11:37 AM EDT, 04/12/2024 (MT Newswires) -- Sigma Lithium ( SGML ) overnight Thursday said it is expanding its Tropical Forest Conservation program around the Medio Vale do Jequitinhonha in Brazil.

The lithium producer acquired areas potentially at risk of deforestation to become cattle pastures. Sigma will add about 350 hectares of Atlantic forest land to be preserved. The company has 340 hectares already preserved.

The initiative aims to create a "Conservation Belt Against Deforestation" around the Medio Vale do Jequitinhonha.

Separately, the company said it received a letter from Nasdaq on April 5 saying Sigma is not in compliance with certain listing rules due to the delayed filing of its annual report on Form 40-F for the year ended Dec. 31.

Sigma has 60 calendar days from the date of the letter to file the report or submit a plan to regain compliance.

Management and other Sigma insiders are subject to a black-out period and prohibited from trading until the company's annual filings are completed.

Sigma shares were last seen down C$0.83 to C$20.59 on the TSX Venture Exchange.

Price: 20.59, Change: -0.83, Percent Change: -3.87