one of the largest and
highest-grade hard rock lithium spodumene deposits in the
Americas. Sigma Lithium has been at the forefront of
environmental and social sustainability in the EV battery materials
supply chain.
For more information about Sigma Lithium, visit
https://www.sigmalithiumresources.com/
ABOUT SYNERGY CAPITAL
Synergy Capital is a specialist private equity manager investing
across the capital structure in the industrial, metals and
infrastructure sectors globally. The firm focuses on critical
sectors that generate strong positive human and economic impact,
which are central to enabling the net-zero carbon transition and
the development of sustainable infrastructure and resilient
traceable supply chains. For more information, visit:
www.synergycapital.co.uk
Synergy Management (DIFC) Limited is regulated by the Dubai
Financial Services Authority (DFSA).
Sigma Lithium
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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
the general business and operational outlook of the Company; 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 (including but not limited to the impact of the
continuance or escalation of the military conflict between
Russia and Ukraine, and economic sanctions in relation
thereto); the stable and supportive legislative, regulatory and
community environment in the jurisdictions where the Company
operates; the ability to obtain required financing on acceptable
terms; anticipated trends and effects in respect of the COVID-19
pandemic and post-pandemic; 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
develop and achieve production at its mineral projects. 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 Company may not develop its mineral projects into a
commercial mining operation; 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.sedar.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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SOURCE Sigma Lithium