EXPANDING TROPICAL FOREST CONSERVATION PROGRAM 250KM
AWAY
- Sigma Lithium today announced an expansion in the Tropical
Forest Conservation program, aimed to create a "Conservation Belt
Against Deforestation" around the Medio Vale do Jequitinhonha by
acquiring areas potentially at risk to be deforested to become
cattle pastures.
- The Company's affiliates plan to acquire land in a region
located 250km away from the Company, 100% within the tropical
forest/ Atlantic Forest bioma.
- If the Conservation Belt were to be deforested, it would
significantly increase adverse climate change impacts in the Medio
Vale Jequitinhonha, which is already experiencing some of the
higher temperatures in Brazil.
- The Conservation Belt represents an "environmental
protection of tropical forests" encircling the Medio Vale do
Jequitinhonha that currently alleviates the high temperatures
already experienced by the semi-arid region.
- Aracuai and Itinga, the towns where the Company is located,
are in the "caatinga" bioma (Brazilian semi-arid vegetation).
- Sigma Lithium (through one of its related parties) will add
approximately 350 hectares of Atlantic Forest land to be preserved,
in addition to the 340 hectares already preserved, totaling 690
hectares of equivalent to 7 km2 (square kilometers of tropical
forest).
- This initiative is part of its environmental compensation
program, whereby the Company compensates the "caatinga" (semi-arid,
low bush-type vegetation) located around the Company with tropical
forest located 250km away, to create a Conservation Belt against
deforestation.
DELAYED FILING OF FORM 40-F
- The Company has received a letter from Nasdaq, dated
April 5, 2024 (the "Letter"), stating
that the Company is not in compliance with certain Nasdaq Listing
Rules due to the delayed filing of its annual report on Form 40-F
for the year ended December 31, 2023
(the "Form 40-F").
- The Letter has no immediate effect on the listing or trading
of the Company's common shares on the Nasdaq Capital Market.
- The Company has 60 calendar days from the date of the
Letter to file the annual report on Form 40-F or submit a plan
to regain compliance.
- If the plan is accepted, Nasdaq can grant an
exception of up to 180 calendar days from the Form 40-F's due
date, or until September 30,
2024.
- Management and other insiders of Sigma Lithium are subject
to a black-out period and prohibited from trading, until the
Company's Annual Filings are completed.
SÃO PAULO, April 11,
2024 /CNW/ -- SIGMA Lithium Corporation
("Sigma Lithium" or the "Company") (NASDAQ: SGML,
TSXV: SGML, BVMF: S2GM34), a leading global lithium producer
dedicated to powering the next generation of electric vehicles with
carbon neutral, responsibly sourced lithium concentrate, today
announced an expansion in the Atlantic Forest Conservation program,
aimed to create a "Conservation Belt Against Deforestation"
("Conservation Belt") around the Medio Vale do Jequitinhonha
by acquiring areas potentially at risk to be deforested to become
cattle pastures. The Company also announces that it has received a
letter from the Nasdaq Stock Market LLC ("Nasdaq"), dated
April 5, 2024 (the "Letter"),
stating that the Company is not in compliance with certain Nasdaq
Listing Rules due to the delayed filing of its annual report on
Form 40-F for the year ended December 31,
2023 (the "Form 40-F").
EXPANDING ATLANTIC FOREST CONSERVATION PROGRAM
The Conservation Belt represents an "environmental protection of
tropical forests" encircling the Medio Vale do Jequitinhonha that
provides humidity and currently alleviates the high temperatures
already experienced by the semi-arid region. Aracuai and Itinga,
the towns where the Company is located, are in the "caatinga" bioma
(Brazilian semi-arid vegetation).
The Company's affiliates plan to acquire tropical forest land
located in a region 250km away from Sigma Lithium, 100% within the
Atlantic Forest bioma. If the Conservation Belt were to be
suppressed, it would significantly increase adverse climate change
impacts in the Medio Vale Jequitinhonha, already experiencing some
of the higher temperatures in Brazil.
Sigma Lithium (through one of its related parties) will add
approximately 350 hectares of Atlantic Forest land to be preserved,
in addition to the total of 340 hectares already preserved, as part
of its carbon "in-setting" initiatives to decrease emissions and
footprint in the region. This donation is the environmental
compensation for future deforestation of "caatinga" (semi-arid low
bush-type vegetation) around the Company.
DELAYED FILING OF FORM 40-F
In accordance with the requirements of the Nasdaq rules, the
Company has received the Letter, stating that the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed
filing of its Form 40-F. The Letter has no immediate effect on the
listing or trading of the Company's common shares on the Nasdaq
Capital Market. Consistent with Nasdaq Listing Rule 5250(c)(1), the
Company has 60 calendar days from the date of the Letter to submit
a plan to regain compliance and, if the plan is accepted, Nasdaq
can grant an exception of up to 180 calendar days from the Form
40-F's due date, or until September 30, 2024, to regain compliance.
Until the Company's annual information form, its audited
consolidated financial statements for the year ended December 31,
2023, the related management's discussion and analysis and the Form
40-F containing such documents (collectively, the "Annual Filings")
are filed, management and other insiders of Sigma Lithium are
subject to a black-out period and prohibited from trading.
As the Company previously announced in its press release dated
April 1, 2024, the delay in the
Annual Filings is due to the additional audit procedures required
because of the initiation of commercial production in early 2023
and the ensuing hybrid reporting of non-operating and operating
quarters. The Company is making every effort, diligently and
expeditiously with its auditors to complete the work necessary to
finalize the 2023 audit of the Company's financial statements for
the year ended December 31, 2023. The
Company expects to file the Annual Filings before the end of
April 2024 and will announce the date
of the release of the Annual Filings in a subsequent press
release.
ABOUT SIGMA LITHIUM
Sigma Lithium (NASDAQ: SGML, TSXV: SGML, BVMF: S2GM34) is a
leading global lithium producer dedicated to powering the next
generation of electric vehicle batteries with carbon neutral,
socially and environmentally sustainable chemical-grade lithium
concentrate.
Sigma Lithium operates at the forefront of environmental and
social sustainability in the EV battery materials supply chain and
is currently producing Quintuple Zero Green Lithium concentrate
from its Grota do Cirilo Project in Brazil. Phase 1 of the project entered
commercial production in 2Q23 and has an annual capacity of 270,000
tonnes of concentrate (36,700 LCE annually). The Company has issued
a Final Investment Decision formally approving plans to nearly
double capacity by to 520,000 tonnes of concentrate through the
addition of a Phase 2 concentrate mine and associated mine. The
project produces lithium concentrate at its state-of-the-art
Greentech lithium plant that uses 100% renewable energy, 100%
recycled water and 100% dry-stacked tailings.
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, Amended and Restated Technical Report"
issued March 19, 2024, which was
prepared for Sigma Lithium by Homero
Delboni Jr., MAusIMM, Promon Engenharia; Marc-Antoine Laporte, P.Geo, SGS Canada Inc;
Jarrett Quinn, P.Eng., Primero Group
Americas; Porfirio Cabaleiro
Rodriguez, (MEng), FAIG, GE21 Consultoria Mineral; and
William van Breugel, P.Eng (the
"Updated Technical Report"). The Updated Technical Report is filed
on SEDAR and is also available on the Company's website.
For more information about Sigma Lithium, visit
https://www.sigmalithiumresources.com/
Sigma Lithium
LinkedIn: Sigma Lithium
Instagram: @sigmalithium
Twitter: @SigmaLithium
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 regarding the
Company's current expectations and intentions with respect to the
filing of its Annual Filings and Form 40-F. Such statements reflect
management's current views based on certain assumptions, and they
involve risks and uncertainties. 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. Forward-looking information
contained herein is based on certain assumptions. 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. 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 profiles at www.sedarplus.ca
and www.sec.gov.
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
