08:19 AM EDT, 05/08/2024 (MT Newswires) -- Sigma Lithium ( SGML ) was at last look up 1.25% in US premarket on Wednesday after saying that its proven and probable reserves balance increased 40%, extending the operations at the Grota do Cirilo mine in Brazil to 25 years.

The company said its proven and probable reserve balance now stands at 77.0 million tonnes. from 54.8 million tonnes prior.

Sigma said the increase occurs within the combined phases 3 and 4 mines, and covers two lines of processing capacity totaling 520,000 tonnes per annum.

The company said the increased reserves balance allows growth opportunities at Grota do Cirilo by supporting a third and potentially fourth processing facility, or a longer operating life at its currently planned lithium throughput.

"This significant increase in mineral reserves demonstrates our commitment to continuously invest in Brazil to unlock the full economic potential of our mineral concessions," Co-Chairperson and CEO Ana Cabral said.