01:54 PM EDT, 04/01/2024 (MT Newswires) -- Sigma Lithium ( SGML ) , on Monday said it made a final investment decision to double production of its Quintuple Zero Green Lithium from current 270,000 tonnes per year to 520,000 tonnes with its board approving the start of construction of a second line of its Greentech Industrial Plant in Brazil with capital expenditures of US$100 million.

The company plans to commission the Phase 2 Industrial Plant by year-end 2024 and first production is expected in the first quarter of 2025.

Sigma Lithium ( SGML ) also said there will be a delay in the filing of its annual information form, its audited consolidated financial statements for the year ended December 31, 2023 and the related management's discussion and analysis, which were due on March 31, 2024. The delay is due to the additional audit procedures because of the initiation of commercial production in early 2023 and the ensuing hybrid reporting of non-operating and operating quarters, Sigma said.

Meanwhile, the company reported an unaudited net loss of US$9.5 million for the fourth quarter, compared with a loss of US$28.3 million in the year-prior period, and reported revenue of US$37.7 million for the quarter.

Sigma shares were last seen up C$1.49 to C$19.05 on the Toronto Stock Exchange.

Price: 19.05, Change: +1.49, Percent Change: +8.49