Largo Inc. reports operating, commercial and financing developments for a primary vanadium producer with mining and processing operations centered on the Maracás Menchen Mine in Bahia, Brazil. News commonly covers V2O5 production and sales, ilmenite concentrate output, ore grades, recovery rates, mine access, cost controls, and demand conditions in steel, aerospace, defense, chemical and energy-storage markets.
Company updates also address tariff effects on Brazilian-origin vanadium products, ferrovanadium and V2O5 market conditions, by-product opportunities involving iron ore calcine, copper, platinum group metals, nickel and cobalt, and capital actions such as at-the-market common-share offerings. Largo also has exposure to long-duration energy storage through Storion Energy and discloses governance changes when management roles change.
Largo Inc. has filed a National Instrument 43-101 Technical Report titled 'An Updated Life of Mine Plan' for its Maracás Menchen Mine in Brazil. The report outlines a 20-year mine life, projecting $2.8 billion pre-tax NPV and $5.8 billion pre-tax cash flow due to increased production of vanadium pentoxide and titanium dioxide as co-products. The operational strategy aims to enhance profitability and market competitiveness, with the company's production capacity expected to rise from 13,200 to 15,900 tonnes per annum by 2032.
Largo Inc. (NASDAQ: LGO) reported a robust Q3 2021, with revenues soaring to $53.9 million, a 96% increase from Q3 2020. The net income reached $9.2 million, representing a significant 261% rise year-over-year. Despite challenges, production of V2O5 rose by 5% to 3,260 tonnes. The cash balance improved to $87.6 million. Notably, Largo Clean Energy secured $4.2 million in funding from the U.S. Department of Energy to scale manufacturing of energy storage systems, enhancing its market potential.
Largo Inc. (formerly Largo Resources Ltd.) has announced a rebranding to reflect its growth in the renewable energy sector. Effective November 10, 2021, the company will trade under the new name on both the Toronto and Nasdaq exchanges. This change aligns with Largo's commitment to becoming a leading player in energy storage, focusing on vanadium-based solutions. The company's leadership emphasizes the importance of this rebranding as a part of its mission to meet global energy storage needs and promote sustainability. A conference call to discuss Q3 results is scheduled for November 11, 2021.
Largo Resources Ltd. (TSX: LGO) announces a significant update regarding its Maracás Menchen Mine, highlighting a 305% increase in Proven and Probable reserves and a 128% rise in Measured and Indicated resources. This update supports enhanced vanadium production, projected to rise to approximately 15,900 tonnes per annum by 2032. With a 20-year mine life, the project estimates a $2.0 billion after-tax NPV7%. The integration of TiO2 pigment production is expected to generate over $4.0 billion in cash flow, enhancing market competitiveness and shareholder value.
Largo Resources Ltd. (NASDAQ: LGO) will release its Q3 2021 financial results after market close on November 10, 2021. A shareholder webcast and conference call will take place on November 11, 2021, at 9:00 a.m. ET, featuring key executives including Ian Robertson, Paulo Misk, Ernest Cleave, and Paul Vollant. The event will discuss operational and financial results and can be accessed via a registration link provided in the release.
Largo Resources reported a production of 3,260 tonnes of V2O5 in Q3 2021, marking a 5% increase year-over-year and a 6% increase from Q2 2021. However, total sales fell to 2,685 tonnes, down 16% from Q3 2020 due to logistical challenges. The company has adjusted its production guidance to 11,400 to 11,800 tonnes for the year. Demand remains strong, reflected by a 76% increase in the European V2O5 price. Largo Clean Energy received $4.2 million in DOE funding to scale U.S. manufacturing.
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Largo Resources Ltd. (LGO) reported Q2 2021 revenues of $54.3 million and a net income of $8.4 million, showcasing a significant growth from a net loss of $7.0 million in Q2 2020. The company aims to integrate its vanadium operations with energy storage technology, enhancing market opportunities. Noteworthy developments include a new 5-hour, 6.1 MWh VRFB sales contract in Spain and a strong cash position of $80.7 million. Revenue per pound sold rose by 119% to $8.14, driven by increased vanadium demand, despite higher operating costs.
Largo Resources has received a notice to proceed (NTP) on its sales contract with Enel Green Power España for a 6.1 MWh VCHARGE± battery system in Spain. CEO Paulo Misk expressed enthusiasm about the partnership, emphasizing the company's commitment to delivering clean energy solutions. Largo Resources is known for its VPURE™ and VPURE+™ vanadium products and is focused on renewable energy storage through VCHARGE± technology. The company operates from one of the world's highest-grade vanadium deposits in Brazil.
Largo Resources Ltd. (LGO) will announce its second quarter 2021 financial results on August 10, 2021, after market close. A conference call to discuss these results is scheduled for August 11, 2021, at 10:00 a.m. ET.
The call can be accessed via local/international dial-in at +1 (416) 764-8688 or North American toll-free at (888) 390-0546. Further information is available on the Company’s investor relations website.