Sogma Lithium Corporation, dedicated to powering the next generation of electric vehicles with environmentally sustainable and high-purity lithium, Sigma Lithium ended the second quarter of 2022 with C$123.3 million in cash and cash equivalents as of June 30, 2022, providing sufficient liquidity to advance the Grota do Cirilo Project (the "Project") into production. Phase 1 construction at the Project remains on track with commissioning expected to begin December 2022.

Ana Cabral-Gardner, Co-CEO of Sigma Lithium, said: "We are delighted to have further strengthened our operational team by adding industry-leading executives, rounding out a world-class management team at Sigma Lithium. Having achieved all of our execution milestones to date, delivering a transformational quarter demonstrates the ability of this team to drive us in our successful trajectory to become a global protagonist in lithium minerals for electric vehicle batteries"

Calvyn Gardner, Co-CEO of Sigma Lithium, added: "We are very enthusiastic to have recruited Brian, an exceptional, high-caliber individual who has already made his mark at Allkem (Galaxy Resources) over the past ~6 years as COO. Brian has significant experience in operating integrated lithium processing and mining companies. He has a remarkable track record in driving production growth and scalability, as Sigma Lithium prepares to deliver in rapid succession Phase 1, Phase 2 and Phase 3".

Ana adds: "We are delighted that Brian Talbot has accepted the Board's offer to become Sigma Lithium's next COO, following a comprehensive international search process that yielded some outstanding candidates. Calvyn and Brian have been working together since October 2021, successfully executing the design and detailed engineering of Sigma's environmentally sustainable lithium processing plant. As COO, Brian will now undertake a critical operational role in the Company, moving permanently to Vale do Jequitinhonha in Brazil to the site of Sigma Lithium operations and construction, physically sitting side-by-side with Calvyn in order to further increase and facilitate seamless interactions and collaboration."

During a transformative second quarter, Sigma Lithium significantly increased the scale of the project:

1. Doubled its planned near-term production to 531,000 tonnes per year of Battery Grade Sustainable Lithium
2. Increased by ~50% the Project's NI 43-101 total mineral resource estimate to 86 Mt with increased average resource grade of 1.43% of high purity spodumene lithium oxide
3. Received an extension of its environmental license to allow for increased production levels, with simultaneous mining from the north and south pit of the Project's Phase 1 deposit licensing additional areas for dry stacked tailings

Sigma Lithium continued to achieve construction milestones, advancing towards production:

1. General progress of project construction is ~32% compared to a baseline of ~40%
2. The critical path of project execution and projected project commissioning remain unchanged, with commissioning expected to begin in December
3. Critical areas of detailed engineering including project management, platework, process design and mechanical are 94% complete or greater while other key areas of detailed engineering including structural, electrical and concrete, are 76 - 80% complete
4. Commenced preparations for mining of the Phase 1 deposit opening the mining pit ("pre stripping") to build a mine