Largo (LGO) Stock News

Argus Research has initiated equity research coverage on Largo Inc. (LGO), a leading vanadium producer. The firm anticipates increasing vanadium demand, benefiting Largo's profitability. The Maracás Menchen Mine is expected to improve yield post-2022 operational challenges. Largo's production of ilmenite, expected to commence in mid-2023, adds revenue potential. With $54.5 million in cash and $115.2 million in working capital, Largo is positioned to fund projects. Despite a 42% stock decline in 2022, Argus estimates a fair value of $9, significantly higher than the current price of $5.

Largo reported Q4 2022 revenues of $47.5 million, a 6% decrease from Q4 2021, with an annual total of $229.3 million, marking a 16% increase year-over-year. The company faced a net loss of $15.6 million in Q4 2022, compared to a net income of $1.0 million in Q4 2021. Operating costs surged to $44.5 million in Q4 2022, up from $37.7 million in Q4 2021, primarily due to inflation and mining disruption from heavy rains. Production of V2O5 was stable at 2,004 tonnes for Q4 2022. Despite challenges, Largo anticipates a 10% production increase in 2023, driven by growing demand in the energy storage sector.

Largo Inc. (LGO) is set to announce its fourth quarter and annual 2022 financial results on March 9, 2023, after market closure. A conference call to discuss these results will take place on March 10, 2023, at 1:00 p.m. ET. The call can be accessed via local dial-in numbers or through a registration link for an automated callback. Largo, which specializes in vanadium supply, is advancing its operations with the implementation of a titanium dioxide pigment plant and enhancing its clean energy division with innovative VCHARGE vanadium batteries. The company's focus remains on supporting a low carbon future while producing high-quality vanadium.

Largo Inc. (NASDAQ: LGO, TSX: LGO) has announced a leadership change as Paulo Misk has left his position as President and CEO. Daniel Tellechea, previously a member of the Board since 2015 and Chair of the Operations Committee, has been appointed interim CEO. The Board has initiated a search for a permanent CEO while maintaining the company’s objectives for the year, including its 2023 guidance. Tellechea brings extensive experience in the metals and mining sector, particularly in vanadium operations in Brazil. Largo continues to focus on adding shareholder value through its dual strategy of vanadium supply and clean energy solutions.

Largo reported Q4 and FY 2022 operational results, achieving 10,436 tonnes of vanadium pentoxide (V2O5) production, slightly up from 10,319 tonnes in 2021. Q4 2022 production was 2,004 tonnes, stable compared to Q4 2021. Sales totaled 11,091 tonnes in 2022, down 3% year-over-year. The company faced operational challenges due to contractor transitions and heavy rainfall, leading to a 36% increase in rain-related downtime. Resulting Q1 2023 production guidance is 1,900 – 2,200 tonnes. Strong vanadium demand was noted in the aerospace sector, with prices rising to $10.08 per lb as of January 2023. Largo secured additional debt facilities for $45 million to support operations and capital projects.

Largo reported Q3 2022 revenues of $54.3 million, slightly up from $53.9 million in Q3 2021, driven by sales of 2,796 tonnes of V2O5 equivalent. However, the company posted a net loss of $2.6 million, down from $9.2 million in net income a year earlier, with basic loss per share of $0.04. Operating costs rose to $45.6 million, significantly higher than $32.1 million in Q3 2021. The average revenue per pound sold decreased to $8.80 from $9.10. Despite challenges, the company is optimistic about long-term opportunities in the vanadium market.

Largo Inc. (NASDAQ: LGO) will announce its Q3 2022 financial results on November 9, 2022, post-market close. A conference call to discuss these results is scheduled for November 10, 2022, at 1:00 p.m. ET. The Company specializes in vanadium production and is developing a titanium dioxide plant while advancing its clean energy division with VCHARGE vanadium batteries. Largo's strategic focus is on enhancing value through its operations in Brazil and energy storage solutions in the U.S.

Largo Inc. reported Q3 2022 production of 2,906 tonnes of vanadium pentoxide (V2O5) equivalent, a decrease from 3,260 tonnes in Q3 2021 due to a mining contractor transition and kiln refurbishment. The company achieved a record 962 tonnes of high purity V2O5 production, accounting for 33% of total output. V2O5 equivalent sales increased to 2,796 tonnes despite shipping delays. Average price per lb of V2O5 fell by 12% year-over-year. Construction of an ilmenite concentration plant continues, while the energy storage division progresses with the deployment of vanadium redox flow batteries.

Largo Inc. announces that Largo Physical Vanadium Corp. (LPV) shares began trading on the TSX Venture Exchange under the ticker symbol 'VAND' on September 23, 2022, after completing a qualifying transaction. This new listing offers investors direct exposure to vanadium, a crucial metal for clean energy and greener steel. LPV's strategy focuses on reducing vanadium commodity costs, addressing price volatility challenges, and advancing vanadium redox flow batteries (VRFBs) for energy storage. Largo aims to enhance value through higher vanadium production and the energy storage market.