Sigma Lithium Corp.

Kalkine's Global Tariff Report offers independent, data-driven analysis of key global sectors impacted by tariff adjustments. It evaluates the potential implications these changes may have on equity valuations within those industries. The report prioritizes trade-sensitive sectors, which typically face increased investor scrutiny during periods of tariff uncertainty, while also identifying defensive and countercyclical segments that demonstrate resilience or potential for outperformance amidst global trade disruptions.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Key Developments (July 28^th, 2025) 

Canada 

• President Trump has threatened a ~35% tariff on many Canadian imports starting August 1, up from the current ~25% on non‑USMCA goods.
• Trade talks with Canada are suspended, mainly due to disputes over Canada’s digital services tax.
• The looming deadlines have ramped up pressure for a long-term trade agreement before August. 

China 

• A trade framework agreed in Geneva in May temporarily reduced tensions. US tariffs dropped to ~30 - ~55%, while China's tariffs are at ~10%, down from over ~100% previously.
• Commerce Secretary Lutnick has confirmed that the ~55% tariff on Chinese goods remains unchanged for now.
• Meanwhile, there are ongoing concerns about US credibility after frequent policy shifts and unclear long‑term direction. 

European Union 

• On July 27, President Trump and EU Commission President Von der Leyen finalized a new trade agreement introducing a ~15% U.S. tariff on most EU imports, down from previously threatened rates of ~30 - ~50%.
• Some key categories including aircraft, semiconductors, pharma, are under a zero-for-zero clause, meaning no tariffs both ways.
• Steel and aluminum exports from the EU still face ~50% tariffs under previous Trump administration measures.
• As part of the deal, the EU committed to roughly USD ~750 bn in U.S. energy purchases and USD ~600 bn in investments over three years.
• The agreement still requires approval from EU members and lawmakers, and some experts warn the ~15% rate will raise consumer prices and pressure exporters.

In May 2025, Canada’s total trade in goods and services amounted to roughly CAD ~78.7 bn in exports and CAD ~85.3 bn in imports, resulting in a combined trade deficit of CAD ~6.6 bn. This marks a slight improvement from April’s CAD ~7.5 billion deficit. Merchandise exports increased by 1.1% to CAD ~60.8 bn, while imports decreased by 1.6% to CAD ~66.7 bn, narrowing the goods trade deficit to CAD ~5.9 billion. On the services side, exports edged down 0.2% to CAD ~17.9 bn, while imports climbed 1.8% to CAD ~18.6 bn. This widened the services trade deficit to CAD ~0.8 bn. The increase in goods exports helped cushion the overall trade gap, though weak service exports, especially in financial and travel services, held back a decent recovery. Meanwhile, rising commercial service imports, particularly in financial services, added to the import bill. These shifts reflect a still-uneven recovery across sectors and persistent pressure from international cost dynamics.

Amid elevated Market Volatility and Tariff pressures, Sigma Lithium Corp. (TSXV: SGML) stands out as our defensive pick within the Lithium sector, supported by rigorous fundamental and technical research.

Section1: Company Overview and Fundamental Insights:

Sigma Lithium Corp. (TSXV: SGML) is dedicated to powering the next generation of electric vehicle batteries with environmentally sustainable and high-purity lithium. Sigma is in construction at its wholly owned Grota do Cirilo Project in Brazil one of the largest and highest-grade hard rock lithium spodumene deposits in the Americas. Sigma is committed to strong ESG practices and is aiming to be net zero emissions by 2024. Its green-friendly processing plant will use 100% renewable energy 100% recycled water and 100% dry-stack tailings.

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~66.47% of the total shareholding. A10 Investimentos Ltd. and BlackRock Investment Management (UK) Ltd. hold a maximum stake in the company at ~42.85% and ~4.54%, respectively.

The company reported rising financials in Q1 2025, where it clocked healthy growth under its Sales Revenue and Adjusted EBITDA, which is a key positive. Furthermore, it witnessed industry beating margins and elevated Sales Volume and Average Revenue per tonne, displaying its strength.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as an announcement regarding Strengthening Phase 2 Capacity for Future Growth and Ongoing Plant Efficiency Improvements.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

The stock has witnessed an upside of ~7.40% and a downside of ~14.88% over the last 1 week and 3 months respectively. Moreover, it is trading below the average 52-week high price of CAD 21.50 and 52-week low price of CAD 5.85, providing an opportunity to accumulate the stock.

Valuation Methodology: EV to Sales Based Relative Valuation (Illustrative):

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is July 25, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.