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    Shannon Gill • Cormark Securities

    Shannon Gill's questions to Lithium Argentina AG (LAR) leadership

    Shannon Gill's questions to Lithium Argentina AG (LAR) leadership • Q1 2025

    Question

    Shannon Gill asked for an explanation for the 24% quarter-over-quarter drop in sales volumes, questioning if a Q4 inventory build-up was sold off, leading to higher sales in that period.

    Answer

    CEO Sam Pigott stated that Q1 sales simply followed production and that there were no issues with demand. CFO Alex Shulga added clarification, confirming that Q1 sales of 7,200 tonnes were aligned with production. He explained that Q4 sales were higher than Q4 production because a slight inventory build-up from earlier in 2024 was sold during that quarter.

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    Shannon Gill's questions to Sigma Lithium Corp (SGML) leadership

    Shannon Gill's questions to Sigma Lithium Corp (SGML) leadership • Q1 2025

    Question

    Shannon Gill from Cormark Securities asked about the timing for the first draw on the BNDES loan and the company's broader financial plan, including potential offtake agreements or refinancing of short-term debt.

    Answer

    Co-Chairperson and CEO Ana Cabral Gardner stated that the reimbursement package for the BNDES loan has been submitted and is awaiting processing by the bank. She explained that short-term debt repayment is managed quarterly based on cash generation and market conditions. Gardner emphasized that offtake prepayments represent a significant, untapped financing source. She noted that Sigma's low-cost, ethical production profile makes it an attractive partner for clients seeking supply security, allowing the company to secure favorable prepayment terms without locking in fixed prices.

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