US Market News
2日前
Largo Awarded a Five-Year U.S. Department of Defense Contract to Supply High-Purity Vanadium Pentoxide with Fixed-Price Delivery Orders to Support the U.S. National Defense StockpileJune 30, 2026 7:56 PM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Highlights:Five-year contract to supply up to 2,876 metric tonnes of high-purity vanadium pentoxide in total with flexible delivery schedules subject to terms and conditions of the award, up to a maximum amount of US$125 million.Fixed-Price per pound V2O5 at a premium above current benchmark V2O5 price indexes in 2026 and escalating 10% each year after that.A lengthy review and vetting process established Largo as a trusted supplier within the U.S. defense industrial base and critical materials ecosystem, positioning the Company as part of the supply chain for the U.S. Government and the Department of Defense.Contract provides a framework for the supply of high-purity vanadium pentoxide for the U.S. defense logistics agency, contributing to U.S. national security and industrial resilience.Toronto, Ontario--(Newsfile Corp. - June 30, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer announced today that its subsidiary, Largo Resources USA Inc. ("Largo USA") has been awarded an Indefinite Delivery, Indefinite Quantity ("IDIQ") contract by the U.S. Defense Logistics Agency Strategic Materials ("DLA") for the supply of up to 2,876 metric tonnes of high-purity vanadium pentoxide ("V2O5") in support of the U.S. National Defense Stockpile. The award is part of the Department of Defense's efforts to strengthen critical mineral supply chains and ensure long-term access to strategic materials essential for defense readiness and industrial mobilization.The award establishes Largo as an approved supplier to the DLA and underscores the Company's role as a reliable, Western-aligned producer of high-purity vanadium products. Largo's vanadium is produced at its Maracas Menchen Mine and chemical complex in State of Bahia, Brazil, one of the world's highest-grade vanadium operations and a long-standing source of premium vanadium products for global customers."This award represents a major milestone for Largo and validates the strategic importance of our vanadium supply platform after a lengthy review process of vetting and discussions with the U.S. Department of Defense," said Mr. Alberto Arias, Executive Chairman and Co-CEO of Largo. "We are proud to become part of the supply chain to the United States Government for high-purity vanadium and to support the DLA's efforts to strengthen and secure diversified and allied supply chains for this critical material used in aerospace, defense, energy storage, specialty alloys and other key industrial applications.""We view this contract as recognition of Largo's quality, reliability, and commitment to meeting the most demanding specifications in the market after years of investment in developing a secure and reliable source of vanadium products for Western markets," said Mr. Daniel Tellechea, Co-CEO of Largo. "China and Russia currently produce approximately 80-85% of world vanadium supply. We believe the firm-fixed-price structure of this contract reflects the strategic value the U.S. Government places on securing reliable, Western-aligned sources of high-purity vanadium pentoxide for defense applications. This contract should help improve Largo's vanadium price realizations and help offset the headwinds of depressed vanadium prices outside the U.S. as well as price inflation in raw materials and energy costs recently caused by logistics disruptions in the Middle East," he added. "This award reflects the strength of Largo's long-term engagement with the U.S. Defense Logistics Agency Strategic Materials and the Company's ability to meet the rigorous technical and commercial requirements of the defense procurement process," said Mr. Francesco D'Alessio, Chief Commercial Officer of Largo. "We are pleased to have contributed to advancing this program through to award and to support its implementation going forward through Largo USA. This contract further reinforces Largo's position as a reliable supplier of high-purity vanadium pentoxide to critical government stockpile initiatives."The Company expects the contract to further enhance its commercial profile and provide a platform for additional engagement with U.S. Government agencies, defense contractors and industrial customers seeking secure access to critical materials. Largo USA will serve as the contracting entity for all U.S. Government contract requirements, encompassing customer engagement, logistics coordination, quality assurance, compliance, and delivery execution. Expanding its presence in the U.S. critical minerals market and aligning the Company's supply capabilities with Western government and defense requirements remains one of Largo's strategic priorities.Contract Scope and Financial ContextThe contract is part of DLA's initiative to acquire high-purity vanadium pentoxide for stockpile requirements supporting aerospace-grade titanium alloys, advanced defense manufacturing, and emerging energy storage technologies. It provides for a five-year ordering period utilizing firm-fixed-price delivery orders, with vanadium pentoxide meeting stringent purity and quality specifications established by DLA.The IDIQ contract structure provides for delivery orders to be issued over a five-year ordering period. IDIQ awards of this nature with DLA typically support multi-year stockpile build programs with order volumes calibrated to strategic reserve requirements.The award follows extensive market research by DLA and reflects the U.S. Government's objective to maintain secure, resilient sources of critical materials for defense and industrial mobilization. DLA previously identified a limited number of qualified suppliers capable of meeting the program's technical, quality, and supply chain requirements.Production Capacity to Support DeliveryLargo is well-positioned to fulfill delivery orders under this contract from its world-class Maracás Menchen Mine and chemical complex in Brazil, which is the world's largest primary vanadium mine. The Company produced 9,150 tonnes of V2O5 equivalent in 2025 and has guided for 10,500 to 12,000 tonnes of V2O5 equivalent production in 2026, representing a meaningful year-over-year increase supported by improved mine access, higher-grade ore availability, and operational enhancements implemented during 2025. Q1 2026 production of 2,616 tonnes came in at the upper end of quarterly guidance.Largo produces ilmenite (a titanium mineral) as by-product of its vanadium operations and is currently evaluating the possible production of additional by-products such as copper, gold, platinum, palladium and cobalt, most of which are classified as critical metals.Additionally, Largo owns 100% of tungsten assets in Canada and in Brazil and has recently announced the evaluation of strategic alternatives to maximize shareholder value following the recent rise in tungsten prices and investor interest.This announcement is neither paid for nor sponsored, in whole or in part, by any element of the United States Government. For further information: https://www.war.gov/News/Contracts/Contract/Article/4530662/contracts-for-june-30-2026/About LargoLargo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and a 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements regarding expected 2026 production of 10,500 to 12,000 tonnes of V2O5 equivalent; future delivery orders under the DLA IDIQ contract, including their timing, volume, and value; the Company's ability to fulfill contract requirements and meet DLA's technical and quality specifications; the Company's strategic positioning in the U.S. critical minerals market; anticipated improvements to price realizations or financial performance; and the expected role of Largo USA as the execution entity for the contract.Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: the fact that the IDIQ contract does not guarantee a minimum quantity of delivery orders and the value of actual orders may be less than the contract ceiling; the ability of the U.S. Government to terminate or modify the contract for convenience; general business and economic conditions and demand for minerals; demand for and changes in the spot and forward price of tungsten, V2O5 and other vanadium products, ilmenite, titanium dioxide pigment or certain other commodities (such as, diesel fuel, sulphuric acid, ammonia sulphate and electricity); receipt of regulatory and governmental approvals, permits and renewals in a timely manner; operating or technical difficulties in connection with mining or development activities; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company increased costs and physical risks, including the impact of extreme weather events including heavy rainfall; the reliability of production, including, without limitation, access to massive ore: the ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine and other mineral properties are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities or grades of reserves; the ability to protect and develop technology and IP; business opportunities that may be presented to, or pursued by, the Company; attracting and retaining skilled personnel, directors and key employees; risks related to the failure of internal controls; the ability of management to execute the strategic goals and any potential strategic alternatives of the Company; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions; changes in U.S. Government procurement priorities, defense budgets, or policies; compliance with export control, trade sanctions, and government contracting regulations; foreign currency exchange rate fluctuations; and the impact of inflation.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on the Company's opinions, estimates and assumptions that it considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply, and the associated filings made with the applicable Canadian and United States securities regulatory authorities.Trademarks are owned by Largo Inc.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303582 Original: Largo Awarded a Five-Year U.S. Department of Defense Contract to Supply High-Purity Vanadium Pentoxide with Fixed-Price Delivery Orders to Support the U.S. National Defense Stockpile
US Market News
1月前
Largo Announces Plans to Evaluate Strategic Alternatives to Maximize Value of Its Tungsten Assets in Canada and BrazilMay 27, 2026 5:37 PM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Toronto, Ontario--(Newsfile Corp. - May 27, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer announced today that it plans to evaluate strategic alternatives aimed at maximizing the value of its 100%-owned tungsten assets: the Northern Dancer Tungsten-Molybdenum Project in Yukon, Canada which is regarded as one of the world largest undeveloped Tungsten deposits and its Currais Novos Tungsten Project in Rio Grande do Norte, Brazil, which Largo operated in the early 2010s prior to the construction of its Maracas Vanadium mine in Bahia, Brazil.The evaluation process is expected to consider a range of strategic alternatives, including partnerships, joint-ventures, asset-level financing, minority investments, sale or spin-out opportunities, offtake-related structures, or other transactions designed to unlock value for Largo shareholders while preserving the Company's focus on its core vanadium and ilmenite operations in Brazil.As part of this process, the Company also intends to evaluate the engagement of a financial advisor or investment bank to assist Largo in assessing strategic alternatives, identifying qualified counterparties, and supporting the execution of any transaction process that may be approved by the board of directors.Tungsten is widely recognized as a critical industrial metal with applications across defense, aerospace, tooling, mining, energy and other high-performance industrial sectors. Considering increased global focus on critical minerals supply security, Largo believes its tungsten portfolio may represent a valuable and underrecognized source of optionality for shareholders.Mr. Daniel Tellechea, CoChief Executive Officer of Largo, stated: "Largo's tungsten assets provide shareholders with exposure to two distinct projects in mining-friendly jurisdictions, each supported by historical technical work and strategic relevance in today's critical minerals environment. As we continue to prioritize operational performance and balance sheet discipline, we believe now is an appropriate time to evaluate alternatives that could unlock value from these non-core assets." Mr. Alberto Arias, Co-Chief Executive Officer of Largo, added: "We have received unsolicited expressions of interest for these assets and therefore we intend to consider engaging a qualified financial advisor or investment bank to support a disciplined review of potential strategic alternatives and help us maximize value for shareholders."Northern Dancer Tungsten-Molybdenum Project - CanadaThe Northern Dancer Tungsten-Molybdenum Project, formerly known as the Logtung Project, is located in Yukon, Canada, near the Yukon-British Columbia border. The project is situated approximately 260 kilometers southeast of Whitehorse and approximately 65 kilometers from Teslin, with access to the Alaska Highway corridor which is 13Km south of the project.Northern Dancer is one of the world's largest tungsten-molybdenum deposits, hosted within a felsic intrusive complex and associated skarn mineralization. Historical work outlined mineralization through 134 drill holes, and prior technical studies contemplated the potential for open-pit mining. A preliminary economic assessment title "Preliminary Economic Assessment, Northern Dancer Project, Yukon, Canada" was completed in 2011 and is available on www.sedarplus.ca.The Company believes Northern Dancer may represent a significant strategic tungsten-molybdenum asset in North America, particularly as governments and industries increasingly focus on securing Western critical minerals supply chains for defense, aerospace, energy, electronics and industrial applications. Tungsten is one of 34 critical minerals regulated under Canada's Critical Minerals Strategy. Any further advancement of Northern Dancer would require updated technical studies, metallurgical work, permitting review, community and First Nations engagement, environmental assessment, and project financing.Currais Novos Tungsten Project - BrazilThe Currais Novos Tungsten Project is located near Currais Novos in the State of Rio Grande do Norte, Brazil, approximately 179 kilometers west-southwest of Natal. The project consists of tungsten-bearing tailings associated with the historic Barra Verde and Boca de Laje mines.A preliminary economic assessment title "A Preliminary Economic Assessment of the Currais Novos Tailings Piles" was completed in 2011 and is available on www.sedarplus.ca.Currais Novos was Largo's first operating asset which it developed and operated until 2012. In the current environment of elevated tungsten prices, Largo believes Currais Novos may represent a differentiated tungsten opportunity due to its focus on the reprocessing of historical tailings rather than the development of a conventional hard-rock mine. Potential advantages of such an asset include a smaller physical footprint, and the potential to combine critical mineral recovery with remediation of historical tailings material, subject to updated technical, environmental, permitting and economic evaluations.Strategic Review ProcessLargo has not set a definitive timetable for completion of the strategic review process, and there can be no assurance that the evaluation will result in any transaction or specific course of action. The Company may seek to engage a financial advisor or investment bank to assist with the strategic review process; however, no assurance can be given that any advisor will be engaged, that any strategic alternative will be pursued, or that any transaction will be completed.The Company does not intend to provide further updates unless and until its board of directors approves a specific transaction or otherwise determines that disclosure is appropriate or required by applicable securities laws.The Company intends to conduct any evaluation of the tungsten assets in a disciplined manner, with a focus on shareholder value, balance sheet flexibility, strategic alignment, and preservation of Largo's core operating priorities.About LargoLargo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to the Company considering strategic alternatives for certain of its tungsten assets and the form such strategic alternatives may take; the Company potentially engaging a financial advisor or investment bank to assist with assessing and executing on such strategic alternatives; the potential current and future value of the Company's tungsten assets; the manner in which any strategic alternative process will be conducted; whether any such strategic alternative will come to fruition; and whether any of such proposed strategic alternatives will have any positive impact on the value of the shares in the Company.Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: general business and economic conditions and demand for minerals; demand for and changes in the spot and forward price of tungsten, V2O5 and other vanadium products, ilmenite, titanium dioxide pigment or certain other commodities (such as diesel fuel, sulphuric acid, ammonia sulphate and electricity); receipt of regulatory and governmental approvals, permits and renewals in a timely manner; operating or technical difficulties in connection with mining or development activities;; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company increased costs and physical risks, including the impact extreme weather events including heavy rainfall; the reliability of production, including, without limitation, access to massive ore: the ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine and other mineral properties are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities or grades of reserves; the ability to protect and develop technology and IP; business opportunities that may be presented to, or pursued by, the Company; attracting and retaining skilled personnel, directors and key employees; risks related to the failure of internal controls; the ability of management to execute the strategic goals and any potential strategic alternatives of the Company; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions; and the impact of inflation.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply, and the associated filings made with the applicable Canadian and United States securities regulatory authorities.Trademarks are owned by Largo Inc.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299146 Original: Largo Announces Plans to Evaluate Strategic Alternatives to Maximize Value of Its Tungsten Assets in Canada and Brazil
US Market News
2月前
Largo Reports Q1 2026 Financial Results Reflecting Strong Operating Performance at Maracás Menchen Mine and the Impact of High U.S. Import Tariffs on Brazilian Products in Early 2026May 14, 2026 10:08 AM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Toronto, Ontario--(Newsfile Corp. - May 14, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer, today announced financial and operating results for the three months ended March 31, 2026.Mr. Daniel Tellechea, Co-Chief Executive Officer of Largo, stated: "Q1 2026 reflected continued operating improvements at Maracás Menchen and a stronger production profile compared with the same period last year. We achieved V2O5 equivalent production at the upper end of our quarterly guidance range, supported by improved mine access, stronger ore availability, and greater operating stability at the plant. Our focus remains on disciplined execution of the mine plan, cost control, and continued operational consistency."Mr. Alberto Arias, Co-Chief Executive Officer of Largo, added: "The operating results of Q1 2026 reflect a stronger operating base for Largo, but sales were still affected by the impact of the high U.S. tariffs on Brazilian imports in the earlier part of the quarter. We are actively working to translate this improved production into higher sales, supported by recent positive trends in the vanadium market. The reduction of U.S. tariffs on Brazilian products in February has improved Largo's ability to more actively supply the high-purity market, particularly the aerospace sector, as well as the U.S. ferrovanadium market. Due to the timing of our sales contracts, the benefits of these developments should begin to be reflected in Q2 2026. While the U.S. ferrovanadium market has recently shown signs of rebalancing, we believe Largo remains well positioned to serve these markets as commercial conditions normalize."Q1 2026 HighlightsOperation HighlightsVanadium pentoxide ("V2O5") production in Q1 2026 increased 101.7% to 2,616 tonnes vs. 1,297 tonnes in Q1 2025. Production in the quarter was at the upper end of the Company's quarterly guidance range of 2,400 to 2,700 tonnes and was supported by better ore availability and operational stability in the industrial plant. Largo continues to expect full-year 2026 V2O5 equivalent production of 10,500 to 12,000 tonnes.Total ore mined in Q1 2026 increased 90.8% to 852,046 tonnes vs. 446,614 tonnes mined in Q1 2025. The effective ore grade1 was 0.48% V2O5 in Q1 2026 vs. 0.41% in Q1 2025.Global recovery2 in Q1 2026 was 76.3% compared to 77.8% in Q1 2025.Ilmenite concentrate production in Q1 2026 increased 86.8% to 11,514 tonnes vs. 6,162 tonnes in Q1 2025.In April 2026 production totaled 881 tonnes of V2O5 equivalent and 5,536 tonnes of ilmenite concentrate.Commercial HighlightsSales in Q1 2026 totaled 2,141 tonnes of V2O5 equivalent, including 120 tonnes related to the Company's inventory supply agreement, up 3.6% from the 2,066 tonnes sold in Q1 2025. Produced V2O5 equivalent pounds sold increased to 4,456 thousand lbs in Q1 2026, excluding 265 thousand lbs related to the Company's inventory supply agreement, compared with 4,206 thousand lbs in Q1 2025. Commercial conditions improved during the quarter, particularly in the U.S. ferrovanadium ("FeV") market, supported by tightening supply conditions. Sales of ilmenite concentrate, a by-product of the vanadium operation, in Q1 2026 increased 32.7% to 11,477 tonnes vs. 8,647 tonnes in Q1 2025. Vanadium market conditions improved during Q1 2026. In Europe, the average benchmark price for V2O5 was $5.69/lb in Q1 2026 vs. $5.26/lb in Q1 2025, while the average benchmark price for FeV was $26.60/kg vs. $24.26/kg. During the quarter, FeV prices in the U.S. market increased by 56% compared with the same period in the prior year, driven primarily by tightening global supply conditions.Financial HighlightsRevenues totaled $27.5 million in Q1 2026 vs. $28.2 million in Q1 2025. The Company recognized $25.8 million in vanadium sales revenue and $1.7 million in ilmenite sales revenue during the quarter. Revenues in the quarter continued to reflect the impact of the 50% U.S. import tariff on Brazilian products, which was reduced to 10% in the middle of the quarter.Revenues per pound sold of V2O5 equivalent were $5.80 in Q1 2026, down from $6.04 in Q1 2025.Adjusted cash operating costs excluding royalties1 remained flat compared to Q1 2025 at $3.90/lb sold in Q1 2026. Cash operating costs excluding royalties were $4.27/lb in Q1 2026 vs. $6.54/lb in Q1 2025, reflecting improved mine performance and the absence of the kiln and plant stoppages experienced in Q1 2025.Cash used before working capital items1 was $3.0 million in Q1 2026, compared with $8.5 million in Q1 2025. Q1 2026 adjusted EBITDA1 was negative $4.3 million, compared to negative $2.8 million in Q1 2025, while Mining Operations Adjusted EBITDA1 was negative $2.3 million, compared to negative $0.7 million in Q1 2025.In Q1 2026, Largo recorded a net loss of $4.7 million for Q1 2026, compared to a net loss of $9.2 million in Q1 2025. This improvement was mainly due to a 19% decrease in operating costs, a 28% decrease in other general and administrative expenses, and a $4.7 million recovery of vanadium assets, partially offset by a 3% decrease in revenues, a 16% decrease in foreign exchange gain, and a 63% increase in finance costs.Basic loss per share of $0.07 in Q1 2026 vs. $0.14 in Q1 2025.The Company ended Q1 2026 with a cash balance of $11.2 million and debt of $108.4 million.Financial and Operational Results - Highlightsthousands of U.S. dollars, except as otherwise stated
Q1 2026
Q1 2025
Change
Revenues
27,529
28,235
-2.5%
Operating costs
(34,494)
(42,477)
-18.8%
Net loss
(4,730)
(9,205)
-48.6%
Basic loss per share
(0.07)
(0.14)
-50.0%
Adjusted EBITDA1
(4,340)
(2,774)
+56.4%
Mining operations adjusted EBITDA1
(2,276)
(697)
+226.5%
Cash provided (used) before working capital items
(3,000)
(8,492)
-64.7%
Cash operating costs excl. royalties1 ($/lb)
4.25
6.54
-35.0%
Adjusted cash operating costs excl. royalties1 ($/lb)
3.90
3.88
0.52%
Cash
11,204*
9,716**
+15.3%
Debt
108,367*
107,066**
+1.2%
Total mined - dry basis (tonnes)
4,818,359
3,933,242
+22.5%
Total ore mined (tonnes)
852,046
446,614
+90.8%
Effective grade2 of ore mined (%)
0.48
0.41
+17.1%
V2O5 equivalent produced (tonnes)
2,616
1,297
+101.7%
V2O5 equivalent sales (tonnes)
2,141
2,066
+3.6%
Ilmenite concentrate produced (tonnes)
11,514
6,162
+86.8%
Ilmenite concentrate sold (tonnes)
11,477
8,647
+32.7%
* As of March 31, 2026. ** As of March 31, 2025
1 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted EBITDA, revenues per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release. Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period.
2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrateSubsequent EventsApril 2026 Sales and ProductionSubsequent to Q1 2026, production in April 2026 totaled 930 tonnes of V2O5 equivalent and 4,116 tonnes of ilmenite concentrate. Sales in April 2026 totaled 1,230 tonnes of V2O5 equivalent and 2,011 dry tonnes of ilmenite, reflecting a solid start to Q2 2026 on both operational and commercial fronts.At-The-Market Equity Offering ProgramOn January 8, 2026, the Company announced the launch of an at-the-market equity offering program (the "ATM Program"). This allows the Company to periodically issue and sell common shares on The Nasdaq Stock Market, with total gross proceeds of up to $60.0 million. By March 31, 2026, the Company had issued 13,811,298 common shares through the ATM Program, resulting in net proceeds of $19,707,264 at an average price of $1.4060 per share.Impact of U.S. Tariff ReliefFollowing the reduction of U.S. tariffs from 50% to 10% in February 2026, Largo resumed commercial activity for its high-purity vanadium products and began selling the high-purity inventories accumulated in bonded warehouses in Baltimore, Maryland, as well as in the European Union. The tariff relief, together with materially stronger vanadium pricing in the U.S., has improved the Company's ability to actively supply both the high-purity vanadium market, particularly the aerospace segment, and the U.S. FeV market, where the number of origins able to serve customers remains limited.Largo is also increasing sales into the U.S. market to benefit from the significant price premium for FeV in the U.S. relative to other regions. Due to the lag in price realization on reported sales, an important portion of the recent price increase is expected to be reflected in Q2 2026 sales revenues. In addition, most of the sales of the high-purity inventories accumulated in bonded warehouses in Baltimore are expected to be reflected in the second quarter, as those sales were invoiced in April and May 2026 following the U.S. tariff reduction in the middle of the first quarter. As a result, the Company expects stronger revenue realization in the second quarter than would have been the case had those units been sold in the first quarter.Copper and Platinum Group MetalsOn April 10, 2026, Largo filed a request before the Brazilian Mining Agency ("ANM") to produce and sell copper, platinum group metals, nickel and cobalt as by-products within its mining activities at the Maracás Menchen Mine using its existing ore processing infrastructure. The filing follows previously disclosed positive metallurgical testing and technical evaluation work and represents an important step in advancing the potential inclusion of these additional by-products within Largo's operations.The Company believes this initiative may further enhance the long-term value of the Maracás Menchen Mine by leveraging existing infrastructure and expanding the potential contribution of its mineral endowment, subject to the applicable regulatory process and any additional technical, environmental and operational assessments that may be required.Vanadium Market UpdateVanadium market conditions improved in Q1 2026, particularly in ferrovanadium markets. In Europe, the average benchmark price of V2O5 was $5.69/lb in Q1 2026, up from $5.26/lb in Q1 2025, while the average benchmark price of FeV was $26.60/kg in Q1 2026, up from $24.26/kg in Q1 2025. As of March 31, 2026, the average benchmark price of V2O5 in Europe was $5.93/lb, compared with $5.08/lb as of March 31, 2025, while the average benchmark price of FeV in Europe was $29.35/kg, compared with $24.25/kg as of March 31, 2025.During Q1 2026, Largo observed a 56% increase in FeV prices in the U.S. market compared with the same period in the prior year. This increase was driven primarily by tighter global supply conditions. More recently, vanadium market conditions have shown signs of rebalancing, with prices correcting from earlier highs, particularly in the U.S. ferrovanadium market. The Company remains active across key markets amid evolving geopolitical factors and continues to monitor developments closely as conditions evolve across regions.2026 GuidanceLargo is reiterating its 2026 vanadium guidance as previously disclosed on February 5, 2026. The Company continues to expect annual V2O5 equivalent production of 10,500 to 12,000 tonnes, annual V2O5 equivalent sales of 7,500 to 9,500 tonnes, and adjusted cash operating costs excluding royalties of $3.50/lb to $4.50/lb sold.The Company's 2026 guidance is presented on a business-as-usual basis and reflects management's current expectations for improved mine access, higher ore availability, and the continued impact of operational enhancements implemented during 2025. The Company has also committed a significant portion of its expected monthly production in 2026 to sales of its VPURE+® and VPURE® products, as well as FeV produced from VPURE®. Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement.
2026 Guidance
Annual V2O5 equivalent production
tonnes
10,500 - 12,000
Annual V2O5 equivalent sales1
tonnes
7,500 - 9,500
Adjusted cash operating costs excluding royalties per pound2
$/lb
3.50 - 4.50
VanadiumQ1Q2Q3Q42026
LowHighLowHighLowHighLowHighLowHighProduction (tonnes V2O5)2,4002,7002,5003,0002,6003,1003,0003,20010,50012,000Sales1 (tonnes V2O5)1,5002,0002,0002,5002,0002,5002,0002,5007,5009,500 Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement.Adjusted cash operating costs excluding royalties per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this press release. The Company continues to monitor market conditions, geopolitical developments, and trade-related uncertainties, including the potential impact of new tariffs on imports from Brazil to the U.S., and the impact of rising energy costs, particularly oil, on the Company's production costs, and may revise its guidance if operating assumptions or market conditions materially change.The information provided within this release should be read in conjunction with Largo's unaudited condensed Interim consolidated financial statements for the quarter ended March 31, 2026 and March 31, 2025 and its management's discussion and analysis ("MD&A") for the quarter ended March 31, 2026, which are available on the Company's website and on its profiles on SEDAR+ and EDGAR at www.sec.gov.About LargoLargo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and a 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the future price of commodities; Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S. vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices and the Company's ability to benefit from the strengthening of those prices; the Company's ability to explore and commercialize copper and PMGs concentrates; the Company's 2026 guidance; the Company's future strategy; the Company's ability to benefit from reductions in U.S. tariff barriers; the impact of potential future changes in U.S. tariffs; the Company's belief that it remains well positioned to serve key markets as commercial conditions normalize; expectations regarding stronger revenue realization, including in Q2 2026; the Company's ability to explore, obtain regulatory approvals for, produce and commercialize copper, platinum group metals, nickel and cobalt as by products within its mining activities at the Maracas Menchen Mine and the potential benefits thereof; the Company's expectations and plans in respect of the at-the-market offering; and management's expectations for improved mine access, higher ore availability and the impact of operational enhancements implemented during 2025.The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; that the current U.S. tariff rate on Brazilian imports will remain at or near current levels; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium and ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium and ilmenite on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply.Trademarks are owned by Largo Inc.Non-GAAP MeasuresThe Company uses certain non-GAAP measures, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.Revenues Per PoundThe Company refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company.These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 19 as per Q1 2026 unaudited condensed interim consolidated financial statements.
Three months ended
March 31,
2026
March 31,
2025
Revenues - V2O5 produced1$11,615
$12,133
V2O5 sold - produced (000s lb)
2,292
2,119
V2O5 revenues per pound of V2O5 sold - produced ($/lb)$5.07
$5.73
Revenues - V2O5 purchased1
-
-
V2O5 sold - purchased (000s lb)
-
-
V2O5 revenues per pound of V2O5 sold - purchased ($/lb)
-
-
Revenues - V2O51$11,615
$12,133
V2O5 sold (000s lb)
2,292
2,119
V2O5 revenues per pound of V2O5 sold ($/lb)$5.07
$5.73
Revenues - V2O3 produced1
-
$1,296
V2O3 sold - produced (000s lb)
-
165
V2O3 revenues per pound of V2O3 sold - produced ($/lb)
-
$7.85
Revenues - FeV produced1$14,234
11,712
FeV sold - produced (000s kg)
656
574
FeV revenues per kg of FeV sold - produced ($/kg)
21.70
20.40
Revenues - FeV purchased1
-
$2,356
FeV sold - purchased (000s kg)
-
105
FeV revenues per kg of FeV sold - purchased ($/kg)
-
$22.44
Revenues - FeV1$14,234
$14,068
FeV sold (000s kg)
656
679
FeV revenues per kg of FeV sold ($/kg)
21.70
20.72
Revenues1$25,849
$27,497
V2O5 equivalent sold (000s lb)
4,456
4,555
Revenues per pound sold ($/lb)
5.80
$6.04
Quarter ended March 31 as per note 19 of the Q1 2026 unaudited condensed interim consolidated financial statements.Cash Operating Costs, Cash Operating Costs Excluding Royalties and Adjusted Cash Operating Costs Excluding RoyaltiesThe Company refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also assess its overall effectiveness and efficiency.Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties.Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products.Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine.Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q1 2026 unaudited condensed interim consolidated financial statements.
Three months ended
March 31,
2026
March 31,
2025
Operating costs1$34,494
$42,477
Professional, consulting and management fees2
640
535
Other general and administrative expenses3
252
179
Less: ilmenite costs and write-down1
(2,298)
(2,220)Less: conversion costs1
(3,790)
(2,991)Less: product acquisition costs1
-
(2,357)Less: distribution costs1
(1,719)
(1,577)Less: inventory write-down4
(22)
1
Less: depreciation and amortization expense1
(6,916)
(5,462)Cash operating costs
20,641
28,585
Less: royalties1
(1,719)
(1,072)Cash operating costs excluding royalties
18,922
27,513
Less: vanadium inventory write-down5
(1,645)
(11,206)Adjusted cash operating costs excluding royalties
17,277
16,307
Produced V2O5 sold (000s lb)
4,456
4,206
Cash operating costs per pound ($/lb)
4.63
6.80
Cash operating costs excluding royalties per pound ($/lb)
4.25
6.54
Adjusted cash operating costs excluding royalties per pound ($/lb)
3.90
3.88
1. As per note 20 of the Q1 2026 unaudited condensed interim consolidated financial statements.
2. As per the Mine properties segment in note 16.
3. As per the Mine properties segment in note 16 less the decrease in legal provisions of $100 (Q1 2026) and increase in legal provisions of $100 (for Q1 2026) as noted in the "other general and administrative expenses" section on page 7 of the MD&A for Q1 2026.
4. As per note 5 for ilmenite finished products and warehouse supplies, and including a write-down of vanadium purchased products of $- (Q1 2026) and $0 (for Q1 2026) (write-down of $ten in Q1 2025 and $ten for the three months ended March 31, 2025).
5. As per note 5 for vanadium finished products, excluding amounts in note 4 above for vanadium purchased products.EBITDA and Adjusted EBITDAThe Company refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities.EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently.The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2026 consolidated financial statements.
Three months ended
March 31,
2026
March 31,
2025
Net loss
(4,730)
(9,205)Foreign exchange gain (loss)
(4,889)
(5,791)Share-based payments
102
110
Finance costs
3,506
2,151
Interest income
(8)
(121)Income tax recovery
43
50
Deferred income tax expense (recovery)
106
(2,666)Depreciation1
7,134
5,683
EBITDA
1,264
(9,789)Inventory write-down2
1,826
11,580
Write-down of vanadium assets
(4,687)
267
Movement in legal provisions3
100
347
Gain on disposal of interest in subsidiary
(2,843)
(5,179)Adjusted EBITDA
(4,340)
(2,774)Less: Clean Energy Adjusted EBITDA
1,977
1,778
Less: LPV Adjusted EBITDA
87
299
Mining Operations Adjusted EBITDA
(2,276)
(697)
1. As per the consolidated statements of cash flows.
2. As per note 5 of the Q1 2026 unaudited condensed interim consolidated financial statements.
3. As per the "non-recurring items" section on page 8 of the MD&A for Q1 2026.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297476 Original: Largo Reports Q1 2026 Financial Results Reflecting Strong Operating Performance at Maracás Menchen Mine and the Impact of High U.S. Import Tariffs on Brazilian Products in Early 2026
US Market News
3月前
Largo Reports Strong Production and Sales in Q1 2026; Files Request for Authorization to Produce and Sell Copper, Platinum Group Metals, Nickel and Cobalt as By-Products of Vanadium Operations; and Announces Sole Chief Operating Officer and General CounselApril 14, 2026 6:53 PM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Q1 2026 HighlightsVanadium pentoxide ("V2O5") production in Q1 2026 increased 101.7% to 2,616 tonnes vs. 1,297 tonnes in Q1 2025.Total ore mined in Q1 2026 increased 90.8% to 852,046 tonnes vs. 446,614 tonnes mined in Q1 2025. The effective ore grade1 was 0.48% V2O5 in Q1 2026 vs. 0.41% in Q1 2025.Global recovery2 in Q1 2026 was 76.3% compared to 77.8% in Q1 2025.Sales in Q1 2026 totaled 2,141 tonnes of V2O5 equivalent, up 3.6% from the 2,066 tonnes sold in Q1 2025.Ilmenite concentrate production in Q1 2026 increased 86.8% to 11,514 tonnes vs. 6,162 tonnes in Q1 2025. Sales of ilmenite concentrate in Q1 2026 increased 32.7% to 11,477 tonnes vs. 8,647 tonnes in Q1 2025.Further progress on plans to produce Copper, Platinum Group Metals ("PGMs"), Nickel and Cobalt as By-productsOn April 10, 2026, Largo filed a request before the Brazilian Mining Agency ("ANM") to produce and sell copper, platinum group metals, nickel and cobalt as by-products within its existing mining activities at the Maracás Menchen Mine and using its existing ore processing infrastructure.The latest assays received from flotation concentrate tests using part of Largo's ilmenite flotation plant continued to yield positive results. Concentrates analyzed externally at a certified laboratory yielded 16.6% copper, 13.4 grams per tonne ("gpt") gold, 22.5 gpt platinum, 22.4 gpt palladium, 69 gpt silver, 0.8% nickel, 0.8% cobalt, and 0.1 gpt rhodium. This new data is the average of the second period of four days of continuous industrial-scale testing using current mine feed from the Maracás Menchen mine. The results of the first four-day test period were reported in the April 1, 2026 Press Release.Update on Senior Leadership StructureMr. Luis Rendón now serves as sole Chief Operating Officer and Mr. Luânder Peixoto was promoted to serve as Group General Counsel.Toronto, Ontario--(Newsfile Corp. - April 14, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer, today announces production of 2,616 tonnes of V2O5 equivalent from its Maracás Menchen Mine and sales of 2,141 tonnes of V2O5 equivalent in the first quarter of 2026. The Company also announced that on April 10, 2026, it filed a request before the ANM to produce and sell copper, PGMs, nickel and cobalt as by-products in its existing mining activities at the Maracás Menchen Mine. Largo also announced that Mr. Luis Rendón now serves as sole Chief Operating Officer and Mr. Luânder Peixoto was promoted to serve as Group General Counsel. Largo wishes to thank Mr. Gordon Babcock for his service as Co-Chief Operating Officer who assisted with implementing operational improvements at the Maracás Menchen Mine.Mr. Daniel Tellechea, Co-Chief Executive Officer of Largo, commented: "First quarter 2026 production was at the upper end of our guidance range, reflecting continued operating improvements at the Maracás Menchen Mine and the progress made under our operational turnaround initiatives. Improved open pit mine access, higher grade ore availability and more consistent ore processing and chemical plant performance resulted in doubling our vanadium pentoxide production volume in the first quarter versus last year and reinforces our confidence in the operational outlook for the remainder of 2026."Mr. Alberto Arias, Co-Chief Executive Officer of Largo, added: "The operating results of the first quarter of 2026 reflect a stronger operating base for Largo. We remain focused on translating that production performance into stronger sales, leveraging the recent positive commercial momentum in the vanadium market. Vanadium prices in the U.S. have increased materially year to date and, together with the reduction in U.S. tariff barriers on Brazilian products, have enhanced Largo's ability to actively supply both the high purity market, particularly the aerospace industry, as well as the U.S. ferrovanadium market, where the number of origins able to serve customers remains limited. Against that backdrop, we are focused on increasing high purity vanadium volumes and expanding sales tonnage in the U.S. ferrovanadium markets."With respect to the outlook for Q2 2026, Mr. Arias stated: "It is important to note that there is a lag in price realization on Largo's reported sales, so an important portion of the recent price increase should be reflected in Q2 2026 sales revenues. In addition, most of the sales of the high-purity inventories accumulated in bonded warehouses in Baltimore as a result of the 50% U.S. tariffs will also be reflected in the second quarter, as invoicing of those sales took place in April 2026 following the U.S. tariff reduction in the middle of the first quarter. As a result, higher pricing momentum in the market should support stronger revenue realization in the second quarter than would have been the case had those units been sold in the first quarter."Maracás Menchen Mine Operational and Sales Results
Q1 2026Q1 2025Change
Total Mined - Dry Basis (tonnes)4,570,9003,933,242+16.2%Total Ore Mined (tonnes)852,046446,614+90.8%Ore Grade Mined - Effective Grade (%)10.480.41+16.3%
Concentrate Produced (tonnes)119,44453,245+124.3%Grade of Concentrate (%)2.842.86-0.6%Global Recovery (%)276.377.8-1.9%
V2O5 produced (Flake + Powder) (tonnes)2,6161,297+101.7% High purity V2O5 equivalent produced (%)1%40%-39 p.p. V2O5 produced (equivalent pounds) 35,767,2932,859,396+101.7%Total V2O5 equivalent sold (tonnes)2,1412,066+3.6% Produced V2O5 equivalent sold (tonnes)2,1411,908+12.2% Purchased V2O5 equivalent sold (tonnes)0158-
Ilmenite concentrate produced (tonnes)11,5146,162+86.8%Ilmenite concentrate sold (tonnes)11,4778,647+32.7% ANM Request to Produce and Sell Copper, PGMs, Nickel and CobaltThe request filed on April 10, 2026 before ANM follows the Company's previously disclosed metallurgical testing and technical evaluation of copper, PGMs, nickel and cobalt-bearing material using part of its existing flotation plant circuits.Any inclusion of these minerals in the Company's mining activities remains subject to the outcome of the applicable regulatory process in Brazil, as well as any additional technical, environmental and operational assessments that may be required.As announced on April 1, 2026, externally analyzed concentrate results from four days of continuous industrial-scale testing using current mine feed from the Maracás Menchen Mine yielded 17% copper, 14.3 grams per tonne gold, 16.2 grams per tonne platinum, 13.2 grams per tonne palladium, 69 grams per tonne silver, 0.8% nickel and 0.7% cobalt.The latest assays results from a second four-day test period using part of Largo's ilmenite flotation plant analyzed externally at a certified laboratory yielded 16.6% copper, 13.4 grams per tonne gold, 22.5 grams per tonne platinum, 22.4 grams per tonne palladium, 69 grams per tonne silver, 0.8% nickel and 0.8% cobalt and 0.1 grams per tonne rhodium.Mr. Tellechea stated: "The ANM filing marks an important step in advancing Largo's evaluation of copper, PGMs, nickel and cobalt as by-products of our existing operations. It reflects the progress of our technical work to date and supports our broader objective of optimizing the value of our mineral endowment and processing infrastructure over time. As we continue our technical and economic evaluations, this regulatory step helps position the Company to advance the inclusion of copper, PGMs, nickel and cobalt within its mining activities, subject to the applicable review and approval process."Mr. Arias added: "We believe this filing demonstrates the confidence of our operating team in our ability to produce these critical minerals as a by-product of our existing vanadium mining-processing operations. Producing and selling these concentrates will allow us to potentially generate revenue while we review cost and revenue data for this project. This information is essential to quantify in real-time the benefits of using a portion of our ilmenite flotation infrastructure to produce these copper-PGMs concentrates. This project is part of our strategy to enhance the long-term competitiveness of our vanadium mining operations with by-product credits from Largo mined materials, stockpiles and tailings, as well as to diversify revenues with the addition of copper, gold, platinum, palladium, cobalt and nickel. The recent results showing 0.1 grams per tonne of rhodium in the copper-PGMs concentrates are encouraging, given the high value of rhodium and its unusual occurrence even in well-known PGMs deposits."Senior Leadership Structure UpdateSince December 2025, Mr. Luis Rendón has served as the sole Chief Operating Officer, following the conclusion of the Company's co-Chief Operating Officer structure, and is responsible for overseeing the Maracás Menchen Mine. Mr. Luânder Peixoto has also assumed the role of Group General Counsel and oversees the Company's legal, compliance and regulatory matters.Mr. Rendón is a metallurgical engineer with more than 40 years of experience in mineral processing and plant operations. He has held senior operational leadership roles at Sierra Metals, Compañía Minera Kolpa, and Pan American Silver. Mr. Rendón holds a degree in Metallurgical Engineering from Universidad Nacional de San Agustín (UNSA) in Arequipa, Peru.Mr. Peixoto, who was previously serving as Legal and Compliance Director of the Company, is an experienced lawyer who has advised listed and unlisted companies on corporate, commercial, project finance, regulatory, and governance matters. He has held senior legal leadership roles at Mineração Serra Verde and Brookfield Agriculture Group in Brazil. Mr. Peixoto holds an LL.M. in Business Law from Fundação Getúlio Vargas and a Bachelor of Law degree.About LargoLargo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-Looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern; the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S. vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices and the Company's ability to benefit from the strengthening of those prices; the future price of commodities; the Company's ability to explore and commercialize copper, PGMs, nickel, and cobalt concentrates; the Company's future strategy; management's expectations for improved mine access, higher ore availability and the impact of operational enhancements implemented during 2025; management's expectations regarding stronger revenue realization in Q2 2026, including the effect of pricing momentum and the timing of sales of high purity inventories; the Company's strategy to diversify revenues through the production and sale of copper, PGMs, nickel, and cobalt as by-products of its vanadium mining operations; the significance and potential value of rhodium detected in copper-PGMs concentrates; and management's confidence in the operational outlook for the remainder of 2026 and expectation of stronger sales in the future.The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; that the Company's current plans for vanadium and ilmenite products can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium and ilmenite products on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions; and the Company's ability to obtain regulatory approval for its mining activities.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply.Trademarks are owned by Largo Inc.1 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate
2 Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery
3 Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292628
Original: Largo Reports Strong Production and Sales in Q1 2026; Files Request for Authorization to Produce and Sell Copper, Platinum Group Metals, Nickel and Cobalt as By-Products of Vanadium Operations; and Announces Sole Chief Operating Officer and General Counsel
CA Market News
3月前
Largo Reports Fourth Quarter and Full Year 2025 Financial Results Reflecting the Impact of U.S. Tariffs on Q4 2025 Sales; Stronger Operating Momentum with Further Positive Copper-Platinum Group Metals Flotation Test Results and Benefit from Recent U.S. TarApril 1, 2026 9:13 AM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Toronto, Ontario--(Newsfile Corp. - April 1, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company") today announces financial and operating results for the three months and year ended December 31, 2025.Mr. Daniel Tellechea, Co-Chief Executive Officer of Largo, stated: "2025 was a year of several challenges but also of operational improvements at Maracás Menchen mine. We finished the year with stronger production momentum and improved mine access, which helped us reach our annual production and sales within our guidance ranges. The progress achieved through our turnaround initiatives, together with higher ore availability and improved operating stability in the second half of the year, provides a stronger foundation as we enter 2026. Our focus remains on disciplined execution of the mine plan, cost control, and continued operational consistency."Mr. J. Alberto Arias, Co-Chief Executive Officer of Largo, added: "In addition to the stronger operating base, we are encouraged by recent developments in the vanadium market and by the progress in evaluating the addition of copper and precious group metals as potential near future by-products of our operations using our existing ore processing infrastructure. The strengthening of ferrovanadium prices in the U.S. and Europe in early 2026, together with the recent reduction in U.S. tariff barriers on Brazilian products, has supported a more constructive commercial outlook. Largo remains well-positioned to benefit from these trends after demonstrating its reliability as a Western-aligned primary vanadium producer during the severely depressed market conditions of 2025."Q4 2025 and Full Year 2025 HighlightsOperation HighlightsTotal ore mined of 665,953 tonnes in Q4 2025 vs. 476,742 tonnes in Q4 2024, a 40% increase, reflecting improved mine access and stronger mine sequencing during the second half of 2025. The effective grade of ore mined improved to 0.53% from 0.49%. Q4 2025 Vanadium Pentoxide production of 2,961 tonnes represented a 67% increase over the 1,775 tonnes in Q4 2024 and a 12% increase over the 2,636 tonnes in Q3 2025. Production continued to improve throughout the second half of 2025, supported by enhanced access to the 180 bench in the western basin of the mine and improved operational coordination. For the full year 2025, production was 9,150 tonnes, within the Company's annual production guidance range of 9,000 - 11,000 tonnes.During 2025, Largo also advanced the installation of additional flotation cell circuits to increase ilmenite concentrate production capacity to 115,000 tonnes annually from 42,000 tonnes annually and resumed ilmenite circuit operations in November 2025.Commercial HighlightsSales volume totaled 2,396 tonnes of Vanadium Pentoxide in Q4 2025, including 780 tonnes related to the Company's inventory supply agreement. This volume decreased 21% compared to 3,033 tonnes sold in Q4 2024 due to the impact of U.S. tariffs, which made sales of high purity vanadium, one of Largo's highest premium products, uneconomical in the U.S., contributed to order and contract cancellation, and led to an inventory buildup in excess of 300 tonnes in bonded warehouses in Baltimore, MD. The disruption also required the Company to shift volumes toward standard-grade material, which in turn supported the fulfillment of previously delayed contractual deliveries following lower production earlier in the year. Full year 2025 sales of 8,686 tonnes of Vanadium Pentoxide were 10% lower than 9,600 tonnes in 2024.Sales of Ilmenite concentrate, a by-product of the vanadium operation, totaled 12,930 tonnes in Q4 2025 vs. 10,570 tonnes in Q4 2024; full year 2025 ilmenite concentrate sales amounted to 33,959 tonnes compared to 42,916 tonnes in 2024, due to the temporary shutdown of the plant during Q4 2025 to expand its flotation circuit capacity.Vanadium market conditions remained mixed through Q4 2025, particularly in Europe, where uneven demand across key steel and alloy end markets persisted. Vanadium pentoxide ("V2O5") pricing remained below historical levels, with the average benchmark price at $5.86/lb in Q4 2025 vs. $5.34/lb in Q4 2024, and $5.89/lb as at year-end 2025 vs. $5.37/lb a year earlier. Ferrovanadium ("FeV") pricing remained under pressure, reflecting softer demand from the steel sector and continued global supply availability, with the average benchmark price at $23.85/kg in Q4 2025 vs. $26.04/kg in Q4 2024, and $23.83/kg as at year-end 2025 vs. $25.38/kg a year earlier.Financial HighlightsRevenues of $22.3 million in Q4 2025 vs. revenues of $24.3 million in Q4 2024, an 8% decrease; full year 2025 revenues of $109.9 million vs. $124.9 million in 2024, a 12% decrease. Revenues in Q4 2025 were affected by lower sales volumes due to the 50% U.S. import tariff on Brazil, which impacted Largo's high purity vanadium products used primarily in the aerospace and defense industries. Revenues per lb sold of V2O5 equivalent reached $5.78 in Q4 2025 vs $5.70 in Q4 2024, and $6.07 in 2025 vs. $6.40 in 2024.Adjusted cash operating costs excluding royalties1 were $3.22/lb sold in Q4 2025 vs. $3.05/lb sold in Q4 2024; full year 2025 adjusted cash operating costs excluding royalties were $3.32/lb sold, an 18% improvement over $4.05/lb sold in 2024, reflecting the Company's operating cost reduction strategy and efficiency improvements.Cash provided before working capital items1 was negative $3.9 million in Q4 2025, compared with positive $5.8 million in Q4 2024. For the full year 2025, cash used before working capital items was $2.8 million, compared with cash provided before working capital items of $3.2 million in 2024.Q4 2025 adjusted EBITDA1 was negative $6.6 million, compared to positive $2.3 million in Q4 2024, while Mining Operations Adjusted EBITDA was negative $3.6 million, compared to positive $4.5 million in Q4 2024. For the full year 2025, adjusted EBITDA was negative $7.4 million, and Mining Operations Adjusted EBITDA was positive $2.3 million.Net loss of $17.2 million for Q4 2025 (including a net gain of $40 thousand in non-recurring items), compared to a net loss of $13.0 million in Q4 2024 (including a net loss of $2.5 million in non-recurring items). This change was mainly due to an 8% decline in revenues, partially offset by a 15% reduction in operating costs. For the full year 2025, the Company posted a net loss of $68.7 million (including $33.3 million in non-recurring items), compared to a net loss of $50.6 million in 2024 (including $18.7 million in non-recurring items), primarily driven by a 12% decrease in revenues.Basic loss per share of $0.22 in Q4 2025 (including less than $0.01 per share in non-recurring items) vs. $0.19 (including $0.04 per share in non-recurring items) in Q4 2024; full year 2025 basic loss per share of $1.01 (including $0.49 per share in non-recurring items) vs. $0.78 in 2024 (including $0.29 per share in non-recurring items).The Company ended 2025 with a cash balance of $9.7 million and debt of $107.1 million. During 2025, Largo amended Brazilian debt facilities and deferred principal repayments to September 2026. After year-end, the Company continued to pursue additional financing flexibility, including its ATM program.Financial and Operational Results - Highlightsthousands of U.S. dollars, except as otherwise stated
Q4 2025
Q4 2024
Change
Revenues
22,271
24,268
-8.2%
Operating costs
(25,792)
(30,194)
-14.6%
Net loss
(17,165)
(12,990)
32.1%
Basic loss per share
(0.22)
(0.19)
15.8%
Adjusted EBITDA1
(6,475)
2,337
-377.0%
Mining operations adjusted EBITDA1
(3,540)
4,466
-181.3%
Cash provided (used) before working capital items
(3,913)
5,759
-167.9%
Cash operating costs excl. royalties1 ($/lb)
3.31
3.67
-9.3%
Adjusted cash operating costs excl. royalties1 ($/lb)
3.22
3.05
6.6%
Cash
9,716*
22,106**
-56.1%
Debt
107,066*
92,280**
16.0%
Total mined - dry basis (tonnes)
2,867,587
3,673,416
-21.9%
Total ore mined (tonnes)
665,953
476,742
39.7%
Effective grade2 of ore mined (%)
0.53
0.49
8.2%
V2O5 equivalent produced (tonnes)
2,961
1,775
66.8%
V2O5 equivalent sales (tonnes)
2,396
3,033
-21.0%
Ilmenite concentrate produced (tonnes)
7,328
10,292
-28.80%
* As of December 31, 2025. ** As of December 31, 2024
1 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted EBITDA, revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release. Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period.
2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate
thousands of U.S. dollars, except as otherwise stated
2025
2024
Change
Revenues
109,887
124,920
-12.0%
Operating costs
(132,640)
(145,818)
-9.0%
Net loss
(68,738)
(50,565)
35.9%
Basic loss per share
(1.01)
(0.78)
29.5%
Adjusted EBITDA1
(7,264)
(2,076)
254.3%
Mining operations adjusted EBITDA1
2,403
7,976
-71.0%
Cash provided (used) before working capital items
(2,803)
3,234
-186.7%
Cash operating costs excl. royalties1 ($/lb)
4.53
4.84
-6.2%
Adjusted cash operating costs excl. royalties1 ($/lb)
3.32
4.05
-18.0%
Cash
9,716*
22,106**
-56.1%
Debt
107,066*
92,280**
16.0%
Total mined - dry basis (tonnes)
14,928,193
13,949,665
7.0%
Total ore mined (tonnes)
2,209,355
2,249,759
-1.8%
Effective grade2 of ore mined (%)
0.50
0.63
-20.6%
V2O5 equivalent produced (tonnes)
9,150
9,264
-1.2%
V2O5 equivalent sales (tonnes)
8,686
9,600
-9.5%
Ilmenite concentrate produced (tonnes)
30,282
44,863
-32.5%
* As of December 31, 2025. ** As of December 31, 2024
1 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted EBITDA, revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release.
Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period.
2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate
Subsequent EventsImpact of the 50% U.S. Tariff Relief in February 2026 Since the elimination of the 50% tariffs in February 2026, Largo has been able to sell its high-purity vanadium inventory accumulated since 2025 in bonded warehouses in Baltimore, MD. Largo is now restarting its high-purity vanadium production, which had been temporarily halted as a result of the unfavorable tariff events in Q3 and Q4 2025. Largo is now increasing its sales in the U.S. following the import tariff reduction to benefit from the significant price premium for FeV in the U.S. relative to other regions.ATM Financing Update and Added Financial Flexibility Subsequent to year-end, Largo established an ATM program under which it may issue common shares for aggregate gross proceeds of up to $60.0 million. As of March 27, 2026, the Company had issued 13,630,989 common shares under the ATM Program, generating total net proceeds of $19.5 million, at an average price of $1.48 per share, providing the Company with financial flexibility to reduce working capital constraints and implement further operational improvements.Renegotiation of Promissory Note with ARGOn January 12, 2026, the Company extended its promissory note with ARG International AG in the principal amount of $6 million until February 2027, under the same terms announced in the August 11, 2025 press release, plus a 1% extension fee.Storion InvestmentDuring the first quarter of 2026, Storion raised $10 million through the issuance of approximately 6.1 million preferred units. As a result of this capital raise, Largo's ownership and percentage interest in Storion decreased from 50% to approximately 37%. Additionally, the Company's board representation was reduced from two nominees to one.Further Positive Copper and Platinum Group Metals Flotation Test Results The Company continues to assess the potential for copper and precious metals concentrate production potential with tests using part of its flotation plant circuits. Concentrate results from these tests, analyzed externally at a certified laboratory, yielded 17% Copper, 14.3 grams per ton ("gpt") Gold, 16.2 gpt Platinum, 13.2 gpt Palladium, 69 gpt Silver, 0.8% Nickel, and 0.7% Cobalt. This new data is based on four days of continuous industrial-scale operation using current mine feed from the Maracas Menchen mine and indicates significantly higher values than the prior tests Largo reported in its February 5, 2026 press release, which were based on a composite of the top 12 results out of 45 conventional laboratory flotation test results. Largo's operating team is currently preparing technical reports to quantify the reserves of these new elements, along with an economic analysis of the potential addition of these elements as by-products of Largo's existing operations. Vanadium Market Update Vanadium market conditions have improved materially since our update of February 23, 2026, with U.S. FeV prices continuing to strengthen and European FeV prices also increasing. Structural supply constraints remain critical in the U.S. market, including limited conversion capacity and trade-related restrictions.Year to date, U.S. FeV prices have increased 89% and European FeV prices have increased 23%.More broadly, key drivers of this price upturn are strong demand from vanadium flow battery projects, especially in China, regulatory changes on the vanadium content of steel products in India, and signs of market improvement in Chinese steel demand prospects, based on our recent visit to Asian customers. European demand remains soft.Largo remains a western-aligned primary vanadium producer capable of supplying both ferrovanadium and high-purity vanadium products, essential to the aerospace and defense industries. With lower tariff constraints, Largo is well-positioned to add more primary units to the U.S. market and enhance supply security for U.S. customers. 2026 GuidanceLargo is reiterating its 2026 vanadium guidance as previously disclosed on February 5, 2026. The Company continues to expect annual V2O5 equivalent production of 10,500 to 12,000 tonnes, annual V2O5 equivalent sales of 7,500 to 9,500 tonnes, and adjusted cash operating costs excluding royalties of $3.50/lb to $4.50/lb sold. The Company's 2026 guidance is presented on a business-as-usual basis and reflects management's current expectations for improved mine access, higher ore availability, and the continued impact of operational enhancements implemented during 2025. The Company has also committed a significant portion of its expected monthly production in 2026 to sales of its VPURE+® and VPURE® products, as well as FeV produced from VPURE®. Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement.
2026 Guidance
Annual V2O5 equivalent production
tonnes
10,500 - 12,000
Annual V2O5 equivalent sales1
tonnes
7,500 - 9,500
Adjusted cash operating costs excluding royalties per pound2
$/lb
3.50 - 4.50
VanadiumQ1Q2Q3Q42026
LowHighLowHighLowHighLowHighLowHighProduction (tonnes V2O5)2,4002,7002,5003,0002,6003,1003,0003,20010,50012,000 Sales1 (tonnes V2O5)1,5002,0002,0002,5002,0002,5002,0002,5007,5009,500 Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement.Adjusted cash operating costs excluding royalties per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this press release. The Company continues to monitor market conditions, geopolitical developments, and trade-related uncertainties, including the potential impact of new tariffs on imports from Brazil to the U.S., the rising energy costs particularly oil on the company's production costs and may revise its guidance if operating assumptions or market conditions materially change.The information provided within this release should be read in conjunction with Largo's annual consolidated financial statements for the years ended December 31, 2025 and 2024 and its management's discussion and analysis ("MD&A") for the year ended December 31, 2025, which are available on the Company's website and on its profiles on SEDAR+ and the Securities and Exchange Commission.About LargoLargo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the future price of commodities; Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S. vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices and the Company's ability to benefit from the strengthening of those prices; the Company's ability to explore and commercialize copper and PMGs concentrates; the Company's 2026 guidance; the Company's future strategy; the Company's ability to benefit from reductions in U.S. tariff barriers; and management's expectations for improved mine access, higher ore availability and the impact of operational enhancements implemented during 2025.The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium and ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium and ilmenite on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply.Trademarks are owned by Largo Inc.Non-GAAP MeasuresThe Company uses certain non-GAAP measures, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.Revenues Per PoundThe Company refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company.These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 23 as per the 2025 annual consolidated financial statements.
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues - V2O5 produced1$3,970
$10,271
$37,835
$57,446
V2O5 sold - produced (000s lb)
773
2,053
6,468
9,332
V2O5 revenues per pound of V2O5 sold - produced ($/lb)$5.14
$5.00
$5.85
$6.16
Revenues - V2O5 purchased1$-
$-
$13
$988
V2O5 sold - purchased (000s lb)
-
-
2
176
V2O5 revenues per pound of V2O5 sold - purchased ($/lb)$-
$-
$6.50
$5.61
Revenues - V2O51$3,970
$10,271
$37,848
$58,434
V2O5 sold (000s lb)
773
2,053
6,470
9,508
V2O5 revenues per pound of V2O5 sold ($/lb)$5.14
$5.00
$5.85
$6.15
Revenues - V2O3 produced1$194
$457
$4,134
$8,353
V2O3 sold - produced (000s lb)
27
59
500
898
V2O3 revenues per pound of V2O3 sold - produced ($/lb)$7.19
$7.75
$8.27
$9.30
Revenues - FeV produced1$16,413
$12,212
$59,233
$46,890
FeV sold - produced (000s kg)
835
585
2,945
2,221
FeV revenues per kg of FeV sold - produced ($/kg)$19.66
$20.88
$20.11
$21.11
Revenues - FeV purchased1$-
$106
$4,582
$4,872
FeV sold - purchased (000s kg)
-
5
197
227
FeV revenues per kg of FeV sold - purchased ($/kg)$-
$21.20
$23.26
$21.46
Revenues - FeV1$16,413
$12,318
$63,815
$51,762
FeV sold (000s kg)
835
590
3,142
2,448
FeV revenues per kg of FeV sold ($/kg)$19.66
$20.88
$20.31
$21.14
Revenues1$20,577
$23,046
$105,797
$118,549
V2O5 equivalent sold (000s lb)
3,562
4,041
17,430
18,519
Revenues per pound sold ($/lb)$5.78
$5.70
$6.07
$6.40
Year ended as per note 23 as per the 2025 annual consolidated financial statements.Cash Operating Costs, Cash Operating Costs Excluding Royalties and Adjusted Cash Operating Costs Excluding RoyaltiesThe Company refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also assess its overall effectiveness and efficiency.Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties.Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products.Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine.Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the 2025 annual consolidated financial statements.
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Operating costs1$25,792
$30,194
$132,640
$145,818
Professional, consulting and management fees2
613
474
1,958
1,875
Other general and administrative expenses3
358
(38)
1,126
898
Less: ilmenite costs and write-down1
(1,730)
(2,317)
(7,819)
(8,192) Less: conversion costs1
(4,077)
(2,217)
(13,762)
(8,240) Less: product acquisition costs1
-
(99)
(4,580)
(4,996) Less: distribution costs1
(1,083)
(1,601)
(7,305)
(7,418) Less: inventory write-down4
(4)
23
(4)
(238) Less: depreciation and amortization expense1
(6,475)
(7,984)
(21,107)
(26,795)Cash operating costs$13,484
$16,406
$81,147
$92,200
Less: royalties1
(1,612)
(1,630)
(5,096)
(7,052)Cash operating costs excluding royalties$11,782
$14,776
$76,051
$85,148
Less: vanadium inventory write-down5
(301)
(2,517)
(20,408)
(13,897)Adjusted cash operating costs excluding royalties
11,481
12,259
$55,643
$71,251
Produced V2O5 sold (000s lb)$3,563
$4,024
$16,773
$17,603
Cash operating costs per pound ($/lb)$3.76
$4.08
$4.84
$5.24
Cash operating costs excluding royalties per pound ($/lb)$3.31
$3.67
$4.53
$4.84
Adjusted cash operating costs excluding royalties per pound ($/lb)$3.22
$3.05
$3.32
$4.05
Year ended as per note 24.
Three months ended calculated as the amount per note 24 less the corresponding amount disclosed for the twelve-month period in note 20 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.Year ended as per the Mine properties segment in note 19.
Three months ended calculated as the amount for the Company's Mine properties segment in note 19 less the corresponding amount disclosed for the Mine properties segment for the twelve-month period in note 16 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.Year ended as per the Mine properties segment in note 19 less the decrease in legal provisions of $55 as noted in the "other general and administrative expenses" section on page 7 of the MD&A. for the Year Ended December 31, 2025
Three months ended calculated as the amount for the Company's Mine properties segment in note 19 less the decrease in legal provisions of $55, less the corresponding amount disclosed for the Mine properties segment for the twelve-month period in note 16 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.Year ended as per note 5 for warehouse materials.
Three months ended calculated as the amount per above less the corresponding amount disclosed for the twelve-month period in note 5 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.Year ended as per note 5 for vanadium finished products.
Three months ended calculated as the amount per above less the corresponding amount disclosed for the twelve-month period in note 5 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.EBITDA and Adjusted EBITDAThe Company refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities.EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently.The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the 2025 annual consolidated financial statements.
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net loss$(17,165)$(12,990)$(68,738)$(50,565)Foreign exchange gain (loss)
3,156
8,560
(8,679)
12,517
Share-based payments
1,428
138
2,289
1,321
Finance costs
3,957
2,360
13,143
9,460
Interest income
(86)
(92)
(283)
(1,523)Income tax recovery
(112)
29
-
(2,813)Deferred income tax expense (recovery)
(4,812)
(6,325)
17,063
(17,867)Depreciation1
6,699
8,205
21,995
28,675
EBITDA$(6,935)$(115)$(23,210)$(20,795)Inventory write-down2
962
5,627
21,272
18,475
Write-down of vanadium assets
(569)
(78)
(294)
1,119
Movement in legal provisions3
67
(3,097)
147
(1,967)Gain on disposal of interest in subsidiary
-
-
(5,179)
-
Adjusted EBITDA$(6,475)$2,337
$(7,264)$(2,076) Less: Clean Energy Adjusted EBITDA
2,737
1,906
8,836
9,345
Less: LPV Adjusted EBITDA
198
223
831
707
Mining Operations Adjusted EBITDA$(3,540)$4,466
$2,403
$7,976
Year ended as per the consolidated statements of cash flows.
Three months ended calculated as the amount per the consolidated statements of cash flows less the corresponding amount disclosed for the twelve-month period in the consolidated statements of cash flows of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025, and 2024.
Year ended as per note 5. Three months ended calculated as the amount per note 5 less the corresponding amount disclosed for the twelve-month period in note 5 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.Year ended as per note 6. Three months ended calculated as the amount per note 6 less the corresponding amount disclosed for the twelve-month period in note 6 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024. Three months ended calculated as the amount per note 23 less the corresponding amount disclosed for the twelve-month period in note 19 of the Company's consolidated financial statements for the three and twelve months ended December 31, 2025 and 2024.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290852
Original: Largo Reports Fourth Quarter and Full Year 2025 Financial Results Reflecting the Impact of U.S. Tariffs on Q4 2025 Sales; Stronger Operating Momentum with Further Positive Copper-Platinum Group Metals Flotation Test Results and Benefit from Recent U.S. Tar
CA Market News
4月前
Largo Terminates Previously Announced Iron Ore Calcine Commercial Agreement, Advancing Discussions with Alternative Potential Buyers, and Provides Tariffs and Vanadium Markets UpdateFebruary 23, 2026 8:13 AM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Toronto, Ontario--(Newsfile Corp. - February 23, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company") today announced the termination of its previously disclosed iron ore calcine sale agreement and provided an update on recent developments related to U.S. tariff authority and on ongoing strength across vanadium markets.HighlightsIron ore calcine sale agreement terminated following non-receipt of the required initial payment. Largo retains full ownership of the 4.5 million tonnes of calcine iron ore inventory and is advancing discussions with alternative potential buyers. The termination is not expected to have a material impact on the Company's financial position, liquidity, or ongoing operations.Largo is assessing recent developments relating to U.S. tariff authority and assessing its operational flexibility, including its bonded inventories in U.S. Ports, to respond efficiently to potential changes in trade conditions.U.S. ferrovanadium prices have continued to strengthen since the Company's February 12 update, further widening the premium over Western Europe.Structural supply constraints remain in the U.S. market, including limited conversion capacity and trade-related restrictions affecting certain regions.Update on Iron Ore Calcine TransactionAs previously disclosed in the Company's February 5 and 12, 2026 press releases, the definitive agreement announced on January 20, 2026 for the sale of up to 4.5 million tonnes of iron ore calcine material was subject to receipt of an initial payment of US$2.9 million, which was originally due by January 30, 2026.The Company agreed to defer the initial payment until February 9, 2026. Since the payment was not received, the Company issued formal notice of non-compliance and provided the counterparty with a cure period through February 20, 2026, to satisfy the outstanding payment obligation.As the required payment was not received within that cure period, the agreement has been terminated in accordance with its terms. Largo intends to pursue its rights and remedies under the agreement against the counterparty.No iron ore calcine was delivered under the agreement. Largo retains full ownership of the material, a valuable byproduct generated by its vanadium operations at the Maracás Menchen Mine in Brazil. The Company is reengaging with other interested parties.The termination is not expected to have a material impact on the Company's financial position, liquidity, or ongoing operations.Assessment of Recent U.S. Supreme Court Decisions on Tariff AuthorityLargo is actively assessing the implications of the recent U.S. Supreme Court decision regarding the scope of executive tariff authority and how potential adjustments may affect Brazilian-origin vanadium products, including vanadium pentoxide ("V2O5") and ferrovanadium ("FeV").Largo was subject to a 50% tariff on direct Brazilian imports into the United States, which was struck down by the Supreme Court decision. Recent media reporting has suggested that tariff rates on certain products could be reimposed at rates of 10-15%, pending legal and administrative processes.Even a slight reduction in tariff levels could quickly and significantly affect the U.S. vanadium market. Reducing tariff barriers would improve the competitiveness of Largo's Brazilian-origin material, boost Largo's supply flexibility in the U.S., and help address tight market conditions.Readiness of Vanadium Through Largo's Bonded Vanadium Inventory in U.S. PortsLargo currently has high purity vanadium units stored in a bonded warehouse within the United States which have not yet been imported in the U.S. thereby increasing Largo's working capital tied to unsold inventories due to high U.S. tariffs. Assuming the implementation of the Supreme Court's decision, tariffs will be modified or reduced, which could allow these units to be quickly released and supplied broadly to the Company's customers in the U.S.This positioning enables Largo to respond rapidly to any change in tariff conditions, potentially increasing near-term availability of both FeV and V2O5 for steel, aerospace, defense, and specialty alloy applications. The presence of bonded inventory in U.S. Ports enhances the immediacy of Largo's potential market impact as tariff constraints are eased.Continued Price Acceleration Since February 12, 2026 Market UpdateSince Largo's last market update issued on February 12, 2026, vanadium prices have continued to strengthen materially across both FeV and V2O5 markets.Since that date of the February 12 press release, European FeV prices have increased from approximately $25.6/kg to approximately $27.7/kg currently, reflecting continued upward momentum.U.S. FeV prices have increased from around $17-18.5/lb in mid-February to over $21/lb now, with recent trades near $23/lb. This represents a notable acceleration and a widening premium over European markets.Notably, V2O5 prices have also moved upward for the first time since the beginning of the year and are now above $5.5/lb, following sustained strength in FeV markets. This upward movement may signal tightening fundamentals across the broader vanadium value chain.Positioning to Support U.S. Supply SecurityLargo remains a western-aligned primary producer capable of supplying both FeV and high-purity vanadium products. As tariff constraints are modified or reduced, the Company believes it is well-positioned to contribute additional primary units to the U.S. market and to provide improved supply security for U.S. customers.About LargoLargo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the future price of commodities; Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S. vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices; and the Company's potential response to the termination of the iron ore sale agreement and the expectation that such termination will not have a material impact to the Company's financial position, liquidity and ongoing operations.The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium, ilmenite and TiO2 products can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply.Trademarks are owned by Largo Inc.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284881
Original: Largo Terminates Previously Announced Iron Ore Calcine Commercial Agreement, Advancing Discussions with Alternative Potential Buyers, and Provides Tariffs and Vanadium Markets Update
CA Market News
5月前
Largo Provides Update on Status of Iron Ore Calcine Commercial Transaction and Strengthening U.S. and E.U. Ferrovanadium MarketsFebruary 12, 2026 6:11 AM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Toronto, Ontario--(Newsfile Corp. - February 12, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company") today provided an update on its previously announced iron ore calcine transaction and a market update on recent developments in the global ferrovanadium ("FeV") market.HighlightsIron Ore Calcine Transaction update: The purchaser has failed to make the initial payment under the terms of the US$56 million iron ore sale agreement and Largo will terminate the contract if payment is not received by February 20, 2026 and potentially pursue alternative transactions for this iron ore calcines with other interested parties. Largo believes that is has ample cash on hand to offset this potential near term set back.U.S. FeV prices have increased approximately 30% over the past month, materially outpacing European price movements.Structural supply constraints in the U.S. market persist, driven by limited conversion capacity and restricted access to certain alternative origins, in part due to U.S. tariffs and sanctions.Largo is well positioned to supply the U.S. market as a reliable, Western-aligned primary producer, subject to existing tariff constraints.Update on Iron Ore Calcine TransactionAs previously disclosed in the Company's February 5, 2026 update, the initial payment under the definitive agreement announced on January 20, 2026 for the sale of up to 4.5 million tonnes of iron ore calcine material has not been received. The first payment of US$2.9 million was due by January 30, 2026, but the Company accepted a deferral of the payment until the week of February 9. The second payment of US$1.9 million is due by February 16, 2026.Largo today notified the counterparty of this non-compliance and provided a cure period until February 20, 2026 to remedy the outstanding payment obligation. If the first payment is not received by that date, the agreement will be terminated in accordance with its terms. The Company will review all legal remedies for damages resulting from the breach of contract.No delivery of iron ore calcine material has been made under the agreement. If necessary, the Company will evaluate alternative commercialization opportunities.The Company will provide further updates as appropriate.Strong Upward Momentum in FeV PricesLargo has observed a rapid increase in published FeV prices across both the United States and European markets over the past month, with the U.S. market leading materially versus the European markets.In the United States, FeV prices have risen from the mid-$13 per pound range to approximately the mid-$17 per pound range over the past month, representing an increase of about 30%. Over the same period, European prices have risen from approximately $23.8/kg to $25.6/kg, an increase of around 7-8%.This divergence has widened materially in recent weeks. At current levels, a U.S. FeV price of approximately $17 per pound equates to about $37-38 per kilogram, compared with approximately $25.6 per kilogram in Western Europe, underscoring the significant premium currently observed in the U.S. market.Structural Tightness in the U.S. MarketThe U.S. FeV market remains structurally tight. Available supply of FeV 80 is limited, with conversion capacity representing a key constraint. Canadian conversion capacity is currently operating at or near capacity, limiting the market's ability to respond to rising demand.Access to material from alternative origins remains constrained by trade measures and regulatory restrictions. Anti-dumping rulings affecting certain exporting jurisdictions, including China and South Africa, together with sanctions-related limitations on Russian-origin material historically processed through European intermediaries, have reduced supply flexibility into the U.S. market.These combined factors have materially reduced supply elasticity in the U.S. market and contributed to the recent price acceleration.Largo continues to be subject to a 50% tariff on direct Brazilian imports into the United States, applicable to both vanadium pentoxide and FeV. As a result, Largo has been supplying the North American market primarily through its Canadian conversion partner. Largo does not pay tariffs on vanadium converted into FeV in Canada as it enters into the U.S. under the USMCA agreement.Given current market conditions, removal of tariff constraints would allow Largo, as a western-aligned and reliable primary producer, to directly supply FeV into the U.S. market from Brazil and help address the widening supply gap.Mr. Francesco D'Alessio, Chief Commercial Officer of Largo, commented: "Since the beginning of the year, we have seen a clear and accelerating divergence between the North American and European FeV markets. U.S. prices have risen approximately 36-40% year-to-date, moving from $13.25/lb on January 1 to $18.0-18.5/lb currently. Over the same period, European prices have increased by about 8.4%, from $23.83/kg to $25.83/kg. The U.S. market is now trading at a premium of more than 50% to Europe, reflecting ongoing structural tightness, constrained conversion capacity, and restricted access to alternative supply."Mr. D'Alessio continued: "Largo is ready and fully capable of helping close this growing supply gap. However, the 50% tariff imposed on Brazilian-origin material continues to restrict direct supply of both FeV 80 to U.S. steel mills and high-purity vanadium products critical for defense applications. As a result, steel producers face constrained availability, while high-purity defense customers have been forced to absorb punitive tariffs simply to secure access to Largo's material."Largo has the capability to supply FeV converted in Brazil, as well as high-grade vanadium material, which could meaningfully contribute to meeting U.S. steel demand. As prices continue to respond to tightening fundamentals, we believe Largo is well-positioned to support the market should those constraints be addressed.About LargoLargo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the future price of commodities; Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the Company's potential response to the non-payment under the iron ore sale agreement; and the Company's belief that it has sufficient cash on hand in the near term should the iron ore sale agreement be terminated.The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium, ilmenite and TiO2 products can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions.Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply.Trademarks are owned by Largo Inc.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283696
Original: Largo Provides Update on Status of Iron Ore Calcine Commercial Transaction and Strengthening U.S. and E.U. Ferrovanadium Markets
US Market News
5月前
Largo Reports Q4 and Full Year 2025 Operational and Sales Results; Provides 2026 Outlook and Vanadium Guidance; Reports Positive Precious Metals Results on Recent Copper Flotation Tests.February 5, 2026 6:22 PM
NewsfileAll amounts expressed are in U.S. dollars, denoted by "$".Q4 and FY 2025 HighlightsQ4 2025 V2O5 equivalent production totaled 2,961 tonnes (6.5 million lbs1) vs. 1,775 tonnes in Q4 2024. Note that 4Q24 production was impacted by the annual kiln shutdown and not in 4Q25. The recently improved operational stability is allowing Largo to postpone its annual kiln shutdown to mid-2026Annual V2O5 production of 9,150 tonnes (20.17 million lbs1) in 2025 vs. 9,264 tonnes in 2024 and within the Company's 2025 annual production guidance range of 9,000 - 11,000 tonnesQ4 2025 global V2O5 recovery was maintained at 77.9% flat versus Q4 2024. Annual global V2O5 recovery improved to 80.1% in 2025 vs. 76.4% in 2024Q4 2025 sales totaled 2,396 tonnes of V2O5 equivalent in Q4 2025, down 21% compared to the 3,033 tonnes sold Q4 2024 due to the impact of the US tariffs on Brazilian imports of High Purity vanadium.Annual V2O5 equivalent sales of 8,686 tonnes in 2025 vs. 9,600 tonnes in 2024, within the Company's annual 2025 sales guidance of 7,500 - 9,500 tonnesQ4 2025 ilmenite concentrate production totaled 7,328 tonnes, with annual production of 30,282 tonnes in 2025 which was within company guidance. Sales of ilmenite concentrate totaled 12,930 tonnes in Q4 2025 and 33,959 tonnes in 2025.Copper and precious metal recent metallurgical test resultsAssay results from metallurgical test work to assess the recoverability of copper using conventional flotation process yielded positive results indicating copper concentrates with gold, platinum and palladium values as well as lower values of cobalt and nickel.Largo conducted internally 45 conventional copper flotation tests in recent months and a composite of the best 12 flotation test results analysed externally in an accredited laboratory (SGS-Geosol) yielded a copper concentrate containing 18.4% Cu, 9.1 grams per ton ("gpt") Au, 6.6 gpt Pt, 5.4 gpt Pd, 66 gpt Ag, 0.52% Co, 0.55% Ni. Larger scale test using part of our ilmenite flotation circuits lead us to suspend our ilmenite production and sales guidance for 2026 as we evaluate the optimum use of our ilmenite flotation infrastructure to accommodate a potential use of part of it for copper/ PGM concentrate productionVanadium Market Update2The average benchmark price per lb of V2O5 in Europe was $5.85 in Q4 2025, a 9.55% ? increase from the average of $5.34 seen in Q4 2024; the average benchmark price at December 31, 2025, was $5.89, a 9.68% increase from the average of $5.37 at December 31, 2024The average benchmark price per kg of ferrovanadium in the United States was $23.98 in Q4 2025, a -8.54% decrease from the average of $26.22 seen in Q4 2024; the average benchmark price at December 31, 2025 was $24.15, a -7,45% decrease from the average of $25.95 at December 31, 2024.The average benchmark price per kg of ferrovanadium in Europe was $23.85 in Q4 2025, a -8.62% decrease from the average of $26.10 seen in Q4 2024; the average benchmark price at December 31, 2025 was $23.83, a -6.12% decrease from the average of $25.38 at December 31, 2024Vanadium spot demand remained soft in Q4 2025, primarily due to weaker demand in the Chinese and European steel industries, while the U.S. steel market remained stable; China's energy storage sector is expected to drive additional consumption in upcoming quartersIn 2026, U.S. steel demand is expected to remain stable, while European and Asian steel markets face continued softness; China's energy storage market will continue to be a key driver of vanadium consumption as the sector continues to accelerate.Toronto, Ontario--(Newsfile Corp. - February 5, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company") today announces annual production of 9,150 tonnes (20.17 million lbs¹) of vanadium pentoxide ("V2O5") equivalent from its Maracás Menchen Mine and sales of 8,686 tonnes of V2O5 equivalent in 2025. Throughout the year, the Company implemented a robust and efficient action plan across its open pit and industrial plant, enabling operations to achieve the expected production level for 2025.Daniel Tellechea, Co-CEO of Largo, stated: "In 2025, our team remained focused on implementing operational efficiencies, cost reduction, and later in the year dealing with the challenges of new US tariffs for our High Purity vanadium while maintaining Largo's position as a reliable, western vanadium supplier. While production in 2025 was impacted by lower ore grades in the first five months of the year derived from our open pit mine sequencing plans and maintenance, the stronger second half of the year made up for the weak production of 1H25 and achieved our production guidance targets. We continue to take decisive steps to continue to reduce costs and enhance operational efficiencies at the mine with initiatives designed to support future operational stability at the Maracás Menchen Mine." J. Alberto Arias, Co-CEO continued: "Our recent announcement of metallurgical flotation studies and analysis of previous geologic data for copper, platinum and palladium and the potential use of part of the ilmenite flotation plant infrastructure for copper/PGM production led us to suspend ilmenite production guidance for 2026. The successful copper flotation laboratory is now being followed by pilot tests at a commercial level using part of our ilmenite flotation infrastructure. Despite our commitment on ilmenite production, we believe the copper-PGM opportunity is important enough to re-evaluate the economics of potentially producing different combinations of copper PGM and ilmenite in our existing infrastructure."Maracás Menchen Mine Operational and Sales Results
Q4 2025Q4 202420252024
Total Mined - Dry Basis (tonnes)2,867,5873,673,41614,928,19313,949,665Total Ore Mined (tonnes)665,953476,7422,209,3552,249,759Ore Grade Mined - Effective Grade (%)30.530.490.500.63
Concentrate Produced (tonnes)129,56575,051385,271389,520Grade of Concentrate (%)2.822.732.832.90Global Recovery (%)477.977.980.176.4
V2O5 produced (Flake + Powder) (tonnes)2,9611,7759,1509,264 High purity V2O5 equivalent produced (%)0%26%23%23% V2O5 produced (equivalent pounds) 16,527,8883,913,20020,171,65120,423,599Total V2O5 equivalent sold (tonnes)2,3963,0338,6869,600 Produced V2O5 equivalent sold (tonnes)2,3963,0258,6869,184 Purchased V2O5 equivalent sold (tonnes)080416
Ilmenite concentrate produced (tonnes)7,32810,29230,28244,863Ilmenite concentrate sold (tonnes)12,93010,57033,95942,916 Q4 2025 and Other UpdatesV2O5 equivalent production in Q4 2025 was 2,775 tonnes, representing a 66.8% increase from Q4 2024 (1,775 tonnes) and a 12.3% increase from Q3 2025 (2,636 tonnes). Enhanced operational stability, together with higher ore availability, contributed to these results.Total ore mined in Q4 2025 was 665,953 tonnes, in line with the 476,742 tonnes mined in Q4 2024. The effective ore grade3 was 0.53% V2O5 in Q4 2025, higher than the 0.52% in Q3 2025 and 0.49% in Q4 2024. Global recovery4 in Q4 2025 was 77.9%, unchanged from Q4 2024. Yearly global recovery increased to 80.1% in 2025 from 76.4% in 2024.Approximately 14% of the 2025 V2O5 production was generated through circular production practices, including the reprocessing of non-magnetic tailings storage facilities and heap leach materials, reinforcing operational efficiency and resource optimization.High-purity vanadium products represented 0% of total production in Q4 2025 vs. 26% in Q4 2024, as production was negatively impacted by U.S. tariffs.Ilmenite concentrate production in Q4 2025 was 7,328 tonnes. The Company continues to refine its processes to improve efficiency and throughput. The recently installed scavenger circuit is demonstrating improved metallurgical recoveries by reducing losses of valuable minerals, resulting in increased productivity and lower operating costs.2026 GuidanceTables summarizing the Company's 2026 production, sales and cost guidance are provided below. The Company expects higher V2O5-equivalent production in Q1 2026 than in the same period in 2025, driven by increased ore availability.V2O5 equivalent production of 5,391 tonnes (11.9 million lbs) in H1 2026 compared to 3,553 tonnes in H1 2025. Production is expected to increase by 51.7%, driven by higher ore availability and magnetics content, alongside operational enhancements including a 5% increase in rotary kiln throughput capacity and a 22% increase in milling feed capacity following the stabilization of parallel milling circuits.Annual ore availability is expected to reach 2.5 million tonnes in 2026 vs. 2.2 million tonnes in 2025, a 14% increase of ore mass.Largo is focused on advancing its productivity improvement initiatives, including a greater focus on mining efficiency to enhance mine fleet availability, strengthen contractor oversight, improve maintenance programs, and optimize drilling and blasting techniques. These actions are designed to stabilize and enhance throughput in 2026 and beyond.V2O5 Equivalent Production and Sales Guidance
Q1Q2Q3Q42026
LowHighLowHighLowHighLowHighLowHighProduction (tonnes)2,4002,7002,5003,0002,6003,1003,0003,20010,50012,000Sales (tonnes)i1,5002,0002,0002,5002,0002,5002,0002,5007,5009,500
The annual 2026 sales guidance does not include purchased material, or any sold material related to the Company's previously announced vanadium inventory supply agreement.Update on Timing of Initial Payment Under Iron Ore Calcine Sale AgreementThe Company would like to provide an update on the definitive agreement announced on January 20, 2026, for the sale of iron ore calcine, a byproduct of its vanadium operations. Following the signing of the agreement, the initial payment originally scheduled for January 30, 2026, was postponed until February 9, 2026. The Company will provide further updates as appropriate.DisclaimerIt is important to emphasize that the studies completed to date are based on diamond drill core samples collected from drilling programs conducted by independent third-party contractors and on chemical analyses performed by certified external laboratories. Preliminary geometallurgical results were obtained internally and are considered indicative in nature, reflecting improvements in the understanding of flotation processes currently in place.This document does not disclose Mineral Resources or Mineral Reserves for copper or platinum group elements. The project includes vanadium and titanium mineralization for which scientific and technical information is set out in the National Instrument 43-101 ("NI 43-101") technical report titled: "An Updated Life of Mine Plan (LOMP) for Gulçari A (Campbell Pit) and Pre-Feasibility Study for Gulçari A Norte (GAN), Novo Amparo (NAO), Novo Amparo Norte (NAN) and São José (SJO) Deposits", prepared by GE21 Consultoria Mineral Ltda with an effective date of January 30, 2024 filed in Canada on SEDAR+ and in the United States with the U.S. Securities and Exchange Commission on EDGAR under the Company's profile.Largo is initiating a new phase of studies aimed at evaluating additional commodities that may support a future update of Mineral Resources and Mineral Reserves in an independent technical report prepared in compliance with NI 43-101.Review of Technical InformationMr. Emerson Ricardo Re., MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) is the geology advisor and responsible for the geological management of the Maracás Menchen Mine. Mr. Re is a Qualified Person as defined under NI 43-101 and has reviewed and approved the scientific and technical information related to geology, drilling, sampling, and analytical results in this press release. Information related to metallurgical test work, process considerations and potential recoveries is based on the Company's internal assessments and is presented as forward-looking information.About LargoLargo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.Largo is also strategically invested in the clean energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.###For further information, please contact:Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com Cautionary Statement Regarding Forward-looking Information:This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales, the future price of commodities, the cost of future activities and operations, including, without limitation, the timing of ilmenite production; China's energy storage sector driving additional vanadium consumption in upcoming quarters; U.S., European and Asian steel demand and markets in 2026; the Company's ability to reduce costs and enhance operational efficiencies; the potential that the Company may produce different combinations of copper PGM and ilmenite in its existing infrastructure; the Company's 2026 expectations for production, operational enhancements, annual ore availability and sales; the extent of capital and operating expenditures, the ability of the Company to make improvements on its current short-term mine plan, and the Company's ability to meet its set targets for the year.The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium, ilmenite and TiO2 products can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; and changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions;Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply.Trademarks are owned by Largo Inc.Future Oriented Financial Information:Any financial outlook or future oriented financial information contained in this press release, as such term is defined by applicable securities laws, has been approved by management of Largo as of the date hereof and is provided for the purpose of providing information about management's current expectations and plans relating to the Company's 2026 guidance. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information as to the Company's anticipated 2026 guidance has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.1 Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.
2 Fastmarkets Metal Bulletin.
3 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate.
4 Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282945
Original: Largo Reports Q4 and Full Year 2025 Operational and Sales Results; Provides 2026 Outlook and Vanadium Guidance; Reports Positive Precious Metals Results on Recent Copper Flotation Tests.
Hot Features
プレミアム
ブラジル証券取引所、NASDAQ、NYSE、AMEX、LSEなどの主要取引所からの複数のリアルタイム株価を監視します。
surfer44
2時間前
Slashnuts
10月前
nowwhat2
2年前
Renee
5年前
メールアドレスで登録
