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Diamond & Specialty Minerals Summary for Feb. 1, 2024

2024-02-01 19:21 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 86-78-146 as the TSX Venture Exchange added 12 points to 551. Ana Cabral-Gardner's Sigma Lithium Corp. (SGML) slumped $1.83 to $26.94 on 212,000 shares Wednesday on the heels of a resource update for its Grota do Cirilo project in Brazil.

The new calculation has increased the resource -- significantly, the company cheers -- as it lists 94.3 million tonnes measured and indicated at 1.4 per cent lithium oxide and another 14.6 million tonnes inferred at a slightly lower grade. The estimate spans five areas tested across five phases apparently, with the largest area being the phase III development at Nezinho do Chicao, and the best grade being at the phase I Xuxa area.

Ms. Cabral-Gardner, chief executive officer and co-chairman, was "delighted" to applaud Grota do Cirilo as -- brace for a slew of adjectives and qualifiers -- the "world's fourth-largest operating industrial prechemical lithium beneficiation complex by mineral resource scale." This, she cheers, is transforming Sigma into one of the world's largest operating integrated producers in the global lithium industry. (Marcelo Paiva, Ms. Cabral-Gardner's work twin in the chairman's role played the strong, silent type today.)

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