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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 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.
Largo Inc. announced that Column Capital Corp. received conditional approval from the TSX Venture Exchange for its qualifying transaction with Largo Physical Vanadium (LPV). This milestone allows LPV's common shares to trade under the symbol 'VAND'. The company plans to offer investors a secure investment alternative in physical vanadium, with LPV initially holding 200 metric tons of vanadium pentoxide equivalent. Largo will support LPV with services and has granted LPV a right of first refusal for non-committed commercial vanadium products through a supply agreement.
Largo reported Q2 2022 revenues of $84.8 million, a 56% increase from Q2 2021, driven by stronger vanadium prices. Net income rose 113% to $18.0 million, with basic EPS of $0.28. However, cash provided by operations dropped to $2.9 million from $19.1 million year-over-year. Operating costs surged to $50.7 million, up from $35.0 million, mainly due to increased consumable costs. Production guidance was revised down to 11,000 – 12,000 tonnes of V2O5 equivalent from 11,600 – 12,400 tonnes.
Largo Clean Energy Corp., a subsidiary of Largo, has signed a non-binding memorandum of understanding (MOU) with Ansaldo Green Tech to explore a joint venture for the commercial deployment of Vanadium Redox Flow Batteries (VRFB) in Europe, North Africa, and the Middle East. The MOU includes a 150-day exclusivity period for negotiations, during which neither party will discuss these technologies with third parties. The potential joint venture aims to address identified needs in the European energy sector.
Largo Inc. will release its second quarter 2022 financial results on August 10 after market close. A webcast and conference call to discuss these results will be held on August 11 at 1:00 p.m. ET. Investors can register for the webcast through the provided link and participate via dial-in numbers. Largo is recognized for its high-grade vanadium products and is also advancing a titanium dioxide pigment plant and its U.S.-based energy storage division with VCHARGE vanadium batteries. The company's shares trade under the symbol LGO.
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