Largo Inc SEC Filings

Largo Inc. reported weaker 2025 financial results as U.S. tariffs hurt high‑purity vanadium sales, but operations and costs improved exiting the year. Revenue was $109.9M, down from $124.9M in 2024, while net loss widened to $68.7M from $50.6M.

The Maracás Menchen mine produced 9,150 tonnes of V2O5 equivalent, within guidance. Adjusted cash operating costs excluding royalties fell to $3.32/lb from $4.05/lb, reflecting turnaround efforts. However, Q4 2025 adjusted EBITDA was negative $6.6M and full‑year adjusted EBITDA was negative $7.3M.

Largo ended 2025 with cash of $9.7M and debt of $107.1M, then raised net proceeds of $19.5M via an at‑the‑market share program. The February 2026 removal of 50% U.S. tariffs is allowing high‑purity sales to resume. For 2026, Largo targets V2O5 production of 10,500–12,000 tonnes, sales of 7,500–9,500 tonnes, and adjusted cash operating costs excluding royalties of $3.50–$4.50/lb.

Largo Inc. files its Annual Report on Form 40-F presenting its audited consolidated financial statements and related disclosures for the fiscal year ended December 31, 2025. The report states 83,673,905 common shares outstanding as of the close of the period and that Largo is a foreign private issuer eligible to use Canadian disclosure rules and IFRS. The filing includes the Annual Information Form, audited financial statements with KPMG LLP's report, MD&A, officer certifications, and audit-fee disclosures. The registrant confirms it met SEC reporting and interactive data submission requirements and identifies Audit Committee members and an audit committee financial expert.

Largo Inc. reports that its previously announced iron ore sale agreement has been terminated after the buyer failed to make an initial payment. The deal covered approximately 4.5 million tonnes of iron ore calcine material for total consideration of US$56 million.

The definitive iron ore agreement, signed on January 20, 2026, required an initial payment of US$2.9 million, originally due by January 30, 2026 and later deferred to February 9, 2026. After the payment was still not received by the cure deadline of February 20, 2026, the agreement was terminated in accordance with its terms. Largo states that it intends to pursue its rights and remedies against the counterparty under the agreement.

Largo Inc. has terminated its previously announced agreement to sell up to 4.5 million tonnes of iron ore calcine after the counterparty failed to make the required initial $2.9 million payment, despite a cure period. No material was delivered, Largo retains full ownership of the inventory, and the termination is not expected to have a material impact on its financial position, liquidity, or ongoing operations. The company intends to pursue its rights and remedies and is reengaging with alternative potential buyers.

Largo is also assessing a recent U.S. Supreme Court decision that struck down a 50% tariff on Brazilian imports, including its vanadium products. It holds high-purity vanadium units in bonded U.S. warehouses that can be released once tariffs are modified or reduced, potentially improving supply to U.S. steel, aerospace, defense, and specialty alloy customers.

Since a February 12, 2026 update, European ferrovanadium prices have risen from about $25.6/kg to $27.7/kg, while U.S. ferrovanadium prices have climbed from roughly $17–18.5/lb to over $21/lb, with recent trades near $23/lb. Vanadium pentoxide prices are now above $5.5/lb, indicating strengthening vanadium market conditions.

Largo Inc. reports that the purchaser under its previously announced $56 million iron ore calcine sale agreement has failed to make the initial payment of $2.9 million, originally due January 30, 2026. Largo has granted a cure period until February 20, 2026, after which the agreement will be terminated if payment is still not received, and it may seek damages and alternative commercialization options. The company notes it believes it has ample cash on hand to absorb this potential near-term setback.

Largo also highlights strong tailwinds in the ferrovanadium market. U.S. FeV prices have risen from the mid‑$13/lb range to about the mid‑$17/lb range over the past month, roughly a 30% increase, while European prices are up only about 7–8%. Structural constraints, including limited conversion capacity and tariffs on Brazilian-origin material, have tightened U.S. supply, and Largo emphasizes it is well positioned to serve this market through its Canadian conversion partner and potentially more directly if tariff constraints change.

Largo Inc. received an updated ownership report showing entities affiliated with J. Alberto Arias as major shareholders. Mr. Arias is reported to beneficially own 38,221,704 common shares, including options and warrants, representing 43.15% of Largo’s common shares.

The percentages are based on 83,313,022 common shares outstanding as of November 11, 2025, as reported in a prospectus supplement. Various Arias-managed funds and entities hold portions of this stake, while Mr. Arias has both sole and shared voting and dispositive power over different share blocks.

Largo Inc. reported 2025 operating results from its Maracás Menchen Mine and issued 2026 production and sales guidance. Vanadium pentoxide (V₂O₅) equivalent production in 2025 was 9,150 tonnes, with sales of 8,686 tonnes, both within prior guidance. Q4 2025 V₂O₅ equivalent production rose to 2,961 tonnes from 1,775 tonnes a year earlier, driven by stronger ore grades and operational stability, although Q4 sales fell 21% to 2,396 tonnes due to new U.S. tariffs on Brazilian high-purity vanadium. Ilmenite concentrate production reached 30,282 tonnes in 2025 with 33,959 tonnes sold. For 2026, Largo guides to 10,500–12,000 tonnes of V₂O₅ equivalent production and 7,500–9,500 tonnes of sales, with H1 2026 production expected to be 51.7% higher than H1 2025. The company also reported encouraging copper flotation test results containing gold, platinum and palladium, and has suspended 2026 ilmenite guidance while it evaluates using part of its ilmenite flotation infrastructure for potential copper concentrate production.

Largo Inc. established an at-the-market equity program that permits issuances of up to US$60 million of common shares on The Nasdaq Stock Market. The shares may be sold from time to time through H.C. Wainwright & Co., LLC, which will act as sole sales agent, with sales taking place at prevailing market prices and subject to market conditions and applicable securities laws.

No sales under this program will be made in Canada or through Canadian exchanges. Largo describes the program as a way to provide additional financial flexibility and to access capital markets opportunistically for working capital and general corporate purposes. The program is supported by an effective Form F-3 registration statement, a base shelf prospectus, and a related prospectus supplement filed with the U.S. Securities and Exchange Commission.

Largo Inc. has signed a definitive multi-year Ex Works contract through its Brazilian subsidiary to sell up to 4.5 million tonnes of iron ore calcine stockpiles, with total expected cash proceeds in excess of US$56 million. The agreement includes an initial payment of US$2.9 million due by January 30, 2026, a second payment of US$1.9 million due by February 16, 2026, and expected monthly payments of US$1.9 million starting in April 2026, subject to the contract terms.

The company expects this transaction to improve near-term cash flow and lower long-term stockpile management and disposal costs, while keeping its main strategic focus on vanadium. These iron ore calcine byproduct credits were not reflected in previous technical reports and are described as helping to partially offset currently low vanadium prices.