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Blue Orca Capital has taken a short position against Sigma Lithium Resources, citing undisclosed regulatory issues, creditor lawsuits, and safety concerns at its Brazilian mine. The firm pointed to a recent earnings report indicating limited cash reserves and substantial payables, as well as a $100 million loan due in late 2026.

A lawsuit from a former contractor alleges Sigma owes R$115 million ($22 million). Mining operations were suspended in October 2025, with a transition to a new contractor. Sigma reported $6.1 million in cash and $54.8 million in payables at the end of Q3.