Every 424B that Largo Inc. (LGO) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow LGO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LGO filings page.
Largo Inc. is offering 10,200,000 common shares with accompanying Warrants to purchase up to 10,200,000 common shares in a registered direct offering at a combined price of $0.56 for each share and Warrant. Largo also registers up to 10,739,000 common shares issuable upon exercise of the Warrants and Placement Agent Warrants; the offering includes 539,000 Placement Agent Warrants. Investor Warrants are exercisable upon issuance at $0.70 per share and expire five years after the Initial Exercise Date.
Largo estimates net proceeds of approximately $5.1 million for working capital, including trade creditors. No trading market is expected for the Warrants. A five-year U.S. Department of Defense contract has a maximum aggregate value of $125.0 million; Largo received a $60.1 million first delivery order and shipped its first material.
Largo expects 2026 vanadium production toward the lower end of its 10,500 to 12,000 tonnes of V₂O₅ equivalent guidance. Definitive agreements with Caixa Econômica Federal and Banco do Brasil cover approximately 48% of commercial bank senior debt. A binding August term sheet proposes restructuring approximately US$82.2 million of outstanding debt, with final maturity extended to March 2030. Nasdaq gave Largo until January 2, 2027 to regain minimum bid-price compliance.
Largo Inc. has registered for resale up to 4,918,033 common shares already issued to Arias Resource Capital Fund III L.P. as backstop shares, plus 4,918,033 common shares issuable upon exercise of matching backstop warrants. These securities were originally sold in an October 2025 private placement that closed alongside a registered direct offering. The company will not receive proceeds from any resale of these shares by the selling shareholder, but would receive cash if the backstop warrants are exercised at an exercise price of $1.22 per share. As of January 6, 2026, Largo had 83,673,905 common shares outstanding, with a potential increase to 88,591,938 if all backstop warrants are exercised. The filing highlights Largo’s vanadium and ilmenite operations in Brazil, its investment in vanadium flow battery storage, significant recent financings and debt deferrals, and discloses substantial net losses, working capital deficits, going concern risks, and adverse impacts from higher U.S. tariffs on Brazilian imports.
Largo Inc. is registering an at-the-market offering of up to $60 million of common shares, to be sold from time to time through H.C. Wainwright & Co. as sales agent. Wainwright will receive a 3% commission on gross proceeds. The company plans to use any net proceeds, together with existing cash, for working capital and general corporate purposes.
Largo highlights substantial doubt about its ability to continue as a going concern after reporting net losses of $50.6 million in 2024 and $51.6 million for the first nine months of 2025, and a working capital deficit of $78.9 million as of September 30, 2025, with $96.0 million of debt due within 12 months. A term sheet with Brazilian lenders defers $84.2 million of debt repayments to September 2026, supported by $23.4 million recently raised in an October 2025 registered direct offering and concurrent private placement. The company’s U.S. vanadium sales are being materially hurt by higher U.S. tariffs on Brazilian imports, and it faces Nasdaq bid-price and market volatility risks.
Largo Inc. priced a registered direct offering of 14,262,309 common shares at $1.22 per share. Gross proceeds are shown as $17,400,017, with placement agent fees of $1,218,001, and estimated net proceeds of about $15.8 million after fees and expenses. The company engaged H.C. Wainwright & Co. as exclusive placement agent, and closing is expected on or about October 22, 2025, subject to customary conditions.
Largo plans to use the net proceeds to make payments to its Brazilian lenders, its mining contractor at the Maracás Menchen Mine, and other key suppliers, with any remainder for working capital and general corporate purposes. The offering is accompanied by a concurrent private placement of warrants to purchasers and additional shares and warrants to an affiliate of the largest shareholder, which are not offered under this prospectus supplement.
The company has applied to list the offered shares and warrant shares on the TSX and notified Nasdaq; TSX conditional approval has been granted. Largo also applied for a Financial Hardship Exemption from the TSX related to approval requirements and pricing/warrant terms; if not approved, the offering could be delayed or altered.