Sigma gma Lithium thium Res esour ources ces Inc. c. TSX-V: - - PowerPoint PPT Presentation

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Sigma gma Lithium thium Res esour ources ces Inc. c. TSX-V: - - PowerPoint PPT Presentation

CORPORATE PRESENTATION | May 2018 Mar arga gaux ux Cap apit ital al Inc. c. - To Be Renamed - Sigma gma Lithium thium Res esour ources ces Inc. c. TSX-V: TS : SGMA MA Discl sclai aimer mer This presentation has been prepared


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SLIDE 1

CORPORATE PRESENTATION | May 2018

TS TSX-V: : SGMA MA

Mar arga gaux ux Cap apit ital al Inc. c.

  • To Be Renamed -

Sigma gma Lithium thium Res esour

  • urces

ces Inc. c.

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SLIDE 2

www.sigmalithiumresources.com

This presentation has been prepared by Sigma Lithium Resources Inc. (“Sigma” or the “Company”) and is intended to assist prospective investors in evaluating a potential equity investment opportunity. It does not purport to contain all of the information that a prospective investor may desire. In all cases, interested parties should conduct their own investigation and analysis. Furthermore, this Presentation does not constitute any form of commitment, recommendation, representation or warranty on the part of the Company or the agents. In making an investment decision, investors should not rely on the information contained in this Presentation. This Presentation does not contain all of the information that would normally appear in a prospectus under applicable Canadian securities laws. Neither the delivery of this Presentation, at any time, nor any sale made pursuant hereto, will imply that the information contained herein is correct as of any time subsequent to the date set forth on the cover page hereof or the date at which such information is expressed to be stated, as applicable, and, except as may be required by applicable law, neither the Company nor the agents are under any

  • bligation to update any of the information contained herein or to inform the recipient of any matters of which any of them becomes aware that may affect any matter referred to in this Presentation (including, but not

limited to, any error or omission which may become apparent after this Presentation has been prepared). CAUTIONARY NOTE REGARDING FORWARD – LOOKING INFORMATION This presentation contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward- looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, lithium and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour and production costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Sigma Project (as defined herein), permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation and the Company does not undertake to update or revise any forward-looking information that is included herein, except in accordance with applicable securities laws. CONFIDENTIALITY This presentation and its contents are confidential and proprietary to the Company and no part of it or its subject matter may be reproduced, redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (as hereafter defined) or published in whole or in part for any purpose (collectively, “Disclose”) except as permitted hereby. The recipient of this presentation (the “Recipient”) by accepting this presentation hereby covenants with the Company that the Recipient: (i) shall maintain the information contained in this presentation (the “Confidential Information”) in the strictest confidence; and (ii) shall not, at any time, without the prior written consent of the Company, which consent may be unreasonably withheld, Disclose to any individual, firm, corporation, organization, government or government agency, or any other entity (collectively, “person”) this presentation or any Confidential Information. The Recipient further covenants that the Recipient and/or its representatives (as permitted by the Company) will not use the Confidential Information in any way detrimental to, or so as to obtain any commercial advantage over the Company. The Recipient agrees to be responsible for any breach of the covenants contained herein by the Recipient and/or its permitted representatives. The Recipient agrees to make all appropriate efforts to safeguard the Confidential Information from disclosure to any person other than as permitted hereby. If this presentation has been received in error then it must be returned immediately. THIRD PARTY INFORMATION This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by Sigma to be true. Although Sigma believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. Sigma believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof and Sigma does not make any representation as to the accuracy of such information.

Discl sclai aimer mer

1

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SLIDE 3

Sigma Lithium Corporate Update

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SLIDE 4

Sigm gma a Li Lithi thium um Corporat rporate e Highl ghlight ights

3

A World ld Class ss Hard Rock Lithium ium Asse set With h Superior

  • r High-Grad

Grade Mineralogy

  • gy
  • 521,000t of LCE Resource M & I & I
  • Average grade of 1.56%

6% Li2O, , placing Xuxa as one of the highest grade hard-rock projects globally

Fast Track k to to Producti tion

  • n & Low Capex
  • Measured resource in feasibility stage
  • Pilot Plant on site in 1H 2018 producing test samples
  • Internal estimate of C$65mm capex to achieve ~220,000 tpa spodumene production by 2020 (1)

Leading ng Brazil ilia ian n Mining ing Exec xecut utive ives With h a Succ cces essful ful Track ck Recor cord of 30 y years Building lding Multi-Bill Billion

  • n-Doll

Dollar Busines inesse ses s in Brazil il

  • Unique combination of some of the most experienced professionals, geologists, mining engineers,

metallurgists in Brazil

  • Former CEO of AMG Minerals, Former CEO of CBMM, Former General Manager/ COO of Anglo

American Highveld Steel

Signifi ificant cant Resour

  • urce

ce Expans nsion

  • n Pote

tent ntial ial

  • Sigma property has nine past-producing lithium mines and more than 200 identified pegmatites
  • NI 43-101 report estimates 38 - 57 million tonnes of additional potential lithium resource (2)

(1) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43-101”) and should not be relied upon. (2) Reader is cautioned estimates are based on limited geological information and can not be considered official figures in accordance with National Instrument 43-101. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

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SLIDE 5

In 1Q 18, 8, We Advanced anced the e Timet etabl able e Tow

  • war

ards Prod

  • duction

uction

2Q18 Q18 3Q18 Q18

Resourc urce Develop

  • pment

nt Drilling & Measuring Resources

  • f the Other Ore Bodies of Grota

do Cirilo

4Q18 Q18 1Q19 Q19 2Q19 Q19 3Q19 Q19

Permitti ting ng DNPM Mining Plan (PAE) Environmental Impact Study Water Usage Concession Plant t Construc truction tion Plant Installation

Plant Start rt-Up Up

Infrastructure Installation

Mine Commission sionin ing

Overburden Removal

Plant Start- Up Up

Environmental Licensing Plant Design & Acquisition Infrastructure Design & Contract Feasibilit ibility Study y & Pilot t Plant Grota do Cirilo (Xuxa – in progress) Install Pilot Plant Grota do Cirilo (Other Ore Bodies) Production of Spodumene Concentrate from Other Ore Bodies from Grota do Cirilo Metallurgy Tests & 43-101 Update Pre - Produc uction tion

1 2 3

✓ ✓ ✓ ✓ ✓

4

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SLIDE 6

Duri uring ng 2Q1 Q18 8 We Have ve Been n Deli liver ering ing on Multi ltiple le Workst kstrea eams

5

Validate according to NI 43101 with infill drilling, representing an additional 50% increase in the size of resource at XUXA to 18.4Mt (700,000t of LCE). Drilling resumes on May 21 at other deposits in Grota do Cirilo property targeting to validate at least an additional 20Mt

Resourc e Growth Feasibilit y

Initiated metallurgy tests at XUXA achieving 72% recovery with one step DMS processing Final phase of selection process of EPC Company to build commercial lithium plant (Engineering, procurement, construction)

Pilot Plant

Obtained all environmental licenses for pilot plant DMS processing unit on site by month-end Pilot Plant will be producing spodumene concentrate samples on site in July’ 18

Permits

Concluded Update of environmental impact study on wet season Update of mining plan for XUXA deposit (ANM-PAE) in progress.

*(Mt=million tonnes /t=tonnes)

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SLIDE 7

Feasib sibil ility ity Updat ate: e: Xuxa Has Outst tstandin anding Miner neral alog

  • gy,

, Achi hiev evin ing Superi perior

  • r Recov

cover ery y Result sults s Using ng DMS S Proc

  • ces

essing sing Only ly

Li Recove covery Result ults s From DMS Liberatio ion n Test for 2 F Feed Sizes es: : 9.5mm & 6.3mm (1)

DMS Produc ucts DMS Total l Concentra ntration tion

Assays % Li 2.85 Li2O 6.12 SiO2 67.3 Al2O3 23.5 Fe2O3 0.77 P2O5 0.32 Na2O 0.54 K2O 0.35 CaO 0.05 Li 73.1

Crushed to 9.5mm Crushed to 6.3mm

Both 6.3mm m & 9.5 .5mm mm parti ticles cles yielded lded simila lar r high h 73% % recov cover eries es

73.1% 6% Min. Concentrate @ 73% Recovery

Source: Company disclosure. (1) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43- 101”) and should not be relied upon. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral

  • resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

6

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SLIDE 8

Pilo lot Plan ant Flow

  • wshee

sheet final alize ized and nd DMS on Site e - Prod

  • duction

uction of Test Samples by Summer’ 18

Light Fraction Pile Form Dense Media Circuit Mineral Feeding Dense Media Pulp Heavy Fraction Silo 8m3, Grill 250mm Vibrating Feeder Belt Conveyor TC-1 Jaw crusher 6240 Jaw Rebreaker 8013 Belt Conveyor TC-2 Cone Crusher Belt Conveyor TC-3

Vibrating Screen 2 decks, screen 6,4 and 0,5mm

Fraction +6,4mm Fraction -0,5mm Pile Form Belt Conveyor TC-4

Fraction -6,4mm and +0,5mm Vibrating Screen 1 deck, 0,5mm, with Ferro Silicon washing

Light Heavy Dense Media Pulp Magnetic Drum Ferro Silicon Pulp Box Pulp Pump Water Fraction +250mm Pile Breaker

Prima imary Crush usher er Dense Media ia Drum: m: 10t/ t/h

Fraction -12mm and +2mm Vibrating Screen 2 decks, screen -12mm and +2mm Vibrating Screen 1 deck, 2mm, with Ferro Silicon washing Fraction +12mm

7

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SLIDE 9

Sigma Lithium - Margaux Capital Reverse Take Over

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SLIDE 10

Marga gaux ux-Si Sigma: gma: Key y Stati atisti stics cs and d Owner nersh ship ip Struct ructur ure

Note: As at [ ].

Ticker TSXV: SGMA Share Price C$ 0.20 Shares Outstanding 669.7 million Broker Warrants Outstanding 2.7 million FD Shares Outstanding 672.4 million FD Market Capitalization C$ 134.5 million Cash C$ 18.5 million

Capital pital Structu ucture Pre-RTO O Sigma ma Shareh eholde lders

  • (“one”) 1 Sigma Lithium Subscription Receipt purchased by an

investor for C$2,00 was exchanged for 10 (“ten”) common shares es of Margau gaux x priced ed at C$ 0,20 20 each. h.

  • Shares will trade under the new ticker “SGMA” (TSX-V)

V). And TEMPOR ORAR ARIL ILY UNDER ER MARGAUX CAPITAL AL INC.

  • C. NAME, unti

til a shareho eholder er meeting ng to to be held in June ne.

9

Post-RTO O Sigma ma Shareh eholde lders

A10 Natural Resources FIA 85,8% Other Management 3,7% Convertible Holders 10,5% A10 Natural Resources FIA 72,1% Other Management… Sigma Convertible Holders 8,8% Margaux Current 1,0% RTO Investors 15,0%

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SLIDE 11

Margaux gaux (Sigm gma) a) Shar are e Capi pital alization ization & Shar are e Pric ice e Post st RTO

Shar ares es Outs tstandin ding 56.3 mm mm 10.0 mm mm 663 63 mm mm 669. 69.7 mm mm

Sigma ma Lithium ium (Pre re-RTO) RTO Equity ity Offerin ring g of Sub Receipts ipts Merg rger r with Margau gaux (10:1 :1 Exc xchan ange ge Ratio) io) Existing ting Margau gaux x Shar ares Margau gaux- (Sigma) ma) (Post-RTO)

C$ 0.20 20 C$ 2.00 00

10,00 000 0 Shar ares of Margau gaux x @ C$ C$ 0.20 Value = C$ 2,000 1,000 Shares of Sigma @ C$ 2.00 Value = C$2, 2,00 000

(1) Exchange ratio of 9.9997 Margaux shares per Sigma share results in post-financing Margaux ownership of 1.00%. (2) Broker Warrants outstanding and broker warrants to be issued as a result of private placement are not included.

6.7 mm mm

C$2.00 / 9.9997 Sigma Price / Exchange ratio C$20mm Raised

Share Pric ice Inve vestor r Examp mple le

Margaux Shares issued to Sigma Shareholders (99%)

66.3 mm mm ~10: 0:1 1

Sigma Post-RTO Offering Existing Margaux Shares (1%) Margaux Shares Outstanding Offering Price for Sigma

~10: 0:1 1

Margaux (Sigma) Share Price At Opening

~10: 0:1 1

10

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SLIDE 12

$862 $708 $638 $551 $465 $302 $256 $246 $242 $174 $173 $62

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1.000

Galaxy Resources Kidman Tawana Mineral Resources Altura Nemaska Neometals Critical Elements Pilbara Frontier Lithium

EV/Resource (US$/t LCE) $964 $630 $176 $2,732 $524 $387 $93 $136 $1,144 $55 $116 $116 $1,101 $629 $190 $2,792 $500 $414 $122 $134 $1,206 $56 $134 $134 1.1 0.9 0.3 5.0 1.1 1.3 0.4 0.6 4.7 0.3 0.5 1.5

Sigma gma To Achi hiev eve e Consid nsiderabl erable e Re-Rating ating via a Proj

  • ject

ect De- Risking king & Audi uditing ting of Existin sting g Mineral neral Resou sources ces

11

Select ct Publi blic c Mark rket t Hard d Rock ck Lithiu thium m Peers – EV/Resource e Valu luatio tion (US$/t $/t LCE)

(3) (5) (5) (7)

EV (C$mm) Market Cap (C$mm) Resource (Mt LCE)

Source: Company disclosure, Bloomberg, Factset. Note: Market data as at May 7, 2018. (1) Reader is cautioned that the technical data contained herein is management’s current internal estimates for illustration. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43-101”) and should not be relied upon. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping. (2) Excludes high and low values.

(@RTO) (YE 2018)

(1)

(3) Includes James Bay resources of 0.7 Mt LCE and Mt Cattlin resources of 0.4 Mt LCE. (4) Kidman resource represents management’s current internal estimates for illustration purposes only, based
  • n 2.0 Mtpa ore throughput for 25 years implying 50.0 Mt resource at 1.44% Li2O average grade.
(5) Based on Neometal’s 13.8% and Mineral Resources’ 43.1% ownership of Mt Marion; Mineral Resources’ resource is also inclusive of Wodgina. (6) Represents Proven & Probable reserves obtained from January 2018 Feasibility Study (Jan. 9, 2018 PR). (7) Based on Critical Elements’ 75% ownership of Rose.

(6)

Adj. . Peer Average age (2) = $420/t t LCE

(4)

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SLIDE 13

Sigma Lithium Highlights Introduction to the Company

slide-14
SLIDE 14

1.56%

Ave verage age Lithiu ium Oxide Grade e at Xuxa Deposit

7.2%

Succ ccessful ssfully ly Produc uced Spodum umene ene Conc ncentra ntrate (1)

(1) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard

  • f Disclosure for Mineral Projects (“NI 43-101”) and should not be relied upon. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is

uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

~220,000t

Forecast asted d Annual Lithiu ium 6% Concentr trat ate e Production ion (1)

~52 520, 0,00 000t

t LCE 13.5 .5 Mt

Measured & Indicat ated and Inferred d Resource at Xuxa site: te: SGS Canada da

Sig igma a in in N Numbe bers: : Maki kings gs of a World ld Cla lass Lit ithium ium Proje ject ct

>1 >1.5 .5mmt

mmt LCE E

Explorati ration

  • n Opportu

tuniti ities es Identified tified at Target get Deposi sits ts

(1)

>18,00 8,000

Hectar ares of Ground

9 9

Histor torica ical l Lithiu ium Mines

C$ C$65mm 65mm Ca Capex ex

to to Production ion (1)

US$175

175/t

/t

Estimated d FOB Mine Cost t to to Produce Lithiu ium 6% Concen entr trat ate (1)

US$0.06

0.06/KWh /KWh

Cost t of Hydr ydro Energy

13

slide-15
SLIDE 15

Minas Gerais

Belo Horizonte Montes Claros 680km 327km Port Vitoria 700km Araçuaí

(1) Reader is cautioned estimates are based on limited geological information and can not be considered official figures in accordance with National Instrument 43-101. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping. (2) For full details refer to technical report filed on Sedar.

14

Location ation in Brazil

Sigma’s Competitive Advantage: Mining Region in Brazil With Excell xcellent ent Existing sting Infrast rastruct ructur ure

Hydr ydro Powe wer Dam Mining Port Vitor toria ia Highway to to Port

The port was purpose-built in Espírito Santo State for servicing the mining industry It has 14 wharfs and can receive Panamax- type ships Irapé Hydroelectric Power Plant 50km away 360MW of nominal power generation capacity

Aracuai ai

Araçuaí is linked to Port Vitoria via BR 116 Highway (Brazil main north-south axis)

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SLIDE 16

Experi erienc enced ed Glob

  • bal

l Profession fessional als & Highl ghly y Regar egarded ded Mining ning Execut xecutive ives s in Brazi zil l With th a Hands nds-On On Mana nagemen ement t Appr proach ach

15

Geology

  • gy/

/ Metal allu lurgy gy Business / Finance

Calvyn vyn Gardn dner (Exec ecut utive e Chairman an)

 + 20 years at Anglo American Group  Former General Manager/COO of Highveld Steel and Vanadium

Itam amar ar Resend ende (Pres esiden dent t of Sigm gma a Braz azil)  Former CEO of AMG Brazil and UK (+30 years)  Master’s Degree in Electrometalurgy Ana na Cabr bral al (Direc ecto tor of Busine ness Devel velopment ent)

 Former Head of Equity Capital Markets Latam at Goldman Sachs in New York. Completed over $100 Billion in Transactions (+24 years)  MBA Columbia Business School

Alvar varo Barbosa a (Chi hief ef Legal al and Sustainab tainability ty Officer er)

 Former Partner at Mattos Filho and Tozzini Freire (+30years)  Associate at Skaden, Arps in New York

Ret.

  • t. Gen.

. Ferna nand ndo Iasbe bech (Directo tor of Institut titutiona nal Relat ations) ns)

 Held several strategic leadership roles during a distinguished 30- year career in the Brazilian army  IR consultant to CBMM Niobium  Moscow Geological Institute (specialization in Pegmatite formations), (+30 years of experience)

Max x Pogor gorel elov

  • v (Seni

nior

  • r Geolog
  • logist

ist)

 Former Portfolio manager Mittal Family Office  CFA Charterholder – Level III

Mar arcel elo Paiva va (Chief hief Finan ancial al Officer er - Braz azil) Gregory gory Lear r (Seni nior

  • r Geophi

phisi sicist ist)

 University of Sydney specialization in pure and applied geophysics (+40 years of experience)

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SLIDE 17

Experienced erienced and d Multi Skilled ed Board of Direct ectors: s: Stren ength gth of Our r Corporat rporate e Gover ernance nance and d Trans anspar aren ency cy

Note: Reader is cautioned that the timeline show above is an estimate based on a number of factors and assumptions that could change or prove to be incorrect and should not be relied upon.

Calvy lvyn Gar ardn dner r Chief Executive Officer & Director Itamar ar Resende President & Director Tadeu Carn rneir iro Director

Non Non-Ex Executi ecutive e Direct ectors

  • rs

16

Exe xecuti cutive e Direct ectors

  • rs

Maryse Bélanger er Director Former CEO of CBMM Niobium (+30 years) Professor of Graduate School of Engineering at MIT (Boston) Chief Operating Officer at Atlantic Gold Corporation Former Chief Executive Officer and Managing Director of Mirabela Nickel Ltd. Senior Partner and Counsel at McCarthy Tétrault LLP in Toronto Over 30 years

  • f securities

law experience in Canada Gary Litwack ack Director Over 20 years at Anglo American Plc Former General Manager/COO

  • f Anglo’s

Highveld Steel and Vanadium Former CEO of AMG Brazil and UK (+30 years) Master’s Degree in Electrometallurgy

slide-18
SLIDE 18

17

38 38-57Mt t Add dditi tion

  • nal

al Resour

  • urce

e Poten enti tial al from 9 Histor torical ical Workin rking g Lithi hium um Mine nes (1)

Project Development

Nine historical lithium mines (single ore body deposits) Four properties (over 200 pegmatites) NI 43-101 mineral resource estimate on Xuxa prospect within Grota do Cirilo property Feasibility study to be completed in Q3 2018 focused

  • n only one major ore body

(Xuxa, a historical lithium mine) Selected five top targets (all historical lithium mines) in Grota do Cirilo to validate additional resources by H1 2018 Jequitinh quitinhonha ha Rive ver

(1) Reader is cautioned estimates are based on limited geological information and can not be considered official figures in accordance with National Instrument 43-101.

Sigm gma a is a World ld Class ass Li Lithi thium Proj

  • jec

ect t with th >18, 8,00 000 0 ha

slide-19
SLIDE 19

(1) Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Inferred mineral resources are exclusive of the Measured and Indicated resources. A fixed density of 2.72 t/m3 was used to estimate the tonnage from block model volumes. Geological CoG estimated from Li2O values of the composite vs. value in block. (2) Reader is cautioned estimates are base on limited geological information and can not be considered official figures in accordance with National Instrument 43-101. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

Measur ured ed and Indicated ated Leng ngth Width Depth Avg Grade 12.9Mt 1700 12-13 250 1.56% Infer ferred 0.6Mt 1700 12-13 250 1.47% Estimated ed Volum ume Leng ngth Width Depth Grade e of Inter ersect ection

  • n

12-15Mt 400 300 40 1.45% Estimated ed Volum ume Leng ngth Width Depth Grade e of Inter ersect ection 5-7Mt 550 30 150 1.00% Estimated ed Volum ume Leng ngth Width Depth Grade e of Inter ersect ection 6-8Mt 450 35 200 1.21%

Barreiro Xuxa Murial Lavra do Meio

Estimated ed Volum ume Leng ngth Width Depth 3-5Mt 200 300 17

Nezinho do Chicao

Jequit quitin inho honha nha River er

Estimated ed Volum ume Leng ngth Width Depth Grade e of Inter ersect ection 1-2Mt 200 11 175 0.8%

Maxixe

Grot

  • ta

a do Ciri rilo lo Prop

  • per

erty: y: 12. 2.9M 9Mt M&I I & 0.6 .6Mt Mt Inferr erred ed (1)

27 27–37Mt 37Mt of Add ddit ition

  • nal

al Poten enti tial al Resour

  • urce

e (2)

18

slide-20
SLIDE 20

Ove vervie view of Xuxa 3D Geolo logi gical al Block k Model

Colors Indicating Grade

Xuxa - ~52 520,0 0,000 00t t LCE, , 1.5 .56% 6% Li Li2O O & Outstan utstanding ding Miner neral alog

  • gy

Grade ade is relati ativel ely y consis isten ent t throu

  • ughout

ghout the ore body dy

19

slide-21
SLIDE 21

Grota ta Ciril ilo - Xuxa xa Grota ta Ciril ilo - Xuxa xa Grota Ciril ilo - Barr rreir iro

High Grade Large Coarse Crystals Low Level Impurities Low CAPEX High Grade Near Surface Mineralization Low Level Impurities Low OPEX

Low Cost t of Lithi hium um Concentr entrate te

Hi High gh Grade ade Depos eposits its with th La Large ge Cryst ystal als, s, Lo Low Impu mpuri riti ties es to to Driv ive e High gh Recov cover ery y Ratios, tios, Lo Low Opex ex and d Lo Low w Capex ex

20

slide-22
SLIDE 22

Sigma’s Property Ranks Amongst the Highest Grade Lithium Projects in the World

Source: Company disclosure, Bloomberg. (1) Galaxy includes Mt. Cattlin only. (2) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43-101”) and should not be relied upon.

(1) (2)

0,92% 1,00% 1,05% 1,08% 1,18% 1,25% 1,37% 1,40% 1,44% 1,56% 1,88%

0,00% 0,50% 1,00% 1,50% 2,00% 2,50%

Resource Grade (% Li2O)

High h grade, ade, near-sur urface ace depos

  • sit

it to to drive e leading ding operat ating ng costs ts

21

slide-23
SLIDE 23

13,5 13,5 7 6 4 1,5 45,5

Sigma Current (Xuxa) Barreiro Murial Lavra do Meio Nezinho Maxixe Sigma North

Concu ncurr rrent ently ly, , Pot

  • ten

ential tial to to Achi hiev eve e Consider nsiderabl able e Resou source ce Expan ansion sion in 2018 018

Validati idating ng Exis isti ting ng Resour

  • urces

es: : Drill lled ed Ore Bodie ies at Grota ta do Cirilo rilo Proper erty ty Were e Previ evious usly ly Lithi hium m Worki rking ng Mine nes

(1) Reader is cautioned estimates are based on limited geological information and can not be considered official figures in accordance with National Instrument 43-101. Illustration based on approximate mid-points from NI 43-101 estimated range of additional potential resource by deposit. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral

  • resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

(2) Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Inferred mineral resources are exclusive of the Measured and Indicated resources. A fixed density of 2.72 t/m3 was used to estimate the tonnage from block model volumes. Geological CoG estimated from Li2O values of the composite vs. value in block.

Current

H2 2018

Illustrative Resource Growth (Mt) (1)

12.9 (M&I) 0.6 (Inf.) (2)

Grota do Cirilo Total

22

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SLIDE 24

Xuxa to be Fast-Tra rack cked ed To Productio ction in in 4Q 2019

(1) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43- 101”) and should not be relied upon. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral

  • resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

Inte ternal nal estima imate of ~220k k to tonnes s spodumene producti tion

  • n per annum

(approxima imately ely 25,00 000-30 30,00 ,000 0 to tonnes LCE) Give ven world-clas lass s properties ties, , Sigma a will subseque quently tly assess ss production tion expan ansi sion

  • n
  • ppor
  • rtu

tuniti ities s incorpor

  • rat

ating g additi ition

  • nal

al Grota do Cirilo

  • ore bodies

ies into to mine and process ssin ing plans

50 100 150 200 250 300 350 400 450

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Spodumene Produced (k Tonnes) Pilot lot Plant ant

Phase 1

Full commer ercial producti uction

  • n from DMS

S plant nt at Xuxa

Phase 2

Pote tent ntia ial l to increa ease se produc ucti tion

  • n from other

er deposit

  • sits;

s; would d requi uire re addit itional ional minin ing g and plant nt capac acit ity and capex Commis issioni sioning ng

Sigma ma Illust ustrativ ive Conso nsoli lida dated ed LOM Produ ductio ction

23

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SLIDE 25

Estimat imated ed Future e Capex pex in in 2 2019: : Construct ruction ion of Commer mercial cial Sca cale le Productio ction Pla lant

Estima imated ed Futur ture e Capex pex (C$65 $65 milli lion) n)

Uses C$ milli lion (1)(2)

Plant Construction C$6.5 Plant & Installation C$19.0 Plant Infrastructure & Mine Development (Power Sub-Station, Weight Bridges, Offices) C$12.5 Water Circuit & Treatment C$5.0 Dry Staking C$12.5 Working capital and Corporate G&A C$4.5 Treasury Buffer for Contingencies C$5.0 Tota tal l Uses C$65 65.0

Illus lustrativ trative Initi itial al Capex pex Finan anci cing

Debt C$35 mm 54% Equity C$30 mm 46%

(1) Assumes USD/CAD = 1.25 (2) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43- 101”) and should not be relied upon. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral

  • resource. The potential quantity and grade has been determined based on available drilling, channel samples, grab samples and surface mapping.

Earma mark rked C$2 million

  • n of current

nt cash posit itio ion for r certain ain long lea ead ite tems ms

24

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SLIDE 26

$9.269 $6.181 $5.410 $3.738 $3.360 $3.083 $1.840 $17.000 $10.840 $0 $2.000 $4.000 $6.000 $8.000 $10.000 $12.000 $14.000 $16.000 $18.000 $20.000 Lithium Americas Orocobre (Phase 2) Critical Elements Nemaska Pilbara Altura Tawana Kidman Initial Capex/Production Rate (US$/tpa LCE)

Sigm gma a Li Lithi thium um Will l Requ quir ire e Lo Low Capex pex to to Reach ach Prod

  • duction

uction

Sigma’s low upfront capex required to generate peer-lead ading ng lithium m produ ducti ction

  • n

per capital al inve vest sted: d: flexib xibility ility in funding ng the capex x throug

  • ugh

h multip iple le sources

Select ct Peer ers – Initia tial l Capex pex/Production uction Rate (US$/ $/tp tpa LCE)

Source: Company disclosure. Note: Assumed 8 to 1 conversion from spodumene concentrate to LCE; Currency conversion as at March 1, 2018. (1) Bacanora and Pilbara multiples based on each project’s Stage 1 capex and average production figures. (2) Orocobre multiple based on Olaroz project’s Phase 2 capex and average production figures. (3) Nemaska production rate of 34k tpa LCE based on 23k tpa of lithium hydroxide and 11k tpa of lithium carbonate, Capex based on Whabouchi mine and concentrator only. (4) Reader is cautioned that the technical data contained herein is management’s current internal estimates. This technical data cannot, therefore, be treated as compliant with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43-101”) and should not be relied upon.

(3) (1) (4) (2)

Capex/process to produce Li2CO3

25

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SLIDE 27

Significa nificant nt addit ditional ional potent ential ial +18,000 00 ha proper erty & only ly 1 of 10 targeted geted lithiu hium-bea bearin ing g pegma matit ites es dril ille led d to to measur ured ed resour urces ces Strategica egicall lly positio itioned d in Brazil zil providing viding high gh-qu quali lity batter ery-grade rade spodum dumene ene conce ncent ntrate Excell ellent nt infrastruct ctur ure e and nd proje ject ct acces ess - Expect pected ed to to resul ult t in mana nageab geable le capita pital l costs to produ duct ction ion Seasoned ned Brazil zil-based ed manag nagement ment te team m & board d with th complement lementary skillset lsets to bring ing Sigma to produc duction ion Poten ential ial low-co cost t high gh-ma margin in produ ducer er Past-pr produ duci cing ng lithi hium m mine e – Suppo ports ts fast-tr track ck to to comme merci cial l product duction ion

Sig igma a Lit ithium ium Reca cap

26

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SLIDE 28

Thank you for your time