Largo Inc. Common Shares - LGO STOCK NEWS

Largo Inc. (TSX: LGO) (NASDAQ: LGO), a leading vanadium and ilmenite producer, highlights progress in cost reduction initiatives at its Maracás Menchen Mine in Brazil. The company's cash operating costs excluding royalties per pound have shown improvement when adjusted for non-recurring items, particularly inventory write-downs due to declining vanadium prices.

Key points:

• Q2 2024 adjusted cash operating costs: $4.20/lb, down from $5.33/lb in Q1 2024
• Q2 2024 saw $6,688,000 in inventory write-downs
• Produced V2O5 sold in Q2 2024: 3,776,000 lbs, down from 5,753,000 lbs in Q1

Interim CEO Daniel Tellechea emphasized the company's focus on streamlining operations and reducing costs to navigate market challenges and deliver long-term shareholder value.

Largo Inc. (TSX: LGO) (NASDAQ: LGO) reported Q2 2024 financial results with revenues of $28.6 million, down from $53.1 million in Q2 2023. The decline was primarily due to lower vanadium prices and reduced sales volumes. The company reported a net loss of $14.5 million, compared to a $6.0 million loss in Q2 2023. Key highlights include:

- V2O5 equivalent production of 2,689 tonnes
- Cash operating costs excluding royalties of $5.97 per lb sold
- Cash balance of $35.8 million and debt of $84.7 million
- Revised 2024 ilmenite concentrate production and sales guidance
- Rescheduled annual kiln maintenance to November 2024

The company applauded China's new mandatory steel rebar standards, which are expected to increase vanadium demand in the steel sector. Largo remains focused on returning to profitability through cost reduction initiatives and operational efficiency improvements.

Largo Inc. (TSX: LGO) (NASDAQ: LGO) has announced the release date for its second quarter 2024 financial results, scheduled for August 8, 2024. The company will host a conference call to discuss these results and provide updates on August 9, 2024, at 10:00 a.m. ET. Investors can join the call through a RapidConnect link or by dialing in directly. The conference call details, including dial-in numbers and replay information, have been provided. For additional financial information, investors are directed to the Investor Resources section of Largo's website.

Largo (TSX: LGO) (NASDAQ: LGO) has announced the voting results from its Annual General Meeting of Shareholders held on July 29, 2024. 73.53% of the Company's issued and outstanding common shares were represented at the meeting, with shareholders approving all matters presented, including the election of director nominees and the appointment of KPMG LLP as auditors.

The election results for the director nominees were as follows:

• Alberto Arias: 95.79% votes for
• David Brace: 95.87% votes for
• Jonathan Lee: 95.79% votes for
• Daniel Tellechea: 95.95% votes for
• Helen Cai: 95.90% votes for
• Andrea Weinberg: 95.94% votes for

Detailed voting results are available on SEDAR+ and SEC websites.

Largo Inc. (TSX: LGO) (NASDAQ: LGO) reported its Q2 2024 production and sales results. V2O5 production reached 2,689 tonnes, up 56% from Q1 2024 and slightly above Q2 2023. Global V2O5 recovery rate was 74.3%, down from 81.0% in Q2 2023. V2O5 equivalent sales were 1,841 tonnes, a 28% decrease from Q2 2023 due to lower Q1 production. Ilmenite concentrate sales exceeded guidance at 12,261 tonnes. The average benchmark price for V2O5 in Europe decreased 30% year-over-year to $5.93/lb. Largo continues to focus on improving operational throughput and diversifying revenue streams through increased ilmenite production amidst lower vanadium prices.

Largo has promoted David Harris to Chief Financial Officer (CFO). Harris, who has been with Largo since 2015 as Corporate Controller, brings nearly a decade of experience in that role.

This move ensures continuity in Largo's management and supports the company's operational and cost-controlling goals to enhance shareholder value. Harris succeeds Ernest Cleave, who has resigned from the company.

Chairman Alberto Arias expressed gratitude for Cleave's service and enthusiasm for Harris's new role.

Largo has received approval from the TSX to extend its Annual General Meeting (AGM) to July 29, 2024, at 10:00 a.m. ET. The AGM will be held at Stikeman Elliott LLP in Toronto, Canada. The meeting will cover the audited financial statements for the year ending December 31, 2023, the appointment of KPMG LLP as auditors, and the election of directors for the ensuing year. Largo is utilizing electronic delivery methods for meeting materials, which will be available on SEDAR+, SEC.gov, and the company's website.

Largo released its Q1 2024 financial results, showing revenues of $42.2 million, down from $57.4 million in Q1 2023. This decline is primarily due to a significant drop in vanadium prices. Operating costs grew to $49.7 million from $45.9 million, driven by an extended maintenance period and a $4.5 million write-down of produced vanadium products. The company reported a net loss of $13 million compared to a $1.2 million loss in Q1 2023. Basic loss per share was $0.20, up from $0.02. Total V2O5 equivalent sales were 2,765 tonnes with a cash operating cost of $6.12 per lb sold.

Production figures include 1,729 tonnes of V2O5 and 9,563 tonnes of ilmenite concentrate. Vanadium market conditions were weak due to low demand in the steel industry, though aerospace demand remained strong. The company expects future demand increases, particularly in energy storage in China. Largo is implementing cost reduction measures and productivity initiatives to restore profitability.

Largo Inc. (TSX: LGO) (NASDAQ: LGO) reschedules the release date of its first quarter 2024 financial results to May 15, 2024. A conference call will be held on May 16 to discuss the results and updates.