Exhibit 99.1

SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

INTRODUCTION & BACKGROUND

This management’s discussion and analysis dated as of August 14, 2025 (this “MD&A”) of the financial condition and results of operations of Sigma Lithium Corporation (“Sigma”, “Sigma Lithium” or the “Company”) constitutes management’s review of the key factors that affected the Company’s financial and operating performance for the six-months ended June 30, 2025. This MD&A should be read in conjunction with the audited annual financial statements of the Company for the years ended December 31, 2024 and 2023 together with the notes thereto, and the unaudited condensed interim consolidated financial statements for the six-month periods ended June 30, 2025 and 2024. Results are reported in United States dollars, unless otherwise noted.

The Company’s financial statements and the financial information contained in this MD&A are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Unless inconsistent with the context, references in this MD&A to the “Company” or “Sigma” are references to the Company and its subsidiaries.

The Company’s office address is 181, Bay Street, Suite 4400, Toronto, Ontario, M5J 2T3, Canada. The Company’s common shares (“Common Shares”) trade under the symbol “SGML” in the United States on Nasdaq and in Canada on the TSX Venture Exchange (“TSXV”). Additionally, Brazilian Depositary Receipts (“BDRs”) trade under the symbol “S2GM34” in Brazil on the B3 exchange.

Further information about the Company and its operations, including the financial statements referred to above and the Company’s annual information form, is available on the Company’s website at www.sigmalithiumcorp.com, at www.sedarplus.ca (SEDAR) and at www.sec.gov (EDGAR).

The information herein should be read in conjunction with the technical report titled “Grota do Cirilo Lithium Project Araçuaí and Itinga Regions, Minas Gerais, Brazil, dated March 31, 2025, with an effective date of January 15, 2025, (the “Technical Report”), for the resource and reserve estimates. The Technical Report is compliant with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

The Technical Report includes information about the Company’s wholly-owned Grota do Cirilo lithium operations (the “Operations”) in Brazil, such as: (i) the mineral reserve and resource estimates for the Xuxa deposit (“Phase 1”), the Barreiro deposit (“Phase 2”) and the Nezinho do Chicão deposit (“Phase 3” and together with Phase 2, "Phase 2 & 3”); (ii) the results of the updated feasibility study on Phase 1 (the “Phase 1 FS”); and (iii) the results of the preliminary feasibility study on Phase 2 and 3 (the “Phase 2 and 3 PFS”).

On January 1, 2025, the Company elected to change its presentation currency from Canadian dollars (“CAD”) to United States dollars (“US$”). This change was made to better reflect the Company’s business operations and to enhance the comparability of its financial results with those of other publicly traded companies in the mining industry. The change in presentation currency has been applied retrospectively, and comparative financial information has been restated as of US$ had always been the Company’s presentation currency, in accordance with IAS 21 and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

The figures in this MD&A are presented in United States dollars and are referred herein as “$”, “US$” or “USD”. Additionally, Brazilian Reais are denoted as "R$" in this document.

Readers should refer to and carefully consider the sections below titled “Risk Factors”, “Cautionary Note Regarding Forward-Looking Information” and “Cautionary Note Regarding Mineral Reserve and Mineral Resource Estimates”.

OUR BUSINESS

Sigma Lithium is a commercial producer of high purity, environmentally sustainable, lithium oxide concentrate. The Company’s existing Phase 1 operations, along with its planned Phase 2 and 3 expansions to triple capacity, represent one of the largest hard rock lithium mining and beneficiation complexes in the world. Our assets are located in the municipalities of Araçuaí and Itinga in the northeastern part of the state of Minas Gerais, Brazil. The Company owns 100% of the operating assets indirectly through its wholly-owned subsidiary Sigma Mineração S.A. (“Sigma Brazil”), with the leasehold area comprised of 29 mineral rights (which include mining concessions, applications for mining concessions, exploration authorizations, applications for mineral exploration authorizations) spread over 185 km², located within the broader 19,000-hectare land package held by Sigma Brazil (containing the Grota do Cirilo, Sao José, Genipapo and Santa Clara properties).

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Sigma’s operations are vertically integrated, with the Company’s mines supplying spodumene bearing material to its lithium production and processing plant (the “Greentech Plant”). The Greentech Plant is designed and operated to produce a 5.1% to 6.0% high purity lithium oxide concentrate (“Green Lithium”), engineered to the specifications of the Company’s customers in the rapidly expanding lithium-ion battery supply chain for electric vehicles (“EVs”), in an environmentally friendly way through a fully automated and digital dense medium separation (“DMS”) technology process.

Sigma is taking a phased approach to the expansion of its operations. Production at its Phase 1 Greentech Plant and associated mine commenced in April 2023. At 270,000 tonnes per annum of 5.5% lithium oxide concentrate production capacity, Phase 1 has positioned the Company as a globally relevant, Tier-1, concentrate producer. The Company issued a Final Investment Decision (“FID”) on its Phase 2 project on April 1, 2024. Phase 2 would take consolidated capacity to 520,000 tonnes per annum of 5.5% concentrate. The existing shared infrastructure built with the Phase 1 Greentech Plant is expected to support two additional production lines, with each of the two planned phases of expansion designed to follow a similar flowsheet as demonstrated in Phase 1.

The Sigma Greentech Plant also produces a low-grade, high-purity, zero-chemical, hypofine by-product (“Green By-Products”) at approximately 1.0% lithium oxide (“Li2O”). Depending on market conditions, these Green By-Products can be sold to strengthen Sigma’s ESG-centric approach to pioneer a “zero tailings” environmental sustainability strategy, minimizing the environmental footprint of tailings storage with a positive ecosystem impact, while also generating an additional revenue stream to the Company.

Since its inception in 2012, the Company’s mission has emphasized environmental, social, and governance (“ESG”) practices to support sustainable development. The Company is also actively engaged in social programs that promote sustainable development and inclusion—including on its Board of Directors (the “Board”)—as well as initiatives to upskill local communities in the region where it operates.

As part of this commitment, the Company has adopted the strategies outlined in Table 1 to advance its operations in a responsible and sustainable manner. Notably, the Company has successfully delivered on its “net zero carbon” program through the purchase of carbon credit in-setting, achieving “quintuple zero” status: zero net carbon, zero tailings dams, zero hazardous chemicals, zero use of potable water, and zero dirty power, from the outset of operations.

Looking ahead, Sigma plans to further enhance its ESG initiatives through innovative programs, including increasing the use of biofuels to 50% in its trucking fleet.

Table 1: Summary of Sigma’s ESG-Driven Decisions & Strategies

(1) The Company’s CEO is female (100%); and the Board has two chairpersons whose one (50%) is female.

(2) The Board has five members, and three of them (60%) are independent.

(3) Three of the four Board Committees are chaired by independent directors (75%).

(4) The Board has two members (40%) that represent women and LGBTQ community.

CORPORATE HIGHLIGHTS

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

FINANCIAL HIGHLIGHTS

For the three-month period ended June 30, 2025, the Company notes the following financial highlights:

- CIF China cash operating costs of $442/t in 2Q25, 12% below target of $500/t.

- All-in sustaining cash costs (AISC) totaled $594/t in 2Q25, 10% below target of $660/t.

GREENTECH PLANT PRODUCTION HIGHLIGHTS

Sigma Lithium’s production of green lithium oxide concentrate totaled 68,368 tonnes for the three-month period ended June 30, 2025.

As of the date of this MD&A, the Company has the following operational updates related to its Greentech Plant:

Table 2: Summary of Key Phase 1 Operating Metrics

Going forward, the Company intends to remain focused on completing the following key workstreams in 2025:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Commercial Agreements

Sigma Lithium sold 40,350 tonnes of green lithium oxide concentrate in the three-month period ended June 30, 2025. 

Health & Safety

Health and safety remains Sigma’s primary focus at the operating site, and the Company is proud to report the following achievements as of the date of this MD&A:

Over the twelve months ended December 31, 2024, the Company recorded seven reportable cases and a total recorded injury frequency rate (TRIFR) of 2.35, based on the International Council on Mining and Metals (ICMM) metric of total recorded cases per hours worked. The Company has achieved 514 consecutive days without a Lost Time Injury (LTI), reinforcing its commitment to workplace safety and operational excellence.

In the first semester of 2025, the Company improved its performance, reaching a TRIFR of 1.92 and extending its record to 695 consecutive days without a Lost Time Injury (LTI).

MINING HIGHLIGHTS

As of the date of this MD&A, the Company reports the following highlights and advancements in its 2025 mining activities:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Table 3: Total Mined and Processed Material

⁽¹⁾kt = thousands of tons ; ⁽²⁾dmt = dry metric tonnes

PHASE 2 DEVELOPMENT PROGRESS

During the six-month period ended June 30, 2025, Sigma continued to progress on the Phase 2 expansion project, with completion of key site preparation activities including formal earthworks and terracing. The Company remains focused on de-risking execution through strategic alignment of Phase 2 with the proven flowsheet, engineering concepts, and supplier partnerships established in Phase 1.

In parallel, Sigma has undertaken a detailed review of procurement priorities and project execution strategy, reinforcing its commitment to value-driven capital allocation and operational excellence. This includes evaluating optimal timelines for the contracting of long lead equipment and engineering services that will ensure readiness for the next construction milestones.

The Phase 2 expansion remains a transformative opportunity for the Company, with expected additional production capacity of 250,000 tonnes per annum of 5.5% Green Lithium. Together with Phase 1, this would bring the total annual production capacity to 520,000 tonnes of lithium oxide concentrate at Grota do Cirilo.

The Company continues to leverage the synergies and learnings from Phase 1 to enhance the efficiency and sustainability of the Phase 2 implementation, with ramping-up scheduled for 2026.

Table 4: Uses of Cash Analysis for Phase 2 Construction

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

ESG & SUSTAINABILITY HIGHLIGHTS

Sigma’s mission statement and key focus have been guided by making business decisions in a manner consistent with furthering the UN SDGs and adhering to the highest level of ESG practices.

Specifically, Sigma is focused on the following three pillars: (i) sustainable development; (ii) minimizing the environmental impact of our operations; and (iii) improving the lives of those in and around the region where the Company operates. Further, Sigma remains focused on global leadership to increase awareness of our “green battery metals” approach.

Sigma is proud to report the progress made during the three-month period ended June 30, 2025 to advance its social and environmental programs, which have been designed to ensure the sustainability of its operations while promoting the development of the Jequitinhonha Valley region.

Environmental Programs Updates

All main environmental activities planned were successfully completed during the second quarter of 2025. These efforts focused on the restoration and conservation of local biodiversity, as outlined below:

For the third quarter of 2025 the main actions planned are the following:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Social Programs Initiatives & Updates

Sigma’s activities related to its social programs are summarized below.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Engaging and listening to local communities

Since the start of its operations, the Company has maintained an ongoing dialogue with the residents of the communities where it operates. Regular face-to-face meetings have been held with the local community to discuss mutual interests and concerns. During each dialogue session, Sigma collaborates with internal experts to listen to community feedback, including concerns, demands, and suggestions, fostering transparency and strengthening the relationship between the Company and the local population. Together, solutions are developed, community interests are addressed, and progress is continuously monitored.

The Company is supported by a dedicated team specializing in human rights, community relations, and social dialogue. This team regularly visits residents to monitor the progress of social projects and ensure ongoing engagement with the community. In addition to in-person meetings, the Company operates the abovementioned Grievance Mechanism.

Corporate Governance Updates

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

REGULATORY & LICENSING UPDATES

Licensing Updates

On December 21, 2024, Sigma obtained the Preliminary License, the Installation License, and the Operating License (“LP", “LI” and “LO”, respectively) for its Phase 2 – Barreiro mine. Once again, the approval was unanimous by the State Environmental Policy Council (“COPAM”), the board responsible for voting and awarding environmental licenses in the State of Minas Gerais, including the votes of non-governmental organizations representatives. This milestone enables Sigma to expand its mineral lithium production capacity to up to 5.5 million tonnes per year.

On January 31, 2024, Sigma was awarded its LP, LI and LO to install and operate its second Greentech Plant by the State of Minas Gerais. The Company, once again, received unanimous approval from all members of the COPAM, including the vote of the board members representing the NGOs.  The obtainment of the LP, LI and LO for its second Greentech Plant allows the Company to further expand its industrial beneficiation and processing capacity of lithium minerals to up to a total of 3.7 million tonnes per year.

Litigation Updates

On March 18, 2024, the Company received an Initiation Letter of Arbitration by LG Group subsidiary, LG Energy Solution, Ltd. (“LG-ES“) from the International Centre for Dispute Resolution of the American Arbitration Association. LG-ES is alleging that Sigma Lithium is in breach of certain provisions in connection with the term-sheet dated October 5, 2021, relating to offtake arrangements for the purchase of lithium oxide concentrate from the Company. The Term-Sheet was subject to, amongst other things, completion of the negotiation of definitive written agreements between the parties. The Company believes the claims are without merit. The legal counsel of the Company has formally attributed the probability of LG prevailing in this arbitration as possible. The amount involved is currently undetermined.

As of June 30, 2025, the Company is involved in civil and labor lawsuits totaling $8,397 for which the likelihood of loss has been assessed as possible by our external legal advisors, and $2,094 for cases assessed as probable losses, for which accounting provisions have been recognized.

SELECTED FINANCIAL INFORMATION

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Q2 2025 Net loss of $18.9 million for the three-month period ended June 30, 2025, derived from $21.1 million in sales revenue and $1.2 million in shipping service, offset by $5.4 million in provisional pricing adjustments, and $23.6 million in cost of goods sold and distribution costs.

Q1 2025 Net income of $4.7 million during the three-month period ended March 31, 2025, consisted of a gross profit of $13.5 million, obtained from $47.7 million in sales revenue and $34.2 million in cost of goods sold and distribution costs.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Q4 2024 Net loss of $8.5 million during the three-month period ended December 31, 2024, consisted of a gross profit of $15.3 million, obtained from $47.3 million in sales revenue and $32.1 million in cost of goods sold and distribution costs.

Q3 2024 Net loss of $25.1 million during the three-month period ended September 30, 2024, consisted of sales revenue $20.9 million as a result of provisional price adjustment due to the decrease in average prices realized during the period and $29.2 million in cost of goods sold and distribution costs.

Q2 2024 Net loss of $10.8 million during the three-month period ended June 30, 2024, consisted of a gross profit of $16.2 million, obtained from $45.9 million in sales revenue and $29.8 million in cost of goods sold and distribution costs.

Q1 2024 Net loss of $7.0 million during the three-month period ended March 31, 2024, consisted of a gross profit of $8.6 million, obtained from $37.2 million in sales revenue and $28.6 million in cost of goods sold and distribution costs.

Q4 2023 Net loss of $9.5 million during the three-month period ended December 31, 2023, consisted of a gross profit of $4.8 million, obtained from $38.2 million in sales revenue and $33.4 million in cost of goods sold and distribution costs.

Q3 2023 Net income of $36.5 million during the three-month period ended September 30, 2023, consisted of a gross profit of $61.8 million, obtained from $96.9 million in sales revenue and $35.1 million in cost of goods sold and distribution costs.

Selected consolidated financial information is as follows:

Results of Operations

Three-Month Period Ended June 30, 2025 compared to Three-Month Period Ended June 30, 2024

The following table summarizes the items that resulted for the three-month period ended June 30, 2025, and 2024:

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

The net income for the three-month period ended June 30, 2025, compared to the three-month period ended June 30, 2024, is primarily attributable to:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Net sales revenue

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

^(2)/(3)/(4) The amount includes: (2) $5,120 of final price adjustment for the three months period ended Jun 30, 2025, (3) $496 of interest of pre-payment of cargo for the three months period ended June 30, 2025.

The Company’s sales volume for the three-month period ended June 30, 2025, totaled 40.3 kt of high grade lithium oxide concentrate, compared to 52.6 kt in the same period of 2024, with sales revenue of $21.1 million in the three-month period ended June 30, 2025, compared to $53.2 million in the same period of 2024.This decrease was mainly due to a 12.3% reduction in sales volume and a significant decline in market prices during the period. Additionally, in the three-month period ended June 30, 2025, the Company recognized a higher provisional price adjustment in the amount of $5.5 million.

Cost of Goods Sold

The following table summarizes the Company’s cost of goods sold for the three-month period ended June 30, 2025, and 2024.

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

⁽²⁾ Starting in 2025, the Company began allocating stock-based compensation for certain operational personnel directly to operating costs, in alignment with revised internal cost attribution practices. This change reflects a more accurate representation of total operating expenses.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Total costs of goods sold decreased to $23.6 million for the three-month period ended June 30, 2025, from $29.8 million for the three-month period ended June 30, 2024, mainly due to mining costs in $6.1 million and $1.6 million in Logistics costs (trucking, shipping and port), partially offset by $2.5 million in processing costs, attributed to the 23.4% reduction in sales volume during the period.

General and Administrative Expenses

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

The general and administrative expenses decreased to $4.3 million in the three-month period ended June 30, 2025, as compared to $4.6 million in the same period of 2024. The decrease was primarily driven by a $0.5 million decrease in Public company costs for the three-month period ended June 30, 2025, compared to the same period in 2024.

Other operating expenses

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Other operating expenses increased to $8.3 million in the three-month period ended June 30, 2025, from $3.6 million of expenses in the three-month period ended June 30, 2024, mainly due to $7.8 million in the provision for expected inventory losses on green by-products and a reduction of $1.9 million in accrual for contingencies, compared to the same period in 2024.

Stock-based compensation

The decrease in stock-based compensation expenses to $0.5 million for the three-month period ended June 30, 2025, compared to $1.9 million for the same period in 2024, was primarily due to lower grants made during the period and the transfer of stock-based compensation costs for certain operational employees directly to operating costs.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Financial expenses, net

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Net financial income (expenses) increased to $1.3 million in income in the three-month period ended June 30, 2025, from $19.6 million in expenses in the three-month period ended June 30, 2024, due to an increase in foreign exchange variation gains on net assets to $6.5 million recognized in the three-month period ended June 30, 2025, from a foreign exchange variation loss on net assets of $14.6 million recognized in the three-month period ended June 30, 2024, primarily due to the Brazilian real appreciation against the US$ in the half year.

Income Tax and Social Contribution

The decrease of $2.1 million in Income tax and social contribution was primarily due to the Brazilian income tax calculation, including deferred and current taxes, which does not impact cash flow, as derived mainly from the change in deferred tax on unrealized foreign exchange variation results. The overall effective tax rate is influenced by the unused tax credits in Canada.

Six-Month Period Ended June 30, 2025 compared to Six-Month Period Ended June 30, 2024

The following table summarizes the items that resulted for the six-month period ended June 30, 2025, and 2024:

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

The net income for the six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024, is primarily attributable to:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Net sales revenue

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

^(2)/(3)/(4)The amount includes: (1) $5,120 of final price adjustment for the three months period ended Jun 30, 2025, (3) $496 of interest of pre-payment of cargo for the three months period ended June 30, 2025, and (4) $977 of interest of pre-payment of cargo for the six months period ended June 30, 2025.

The Company’s sales volume for the six-month period ended June 30, 2025, totaled 101.9 kt of high grade lithium oxide concentrate, compared to 105.4 kt in the same period of 2024, with sales revenue of $68.8 million in the six-month period ended June 30, 2025, compared to $96.5 million in the same period of 2024.This decrease was due to a significant decline in market prices during the period. Additionally, in the six-month period ended June 30, 2025, the Company recognized provisional price adjustment in the amount of $8.8 million.

Cost of goods sold

The following table summarizes the Company’s cost of goods sold for the six-month period ended June 30, 2025, and 2024.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

⁽²⁾ Starting in 2025, the Company began allocating stock-based compensation for certain operational personnel directly to operating costs, in alignment with revised internal cost attribution practices. This change reflects a more accurate representation of total operating expenses.

Total costs of goods sold remained flat with a slight decrease to $57.8 million for the six-month period ended June 30, 2025, from $58.4 million for the six-month period ended June 30, 2024, mainly due to a $6.4 million reduction in mining costs, partially offset by an increase of $2.7 million in Logistics costs (trucking, shipping and port), attributed to exports being conducted under the CIF (Cost, Insurance, and Freight) incoterm, as well as a $3.3 million increase in processing costs related to a non-recurring expense aimed at maintaining production levels during the maintenance periods of the Company’s primary crusher.

General and administrative expenses

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

The general and administrative expenses increased to $9.1 million in the six-month period ended June 30, 2025, as compared to $9.0 million in the same period of 2024. The increase was primarily driven by a $1.1 million in legal costs, offset by $572 in public company costs for the six-month period ended June 30, 2025, compared to the same period in 2024.

Other operating expenses

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Other operating expenses increased to $9.2 million in the six-month period ended June 30, 2025, from $5.0 million of expenses in the six-month period ended June 30, 2024, mainly due to $7.8 million in the provision for expected inventory losses on green by-products and a reduction of $1.8 million in accrual for contingencies, compared to the same period in 2024.

Stock-based compensation

Stock-based compensation expenses decreased to $1.3 million for the six-month period ended June 30, 2025, compared to $4.2 million for the same period in 2024, was primarily due to lower grants made during the period and the transfer of stock-based compensation costs for certain operational employees directly to operating costs.

Financial expenses, net

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Net financial income (expenses) increased to $4.23 million in income in the six-month period ended June 30, 2025, from $25.7 million in expenses in the six-month period ended June 30, 2024, due to an increase in foreign exchange variation gains on net assets to $14.9 million recognized in the six-month period ended June 30, 2025, from a foreign exchange variation loss on net assets of $17.5 million recognized in the six-month period ended June 30, 2024, primarily due to the Brazilian real appreciation against the US$ in the second quarter of 2025.

Income tax and social contribution

The decrease of $7.9 million in Income tax and social contribution was primarily due to the Brazilian income tax calculation, including deferred and current taxes, which does not impact cash flow, as derived mainly from the change in deferred tax on unrealized foreign exchange variation results. The overall effective tax rate is influenced by the unused tax credits in Canada.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Non-GAAP Measure

The adjusted EBITDA is meaningful for the stakeholders, since the Company can demonstrate the effective EBITDA, considering the stock-based compensation impact in net loss. Since this item is a non-cash effect, the reconciliation below is necessary and relevant for understanding the Company´s EBITDA measurement.

Adjusted EBITDA is a non-GAAP measure, which is calculated using net loss for the period and excluding the amounts charged as (i) depreciation and depletion, (ii) financial expenses and (iii) income taxes as shown in the reconciliation below:

(1) For the adjusted EBITDA (%) the Company consider the amount of the adjusted EBITDA over the net revenue, which represents net revenue of $16,888 for the three-month period ended June 30, 2025, $45,920 for the three-month period ended June 30, 2024, $64,560 for the six-month period ended June 30, 2025 and $83,122 for the six-month period ended June 30, 2024;

(2) On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Liquidity and Capital Resources

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Liquidity Outlook

As of June 30, 2025, the Company had $15.1 million in cash and cash equivalents, which compares to $75.3 million as of June 30,2024.

As of June 30, 2025, the Company had total debt outstanding (loans and export prepayment) of $167.0 million comprised of the long-term export prepayment agreement of $104.9 million entered into on December 10, 2022 (fully drawn as of the date of this MD&A), $14.4 million drawn from BDMG, $45.5 million in export prepayment trade finance and $2.1 million of foreign currency translation adjustments and foreign exchange variation compared to total debt outstanding of $219.5 million as of June 30, 2024.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Six-month period Ended June 30, 2025 compared to Six-month period Ended June 30, 2024

Operating Activities

Cash used in operating activities was $8.2 million for the six-month period ended June 30, 2025, compared to cash used in operating activities of $42.7 million for the six-month period ended June 30, 2024, the decrease in net cash used in operating activities is mainly due to:

Investing Activities

For the six-month period ended June 30, 2025, the cash used in investing activities was $8.1 million, when compared to cash used of $13.9 million in the same period of 2024, a decrease primarily due to $6.5 million in lower additions to geological expenditures and property, and equipment, offset by $0.7 million in advances for land acquisition.

Financing Activities

For the six-month period ended June 30, 2025, cash used in financing activities was $17.9 million compared to cash provided by of $93.0 million in the same period of 2024, a decrease primarily due to lower export prepayment trade finance lines of credit raised in the amount of $97.1 million and higher repayment on export prepayment trade finance in the amount of $13.3 million.

CURRENT SHARE DATA

Issued and outstanding securities of the Company as at the date of this MD&A were as follows:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

DISCLOSURE, CONTROLS & PROCEDURES

The CEO and CFO of the Company are responsible for establishing and maintaining disclosure controls and procedures (“DC&P”) for the Company as defined under National Instrument 52-109 (NI 52-109) issued by the Canadian Securities Administrators and in Rule 13a-15d - 15(e) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The DC&P is to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities legislation and include controls and procedures designed to ensure that information required to be disclosed by an issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is accumulated and communicated to the Company’s management, including its certifying officers, as appropriate to allow timely decisions regarding required disclosure. The CEO and CFO of the Company concluded that, as a result of the material weaknesses in internal control over financial reporting as described below, our disclosure controls and procedures were not effective as of December 31, 2024.

Considering the material weaknesses described below, management performed additional analysis and other procedures to ensure that our consolidated financial statements were prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. Accordingly, management believes that the consolidated financial statements included in this Annual Report on Form 40-F fairly present, in all material respects, our financial position, results of operations, and cash flows as of and for the periods presented, in accordance with IFRS Accounting Standards.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in NI 52-109 and Rule 13a-, 15d - 15(f) of the Exchange Act. Under the supervision and with the participation of Management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based upon criteria established in Internal Control – Integrated Framework (2013) by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, Management concluded that our internal control over financial reporting was not effective as of December 31, 2024 due to the material weaknesses described below.

A material weakness is a deficiency, or a combination of deficiencies, financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Management has identified the following material weaknesses:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

The control deficiencies resulted in immaterial misstatements to the consolidated financial statements. Furthermore, the control deficiencies described above created a reasonable possibility that a material misstatement to the consolidated financial statements would not be prevented or detected on a timely basis. Therefore we concluded that the deficiencies represent material weaknesses in the Company’s internal control over financial reporting and our internal control over financial reporting was not effective as of December 31, 2024.

The Company engaged Grant Thornton Auditores Independentes Ltda. (“Grant Thornton”) to perform an “integrated audit” which encompassed an opinion on the Company’s annual consolidated financial statements as of and for the year ended December 31, 2024, as well as an opinion on the effectiveness of the Company’s Internal Control over Financial Reporting (“ICFR”) as of December 31, 2024. Grant Thornton, the Company’s independent registered public accounting firm, audited the Company's consolidated financial statements and issued an adverse opinion on the effectiveness of ICFR. Grant Thornton‘s attestation report on the Company’s ICFR was incorporated by reference into the Company’s annual report on Form 40-F under the Exchange Act for the year ended December 31, 2024.

MANAGEMENT’S REMEDIATION PLAN

The Company continues its efforts to address the material weaknesses mentioned above. These remediation efforts are ongoing, and the Company intends to sustain its initiatives aimed at enhancing the internal control environment, a task that will demand significant efforts throughout 2025.

The Company is conducting a comprehensive review of our internal control procedures and has been actively pursuing steps to address and remediate the identified material weaknesses. The Company:

Further steps to remediate the material weaknesses described above that the Company is pursuing include the following:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

We are confident that our remediation plan will adequately address the identified material weaknesses and bolster our internal control over financial reporting. Management will continue to review and make necessary changes to the overall design and operation of the Company’s internal control environment, as well as the policies and procedures to improve the overall effectiveness of internal control over financial reporting. The material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management concludes, through testing, that these controls are operating effectively. The Company has taken steps toward remediation during the 2024 fiscal year and is working towards having its internal controls environment free of material weaknesses by the end of fiscal year 2025.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING AND REMEDIATION

As described above under Remediation Efforts to Address the “Material Weaknesses”, we are taking actions to remediate the material weaknesses in our internal control over financial reporting. Same changes were implemented in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the year ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

RELATED PARTY TRANSACTIONS

The Company’s related parties include:

Cost sharing agreement (“CSA”): The Company has a CSA with A10 Advisory, whereby certain expenses are reimbursed: (i) the cost of administrative personnel that is 100% allocated to the Company; (ii) the rental of office space, which was formerly occupied and until recently paid by A10 Advisory that is now fully utilized by the Company; (iii) health insurance expenses of former A10 Advisory staff, now employed by the Company, which continue to be paid by A10 Advisory; and (iv) any relatively minor expenses of the Company that may be paid for later reimbursement by the Company.

Leasing Agreements: The Company has right-of-way lease agreements with Miazga and Arqueana relating to access to the industrial plant (See note 14).

Royalties: Pursuant to Brazilian legislation, royalties are payable to landowners whose properties are subject to mineral exploration activities. The valuation of the amount must be equivalent to 50% of the value paid as Financial Compensation for the Exploration of Mineral Resources (CFEM). As of June 30, 2025, the Company recognized an amount of $1.5 million ($0.94 million as of December 31, 2024) to be paid to Miazga, of which $0.54 million was settled during the first half of 2025.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Accounts receivable (Tatooine): the loan of an amount up to $12.0 million. On November 14, 2024, the Company entered into a contractual amendment with an increase in the loan limit to $15.0 million, bearing 15% p.a. interest rate. The facility agreement is to be made available upon utilization requests made by Tatooine to Sigma Brazil, specifying the amount to be utilized by Tatooine for the acquisition of each property and its corresponding expected costs and expenses. The loan granted by Sigma Brazil to Tatooine under the Facility Agreement represents a total amount of $17,373 as of June 30, 2025 ($12,952 as of December 31, 2024). For the six-month period ended June 30, 2025 the Tatooine requested $ 1,043 to acquire properties located over mining rights of the Company.

Instituto Lítio Verde (“ILV”): Sigma Brazil and ILV are parties in the development of a major lithium mining project with a high degree of positive impact in the communities surrounding the Company’s operations at the Vale do Jequitinhonha. ILV’s purpose is to promote the well-being and the development of those communities.

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

⁽¹⁾ On January 1, 2025, the Company decided to present its financial statements in United States dollars as mentioned in “Introduction & Background” section.

Key management includes the directors of the Company, executive management team and senior management at Sigma.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

CRITICAL ACCOUNTING ESTIMATES

Please refer to the Company’s annual MD&A for the year ended December 31, 2024, for Estimation Uncertainty and Accounting Policy Judgments disclosure. The nature and amount of significant estimates and judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty as well as accounting policies applied during the six months ended June 30, 2025, were substantially the same as those that management applied to the consolidated financial statements as at and for the year ended December 31, 2024.

Standards issued but not yet effective in 2025

The International Accounting Standards Board (IASB) has issued new requirements for the presentation and disclosure of information in general purpose financial statements to ensure they provide relevant and faithful representations of an entity's assets, liabilities, equity, income, and expenses. The objective is to offer financial information that helps users assess the prospects for future net cash inflows and evaluate management’s stewardship of the entity’s economic resources.

These financial statements comply with IFRS Accounting Standards, adhering to both general and specific requirements for presenting information in the statement of financial performance, the statement of financial position, and the statement of changes in equity. The requirements include aggregation and disaggregation of information to ensure clarity, a comprehensive statement of profit or loss, and the presentation of totals and subtotals for key financial metrics. This standard, issued in April 2024, is effective for annual periods beginning on or after January 1, 2027, and the Company is assessing the impacts arising from this standard on the presentation and disclosures in the financial statements

The amendments to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures aim to enhance the clarity of classification, measurement, and disclosure of financial instruments. The updates consisto of:

These amendments will be effective from January 1, 2026, and the Company is assessing the impacts arising from this standard on the presentation and disclosures in the financial statements

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this MD&A, the Company does not have any off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on the financial performance or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

CAPITAL MANAGEMENT

The Company’s objective in managing its capital is to ensure that the Company is able to safeguard its ability to continue as a going concern, continue its operations, and has sufficient capital to be able to meet its strategic objectives, including the continued exploration and development of its existing mineral projects and the identification of additional projects. The Company’s primary source of capital is derived from equity issuances. As of June 30, 2025, capital consisted of equity attributable to common shareholders of $70,579 (December 31, 2024 - $92,340). The Company has no externally imposed capital requirements and manages its capital structure in accordance with its strategic objectives and changes in economic conditions. In order to maintain or adjust its capital structure, the Company may issue new shares in the form of private placements and/or secondary public offerings. There has been no change in the Company’s approach to capital management since the year ended December 31, 2024.

FINANCIAL RISK FACTORS

The Company is exposed to a variety of financial risks such as credit risk, liquidity risk and market risk, including interest rate risk, foreign currency risk and price risk.

The fair values of cash and cash equivalents, accounts payable, export prepayment trade finance and credits from related parties approximate their carrying amounts due to the short-term maturity of these financial instruments.

Credit Risk

The credit risk management policy aims to minimize the possibility of not receiving sales made and amounts invested, deposited or guaranteed by financial institutions and counterparties, through analysis, granting and management of credits, using quantitative and qualitative parameters.

The Company manages its credit risk by receiving in advance a substantial portion of its sales or by being guaranteed by letters of credit.

Credit granted to financial institutions is used to accept guarantees and invest cash surpluses.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure it will have sufficient liquidity to meet liabilities when due.

The Company’s management of cash is focused on funding ongoing capital needs for operating the Greentech Plant, developing the Company’s growth opportunities (including Phase 2) and for general corporate expenditures, Management intends to use cash generated by its operating activities to meet its obligations. To the extent the Company does not believe it has sufficient liquidity to meet obligations, it will consider securing additional equity or debt funding.

The Company continuously monitors its cash outflows and seeks opportunities to minimize all costs, to the extent possible, as well as its general and administrative expenses.

The following table shows the contractual maturities of financial liabilities, including interest:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Market Risk

Provisional pricing adjustments – The Company’s products may be provisionally priced at the date revenue is recognized and a provisional invoice issued. Provisionally priced receivables are subsequently measured at fair value through profit and loss under IFRS 9 “Financial Instruments”. The final selling price for all provisionally priced products is based on forward market price based on the contract terms stipulated. The change in value of the provisionally priced receivable is based on relevant forward market prices. For contracts with variable pricing dependent on the content of minerals in the product delivered, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the products. The fair value of the final sale price adjustment is reassessed at each reporting date, based on all variable pricing elements and any changes are recognized as operational revenue in the statement of loss.

For June 2025, the Company recorded an adjustment to the provisional pricing, reflecting relevant differences between the price initially used and the price established for June sales.

The sensitivity of the Company’s risk related to the final settlement of provisional pricing accounts receivable expected to be determined during the second quarter of 2025 is detailed below:

⁽¹⁾ The sensitivity analysis for the probable scenario was measured using June 30, 2024, futures price from the Guangzhou Futures Exchange as a reference

⁽²⁾ Provisional price on June 30, 2025.

⁽³⁾ Total volume of contracts with exposure to market price fluctuation

Interest Rate Risk

This risk arises from short and long-term financial investments, financing and export prepayment linked to fixed and floating interest rates of the CDI, SELIC and SOFR, exposing these financial liabilities to interest rate fluctuations as shown in the sensitivity analysis framework.

 
The Company considered scenario probable and scenarios 1 and 2 of changes in interest rates volatility as of June 30, 2025.

The interest rates used in the sensitivity analysis in their respective scenarios are shown below together with the effects on the profit and loss balances for the six-month period ended June 30, 2025 :

⁽¹⁾ Sensitivity analysis of the scenario probable was measured using as reference the rates on Jul 15, 2025.

During 2024, the Company entered into a swap operation with the objective of exchanging the interest exposure of an advance on foreign exchange contract calculated in USD, which is originally calculated on the notional amount in USD, to DI plus an interest rate calculated on the notional amount in R$. The table below demonstrates the swap results up to June 30, 2025, recognized in the financial result.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Foreign Currency Risk

The exposure arises from the existence of assets and liabilities generated in US dollar, since the Company's functional currency is the Brazilian Real. The consolidated exposure as of June 30, 2025 is as follows:

We present below the sensitivity analysis for foreign exchange risks. The Company considered probable scenario(1), scenarios 1 and 2 as 10%, and 20%, respectively, of deterioration for volatility of the currency, using as reference the exchange rate on June 30, 2025.

The currencies used in the sensitivity analysis and its scenarios are shown below:

The effects on profit and loss, considering scenarios 1 and 2 are shown below:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Changes in Directors and Management

Except for the changes to the Board of Directors noted in the Corporate Highlights section, there were no other changes in directors or management during the three-month period ended June 30, 2025.

QUALIFIED PERSON

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” issued March 31, 2025, which was prepared for Sigma Lithium by Marc-Antoine Laporte, P.Geo, SGS Canada Inc., William van Breugel, P.Eng, SGS Canada Inc., Johnny Canosa, P.Eng, SGS Canada Inc., and Joseph Keane, P. Eng., SGS North America Inc. (the “Technical Report”). The Technical Report is filed on SEDAR and is also available on the Company’s website.

The independent qualified person (QP) for the Technical Report’s mineral resource estimates is Marc-Antoine Laporte P.Geo., M.Sc., of SGS Group in Quebec, Canada. Mr. Laporte is a Qualified Person as defined by Canadian National Instrument 43-101.

Other disclosures in this MD&A of a scientific or technical nature at the Grota do Cirilo Project have been reviewed and approved by Iran Zan MAIG (Membership number 7566), who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Zan is not considered independent under NI 43-101 as he is Sigma Lithium Director of Geology.

Mr. Zan has verified the technical data disclosed in this MD&A not related to the current mineral resource estimate disclosed herein.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain information and statements in this MD&A may constitute “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of U.S. securities legislation (collectively, “Forward-Looking Information”), which involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information. All statements, other than statements of historical fact, may be Forward-Looking Information, including, but not limited to, mineral resource or mineral reserve estimates (which reflect a prediction of the mineralization that would be realized by development). When used in this MD&A, such statements generally use words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this MD&A. Forward-Looking Information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and does not necessarily provide accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the Forward-Looking Information, which is based upon what management believes are reasonable assumptions, and there can be no assurance that actual results will be consistent with the Forward-Looking Information.

In particular (but without limitation), this MD&A contains Forward Looking Information with respect to the following matters: statements regarding anticipated decision making with respect to the Company; capital expenditure programs; estimates of mineral resources and mineral reserves; development of mineral resources and mineral reserves; government regulation of mining operations and treatment under governmental and taxation regimes; the future price of commodities, including lithium; the realization of mineral resource and mineral reserve estimates, including whether mineral resources will ever be developed into mineral reserves; the timing and amount of future production; currency exchange and interest rates; expected outcome and timing of environmental surveys and permit applications and other environmental matters; potential positive or negative implications of change in government; the Company’s ability to raise capital and obtain project financing; expected expenditures to be made by the Company on its properties; successful operations and the timing, cost, quantity, capacity and quality of production; capital costs, operating costs and sustaining capital requirements, including the cost of construction of the processing plant; and competitive conditions and the ongoing uncertainties and effects in respect of the military conflict in Ukraine.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

Forward-Looking Information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-Looking Information is based upon a number of expectations and assumptions and is subject to several risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those disclosed in or implied by such Forward-Looking Information. With respect to the Forward-Looking Information, the Company has made assumptions regarding, among other things:

Although management believes that the assumptions and expectations reflected in such Forward-Looking Information are reasonable, there can be no assurance that these assumptions and expectations will prove to be correct. Since Forward-Looking Information inherently involves risks and uncertainties, undue reliance should not be placed on such information.

In addition, Forward Looking Information with respect to the potential outlook and future financial results contained in this MD&A is based on assumptions noted above and about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information available as at the date of such information. Readers are cautioned that any such information should not be used for purposes other than for which it is disclosed.

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)

The Company’s actual results could differ materially from those anticipated in any Forward-Looking Information as a result of various known and unknown risk factors, including (but not limited to) the risk factors referred to under the heading “Risk Factors” in this MD&A. Such risks relate to, but are not limited to, the following:

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SIGMA LITHIUM CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025
(Expressed in thousands of United States dollars, except per share amounts or unless stated otherwise)