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Largo Inc.'s SEC filings document the formal disclosure record of a Canadian mining issuer whose common shares trade on the TSX and Nasdaq. The filings include Form 6-K current reports and material change reports covering operating results at the Maracás Menchen Mine, V2O5 and ilmenite production and sales, vanadium market conditions, tariff effects, by-product testing and commercialization matters, and changes in senior operating and legal leadership.
The filing record also covers capital-structure and financing disclosures, including a Form F-3 shelf registration, prospectus supplement and at-the-market program for common shares. Other disclosures describe material agreements involving iron ore calcine inventory, regulatory requests for potential by-product production, Storion Energy exposure in long-duration energy storage, risk-related market conditions, and governance reporting as a foreign issuer indicating Form 40-F status.
Largo Inc. reported strong operational momentum in Q2 2026, with revenues rising 68.5% to $44.0 million, driven by higher vanadium prices and volumes. V₂O₅ production increased 28.5% to 2,900 tonnes, while V₂O₅ equivalent sales grew 53.5% to 2,773 tonnes. Vanadium revenues reached $42.6 million and ilmenite revenues $1.4 million, and realized revenue per pound sold improved to $6.96/lb.
Profitability metrics improved at the operating level: Adjusted EBITDA rose to $2.7 million from $34 thousand, and Mining Operations Adjusted EBITDA climbed to $4.4 million. However, Largo recorded a larger net loss of $22.7 million (vs. $5.8 million), mainly from non-cash write-downs and deferred tax expense alongside higher input costs. Cash operating costs excluding royalties increased to $5.10/lb, and adjusted cash operating costs excluding royalties to $4.12/lb, reflecting diesel, explosives and sulfur-based reagent inflation.
Liquidity remains tight, with $5.1 million in cash and $114.2 million of debt at quarter-end, partly supported by $24.8 million raised year-to-date via an ATM program. Largo reiterated its 2026 vanadium guidance and secured a $60.1 million U.S. Defense Logistics Agency delivery order. It also began full-scale copper-PGM concentrate by-product production on August 7, 2026, targeting 300–380 tonnes per month at an average grade of 15% copper and 41 g/t PGMs to diversify revenue and improve mine economics.
Largo Inc. reported sharply higher activity in Q2 2026 but remained loss-making and under liquidity pressure. Revenue rose 68% to $43,999, driven by a 29% increase in V2O5-equivalent production to 2,900 tonnes and a 54% increase in V2O5-equivalent sales to 2,773 tonnes. Mining Operations Adjusted EBITDA improved to $4,376 versus $2,656 a year earlier, though consolidated Adjusted EBITDA was only $2,695.
The company still recorded a much larger net loss of $22,735 (Q2 2025: $5,752), reflecting higher production costs, professional and consulting expenses, finance costs, and inventory write-downs. Cash fell to $5,103 and Largo had a working capital deficit of $79,269 with $114,249 of debt due within 12 months. Management disclosed material uncertainty that casts substantial doubt on its ability to continue as a going concern and is pursuing refinancing, additional debt, and equity via a $60,000 ATM program.
Strategically, Largo secured a five-year U.S. Department of Defense contract for high-purity V2O5 with a maximum value of $125,000, receiving a first delivery order of $60,100 after quarter-end. It also began producing copper and platinum group metals concentrates as byproducts, with initial guidance of 300–400 tonnes per month, and maintains 2026 vanadium production guidance of 10,500–12,000 tonnes at targeted adjusted cash operating costs of $3.50–4.50/lb.
Largo Inc. received approval from Brazil’s National Mining Agency to produce and sell copper, platinum group metals, nickel and cobalt as by-products from its Maracás Menchen Mine in Bahia, alongside existing vanadium operations. The company has begun ramping up copper-PGM concentrate output using its current ilmenite flotation infrastructure and has temporarily suspended ilmenite concentrate production to prioritize these higher-value by-products.
Industrial-scale flotation tests earlier in the year demonstrated the potential to produce commercial-grade copper-PGM concentrates containing platinum, gold, palladium, silver, cobalt and nickel. Largo is in discussions with smelters and traders on commercial terms for an initial shipment and plans to provide production and sales guidance for copper-PGM concentrates with its quarterly earnings report scheduled for August 14, 2026. Management views this initiative as a way to diversify revenue, improve resource utilization and enhance the long-term economic value of Maracás Menchen while limiting incremental capital needs by leveraging existing infrastructure.
Largo Inc. announced a senior leadership transition, appointing James (Jim) Bannantine as Co‑Chief Executive Officer alongside Executive Chairman and Co‑CEO Alberto Arias, while current Co‑CEO Daniel Tellechea retires from the role but remains an adviser and member of the board.
Bannantine brings prior CEO experience at Latin American mining companies and turnaround roles in mining, energy and U.S. government‑related projects, which the company expects will support operational efficiency, capital discipline and strategic growth. Largo describes itself as the world's largest primary vanadium producer, operating the Maracás Menchen Mine in Brazil and holding a 37.4% stake in U.S. vanadium flow‑battery joint venture Storion Energy.
Largo Inc. reported strong Q2 2026 operating results from its Maracás Menchen Mine, with vanadium pentoxide (V₂O₅) production rising 28.5% year over year to 2,900 tonnes and V₂O₅ equivalent sales up 53.4% to 2,773 tonnes. Year-to-date V₂O₅ production reached 5,516 tonnes, 55.2% higher than the first half of 2025, reflecting continued operational improvements.
Total ore mined increased 46.6% to 712,198 tonnes while maintaining an effective ore grade of 0.50% V₂O₅, and global recovery remained high at 82.5%. Ilmenite concentrate sales climbed 67.0% to 10,059 tonnes despite an 11.6% decline in production. The company highlighted strengthened access to the U.S. market, including resumed high-purity V₂O₅ production, a U.S. Defense Logistics Agency Strategic Materials delivery order, and confirmation that vanadium oxides and hydroxides under HTSUS 2825.30 are exempt from a new 25% U.S. Section 301 tariff on certain Brazilian products.
Largo Inc. reports that Nasdaq has notified the company it is not in compliance with the Nasdaq Capital Market minimum bid price requirement, because its common shares closed below US$1.00 for 30 consecutive business days under Rule 5550(a)(2). The shares remain listed on Nasdaq, and under Rule 5810(c)(3)(A) Largo has 180 calendar days from the notification date to regain compliance. Compliance will be restored if the closing bid price is at or above US$1.00 for at least 10 consecutive business days, assuming all other listing standards are met. The company is also listed on the Toronto Stock Exchange, and that listing is unaffected. Largo states that it intends to evaluate all available options to resolve the deficiency and regain compliance.
Largo Inc. reports that its U.S. subsidiary, Largo Resources USA Inc., received a US$60.1 million firm-fixed-price delivery order from the U.S. Defense Logistics Agency Strategic Materials. The order runs through January 2030 and is issued under a recently awarded five-year indefinite delivery, indefinite quantity (IDIQ) contract to supply high-purity vanadium pentoxide for the U.S. National Defense Stockpile, which has a stated overall maximum value of $125 million. Pricing is set per pound at a premium over 2026 benchmark V2O5 indexes and escalates 10% each year. The deal makes Largo an approved supplier within the U.S. defense industrial base, though the IDIQ structure provides no guaranteed minimum orders and allows the U.S. Government to modify or terminate the contract, so additional delivery orders are not assured.
Largo Inc. has secured a $60.1 million firm-fixed-price delivery order from the U.S. Defense Logistics Agency to supply high-purity vanadium pentoxide for the U.S. National Defense Stockpile.
Deliveries run through January 2030, creating a multi-year sales stream and deeper exposure to the U.S. market. Management expects the order to improve average realized vanadium prices and enhance Largo’s sales mix, and is adjusting production and commercial programs beginning in July 2026 to support execution.
The order is issued under a five-year Indefinite Delivery, Indefinite Quantity contract that is part of a larger shared award with an aggregate value of up to $125 million, though future delivery orders are not assured.
Largo Inc. has changed its independent auditor, as disclosed in this report. KPMG LLP resigned as auditor effective June 15, 2026, following mutual discussions about the benefits of having the auditor located in Brazil. The board’s audit committee and full board approved the appointment of KPMG Auditores Independentes Ltda. as successor auditor effective June 26, 2026 until the next annual general meeting.
The company states that KPMG LLP’s audit reports on the financial years ended December 31, 2025 and December 31, 2024 did not contain modified opinions, and that there were no “reportable events” as defined in National Instrument 51-102. The former auditor confirms agreement with the company’s notice, while the successor auditor agrees with the notice but does not confirm the statement regarding the absence of reportable events.
Largo Inc. reported that its U.S. subsidiary has been awarded a five-year Indefinite Delivery, Indefinite Quantity contract from the U.S. Defense Logistics Agency to supply up to 2,876 metric tonnes of high-purity vanadium pentoxide, with a contract ceiling of up to $125 million.
The contract uses firm-fixed-price delivery orders at a premium to 2026 benchmark V₂O₅ price indexes, escalating 10% annually thereafter. Largo produced 9,150 tonnes of V₂O₅ equivalent in 2025 and has guided for 10,500 to 12,000 tonnes in 2026, indicating existing capacity to support potential orders.
The company expects this award to strengthen its position in the U.S. critical minerals market, deepen relationships with government and defense customers, and potentially improve realized pricing versus depressed vanadium markets outside the U.S., although actual order volumes under the contract are not guaranteed.