Sigma Lithium Corporation (NASDAQ:SGML) Q1 2024 Earnings Conference Call May 16, 2024 12:00 PM ET
Company Participants
Matthew DeYoe - EVP
Ana Cabral-Gardner - Co-Chairman & CEO
Conference Call Participants
Robert Hoffman - Bank of America Merrill Lynch
MacMurray Whale - Cormark Securities
Operator
Good morning, everyone. My name is Dennis, and I will be your operator today. Welcome to the Sigma Lithium First Quarter 2024 Earnings Conference Call. Today's call is being recorded and broadcast live on Sigma's website.
On the call today is company CEO, Ana Cabral-Gardner and company Executive Vice President at Matthew DeYoe. We will now turn the call over to Matthew DeYoe.
Matthew DeYoe
Thank you, Dennis, and good morning, everyone. Thank you for joining us on our first quarter 2024 earnings conference call. On the call with me today is company CEO. Ana Cabral. This morning before market open, we published our 1Q earnings release and posted our financial results, which would be available through SEDAR and SEC.
Before we begin, I'd like to cover two items. First, during the presentation, you'll hear certain forward looking statements concerning our plans and expectations. We note that actual events or results could differ materially from changes in market conditions and our operations.
Additionally earnings referenced in this presentation may exclude certain noncore and nonrecurring items. Reconciliations to the most comparable IFRS financial measures and other associated disclosures, including descriptions of adjustments can be found in the back of the release.
With that, I'll pass it over to Ana.
Ana Cabral-Gardner
Good morning, everyone. We're delighted to present you with our first quarter 2024 results. I without further ado, I encourage you to go to the following page. We are extremely enthusiastic about our prospects as we have been advancing towards key catalysts of our plan to double production capacity by 2025.
The four key deliveries of this quarter were fast, the delivery of an increased premium pricing where we achieved a fixed floating formula of 9% of the London Metals Exchange Lithium equivalent, basically reaching a $1,290 pricing. That represents an 11% increase to the April 24, realized pricing up the numbers we released for the first quarter of 2024. So that clearly demonstrates that the pricing trend is upwards. An 11% increase from previous months and an overall almost 30% increase from the average pricing of the previous quarter.
The second catalyst is that we have been reaching our marks on achieving a low cost of production. We became the world's second lowest cost Lithium concentrate producer this quarter, reporting the cost of $397 per ton.