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Blue Orca Capital disclosed a short position against Sigma Lithium Resources, alleging undisclosed regulatory actions, lawsuits, and safety issues at its Brazilian mine. The report highlights Sigma's financial vulnerabilities, including minimal cash reserves and significant debt.

A sealed lawsuit from a former contractor in São Paulo claims Sigma owes R$115 million ($22 million). Sigma suspended mining operations in October 2025 and is transitioning to a new contractor.