Largo Reports Q3 2026 Production and Sales Results Reflecting Vanadium Diversification with First Production of Copper, Gold and Platinum Group Metals; Advances Commercial Bank Debt Restructuring

High-purity vanadium represented 8% of quarterly production, down from 29% a year earlier.

Rhea-AI Summary

Largo (LGO) reported lower third-quarter vanadium production, first copper-gold-platinum group metals output, and further progress on commercial bank debt restructuring. Q3 2026 vanadium pentoxide production fell 20.6% to 2,093 tonnes, while sales rose 0.5% to 2,428 tonnes. Nine-month production and sales increased 22.9% and 14.8%, respectively.

First by-product output contained 108 tonnes of copper, 289 ounces of gold, 166 ounces of platinum and 291 ounces of palladium. Largo lowered annual vanadium production guidance to 9,500–10,500 tonnes, maintained sales guidance and raised cash cost guidance before by-product credits. It expects those credits to offset most of the cost increase starting in Q4 2026. A definitive Santander agreement brings restructuring coverage to approximately 58.4% of commercial bank senior debt, under a framework with final maturity in March 2030.

22 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Largo's commercial plans include delivering its first $60 million high-purity vanadium order to the U.S. Defense Logistics Agency. 1.4× market cap
• Moderate pointDefinitive bank restructuring agreements now cover approximately 58.4% of commercial bank senior debt.
• Moderate pointNine-month vanadium production increased 22.9% to 7,609 tonnes versus 2025.
• Moderate pointNine-month vanadium sales increased 14.8% to 7,223 tonnes versus 2025.
• Moderate pointNine-month ore mined increased 36.6% to 2,107,932 tonnes versus 2025.
• Moderate pointNine-month vanadium magnetic concentrate production increased 27.4% to 325,671 tonnes versus 2025.

16 minor points

• Minor pointFirst Q3 by-product production contained 108 tonnes of copper following regulatory approval in August 2026.
• Minor pointFirst Q3 gold production contained 289 ounces in by-product concentrate.
• Minor pointFirst Q3 platinum production contained 166 ounces in by-product concentrate.
• Minor pointFirst Q3 palladium production contained 291 ounces in by-product concentrate.
• Minor pointQ3 by-product concentrate also contained 1,238 ounces of silver.
• Minor pointRestructuring framework provides March 2030 maturity and a six-month principal repayment grace period.
• Minor pointQ3 vanadium sales increased 0.5% to 2,428 tonnes versus Q3 2025.
• Minor pointQ3 vanadium recovery improved to 81.4% from 79.4% a year earlier.
• Minor pointNine-month vanadium recovery improved to 82.3% from 81.1% a year earlier.
• Minor pointNine-month ilmenite sales increased 2.4% to 21,536 tonnes versus 2025.
• Minor pointIron ore calcine sales totaled 13,902 tonnes to Brazil's domestic market.
• Minor point. Forward-looking: it has not happened yet and may not happen.Largo maintains 2026 vanadium sales guidance of 7,500–9,500 tonnes, excluding purchased products and inventory-supply-agreement sales.
• Minor point. Forward-looking: it has not happened yet and may not happen.Largo expects by-product credits to offset most cost-guidance increases starting in Q4 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Largo maintains polymetallic concentrate production guidance of 300–380 tonnes per month.
• Minor point. Forward-looking: it has not happened yet and may not happen.Optimization study indicated potential for approximately 68% high-purity output at approximately 876 tonnes monthly.
• Minor point. Forward-looking: it has not happened yet and may not happen.Largo is studying potential medium-term ilmenite production resumption.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Annual vanadium production guidance lowered to 9,500–10,500 tonnes from 10,500–12,000 tonnes.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Annual adjusted cash operating cost guidance excluding royalties increased to $5.00–$6.00 per pound sold, before by-product credits.
• Moderate pointQ3 vanadium production declined 20.6% to 2,093 tonnes versus Q3 2025.
• Moderate pointQ3 high-purity share of vanadium production fell to 8% from 29% a year earlier.
• Moderate pointQ3 ilmenite production and sales were nil, versus 8,643 tonnes produced and 6,358 tonnes sold a year earlier.
• Moderate pointIlmenite production and sales guidance remain suspended while flotation infrastructure use is evaluated.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Restructuring framework requires monthly interest and 36 months of quarterly principal amortization after the grace period.

10 minor points

• Minor pointNine-month high-purity share of vanadium production fell to 4.7% from 34.5% a year earlier.
• Minor pointQ3 ore mined declined 11.0% to 543,688 tonnes versus Q3 2025.
• Minor pointQ3 effective ore grade fell to 0.41% from 0.52% vanadium pentoxide a year earlier.
• Minor pointQ3 vanadium magnetic concentrate production declined 21.5% to 88,444 tonnes versus Q3 2025.
• Minor pointQ3 concentrate grade fell to 2.55% from 2.80% vanadium pentoxide a year earlier.
• Minor pointNine-month effective ore grade fell to 0.47% from 0.49% vanadium pentoxide a year earlier.
• Minor pointNine-month concentrate grade fell to 2.71% from 2.84% vanadium pentoxide a year earlier.
• Minor pointNine-month ilmenite production declined 18.4% to 18,719 tonnes versus 2025.
• Minor pointCopper, gold, platinum and palladium tables show no Q3 metal sales.
• Minor pointAugust concentrate grades are preliminary, affecting the basis for reported contained-metal output.

News Explained

Largo raised its 2026 adjusted cash operating-cost guidance, excluding royalties and before by-product credits, to $5.00–$6.00 per pound sold, and estimates credits of $0.78–$1.00 per pound of vanadium production, expected to be reflected as revenue starting in Q4 2026.

Key Figures

Q3 V₂O₅ production: 2,093 tonnes Q3 V₂O₅ sales: 2,428 tonnes Copper contained in concentrate: 108 tonnes +4 more

Q3 V₂O₅ production

2,093 tonnes

Q3 2026; versus 2,636 tonnes in Q3 2025

Q3 V₂O₅ sales

2,428 tonnes

Q3 2026; versus 2,417 tonnes in Q3 2025

Copper contained in concentrate

108 tonnes

Q3 2026; first production recorded

2026 V₂O₅ production guidance

9,500–10,500 tonnes

Lowered from 10,500–12,000 tonnes

2026 V₂O₅ sales guidance

7,500–9,500 tonnes

Maintained

Adjusted cash operating cost guidance

$5.00–$6.00/lb sold

Excluding royalties; guidance increased

Restructured debt final maturity

March 2030

Six-month principal grace period, followed by 36 months of quarterly principal amortization

Historical Context

1 past event · Latest: Sep 23

1 event

1. Sep 23

   Strategic update

   24h Move

   +11.8%

   Reported copper-PGM sales, a higher-purity vanadium plan, and debt agreements covering 48% of commercial bank senior debt.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

v2o5, polymetallic mineral concentrate, effective ore grade, non-gaap ratio

4 terms

v2o5 technical

"V2O5 sales guidance in the 7,500-9,500 MT range"

V2O5 is the chemical formula for vanadium pentoxide, a hard, yellowish compound used as a raw material in metal alloys, catalysts and certain battery and energy-storage components. Investors care about it because changes in its supply, demand or price can affect the costs and profitability of mining, steelmaking and battery-related companies—much like fuel prices influence transportation firms—and therefore can move the value of related stocks.

polymetallic mineral concentrate technical

"produced in a single polymetallic mineral concentrate"

A polymetallic mineral concentrate is a processed ore product in which multiple valuable metals are concentrated together into a single bulk material for sale to smelters or refiners. It is produced by crushing, grinding and flotation or other concentration methods that separate the valuable metal-bearing minerals from waste rock; the concentrate’s value and payment are determined by assays that report the grades of each payable metal, with final settlement adjusted for recoveries, treatment charges, penalties for deleterious elements, and moisture. The concentrate is not a finished metal product and must be smelted and refined to separate and produce the individual commercial metals.

effective ore grade technical

"with an effective ore grade of 0.41% V₂O₅"

Effective ore grade is the concentration of a valuable metal or mineral in ore after adjusting the raw (in‑situ or head) grade for factors that change the material actually processed or recovered—typically dilution from mixing with waste, mining losses, and metallurgical recovery. It is calculated by reducing the quoted in‑situ grade to reflect the expected percentage of the ore that ends up in the mill and the percentage of metal recovered by processing, so the effective grade represents the payable metal per tonne arriving at or extracted by the plant. It is distinct from raw or measured grade because it builds in operational realities (dilution, ore loss, and recovery) rather than describing the rock as sampled.

non-gaap ratio financial

"is a non-GAAP ratio without a standardized IFRS definition"

A non-GAAP ratio is a financial metric that adjusts standard accounting figures to show a company’s performance using criteria management thinks better reflect ongoing operations—for example excluding one-time charges or stock-based pay. Investors use these ratios like a customized lens to see trends or cash generation that headline numbers might hide, but they should be compared carefully because different companies can adjust items in different ways.

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All amounts expressed are in U.S. dollars, denoted by "$".

Q3 2026 and Nine-Month Highlights

• Vanadium production: 2,093 tonnes of vanadium pentoxide ("V₂O₅") in Q3 2026 vs 2,636 tonnes in Q3 2025 following a strategy to reduce inventories and refocus on high-margin products. Year-to-date 2026 V₂O₅ production at 7,609 tonnes increased 23% year over year. Q3 2026 sales at 2,428 tonnes remained stable vs 2,417 tonnes in Q3 2025. This reflects Largo pursuing a conscious strategy of reducing inventory to enhance its liquidity and to try to target its sales to profitable demand.

• Copper production: 108 tonnes contained in concentrates in Q3 2026; first production recorded, derived as a vanadium by-product.

• Gold Production: 289 ounces contained in concentrates in Q3 2026; first production recorded, derived as a vanadium by-product.

• Platinum Production: 166 ounces contained in concentrates in Q3 2026, first production recorded, derived as a vanadium by-product.

• Palladium Production: 291 ounces contained in concentrates in Q3 2026, first production recorded, derived as a vanadium by-product.

• Iron Ore Calcine Sales: 13,902 tonnes to Brazilian domestic market.

• Ilmenite Production: Nil, as the Company decided to use its flotation plant infrastructure for higher-margin copper, gold, and platinum group metals ("PGMs") production. Current studies are underway to potentially resume ilmenite production in the medium term.

• Concentrate commercialization market acceptance: Largo sold copper-gold-PGMs production to three large commodity traders and one European smelter, reflecting the commercial attractiveness of Largo's by-product concentrates, which include copper, gold, platinum, and palladium.

• Mining and recovery performance: Largo mined 543,688 tonnes of ore in Q3 2026, with an effective ore grade¹ of 0.41% V₂O₅ and global recovery² of 81.4%, compared with 611,101 tonnes, an effective ore grade of 0.52% V₂O₅ and global recovery of 79.4% in Q3 2025.

• Maintaining vanadium sales guidance but adjusting production to reflect inventory reduction strategy: Largo maintains its V₂O₅ sales guidance in the 7,500-9,500 MT range but is lowering production guidance to the 9,500-10,500 MT range from 10,500-12,000 MT as it continues to optimize its product mix and production strategy.

• Debt restructuring agreements cover approximately 58.4% of commercial bank senior debt: Largo has executed definitive restructuring agreement with Banco Santander (Brasil) S.A. Together with previously announced agreements, these arrangements cover approximately 58.4% of the Company's commercial bank senior debt.

Toronto, Ontario--(Newsfile Corp. - October 30, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer, today announces its production and sales results for the third quarter and the nine months ended September 30, 2026. During Q3 2026, the Company produced 2,093 tonnes of V₂O₅ equivalent at its Maracás Menchen Mine and sold 2,428 tonnes of V₂O₅ equivalent. For the first nine months of 2026, V₂O₅ production totaled 7,609 tonnes and sales totaled 7,223 tonnes, representing year-over-year increases of 23% and 15%, respectively.

The Company also provides an update on its commercial bank debt-restructuring process, reports continued progress in its new vanadium by-products, including copper, gold, platinum and palladium following the commencement of full-scale production in August 2026.

Mr. Alberto Arias, Executive Chairman and Co-Chief Executive Officer of Largo, commented: "During the third quarter, Largo diversified its product mix with the start of production of copper, gold, platinum and palladium as new by-products of Largo's core V₂O₅ production business. V₂O₅ production at 2,093 tonnes in Q3 2026 reflected our previously announced strategy to reduce inventories and prioritize production of higher-margin products while keeping V₂O₅ sales stable at 2,428 tonnes. While this strategy may lower overall vanadium production volumes, our objective is to improve the value generated per tonne produced, strengthening the economics of our operations. In addition, the previously announced potential expansion of our high-profit-margin copper-gold-PGM business and our continued focus on cost discipline to offset currently high specific consumables costs aim to maximize the value recovered from the Maracás Menchen Mine and metallurgical complex and support Largo's longer-term financial and operating objectives."

Mr. James (Jim) Bannantine, Co-Chief Executive Officer of Largo, added: "Our commercial strategy is focused on expanding demand for Largo's higher-value vanadium products by deepening relationships with customers in the defense, aerospace and energy storage sectors, including delivering our first purchase order of $60 million of high-purity vanadium to the U.S. Defense Logistics Agency, while advancing the commercial development of our copper, gold and PGM vanadium by-product business. We are aiming to increase our high-purity vanadium volumes, with the objective of enhancing realized pricing, improving margins and strengthening cash generation. Our recent optimization study indicated the potential to produce high-purity vanadium representing approximately 68% of total output at an overall production rate of approximately 876 tonnes per month. We are evaluating the implications of this product mix for production volumes, realized prices, operating margins and cash flow. Alongside our vanadium business, primarily converted into ferro-vanadium, we are focused on progressing copper-gold and PGM sales and customer deliveries as we build on the commencement of full-scale production."

Q3 2026 Production and Sales

	Q3 2026	Q3 2025	Change
Total Mined - Dry Basis (tonnes)	1,536,154	3,865,738	-60.3%
Total Ore Mined (tonnes)	543,688	611,101	-11.0%
Ore Grade Mined - Effective V2O5 Grade (%)[1]	0.41	0.52	-21.2%
Vanadium Magnetic Concentrate Produced (tonnes)	88,444	112,669	-21.5%
Grade of Concentrate (% V2O5)	2.55	2.80	-8.9%
Global Recovery (V2O5 %)[2]	81.4	79.4	+2.5%
V2O5 produced (Flake + Powder) (tonnes)	2,093	2,636	-20.6%
High purity V2O5 equivalent produced (%)	8%	29%	-72.4%
V2O5 produced (equivalent pounds) [3]	4,614,270	5,811,378	-20.6%
Total V2O5 equivalent sold (tonnes)	2,428	2,417	+0.5%
Produced V2O5 equivalent sold (tonnes)	2,428	2,400	+1.2%
Purchased V2O5 equivalent sold (tonnes)	-	17	-100.0%
Ilmenite concentrate produced (tonnes)	-	8,643	-100.0%
Ilmenite concentrate sold (tonnes)	-	6,358	-100.0%
Copper contained in concentrate produced (tonnes)	108	N/A	N/A
Copper- sold (tonnes)	-	N/A	N/A
Gold contained in concentrate produced (ounces)	289	N/A	N/A
Gold sold (ounces)	-	N/A	N/A
Platinum contained in concentrate produced (ounces)	166	N/A	N/A
Platinum sold (ounces)	-	N/A	N/A
Palladium contained in concentrate produced (ounces)	291	N/A	N/A
Palladium sold (tonnes)	-	N/A	N/A

 

Note: Largo produces copper, gold, platinum or palladium as elements contained in a single polymetallic mineral concentrate, produced as a by-product of the Company's vanadium operations. The copper, gold, platinum and palladium figures reported in this release represent the metal contained in the polymetallic mineral concentrate produced in August and September 2026, following receipt of regulatory approval in August 2026, calculated from the concentrate dry tonnage and assay grades shown below. August grades are preliminary.

Polymetallic mineral concentrate production and grades - Q3 2026

Period	Concentrate  (dry t)	Cu (%)	Au (g/t)	Pt (g/t)	Pd (g/t)	Ag (g/t)
August 2026	371	15.29	14.30	5.42	16.60	53.77
September 2026	314	16.47	12.76	10.60	10.18	63.22
Q3 2026 (weighted)	685	15.83	13.59	7.79	13.66	58.18
Contained metal - Q3 2026		108 t	289 oz	166 oz	291 oz	1,238 oz

 

Contained gold, platinum, palladium and silver converted at 31.1035 grams per troy ounce.

Year-to-Date Production and Sales

	YTD 2026	YTD 2025	Change
Total Mined - Dry Basis (tonnes)	10,021,079	12,060,606	-16.9%
Total Ore Mined (tonnes)	2,107,932	1,543,402	+36.6%
Ore Grade Mined - Effective V2O5 Grade (%)	0.47	0.49	-4.1%
Vanadium Magnetic Concentrate Produced (tonnes)	325,671	255,706	+27.4%
Grade of Concentrate (%V2O5)	2.71	2.84	-4.6%
Global Recovery (%)	82.3	81.1	+1.5%
V₂O₅ produced (Flake + Powder) (tonnes)	7,609	6,189	+22.9%
High purity V₂O₅ equivalent produced (%)	4.7	34.5	-86.4%
V₂O₅ produced (equivalent pounds)	16,774,954	13,644,393	22.9%
Total V₂O₅ equivalent sold (tonnes)	7,223	6,290	+14.8%
Produced V₂O₅ equivalent sold (tonnes)	7,162	5,992	+19.5%
Purchased V₂O₅ equivalent sold (tonnes)	61	298	-79.5%
Ilmenite concentrate produced (tonnes)	18,719	22,954	-18.4%
Ilmenite concentrate sold (tonnes)	21,536	21,029	+2.4%
Copper contained in concentrate produced (tonnes)	108	N/A	N/A
Copper- sold (tonnes)	-	N/A	N/A
Gold contained in concentrate produced (ounces)	289	N/A	N/A
Gold sold (ounces)	-	N/A	N/A
Platinum contained in concentrate produced (ounces)	166	N/A	N/A
Platinum sold (ounces)	-	N/A	N/A
Palladium contained in concentrate produced (ounces)	291	N/A	N/A
Palladium sold (ounces)	-	N/A	N/A

 

2026 Guidance

Largo is maintaining its previously announced 2026 sales guidance for vanadium but lowering its vanadium production guidance and increasing its guidance for adjusted cash operating costs excluding royalties, before by-product credits, to $5.00-6.00/lb V₂0₅ due to input cost pressures such as diesel and sulfuric acid. Note that the new by-product credits from copper, gold, platinum, palladium and silver generate approximately $1.2-$1.8 million per month, which would equate to a by-product credit of approximately $0.78-$1.00 per pound of V₂0₅ production, offsetting most of the cost guidance increase starting in Q4 2026 when by-product credits are expected to begin to be reflected as revenues.

The guidance ranges are set out below. Vanadium sales guidance excludes purchased products and material sold under the Company's vanadium inventory supply agreement. Ilmenite production and sales guidance remain suspended while the Company evaluates best use and/or expansion of its flotation infrastructure for copper-gold-PGM production as well as potential ilmenite recovery. In September, Largo reported encouraging test work on recovering ilmenite from copper-PGM flotation tailings.

2026 annual vanadium guidance	Unit	Low	High
V₂O₅ equivalent production	tonnes	9,500	10,500
V₂O₅ equivalent sales	tonnes	7,500	9,500
Adjusted cash operating costs excluding royalties1	$/lb sold	5.00	6.00

 

1: Adjusted cash operating costs excluding royalties per pound sold is a non-GAAP ratio without a standardized IFRS definition. It reflects adjusted mine cash operating costs, excluding royalties and write-downs of produced products, divided by pounds of mine-produced vanadium equivalent sold. Management uses it to assess mine operating performance; it may not be comparable with similarly named measures reported by other issuers.

Polymetallic mineral concentrate guidance remains 300 to 380 tonnes per month. Expected average concentrate grades are approximately 15% copper, 13 g/t gold, 16 g/t platinum, 12 g/t palladium and 53 g/t silver. Gold, platinum and palladium together total approximately 41 g/t.

Further Progress on Brazilian Bank Debt Restructuring

Largo has executed a definitive debt-restructuring agreement with Banco Santander (Brasil) S.A. Together with the definitive agreements previously executed with Banco do Brasil S.A. and Caixa Econômica Federal, the agreements now cover approximately 58.4% of Largo's commercial bank senior debt.

The agreement is substantially consistent with the terms of the binding term sheet described in the Company's August 20, 2026 press release. The restructuring framework provides for a final maturity in March 2030, a six-month grace period for principal repayments, followed by 36 months of quarterly principal amortization, with interest payable monthly.

About Largo

Largo 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. 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 investment in 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 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, statements regarding the timing and amount of estimated future production and sales; the Company's 2026 vanadium production, sales and cost guidance; the expected amount and timing of by-product credits and their recognition as revenues; copper-PGM concentrate output and expected grades; the Company's production and sales outlook; the Company's inventory reduction strategy; customer demand and delivery timing, including deliveries under the Company's purchase order with the U.S. Defense Logistics Agency; sales arrangements for the Company's by-product concentrates; operating priorities and planned operational measures; the results of the Company's optimization study, including the potential high-purity production mix and its expected effects on volumes, pricing, margins and cash flow; potential copper-PGM capacity expansion in 2027; potential ilmenite recovery and the potential resumption of ilmenite production; cost control and input cost pressures; the anticipated benefits of the Company's debt restructuring and the restructuring of the Company's remaining commercial bank senior debt; the Company's ability to service its indebtedness and meet its financial obligations as they become due; and the Company's ability to execute its production, inventory and commercial plans.

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 successful restructuring of the Company's remaining commercial bank senior debt on acceptable terms; 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 "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 products in an evolving market; that the Company will enter into agreements for the sales of its products on favourable terms; 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. Additional assumptions relating to copper-PGM concentrate include the suitability of feed material and existing processing infrastructure; the achievement of expected recoveries and product grades; customer performance under sales arrangements; sufficient demand and pricing to support the revised product mix; and engineering and metallurgical studies supporting potential expansion and recovery processes at commercial scale.

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", "guidance", "potential", "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.

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^[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/321776

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Largo's Q3 2026 vanadium production and sales results?

Largo produced 2,093 tonnes of vanadium pentoxide equivalent and sold 2,428 tonnes in Q3 2026. Production declined 20.6% and sales increased 0.5% from Q3 2025. The company attributed lower production to its inventory-reduction strategy and focus on higher-margin products.

What is Largo's updated 2026 production and cost guidance?

Largo now guides to 9,500–10,500 tonnes of vanadium production and adjusted cash operating costs excluding royalties of $5.00–$6.00 per pound sold, before by-product credits. Production guidance was previously 10,500–12,000 tonnes. Sales guidance remains 7,500–9,500 tonnes, excluding purchased products and material sold under its vanadium inventory supply agreement.

What repayment terms apply to Largo's commercial bank debt restructuring?

The restructuring framework provides for final maturity in March 2030, a six-month principal repayment grace period, then 36 months of quarterly principal amortization, with interest payable monthly. Definitive agreements with Santander Brasil, Banco do Brasil and Caixa Econômica Federal cover approximately 58.4% of commercial bank senior debt.

How much does Largo estimate its new by-product credits will contribute?

Largo estimates by-product credits of approximately $1.2–$1.8 million per month, equivalent to approximately $0.78–$1.00 per pound of vanadium pentoxide production. It expects credits from copper, gold, platinum, palladium and silver to begin appearing as revenues in Q4 2026.