LGO

Interested in Largo Inc.? Here are five stocks we like better. Operational performance improved: Second-quarter ore mined rose 46.6% year over year, vanadium production increased 28.5% to 2,900 tonnes, and revenue climbed 68.5% to $44 million. Adjusted EBITDA turned positive at $2.7 million, although cash operating costs and the net loss increased. Debt and U.S. sales outlook strengthened: Largo agreed to restructure approximately $82.2 million of commercial debt, extending final maturities to March 2030 and easing near-term refinancing pressure. It also secured a $60.1 million U.S. Defense Logistics Agency delivery order. New copper-PGM production began: Largo started full-scale copper-PGM concentrate production on Aug. 7, temporarily pausing ilmenite output during the ramp-up. The company maintained its 2026 vanadium guidance and said it will prioritize profitable production, cost control and cash generation. Largo (TSE:LGO) reported higher second-quarter production, sales and revenue, alongside a return to positive adjusted EBITDA, as improved ore availability and plant stability supported its vanadium operations at the Maracás Menchen mine. Executive Chairman and Co-Chief Executive Officer Alberto Arias said the company’s second-quarter progress extended beyond operations, pointing to a debt restructuring agreement, a new U.S. Defense Logistics Agency delivery order and the start of copper-platinum group metals concentrate production after the quarter ended. → Datavault AI Locks Down CyberCatch in $94M Security Rollup Total ore mined rose 46.6% year over year to 712,198 tonnes in the second quarter, which Arias attributed to improved mine access and execution. Vanadium production increased 28.5% to 2,900 tonnes, near the upper end of Largo’s quarterly guidance range. For the first half, vanadium production totaled 5,516 tonnes, up 55.2% from the prior-year period. Vanadium sales rose 53% to 2,773 tonnes of vanadium pentoxide equivalent, while ilmenite concentrate sales climbed 67% to 10,059 tonnes. → Nasdaq’s 23-Hour Trading Push Could Turn Global Liquidity Into a Growth Engine The company said pricing conditions improved during the quarter. The European vanadium pentoxide benchmark averaged $6.03 per pound, up 17.5% from a year earlier. European ferrovanadium prices increased 15.6%, while the average U.S. ferrovanadium benchmark rose 45.8%. Largo’s realized revenue per pound sold was $6.96, compared with $5.80 in the first quarter and $6.39 a year earlier. Revenue increased 68.5% to $44 million, including $42 million from vanadium sales and $1.4 million from ilmenite sales. → Tesla's Cybercab Launch Could Reshape Margins for Uber and Lyft Co-CEO Jim Bannantine said adjusted EBITDA was $2.7 million, compared with $34,000 in the prior-year quarter. Mining operations adjusted EBITDA increased 64.8% to $4.4 million, while cash provided before working-capital items more than tripled to $6.6 million from $2.2 million. Costs also increased as the company expanded operating activity and faced higher input prices. Cash operating costs excluding royalties were $5.10 per pound sold, compared with $4.63 per pound a year earlier. Adjusted cash operating costs excluding royalties were $4.12 per pound, up from $3.18 per pound. Bannantine said diesel, explosives and sulfur-derived reagent costs increased due to what he described as the impact of the Iran war, along with the higher activity levels required to support increased sales. He said Largo’s focus is on plant stability, disciplined execution and tighter cost management to improve unit economics and cash generation. The company reported a net loss of $22.7 million for the quarter. Bannantine said the result included significant non-cash items, principally a write-down of vanadium assets and deferred income-tax expense, as well as higher operating, professional and finance costs. As of June 30, Largo had $5.1 million in cash and $114.2 million in debt, Arias said. On Aug. 20, the company announced a binding agreement with Banco do Brasil, BTG Pactual, Bradesco, Santander and Caixa Econômica Federal to restructure about $82.2 million of commercial debt. The agreement extends the debt’s final maturity from September 2026 to March 2030. Principal repayments will have a six-month grace period followed by quarterly amortization over 36 months, while interest will continue to be paid monthly. Arias said the agreement reduces near-term refinancing pressure and provides additional runway to execute Largo’s operating plans. He added that the company remains focused on cash generation, debt reduction and strengthening its balance sheet. In response to a shareholder question, he said the banks had not requested an equity raise under the binding terms announced, though final documentation was expected around mid-September. Separately, Largo secured a $60.1 million delivery order from the U.S. Defense Logistics Agency’s Strategic Materials Department on July 7 under its existing five-year contract. Bannantine said the initial delivery schedule is 20 tonnes per week, subject to the agency’s warehouse capacity, and that the DLA pays on net-30 terms for delivered material. The company also said vanadium oxides and hydroxides imported from Brazil under HTSUS classification 2825.30 were exempt from an additional 25% tariff on certain Brazilian products. The exemption does not apply to ferrovanadium exported directly from Brazil, though Largo said most of its U.S. ferrovanadium sales are not supplied directly from Brazil. Brazil’s National Mining Agency approved Largo’s request to produce and sell copper, platinum group metals, nickel and cobalt as byproducts from its existing operation. Following industrial-scale testing, the company began full-scale copper-PGM concentrate production on Aug. 7 using existing ilmenite flotation infrastructure. Largo has temporarily paused ilmenite concentrate production during the initial ramp-up to prioritize copper-PGM output through the flotation circuit. It is evaluating equipment that could allow it to recover ilmenite from copper flotation tailings in the future. The company expects copper-PGM concentrate production of 300 to 380 tonnes per month, with average grades of about 15% copper, 41 grams per tonne of PGMs and gold, and 53 grams per tonne of silver. Bannantine said commercial discussions with smelters and traders were progressing for the first shipment and that multiple potential buyers had expressed interest. Largo maintained its 2026 guidance for vanadium production of 10,500 to 12,000 tonnes of vanadium pentoxide equivalent, sales of 7,500 to 9,500 tonnes and adjusted cash operating costs of $3.50 to $4.50 per pound. Looking ahead, Bannantine said the company would prioritize profitable production rather than simply maximizing output in the current vanadium market. Arias said Largo sees demand potential from vanadium flow batteries, including projects associated with data centers, while continuing to focus on fulfilling the DLA order and improving cost and cash performance. Largo Inc is committed to the production and supply of high-quality vanadium products. The Company is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its vanadium redox flow battery technology. The Company is engaged in the mining, exploration, and development of mineral properties, primarily in Brazil, through which it produces and supplies vanadium products VPURE Flake, VPURE+ Flake, and VPURE+ Powder. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Largo Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

All amounts expressed are in U.S. dollars, denoted by "$". Toronto, Ontario--(Newsfile Corp. - August 14, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer, today announced financial and operating results for the three months ended June 30, 2026. Mr. Alberto Arias, Executive Chairman and Co-Chief Executive Officer of Largo, stated: "Our second-quarter performance reflects the continued improvement of operations at the Maracás Menchen Mine and higher vanadium prices, which were partly offset by a rise in raw material input costs caused by war related disruptions in the Middle East. Higher ore availability at the mine resulted in a 29% increase in vanadium production while our commercial team increased sales by 53%. We are considering areas for further cost reductions to offset high sulfuric acid and fuel oil prices and anticipate generating revenues from our copper and Platinum Group Metals ("PGM") by-product production starting this month." Mr. Jim Bannantine, Co-Chief Executive Officer of Largo, added: "The significant increase in revenue, together with positive Adjusted EBITDA and improved Mining Operations Adjusted EBITDA despite temporary cost pressures, demonstrates the value of pairing stronger production with improved commercial execution. We are preparing shipments for our first $60 million order from the U.S. Defense and Logistics Agency and have already started the production of copper-PGM concentrates as by-products from Maracás Menchen. We forecast copper-PGM concentrate production in the 300-380 ton per month range, with an average grade of approximately 15% copper and 41 grams per tonne of PGM. This copper-PGM concentrate production is being produced using existing infrastructure, diversifies our revenue base, and recovers greater value from material already being mined. Together with our expanded access to the U.S. market and the U.S. Defense Logistics Agency delivery order, these initiatives strengthen Largo's position as a supplier of critical minerals while supporting our focus on liquidity and long-term value creation." Q2 2026 Highlights Operation Highlights Vanadium pentoxide ("V₂O₅") production in Q2 2026 increased 28.5% to 2,900 tonnes vs. 2,256 tonnes in Q2 2025 and was near the upper end of the Company's quarterly guidance range of 2,500 to 3,000 tonnes. Production was supported by better ore availability and operational stability in the industrial plant. Year-to-date, V₂O₅ production increased 55.2% to 5,516 tonnes vs. 3,553 tonnes in the first half of 2025. Largo continues to expect full-year 2026 V₂O₅ equivalent production of 10,500 to 12,000 tonnes. Total ore mined in Q2 2026 increased 46.6% to 712,198 tonnes vs. 485,687 tonnes mined in Q2 2025. The effective ore grade¹ was 0.50% V₂O₅ in Q2 2026 vs. 0.51% in Q2 2025. Global recovery² in Q2 2026 was 82.5% compared with 84.9% in Q2 2025. Ilmenite concentrate production in Q2 2026 decreased 11.6% to 7,205 tonnes vs. 8,149 tonnes in Q2 2025. Ilmenite production was temporarily suspended in June as the Company conducted further testing and prepared to transition flotation capacity toward copper-PGM concentrate production. Initial copper-PGM production guidance at 300 to 380 tonnes per month, at an expected average copper grade of approximately 15% Cu, 41 grams per ton of PGMs. Commercial Highlights Sales in Q2 2026 totaled 2,773 tonnes of V₂O₅ equivalent, including 61 tonnes of purchased material, up 53.5% from the 1,807 tonnes sold in Q2 2025, reflecting stronger commercial execution and improved market access. Separately, the Company delivered an additional 300 tonnes under its inventory supply agreement. These tonnes are subject to refund and were not recognized as sales. Sales of ilmenite concentrate, a by-product of the vanadium operation, increased 67.0% to 10,059 tonnes in Q2 2026 vs. 6,024 tonnes in Q2 2025. Vanadium market conditions strengthened during Q2 2026. In Europe, the average benchmark price for V₂O₅ was $6.03/lb in Q2 2026 vs. $5.13/lb in Q2 2025, while the average benchmark price for FeV was $28.17/kg vs. $24.37/kg. The average U.S. FeV benchmark price increased 45.8% to $21.65/lb from $14.85/lb, supported by tighter supply and demand from the aerospace and infrastructure sectors. Financial Highlights Revenues increased 68.5% to $44.0 million in Q2 2026 from $26.1 million in Q2 2025. Vanadium sales revenue increased 67.3% to $42.6 million, while ilmenite sales revenue increased 114.4% to $1.4 million, reflecting higher sales volumes and stronger realized vanadium pricing. Revenues per pound sold of V₂O₅ equivalent increased 8.9% to $6.96 in Q2 2026 from $6.39 in Q2 2025, and 20.0% from $5.80 in Q1 2026. Cash operating costs excluding royalties were $5.10/lb sold in Q2 2026 compared with $4.63/lb in Q2 2025. Adjusted cash operating costs excluding royalties were $4.12/lb compared with $3.18/lb. The increases primarily reflected higher input costs, including diesel fuel, explosives and sulfur-derived reagents, together with higher operating activity supporting increased sales volumes. Cash provided before working capital items increased 206.2% to $6.6 million in Q2 2026 from $2.2 million in Q2 2025. Adjusted EBITDA increased to $2.7 million in Q2 2026 from $34 thousand in Q2 2025. Mining Operations Adjusted EBITDA increased 64.8% to $4.4 million from $2.7 million in Q2 2025. Largo recorded a net loss of $22.7 million in Q2 2026 compared with a net loss of $5.8 million in Q2 2025. The change primarily reflected large non-cash items such as a write-down of vanadium assets and a deferred income tax expense, as well as higher materials, supplies and other production costs, professional, consulting and management compensation, finance costs, partially offset by higher revenues. Basic loss per share was $0.21 in Q2 2026 compared with $0.09 in Q2 2025. The Company ended Q2 2026 with a cash balance of $5.1 million and debt of $114.2 million. Financial and Operational Results - Highlights Subsequent Events U.S. Defense Logistics Agency Delivery Order On July 7, 2026, Largo secured a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials under a five-year contract. The order supports the supply of high-purity vanadium products and reinforces the Company's strategic role in U.S. critical-mineral supply chains. U.S. Tariff Developments On July 15, 2026, the Office of the United States Trade Representative published its final action imposing an additional 25% tariff on certain products of Brazil, effective for covered goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. Eastern Time on July 22, 2026. Vanadium oxides and hydroxides classified under HTSUS 2825.30 are expressly included on the published exemption list. Accordingly, Brazilian-origin V₂O₅ imported under this tariff classification is not subject to the new 25% Brazil-specific Section 301 tariff. The exemption is product-specific and does not extend to ferrovanadium ("FeV") exported directly from Brazil. Largo's exposure to the Brazil-specific tariff on ferrovanadium is limited, as the majority of the Company's ferrovanadium sales to the U.S. are not supplied directly from Brazil. The Company is also evaluating recently announced additional U.S. tariffs on certain Canadian products and their potential application to ferrovanadium supplied from Canada to the U.S. At-The-Market Equity Offering Program In January 2026, the Company launched an at-the-market equity offering program (the "ATM Program"). The ATM Program allows the Company to issue and sell common shares periodically on the Nasdaq Stock Market, with total gross proceeds of up to $60 million. Since the beginning of the year, Largo has raised approximately $24.8 million in net proceeds. Start of Copper-PGM By-Product Production Subsequent to Q2 2026, Brazil's National Mining Agency ("ANM") approved Largo's request to produce and sell copper, PGMs, nickel and cobalt as by-products from its existing mining operations at the Maracás Menchen Mine. Following successful industrial-scale flotation tests, the Company commenced full-scale production of a copper-PGM concentrate on August 7, 2026, using its existing ilmenite flotation infrastructure. Largo believes the initiative can diversify its revenue base, improve overall resource utilization and generate higher profit margins than ilmenite production without requiring material capital expenditures. The Company temporarily suspended ilmenite concentrate production to maximize copper-PGM concentrate output and is evaluating the additional equipment required to produce ilmenite concentrate from the copper flotation tailings. Largo is also discussing commercial terms for its first copper-PGM concentrate shipment with potential smelters and traders. Vanadium Market Update Vanadium market conditions strengthened during Q2 2026. In Europe, the average benchmark price for V₂O₅ increased 17.5% to $6.03/lb from $5.13/lb in Q2 2025, while the average benchmark price for FeV increased 15.6% to $28.17/kg from $24.37/kg. In the U.S., the average FeV benchmark price increased 45.8% to $21.65/lb from $14.85/lb, supported primarily by tighter global supply and demand from the domestic aerospace and infrastructure sectors. Stronger market pricing was reflected in the Company's realized revenue per pound sold, which increased approximately 20.0% to $6.96 in Q2 2026 from $5.80 in Q1 2026 and increased 8.9% from $6.39 in Q2 2025. The Company continues to monitor market volatility, geopolitical developments and trade-policy changes that may affect pricing and commercial activity during the remainder of 2026. Vanadium Guidance for 2026 Largo is reiterating its 2026 vanadium guidance. The Company continues to expect annual V₂O₅ equivalent production of 10,500 to 12,000 tonnes, annual V₂O₅ equivalent sales of 7,500 to 9,500 tonnes and adjusted cash operating costs excluding royalties of $3.50/lb to $4.50/lb sold. Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement. Adjusted cash operating costs excluding royalties per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this press release. The Company's 2026 guidance is presented on a business-as-usual basis and reflects management's current expectations for improved mine access, higher ore availability, and the continued impact of operational enhancements implemented during 2025. The Company continues to monitor geopolitical and trade-related uncertainties, operating conditions and input costs and may revise its guidance if operating assumptions or market conditions materially change. Initial Copper-PGM Concentrate Production Guidance for 2026 Based on the industrial test results, Largo is providing initial copper-PGM concentrate production guidance of approximately 300 to 380 tonnes per month at an expected average copper grade of approximately 15% Cu and 41 grams per ton of PGMs (13 grams per ton gold, 16 grams per ton platinum, 12 grams per ton palladium), and 53 grams per ton silver. The Company expects production to progressively stabilize within this range as operations are optimized. Largo believes that copper-PGM concentrate production will provide an additional revenue stream, further strengthening the overall economics of its Maracás Menchen operations and lowering the effective cost of vanadium production through by-product credits. The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the quarter ended June 30, 2026 and June 30, 2025 and its management's discussion and analysis ("MD&A") for the quarter ended June 30, 2026, which are available on the Company's website and on its profiles on SEDAR+ and EDGAR at www.sec.gov. About Largo Largo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and a 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. ### For further information, please contact: Investor RelationsVera AbdoInvestor Relations [email protected] Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward‐looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the statements, the timing and amount regarding estimated future production and sales; statements regarding estimated future production and sales; customer demand and sales volumes; 2026 guidance; the Company's future strategy; the timing and quantity of deliveries under the U.S. Defense Logistics Agency delivery order; the Company's ability to fulfill contractual requirements and meet applicable technical and quality specifications; the Company's ability to source, install, and commission additional processing equipment on expected timelines and budgets; the impact of U.S. tariffs, exemptions and other trade measures; the impact of potential future changes in U.S. tariffs; the future price of commodities; the future of FeV prices and the Company's ability to benefit from the strengthening of those prices; the Company's ability to secure financing, refinance debt and maintain sufficient liquidity; the expected development and commercialization of electrolyte production through the Storion Energy joint venture; the Company's ability to execute its production, inventory, commercial and by-product-development plans; the Company's ability to explore and commercialize copper and PGMs concentrates; expected metallurgical recoveries and product specifications; the use of existing processing and flotation infrastructure; the potential diversification of the Company's product and revenue mix; the capital requirements and potential economic benefits of the copper-PGM initiative; the Company's expectations and plans in respect of the at-the-market offering; and management's expectations for improved mine access, higher ore availability and the impact of operational enhancements implemented during 2025. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; that the current U.S. tariff rate on Brazilian imports will remain at or near current levels and the tariff classification of the Company's vanadium products will remain unchanged; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; the continued validity and effectiveness of the ANM approval and satisfaction of any conditions attached to it; receipt of any additional regulatory and governmental approvals; the suitability of existing mineral feed and processing infrastructure for copper-PGM concentrate production; achievement of expected recoveries and product specifications; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium and ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium and ilmenite on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply. Trademarks are owned by Largo Inc. Non-GAAP Measures The Company uses certain non-GAAP measures, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS (the Company's GAAP) and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Revenues Per Pound The Company refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 19 to the Q2 2026 unaudited condensed interim consolidated financial statements. Quarter ended June 30 as per note 19 of the Q2 2026 unaudited condensed interim consolidated financial statements. Cash Operating Costs, Cash Operating Costs Excluding Royalties and Adjusted Cash Operating Costs Excluding Royalties The Company refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q2 2026 unaudited condensed interim consolidated financial statements. As per note 20 of the Q2 2026 unaudited condensed interim consolidated financial statements. As per the Mine properties segment in note 16. As per the Mine properties segment in note 16 less the decrease in legal provisions of $30 (Q2 2026) and increase in legal provisions of $130 (for the six-month period ended June 30, 2026) as noted in the " Office, administrative and other expenses " section on page 8 of the MD&A for Q2 2026. As per note 5 for ilmenite finished products and warehouse supplies. As per note 5 for vanadium finished products. EBITDA and Adjusted EBITDA The Company refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q2 2026 unaudited condensed interim consolidated financial statements. As per the consolidated statements of cash flows. As per note 5 of the Q2 2026 unaudited condensed interim consolidated financial statements. As per the "non-recurring items" section on page 11 of the MD&A for Q2 2026. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309736

Toronto, Ontario--(Newsfile Corp. - June 17, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), announces voting results from its Annual General and Special Meeting of Shareholders (the "Meeting") held on Tuesday, June 16, 2026. A total of 54,492,193 common shares of the Company were voted at the Meeting, representing 53.99% of the Company's issued and outstanding common shares. Shareholders voted to approve all matters brought before the Meeting, including the election of all director nominees, the appointment of KPMG LLP as the Company's auditors for the ensuing year, and the approval of the Company's amended and restated share compensation plan. Largo's Board of Directors wishes to thank its shareholders for their continued support. Detailed results of the votes on the election of directors are as follows: For further detailed voting results on the Meeting, please refer to the Company's Report of Voting Results filed on SEDAR+ at www.sedarplus.ca and on www.sec.gov. About Largo Largo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. ### For further information, please contact: Investor RelationsVera AbdoInvestor Relations [email protected] To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301856

All amounts expressed are in U.S. dollars, denoted by "$". Toronto, Ontario--(Newsfile Corp. - May 14, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company"), the world's largest primary vanadium producer, today announced financial and operating results for the three months ended March 31, 2026. Mr. Daniel Tellechea, Co-Chief Executive Officer of Largo, stated: "Q1 2026 reflected continued operating improvements at Maracás Menchen and a stronger production profile compared with the same period last year. We achieved V2O5 equivalent production at the upper end of our quarterly guidance range, supported by improved mine access, stronger ore availability, and greater operating stability at the plant. Our focus remains on disciplined execution of the mine plan, cost control, and continued operational consistency." Mr. Alberto Arias, Co-Chief Executive Officer of Largo, added: "The operating results of Q1 2026 reflect a stronger operating base for Largo, but sales were still affected by the impact of the high U.S. tariffs on Brazilian imports in the earlier part of the quarter. We are actively working to translate this improved production into higher sales, supported by recent positive trends in the vanadium market. The reduction of U.S. tariffs on Brazilian products in February has improved Largo's ability to more actively supply the high-purity market, particularly the aerospace sector, as well as the U.S. ferrovanadium market. Due to the timing of our sales contracts, the benefits of these developments should begin to be reflected in Q2 2026. While the U.S. ferrovanadium market has recently shown signs of rebalancing, we believe Largo remains well positioned to serve these markets as commercial conditions normalize." Q1 2026 Highlights Operation Highlights Vanadium pentoxide ("V2O5") production in Q1 2026 increased 101.7% to 2,616 tonnes vs. 1,297 tonnes in Q1 2025. Production in the quarter was at the upper end of the Company's quarterly guidance range of 2,400 to 2,700 tonnes and was supported by better ore availability and operational stability in the industrial plant. Largo continues to expect full-year 2026 V2O5 equivalent production of 10,500 to 12,000 tonnes. Total ore mined in Q1 2026 increased 90.8% to 852,046 tonnes vs. 446,614 tonnes mined in Q1 2025. The effective ore grade1 was 0.48% V2O5 in Q1 2026 vs. 0.41% in Q1 2025. Global recovery2 in Q1 2026 was 76.3% compared to 77.8% in Q1 2025. Ilmenite concentrate production in Q1 2026 increased 86.8% to 11,514 tonnes vs. 6,162 tonnes in Q1 2025. In April 2026 production totaled 881 tonnes of V2O5 equivalent and 5,536 tonnes of ilmenite concentrate. Commercial Highlights Sales in Q1 2026 totaled 2,141 tonnes of V2O5 equivalent, including 120 tonnes related to the Company's inventory supply agreement, up 3.6% from the 2,066 tonnes sold in Q1 2025. Produced V2O5 equivalent pounds sold increased to 4,456 thousand lbs in Q1 2026, excluding 265 thousand lbs related to the Company's inventory supply agreement, compared with 4,206 thousand lbs in Q1 2025. Commercial conditions improved during the quarter, particularly in the U.S. ferrovanadium ("FeV") market, supported by tightening supply conditions. Sales of ilmenite concentrate, a by-product of the vanadium operation, in Q1 2026 increased 32.7% to 11,477 tonnes vs. 8,647 tonnes in Q1 2025. Vanadium market conditions improved during Q1 2026. In Europe, the average benchmark price for V2O5 was $5.69/lb in Q1 2026 vs. $5.26/lb in Q1 2025, while the average benchmark price for FeV was $26.60/kg vs. $24.26/kg. During the quarter, FeV prices in the U.S. market increased by 56% compared with the same period in the prior year, driven primarily by tightening global supply conditions. Financial Highlights Revenues totaled $27.5 million in Q1 2026 vs. $28.2 million in Q1 2025. The Company recognized $25.8 million in vanadium sales revenue and $1.7 million in ilmenite sales revenue during the quarter. Revenues in the quarter continued to reflect the impact of the 50% U.S. import tariff on Brazilian products, which was reduced to 10% in the middle of the quarter. Revenues per pound sold of V2O5 equivalent were $5.80 in Q1 2026, down from $6.04 in Q1 2025. Adjusted cash operating costs excluding royalties1 remained flat compared to Q1 2025 at $3.90/lb sold in Q1 2026. Cash operating costs excluding royalties were $4.27/lb in Q1 2026 vs. $6.54/lb in Q1 2025, reflecting improved mine performance and the absence of the kiln and plant stoppages experienced in Q1 2025. Cash used before working capital items1 was $3.0 million in Q1 2026, compared with $8.5 million in Q1 2025. Q1 2026 adjusted EBITDA1 was negative $4.3 million, compared to negative $2.8 million in Q1 2025, while Mining Operations Adjusted EBITDA1 was negative $2.3 million, compared to negative $0.7 million in Q1 2025. In Q1 2026, Largo recorded a net loss of $4.7 million for Q1 2026, compared to a net loss of $9.2 million in Q1 2025. This improvement was mainly due to a 19% decrease in operating costs, a 28% decrease in other general and administrative expenses, and a $4.7 million recovery of vanadium assets, partially offset by a 3% decrease in revenues, a 16% decrease in foreign exchange gain, and a 63% increase in finance costs. Basic loss per share of $0.07 in Q1 2026 vs. $0.14 in Q1 2025. The Company ended Q1 2026 with a cash balance of $11.2 million and debt of $108.4 million. Financial and Operational Results - Highlights * As of March 31, 2026. ** As of March 31, 2025 1 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted EBITDA, revenues per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release. Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period. 2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate Subsequent Events April 2026 Sales and Production Subsequent to Q1 2026, production in April 2026 totaled 930 tonnes of V2O5 equivalent and 4,116 tonnes of ilmenite concentrate. Sales in April 2026 totaled 1,230 tonnes of V2O5 equivalent and 2,011 dry tonnes of ilmenite, reflecting a solid start to Q2 2026 on both operational and commercial fronts. At-The-Market Equity Offering Program On January 8, 2026, the Company announced the launch of an at-the-market equity offering program (the "ATM Program"). This allows the Company to periodically issue and sell common shares on The Nasdaq Stock Market, with total gross proceeds of up to $60.0 million. By March 31, 2026, the Company had issued 13,811,298 common shares through the ATM Program, resulting in net proceeds of $19,707,264 at an average price of $1.4060 per share. Impact of U.S. Tariff Relief Following the reduction of U.S. tariffs from 50% to 10% in February 2026, Largo resumed commercial activity for its high-purity vanadium products and began selling the high-purity inventories accumulated in bonded warehouses in Baltimore, Maryland, as well as in the European Union. The tariff relief, together with materially stronger vanadium pricing in the U.S., has improved the Company's ability to actively supply both the high-purity vanadium market, particularly the aerospace segment, and the U.S. FeV market, where the number of origins able to serve customers remains limited. Largo is also increasing sales into the U.S. market to benefit from the significant price premium for FeV in the U.S. relative to other regions. Due to the lag in price realization on reported sales, an important portion of the recent price increase is expected to be reflected in Q2 2026 sales revenues. In addition, most of the sales of the high-purity inventories accumulated in bonded warehouses in Baltimore are expected to be reflected in the second quarter, as those sales were invoiced in April and May 2026 following the U.S. tariff reduction in the middle of the first quarter. As a result, the Company expects stronger revenue realization in the second quarter than would have been the case had those units been sold in the first quarter. Copper and Platinum Group Metals On April 10, 2026, Largo filed a request before the Brazilian Mining Agency ("ANM") to produce and sell copper, platinum group metals, nickel and cobalt as by-products within its mining activities at the Maracás Menchen Mine using its existing ore processing infrastructure. The filing follows previously disclosed positive metallurgical testing and technical evaluation work and represents an important step in advancing the potential inclusion of these additional by-products within Largo's operations. The Company believes this initiative may further enhance the long-term value of the Maracás Menchen Mine by leveraging existing infrastructure and expanding the potential contribution of its mineral endowment, subject to the applicable regulatory process and any additional technical, environmental and operational assessments that may be required. Vanadium Market Update Vanadium market conditions improved in Q1 2026, particularly in ferrovanadium markets. In Europe, the average benchmark price of V2O5 was $5.69/lb in Q1 2026, up from $5.26/lb in Q1 2025, while the average benchmark price of FeV was $26.60/kg in Q1 2026, up from $24.26/kg in Q1 2025. As of March 31, 2026, the average benchmark price of V2O5 in Europe was $5.93/lb, compared with $5.08/lb as of March 31, 2025, while the average benchmark price of FeV in Europe was $29.35/kg, compared with $24.25/kg as of March 31, 2025. During Q1 2026, Largo observed a 56% increase in FeV prices in the U.S. market compared with the same period in the prior year. This increase was driven primarily by tighter global supply conditions. More recently, vanadium market conditions have shown signs of rebalancing, with prices correcting from earlier highs, particularly in the U.S. ferrovanadium market. The Company remains active across key markets amid evolving geopolitical factors and continues to monitor developments closely as conditions evolve across regions. 2026 Guidance Largo is reiterating its 2026 vanadium guidance as previously disclosed on February 5, 2026. The Company continues to expect annual V2O5 equivalent production of 10,500 to 12,000 tonnes, annual V2O5 equivalent sales of 7,500 to 9,500 tonnes, and adjusted cash operating costs excluding royalties of $3.50/lb to $4.50/lb sold. The Company's 2026 guidance is presented on a business-as-usual basis and reflects management's current expectations for improved mine access, higher ore availability, and the continued impact of operational enhancements implemented during 2025. The Company has also committed a significant portion of its expected monthly production in 2026 to sales of its VPURE+® and VPURE® products, as well as FeV produced from VPURE®. Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement. The Company continues to monitor market conditions, geopolitical developments, and trade-related uncertainties, including the potential impact of new tariffs on imports from Brazil to the U.S., and the impact of rising energy costs, particularly oil, on the Company's production costs, and may revise its guidance if operating assumptions or market conditions materially change. The information provided within this release should be read in conjunction with Largo's unaudited condensed Interim consolidated financial statements for the quarter ended March 31, 2026 and March 31, 2025 and its management's discussion and analysis ("MD&A") for the quarter ended March 31, 2026, which are available on the Company's website and on its profiles on SEDAR+ and EDGAR at www.sec.gov. About Largo Largo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and a 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. ### For further information, please contact: Investor Relations Vera Abdo Investor Relations Consultant +1.640.223.6956 [email protected] Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward‐looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the future price of commodities; Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S. vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices and the Company's ability to benefit from the strengthening of those prices; the Company's ability to explore and commercialize copper and PMGs concentrates; the Company's 2026 guidance; the Company's future strategy; the Company's ability to benefit from reductions in U.S. tariff barriers; the impact of potential future changes in U.S. tariffs; the Company's belief that it remains well positioned to serve key markets as commercial conditions normalize; expectations regarding stronger revenue realization, including in Q2 2026; the Company's ability to explore, obtain regulatory approvals for, produce and commercialize copper, platinum group metals, nickel and cobalt as by products within its mining activities at the Maracas Menchen Mine and the potential benefits thereof; the Company's expectations and plans in respect of the at-the-market offering; and management's expectations for improved mine access, higher ore availability and the impact of operational enhancements implemented during 2025. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; that the current U.S. tariff rate on Brazilian imports will remain at or near current levels; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium and ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium and ilmenite on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply. Trademarks are owned by Largo Inc. Non-GAAP Measures The Company uses certain non-GAAP measures, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Revenues Per Pound The Company refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 19 as per Q1 2026 unaudited condensed interim consolidated financial statements. Cash Operating Costs, Cash Operating Costs Excluding Royalties and Adjusted Cash Operating Costs Excluding Royalties The Company refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q1 2026 unaudited condensed interim consolidated financial statements. 1. As per note 20 of the Q1 2026 unaudited condensed interim consolidated financial statements. 2. As per the Mine properties segment in note 16. 3. As per the Mine properties segment in note 16 less the decrease in legal provisions of $100 (Q1 2026) and increase in legal provisions of $100 (for Q1 2026) as noted in the "other general and administrative expenses" section on page 7 of the MD&A for Q1 2026. 4. As per note 5 for ilmenite finished products and warehouse supplies, and including a write-down of vanadium purchased products of $- (Q1 2026) and $0 (for Q1 2026) (write-down of $ten in Q1 2025 and $ten for the three months ended March 31, 2025). 5. As per note 5 for vanadium finished products, excluding amounts in note 4 above for vanadium purchased products. EBITDA and Adjusted EBITDA The Company refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2026 consolidated financial statements. 1. As per the consolidated statements of cash flows. 2. As per note 5 of the Q1 2026 unaudited condensed interim consolidated financial statements. 3. As per the "non-recurring items" section on page 8 of the MD&A for Q1 2026. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297476

All amounts expressed are in U.S. dollars, denoted by "$". Toronto, Ontario--(Newsfile Corp. - April 1, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company") today announces financial and operating results for the three months and year ended December 31, 2025. Mr. Daniel Tellechea, Co-Chief Executive Officer of Largo, stated: "2025 was a year of several challenges but also of operational improvements at Maracás Menchen mine. We finished the year with stronger production momentum and improved mine access, which helped us reach our annual production and sales within our guidance ranges. The progress achieved through our turnaround initiatives, together with higher ore availability and improved operating stability in the second half of the year, provides a stronger foundation as we enter 2026. Our focus remains on disciplined execution of the mine plan, cost control, and continued operational consistency." Mr. J. Alberto Arias, Co-Chief Executive Officer of Largo, added: "In addition to the stronger operating base, we are encouraged by recent developments in the vanadium market and by the progress in evaluating the addition of copper and precious group metals as potential near future by-products of our operations using our existing ore processing infrastructure. The strengthening of ferrovanadium prices in the U.S. and Europe in early 2026, together with the recent reduction in U.S. tariff barriers on Brazilian products, has supported a more constructive commercial outlook. Largo remains well-positioned to benefit from these trends after demonstrating its reliability as a Western-aligned primary vanadium producer during the severely depressed market conditions of 2025." Q4 2025 and Full Year 2025 Highlights Operation Highlights Total ore mined of 665,953 tonnes in Q4 2025 vs. 476,742 tonnes in Q4 2024, a 40% increase, reflecting improved mine access and stronger mine sequencing during the second half of 2025. The effective grade of ore mined improved to 0.53% from 0.49%. Q4 2025 Vanadium Pentoxide production of 2,961 tonnes represented a 67% increase over the 1,775 tonnes in Q4 2024 and a 12% increase over the 2,636 tonnes in Q3 2025. Production continued to improve throughout the second half of 2025, supported by enhanced access to the 180 bench in the western basin of the mine and improved operational coordination. For the full year 2025, production was 9,150 tonnes, within the Company's annual production guidance range of 9,000 - 11,000 tonnes. During 2025, Largo also advanced the installation of additional flotation cell circuits to increase ilmenite concentrate production capacity to 115,000 tonnes annually from 42,000 tonnes annually and resumed ilmenite circuit operations in November 2025. Commercial Highlights Sales volume totaled 2,396 tonnes of Vanadium Pentoxide in Q4 2025, including 780 tonnes related to the Company's inventory supply agreement. This volume decreased 21% compared to 3,033 tonnes sold in Q4 2024 due to the impact of U.S. tariffs, which made sales of high purity vanadium, one of Largo's highest premium products, uneconomical in the U.S., contributed to order and contract cancellation, and led to an inventory buildup in excess of 300 tonnes in bonded warehouses in Baltimore, MD. The disruption also required the Company to shift volumes toward standard-grade material, which in turn supported the fulfillment of previously delayed contractual deliveries following lower production earlier in the year. Full year 2025 sales of 8,686 tonnes of Vanadium Pentoxide were 10% lower than 9,600 tonnes in 2024. Sales of Ilmenite concentrate, a by-product of the vanadium operation, totaled 12,930 tonnes in Q4 2025 vs. 10,570 tonnes in Q4 2024; full year 2025 ilmenite concentrate sales amounted to 33,959 tonnes compared to 42,916 tonnes in 2024, due to the temporary shutdown of the plant during Q4 2025 to expand its flotation circuit capacity. Vanadium market conditions remained mixed through Q4 2025, particularly in Europe, where uneven demand across key steel and alloy end markets persisted. Vanadium pentoxide ("V2O5") pricing remained below historical levels, with the average benchmark price at $5.86/lb in Q4 2025 vs. $5.34/lb in Q4 2024, and $5.89/lb as at year-end 2025 vs. $5.37/lb a year earlier. Ferrovanadium ("FeV") pricing remained under pressure, reflecting softer demand from the steel sector and continued global supply availability, with the average benchmark price at $23.85/kg in Q4 2025 vs. $26.04/kg in Q4 2024, and $23.83/kg as at year-end 2025 vs. $25.38/kg a year earlier. Financial Highlights Revenues of $22.3 million in Q4 2025 vs. revenues of $24.3 million in Q4 2024, an 8% decrease; full year 2025 revenues of $109.9 million vs. $124.9 million in 2024, a 12% decrease. Revenues in Q4 2025 were affected by lower sales volumes due to the 50% U.S. import tariff on Brazil, which impacted Largo's high purity vanadium products used primarily in the aerospace and defense industries. Revenues per lb sold of V2O5 equivalent reached $5.78 in Q4 2025 vs $5.70 in Q4 2024, and $6.07 in 2025 vs. $6.40 in 2024. Adjusted cash operating costs excluding royalties1 were $3.22/lb sold in Q4 2025 vs. $3.05/lb sold in Q4 2024; full year 2025 adjusted cash operating costs excluding royalties were $3.32/lb sold, an 18% improvement over $4.05/lb sold in 2024, reflecting the Company's operating cost reduction strategy and efficiency improvements. Cash provided before working capital items1 was negative $3.9 million in Q4 2025, compared with positive $5.8 million in Q4 2024. For the full year 2025, cash used before working capital items was $2.8 million, compared with cash provided before working capital items of $3.2 million in 2024. Q4 2025 adjusted EBITDA1 was negative $6.6 million, compared to positive $2.3 million in Q4 2024, while Mining Operations Adjusted EBITDA was negative $3.6 million, compared to positive $4.5 million in Q4 2024. For the full year 2025, adjusted EBITDA was negative $7.4 million, and Mining Operations Adjusted EBITDA was positive $2.3 million. Net loss of $17.2 million for Q4 2025 (including a net gain of $40 thousand in non-recurring items), compared to a net loss of $13.0 million in Q4 2024 (including a net loss of $2.5 million in non-recurring items). This change was mainly due to an 8% decline in revenues, partially offset by a 15% reduction in operating costs. For the full year 2025, the Company posted a net loss of $68.7 million (including $33.3 million in non-recurring items), compared to a net loss of $50.6 million in 2024 (including $18.7 million in non-recurring items), primarily driven by a 12% decrease in revenues. Basic loss per share of $0.22 in Q4 2025 (including less than $0.01 per share in non-recurring items) vs. $0.19 (including $0.04 per share in non-recurring items) in Q4 2024; full year 2025 basic loss per share of $1.01 (including $0.49 per share in non-recurring items) vs. $0.78 in 2024 (including $0.29 per share in non-recurring items). The Company ended 2025 with a cash balance of $9.7 million and debt of $107.1 million. During 2025, Largo amended Brazilian debt facilities and deferred principal repayments to September 2026. After year-end, the Company continued to pursue additional financing flexibility, including its ATM program. Financial and Operational Results - Highlights Subsequent Events Impact of the 50% U.S. Tariff Relief in February 2026 Since the elimination of the 50% tariffs in February 2026, Largo has been able to sell its high-purity vanadium inventory accumulated since 2025 in bonded warehouses in Baltimore, MD. Largo is now restarting its high-purity vanadium production, which had been temporarily halted as a result of the unfavorable tariff events in Q3 and Q4 2025. Largo is now increasing its sales in the U.S. following the import tariff reduction to benefit from the significant price premium for FeV in the U.S. relative to other regions. ATM Financing Update and Added Financial Flexibility Subsequent to year-end, Largo established an ATM program under which it may issue common shares for aggregate gross proceeds of up to $60.0 million. As of March 27, 2026, the Company had issued 13,630,989 common shares under the ATM Program, generating total net proceeds of $19.5 million, at an average price of $1.48 per share, providing the Company with financial flexibility to reduce working capital constraints and implement further operational improvements. Renegotiation of Promissory Note with ARG On January 12, 2026, the Company extended its promissory note with ARG International AG in the principal amount of $6 million until February 2027, under the same terms announced in the August 11, 2025 press release, plus a 1% extension fee. Storion Investment During the first quarter of 2026, Storion raised $10 million through the issuance of approximately 6.1 million preferred units. As a result of this capital raise, Largo's ownership and percentage interest in Storion decreased from 50% to approximately 37%. Additionally, the Company's board representation was reduced from two nominees to one. Further Positive Copper and Platinum Group Metals Flotation Test Results The Company continues to assess the potential for copper and precious metals concentrate production potential with tests using part of its flotation plant circuits. Concentrate results from these tests, analyzed externally at a certified laboratory, yielded 17% Copper, 14.3 grams per ton ("gpt") Gold, 16.2 gpt Platinum, 13.2 gpt Palladium, 69 gpt Silver, 0.8% Nickel, and 0.7% Cobalt. This new data is based on four days of continuous industrial-scale operation using current mine feed from the Maracas Menchen mine and indicates significantly higher values than the prior tests Largo reported in its February 5, 2026 press release, which were based on a composite of the top 12 results out of 45 conventional laboratory flotation test results. Largo's operating team is currently preparing technical reports to quantify the reserves of these new elements, along with an economic analysis of the potential addition of these elements as by-products of Largo's existing operations. Vanadium Market Update Vanadium market conditions have improved materially since our update of February 23, 2026, with U.S. FeV prices continuing to strengthen and European FeV prices also increasing. Structural supply constraints remain critical in the U.S. market, including limited conversion capacity and trade-related restrictions. Year to date, U.S. FeV prices have increased 89% and European FeV prices have increased 23%. More broadly, key drivers of this price upturn are strong demand from vanadium flow battery projects, especially in China, regulatory changes on the vanadium content of steel products in India, and signs of market improvement in Chinese steel demand prospects, based on our recent visit to Asian customers. European demand remains soft. Largo remains a western-aligned primary vanadium producer capable of supplying both ferrovanadium and high-purity vanadium products, essential to the aerospace and defense industries. With lower tariff constraints, Largo is well-positioned to add more primary units to the U.S. market and enhance supply security for U.S. customers. 2026 Guidance Largo is reiterating its 2026 vanadium guidance as previously disclosed on February 5, 2026. The Company continues to expect annual V2O5 equivalent production of 10,500 to 12,000 tonnes, annual V2O5 equivalent sales of 7,500 to 9,500 tonnes, and adjusted cash operating costs excluding royalties of $3.50/lb to $4.50/lb sold. The Company's 2026 guidance is presented on a business-as-usual basis and reflects management's current expectations for improved mine access, higher ore availability, and the continued impact of operational enhancements implemented during 2025. The Company has also committed a significant portion of its expected monthly production in 2026 to sales of its VPURE+® and VPURE® products, as well as FeV produced from VPURE®. Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement. The Company continues to monitor market conditions, geopolitical developments, and trade-related uncertainties, including the potential impact of new tariffs on imports from Brazil to the U.S., the rising energy costs particularly oil on the company's production costs and may revise its guidance if operating assumptions or market conditions materially change. The information provided within this release should be read in conjunction with Largo's annual consolidated financial statements for the years ended December 31, 2025 and 2024 and its management's discussion and analysis ("MD&A") for the year ended December 31, 2025, which are available on the Company's website and on its profiles on SEDAR+ and the Securities and Exchange Commission. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. ### For further information, please contact: Investor Relations Vera Abdo Investor Relations Consultant +1.640.223.6956 [email protected] Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward‐looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales; the future price of commodities; Company's positioning to supply FeV to the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S. vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices and the Company's ability to benefit from the strengthening of those prices; the Company's ability to explore and commercialize copper and PMGs concentrates; the Company's 2026 guidance; the Company's future strategy; the Company's ability to benefit from reductions in U.S. tariff barriers; and management's expectations for improved mine access, higher ore availability and the impact of operational enhancements implemented during 2025. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium and ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium and ilmenite on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A, which also apply. Trademarks are owned by Largo Inc. Non-GAAP Measures The Company uses certain non-GAAP measures, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Revenues Per Pound The Company refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 23 as per the 2025 annual consolidated financial statements. Cash Operating Costs, Cash Operating Costs Excluding Royalties and Adjusted Cash Operating Costs Excluding Royalties The Company refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the 2025 annual consolidated financial statements. EBITDA and Adjusted EBITDA The Company refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the 2025 annual consolidated financial statements. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290852

All amounts expressed are in U.S. dollars, denoted by "$". Q4 and FY 2025 Highlights Q4 2025 V2O5 equivalent production totaled 2,961 tonnes (6.5 million lbs1) vs. 1,775 tonnes in Q4 2024. Note that 4Q24 production was impacted by the annual kiln shutdown and not in 4Q25. The recently improved operational stability is allowing Largo to postpone its annual kiln shutdown to mid-2026 Annual V2O5 production of 9,150 tonnes (20.17 million lbs1) in 2025 vs. 9,264 tonnes in 2024 and within the Company's 2025 annual production guidance range of 9,000 - 11,000 tonnes Q4 2025 global V2O5 recovery was maintained at 77.9% flat versus Q4 2024. Annual global V2O5 recovery improved to 80.1% in 2025 vs. 76.4% in 2024 Q4 2025 sales totaled 2,396 tonnes of V2O5 equivalent in Q4 2025, down 21% compared to the 3,033 tonnes sold Q4 2024 due to the impact of the US tariffs on Brazilian imports of High Purity vanadium. Annual V2O5 equivalent sales of 8,686 tonnes in 2025 vs. 9,600 tonnes in 2024, within the Company's annual 2025 sales guidance of 7,500 - 9,500 tonnes Q4 2025 ilmenite concentrate production totaled 7,328 tonnes, with annual production of 30,282 tonnes in 2025 which was within company guidance. Sales of ilmenite concentrate totaled 12,930 tonnes in Q4 2025 and 33,959 tonnes in 2025. Copper and precious metal recent metallurgical test results Assay results from metallurgical test work to assess the recoverability of copper using conventional flotation process yielded positive results indicating copper concentrates with gold, platinum and palladium values as well as lower values of cobalt and nickel. Largo conducted internally 45 conventional copper flotation tests in recent months and a composite of the best 12 flotation test results analysed externally in an accredited laboratory (SGS-Geosol) yielded a copper concentrate containing 18.4% Cu, 9.1 grams per ton ("gpt") Au, 6.6 gpt Pt, 5.4 gpt Pd, 66 gpt Ag, 0.52% Co, 0.55% Ni. Larger scale test using part of our ilmenite flotation circuits lead us to suspend our ilmenite production and sales guidance for 2026 as we evaluate the optimum use of our ilmenite flotation infrastructure to accommodate a potential use of part of it for copper/ PGM concentrate production Vanadium Market Update2 The average benchmark price per lb of V2O5 in Europe was $5.85 in Q4 2025, a 9.55% increase from the average of $5.34 seen in Q4 2024; the average benchmark price at December 31, 2025, was $5.89, a 9.68% increase from the average of $5.37 at December 31, 2024 The average benchmark price per kg of ferrovanadium in the United States was $23.98 in Q4 2025, a -8.54% decrease from the average of $26.22 seen in Q4 2024; the average benchmark price at December 31, 2025 was $24.15, a -7,45% decrease from the average of $25.95 at December 31, 2024. The average benchmark price per kg of ferrovanadium in Europe was $23.85 in Q4 2025, a -8.62% decrease from the average of $26.10 seen in Q4 2024; the average benchmark price at December 31, 2025 was $23.83, a -6.12% decrease from the average of $25.38 at December 31, 2024 Vanadium spot demand remained soft in Q4 2025, primarily due to weaker demand in the Chinese and European steel industries, while the U.S. steel market remained stable; China's energy storage sector is expected to drive additional consumption in upcoming quarters In 2026, U.S. steel demand is expected to remain stable, while European and Asian steel markets face continued softness; China's energy storage market will continue to be a key driver of vanadium consumption as the sector continues to accelerate. Toronto, Ontario--(Newsfile Corp. - February 5, 2026) - Largo Inc. (TSX: LGO) (NASDAQ: LGO) ("Largo" or the "Company") today announces annual production of 9,150 tonnes (20.17 million lbs¹) of vanadium pentoxide ("V₂O₅") equivalent from its Maracás Menchen Mine and sales of 8,686 tonnes of V₂O₅ equivalent in 2025. Throughout the year, the Company implemented a robust and efficient action plan across its open pit and industrial plant, enabling operations to achieve the expected production level for 2025. Daniel Tellechea, Co-CEO of Largo, stated: "In 2025, our team remained focused on implementing operational efficiencies, cost reduction, and later in the year dealing with the challenges of new US tariffs for our High Purity vanadium while maintaining Largo's position as a reliable, western vanadium supplier. While production in 2025 was impacted by lower ore grades in the first five months of the year derived from our open pit mine sequencing plans and maintenance, the stronger second half of the year made up for the weak production of 1H25 and achieved our production guidance targets. We continue to take decisive steps to continue to reduce costs and enhance operational efficiencies at the mine with initiatives designed to support future operational stability at the Maracás Menchen Mine." J. Alberto Arias, Co-CEO continued: "Our recent announcement of metallurgical flotation studies and analysis of previous geologic data for copper, platinum and palladium and the potential use of part of the ilmenite flotation plant infrastructure for copper/PGM production led us to suspend ilmenite production guidance for 2026. The successful copper flotation laboratory is now being followed by pilot tests at a commercial level using part of our ilmenite flotation infrastructure. Despite our commitment on ilmenite production, we believe the copper-PGM opportunity is important enough to re-evaluate the economics of potentially producing different combinations of copper PGM and ilmenite in our existing infrastructure." Maracás Menchen Mine Operational and Sales Results Q4 2025 and Other Updates V₂O₅ equivalent production in Q4 2025 was 2,775 tonnes, representing a 66.8% increase from Q4 2024 (1,775 tonnes) and a 12.3% increase from Q3 2025 (2,636 tonnes). Enhanced operational stability, together with higher ore availability, contributed to these results. Total ore mined in Q4 2025 was 665,953 tonnes, in line with the 476,742 tonnes mined in Q4 2024. The effective ore grade3 was 0.53% V₂O₅ in Q4 2025, higher than the 0.52% in Q3 2025 and 0.49% in Q4 2024. Global recovery4 in Q4 2025 was 77.9%, unchanged from Q4 2024. Yearly global recovery increased to 80.1% in 2025 from 76.4% in 2024. Approximately 14% of the 2025 V2O5 production was generated through circular production practices, including the reprocessing of non-magnetic tailings storage facilities and heap leach materials, reinforcing operational efficiency and resource optimization. High-purity vanadium products represented 0% of total production in Q4 2025 vs. 26% in Q4 2024, as production was negatively impacted by U.S. tariffs. Ilmenite concentrate production in Q4 2025 was 7,328 tonnes. The Company continues to refine its processes to improve efficiency and throughput. The recently installed scavenger circuit is demonstrating improved metallurgical recoveries by reducing losses of valuable minerals, resulting in increased productivity and lower operating costs. 2026 Guidance Tables summarizing the Company's 2026 production, sales and cost guidance are provided below. The Company expects higher V₂O₅-equivalent production in Q1 2026 than in the same period in 2025, driven by increased ore availability. V₂O₅ equivalent production of 5,391 tonnes (11.9 million lbs) in H1 2026 compared to 3,553 tonnes in H1 2025. Production is expected to increase by 51.7%, driven by higher ore availability and magnetics content, alongside operational enhancements including a 5% increase in rotary kiln throughput capacity and a 22% increase in milling feed capacity following the stabilization of parallel milling circuits. Annual ore availability is expected to reach 2.5 million tonnes in 2026 vs. 2.2 million tonnes in 2025, a 14% increase of ore mass. Largo is focused on advancing its productivity improvement initiatives, including a greater focus on mining efficiency to enhance mine fleet availability, strengthen contractor oversight, improve maintenance programs, and optimize drilling and blasting techniques. These actions are designed to stabilize and enhance throughput in 2026 and beyond. V2O5 Equivalent Production and Sales Guidance Update on Timing of Initial Payment Under Iron Ore Calcine Sale Agreement The Company would like to provide an update on the definitive agreement announced on January 20, 2026, for the sale of iron ore calcine, a byproduct of its vanadium operations. Following the signing of the agreement, the initial payment originally scheduled for January 30, 2026, was postponed until February 9, 2026. The Company will provide further updates as appropriate. Disclaimer It is important to emphasize that the studies completed to date are based on diamond drill core samples collected from drilling programs conducted by independent third-party contractors and on chemical analyses performed by certified external laboratories. Preliminary geometallurgical results were obtained internally and are considered indicative in nature, reflecting improvements in the understanding of flotation processes currently in place. This document does not disclose Mineral Resources or Mineral Reserves for copper or platinum group elements. The project includes vanadium and titanium mineralization for which scientific and technical information is set out in the National Instrument 43-101 ("NI 43-101") technical report titled: "An Updated Life of Mine Plan (LOMP) for Gulçari A (Campbell Pit) and Pre-Feasibility Study for Gulçari A Norte (GAN), Novo Amparo (NAO), Novo Amparo Norte (NAN) and São José (SJO) Deposits", prepared by GE21 Consultoria Mineral Ltda with an effective date of January 30, 2024 filed in Canada on SEDAR+ and in the United States with the U.S. Securities and Exchange Commission on EDGAR under the Company's profile. Largo is initiating a new phase of studies aimed at evaluating additional commodities that may support a future update of Mineral Resources and Mineral Reserves in an independent technical report prepared in compliance with NI 43-101. Review of Technical Information Mr. Emerson Ricardo Re., MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) is the geology advisor and responsible for the geological management of the Maracás Menchen Mine. Mr. Re is a Qualified Person as defined under NI 43-101 and has reviewed and approved the scientific and technical information related to geology, drilling, sampling, and analytical results in this press release. Information related to metallurgical test work, process considerations and potential recoveries is based on the Company's internal assessments and is presented as forward-looking information. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the clean energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. ### For further information, please contact: Investor Relations Vera Abdo Investor Relations Consultant +1.640.223.6956 [email protected] Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward‐looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales, the future price of commodities, the cost of future activities and operations, including, without limitation, the timing of ilmenite production; China's energy storage sector driving additional vanadium consumption in upcoming quarters; U.S., European and Asian steel demand and markets in 2026; the Company's ability to reduce costs and enhance operational efficiencies; the potential that the Company may produce different combinations of copper PGM and ilmenite in its existing infrastructure; the Company's 2026 expectations for production, operational enhancements, annual ore availability and sales; the extent of capital and operating expenditures, the ability of the Company to make improvements on its current short-term mine plan, and the Company's ability to meet its set targets for the year. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium, ilmenite and TiO2 products can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; and changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions; Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply. Trademarks are owned by Largo Inc. Future Oriented Financial Information: Any financial outlook or future oriented financial information contained in this press release, as such term is defined by applicable securities laws, has been approved by management of Largo as of the date hereof and is provided for the purpose of providing information about management's current expectations and plans relating to the Company's 2026 guidance. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information as to the Company's anticipated 2026 guidance has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. 1 Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs. 2 Fastmarkets Metal Bulletin. 3 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate. 4 Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282945

All amounts expressed are in U.S. dollars, denominated by "$". Q3 2025 and Other Highlights Revenues of $33.3 million ($32.3 million from vanadium sales and $1.0 million from ilmenite sales) in Q3 2025 vs. revenues of $29.9 million ($27.2 million from vanadium sales and $2.7 million from ilmenite sales) in Q3 2024 Revenues per lb sold3 of V2O5 equivalent of $6.06 in Q3 2025 vs. $6.28 in Q3 2024 Adjusted cash operating costs excluding royalties per pound sold3 of $3.03 in Q3 2025, a 2% improvement over the $3.08 per lb sold in Q3 2024, and a 5% improvement over the $3.18 per lb sold in Q2 2025 Operating cash flows before working capital items of $11.9 million in Q3 2025, a $13.9 million increase over negative $2.0 million in Q3 2024 Mining operations adjusted EBITDA3 of $4.0 million in Q3 2025 vs. $2.4 million in Q3 2024 Net loss before tax of $10.4 million (including $3.7 million in non-recurring items) in Q3 2025, vs. net loss before tax of $11.9 million (including $3.3 million in non-recurring items) in Q3 2024. Net loss of $36.6 million in Q32025 vs. net loss of $10.1 million in Q3 2024, with difference primarily related to the non-cash derecognition of a deferred tax asset of $28.4 million Basic loss per share of $0.57 in Q3 2025 vs. basic loss per share of $0.16 in Q3 2024 Production of 2,636 tonnes (5.8 million lbs1) of V2O5 in Q3 2025 vs. 3,072 tonnes in Q3 2024 and 2,256 tonnes in Q2 2025 V2O5 equivalent sales of 2,417 tonnes (inclusive of 17 tonnes of purchased material) in Q3 2025 vs. 1,961 tonnes (inclusive of 124 tonnes of purchased material) sold in Q3 2024 The Company produced 8,643 tonnes of ilmenite concentrate in Q3 2025 vs. 8,149 tonnes in Q2 2025 and sold 6,358 tonnes vs. 6,024 tonnes Storion Energy LLC ("Storion") signs strategic supply agreement with TerraFlow Energy LLC to supply vanadium electrolyte and battery stacks; Storion secures electrolyte lease for 48 MWh flow battery project in Texas, supported by Largo Physical Vanadium Corp.’s unique electrolyte leasing model Started installation of additional flotation cell circuits to increase ilmenite production capacity to 115,000 tonnes from 42,000 tonnes annually. Operations expected to resume in late November 2025 with ramp up to the expanded production levels currently expected to occur by year end Subsequent to Q3 2025, Largo raised US$23.4 million through a Registered Direct Offering and Private Placement ("Offering"), and received an executed binding term sheet with the five Brazilian Lenders representing $84.2 million of debt to defer principal repayments to September 18, 2026, following the Company securing capital of at least $22 million through the Offering Subsequent to Q3 2025, the Company signed an amended agreement with the counterparty who sent the Company a default notice for failure to deliver 900 tonnes of V₂O₅ at the scheduled time. The Company agreed to deliver the remaining 900 tonnes of V₂O₅ by January 2026 and the counterparty has an option to purchase between 0 - 500 tonnes of V₂O₅ from June 2028 to October 2028. Vanadium Market Update2 During Q3 2025, vanadium prices remained under pressure in Europe and China, due to continued low demand in the steel and infrastructure sector and an oversupply from Chinese and Russian producers On October 23, 2025, the European Union announced sanctions against the largest vanadium producer outside of China. The US FeV market remains stronger than the European market: As of November 7, 2025, the average benchmark FeV price per lb V was $13.45 in the U.S. (or approximately $29.65 per kg FeV), which is 24% greater than the average benchmark price per kg of FeV of $23.93 in Europe, driven by increased demand amid ongoing political developments and policy shifts impacting supply dynamics The average benchmark price per pound of V2O5 in Europe was $5.23 in Q3 2025, an 8% decrease from the average of $5.71 seen in Q3 2024 The average benchmark price per kg of FeV in Europe was $23.68 in Q3 2025, a 9% decrease from the average of $25.95 seen in Q3 2024 TORONTO, November 12, 2025--(BUSINESS WIRE)--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today released financial results for the three months and nine ended September 30, 2025. The Company reported quarterly vanadium pentoxide ("V2O5") equivalent sales of 2,417 tonnes at an adjusted cash operating cost excluding royalties per pound5 sold of $3.03. Daniel Tellechea, Director and Interim CEO of Largo commented: "In Q3 2025, we continued to improve our production, increasing it to 2,636 tonnes, up from 2,256 tonnes in Q2 and 1,297 tonnes in Q1. Additionally, this has led to a reduction of our adjusted cash operating costs excluding royalties to $3.03/lb, down from $3.88/lb in Q1. With positive operational improvements on track at the Maracás Menchen Mine, we can turn our attention to our financial position." He continued: "The recent $23.4 million equity raise and the principal deferral from our Brazilian lenders are two actions taken by Largo." He concluded: "We continue to look for ways to deliver high purity vanadium products for the US and European aerospace and defense industries, and to navigate the geopolitical landscape, inclusive of the US tariffs on our Brazilian products as well as the ongoing geopolitical developments and policy shifts impacting supplying dynamics." Financial and Operating Results – Highlights Key Highlights The Company reported a net loss of $36.6 million for Q3 2025, compared to the net loss of $10.1 million for Q3 2024. This was primarily related to the non-cash derecognition of the deferred tax asset in Q3 2025 of $28.4 million. Operating costs increased to $34.3 million in Q3 2025 from $29.5 million in Q3 2024, which was primarily driven by an 11% increase in sales. Operating cash flows before working capital items increased to $11.9 million in Q3 2025, up from negative $2.0 million in Q3 2024, and Q3 2025 adjusted EBITDA increased to $2.0 million up from negative $1.2 million in Q3 2024. This is despite lower prices Q3 2025 relative to Q3 2024. Adjusted cash operating costs excluding royalties3 reduced by 2% to $3.03 per lb sold in Q3 2025 over Q3 2024 ($3.08 per lb sold) despite 14% production reduction in Q3 2025 over Q3 2024. This is a result of the Company's operational turnaround plan and cost optimization initiatives even as it has increased production throughout 2025. Professional, consulting and management fees of $3.1 million in Q3 2025 decreased from Q3 2024 by 48%, which was primarily attributable to the Company's focus on reducing costs, including its activity at Largo Clean Energy Corp. ("LCE") during the quarter. Additionally, Other G&A expenses of 1.1 million and technology start-up costs of $0.2 million in Q3 2025 were 47% and 85% less than Q3 2024. Subsequent to Q3 2025, October 2025 production and sales were 900 tonnes and 400 tonnes of V2O5 equivalent, respectively. Under the terms of the Company’s amended inventory supply agreement, a further 100 tonnes of V2O5 equivalent, which are subject to refund, was delivered in October 2025. No revenues are recognized for these deliveries and amounts received are recognized as revenues subject to refund in the Company’s consolidated statement of financial position upon receipt. Additionally, 3,873 dry tonnes of ilmenite were sold in October. The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 and its management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2025 which are available on our website at www.largoinc.com or on the Company’s respective profiles at www.sedarplus.com and www.sec.gov. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. The Company also holds a 100% interest in the Currais Novos Tungsten Tailing Project near Natale Brazil, and a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada. Preliminary economic assessments were completed for each asset in 2011. Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations; the expected use of proceeds of the Facility and their expected impact on the Company’s liquidity position and ability to improve its operations; the Company’s transition from turnaround execution to steady-state operations; the Company’s ability to meet its set targets for the year; and the extent of capital and operating expenditures. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable prices of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy, especially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company’s ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company’s mine plan at the Maracás Menchen Mine; that the Company’s current plans for ilmenite can be achieved; the Company’s ability to protect and develop its technology; the Company’s ability to maintain its IP; the competitiveness of the Company’s product in an evolving market; the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply. Trademarks are owned by Largo Inc. Non-GAAP Measures The Company uses certain non-GAAP measures in its press release, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Revenues Per Pound The Company’s press release refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. These measures, along with cash operating costs, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 19 as per the Q3 2025 unaudited condensed interim consolidated financial statements. Cash Operating Costs Excluding Royalties Per Pound The Company’s press release refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q3 2025 unaudited condensed interim consolidated financial statements. EBITDA and Adjusted EBITDA The Company’s press release refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2025 unaudited condensed interim consolidated financial statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20251112382053/en/ Contacts For further information, please contact: Investor Relations Daniel Tellechea Interim CEO & Director +1.416.861.9778 [email protected]

All amounts expressed are in U.S. dollars, denominated by "$". Q2 2025 and Other Highlights Revenues of $26.1 million ($25.4 million from vanadium sales and $0.7 million from ilmenite sales) in Q2 2025 vs. revenues of $28.6 million ($26.2 million from vanadium sales and $2.3 million from ilmenite sales) in Q2 2024 Revenues per lb sold3 of V2O5 equivalent of $6.39 in Q2 2025 vs. $6.46 in Q2 2024 Operating costs of $30.1 million in Q2 2025, a 17% improvement over $36.4 million in Q2 2024 Adjusted cash operating costs excluding royalties per pound sold3 of $3.18 in Q2 2025, a 24% improvement over the $4.20 per lb sold in Q2 2024 Mining operations adjusted EBITDA3 of $2.7 million in Q2 2025 vs. $0.9 million in Q2 2024 Net loss of $5.8 million (including $4.8 million in non-recurring items) in Q2 2025, a 60% improvement over the net loss of $14.5 million (including $8.5 million in non-recurring items) in Q2 2024 Basic loss per share of $0.09 in Q2 2025 vs. basic loss per share of $0.23 in Q2 2024 Production of 2,256 tonnes (5.0 million lbs1) of V2O5 in Q2 2025 vs. 2,689 tonnes in Q2 2024 V2O5 equivalent sales of 1,807 tonnes (inclusive of 123 tonnes of purchased material) in Q2 2025 vs. 1,841 tonnes (inclusive of 128 tonnes of purchased material) sold in Q2 2024 The Company produced 8,149 tonnes of ilmenite concentrate in Q2 2025 vs. 8,625 tonnes in Q2 2024 and sold 6,024 tonnes vs. 12,261 tonnes Storion Energy LLC ("Storion") signs strategic supply agreement with TerraFlow Energy LLC to supply vanadium electrolyte and battery stacks; Storion secures electrolyte lease for 48 MWh flow battery project in Texas, supported by Largo Physical Vanadium Corp.’s unique electrolyte leasing model The Company entered into a secured loan by way of a promissory note with ARG International AG for a principal amount of $6 million (CAD$8.25 million) (the "Note"); The Note is secured against the Company’s equity interest in Largo Physical Vanadium Corp., in which the Company holds a 65.7% majority stake; The Note has a term of six months, an annualized interest rate of 15% and includes a 1% arrangement fee Published the Company’s 7th annual sustainability report, Critical Vanadium Supply, highlighting the management of key risks, opportunities, impacts, and outcomes at the Maracás Menchen Mine vanadium-titanium operations in Brazil Vanadium Market Update2 Vanadium prices remain under pressure in Europe and China, due to continued low demand in the steel and infrastructure sector and an oversupply from Chinese and Russian producers The monthly average U.S. ferrovanadium ("FeV") price has increased approximately 15% year-over-year to $14.70 per lb V in July 2025 and are holding approximately 7% higher than at the start of 2025; This continues to be supported by increased buying interest amid geopolitical tensions and policy shifts that have tightened supply dynamics The average benchmark price per pound of V2O5 in Europe was $5.13 in Q2 2025, a 13% decrease from the average of $5.93 seen in Q2 2024 The average benchmark price per kg of FeV in Europe was $24.37 in Q2 2025, a 9% decrease from the average of $26.83 seen in Q2 2024 As of August 12, 2025, the average benchmark FeV price per lb V was $14.70 in the U.S. (or approximately $30.86 per kg FeV), and as of August 8, 2025, the average benchmark price per pound of V₂O₅ was $5.23 in Europe Executive Order 14323 - Addressing Threats to the United States by the Government of Brazil On July 30, 2025, Executive Order 14323 was issued by the United States government, increasing tariffs on imports from Brazil from 10% to 50%, effective August 6, 2025 As a result, the Company is evaluating the potential commercial impact on its vanadium product sales to U.S. customers, including high-purity and ferrovanadium products We remain committed to supporting the U.S. aerospace, defense, and steel sectors that rely on our high-quality vanadium for essential applications Largo remains as one of the few global vanadium producers capable of meeting the quality and reliability standards required by these industries and the Company deeply values its longstanding partnerships with U.S. customers Commercial adjustments, including a reassessment of the Company’s U.S. customer strategy, may be necessary if the current tariff regime remains in place TORONTO, August 12, 2025--(BUSINESS WIRE)--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today released financial results for the three months and six ended June 30, 2025. The Company reported quarterly vanadium pentoxide ("V2O5") equivalent sales of 1,807 tonnes at an adjusted cash operating cost excluding royalties per pound5 sold of $3.18. Daniel Tellechea, Director and Interim CEO of Largo commented: "In Q2 2025, we continued to make meaningful progress in realigning our operations and cost structure, delivering a 17% reduction in total operating costs year-over-year. These improvements reflect the impact of our disciplined cost containment measures and operational stabilization efforts at the Maracás Menchen Mine." He continued: "While vanadium market conditions remain subdued, we are taking proactive steps to strengthen our liquidity position. The $6 million secured loan provides near-term working capital support, and we continue to evaluate a range of options to enhance financial flexibility as we navigate this environment." He concluded: "With production steadily normalizing and additional cost efficiencies being realized, we remain focused on optimizing performance and positioning Largo to respond effectively to both market recovery and evolving trade dynamics in key jurisdictions." Financial and Operating Results – Highlights Key Highlights The Company reported a net loss of $5.8 million for Q2 2025, which represents a 60% improvement compared to the net loss of $14.5 million for Q2 2024. This is the lowest net loss the Company has recorded since Q1 2023 and is primarily a reduction in operating costs and expenses and offset by an increase in foreign exchange gain for the quarter. Operating costs improved to $30.1 million in Q2 2025 from $36.4 million in Q2 2024, which was primarily driven by a 26% reduction in direct mine and production costs, which also reflects a 9% decrease in vanadium sold and the positive impact of the Company’s previously announced initiatives to reduce production costs and improve productivity at the Maracás Menchen Mine. The Company expects to continue seeing the benefits of these initiatives in its financial results going forward. Adjusted cash operating costs excluding royalties3 reduced by 24% to $3.18 per lb sold in Q2 2025 over Q2 2024 ($4.20 per lb sold) primarily due to the positive results of the Company's operational turnaround plan and cost optimization initiatives previously announced, which includes the strengthening cost management through rigorous monitoring and control processes to ensure operating expenses remain within targeted budget levels. This is evidenced in the improved global recovery5 rates seen in Q2 2025 (84.9%), an increase of 14.3% from the 74.3% achieved in Q2 2024 and 9.1% higher than the 77.8% achieved in Q1 2025. Professional, consulting and management fees of 1.8 million in Q2 2025 decreased from Q2 2024 by 34%, which was primarily attributable to the Company's focus on reducing costs, including reduced insurance costs at Corporate, as well as minimal activity at Largo Clean Energy Corp. ("LCE") during the quarter. Technology start-up costs in Q2 2025 also decreased from Q2 2024 by 66% to $0.2 million, which is primarily attributable to a decrease in activities at LCE. The foreign exchange gain in Q2 2025 of $4.7 million (Q2 2024 - loss of $4.1 million) is primarily attributable to a weakening of the U.S. dollar against the Brazilian real. The U.S dollar to Brazilian real exchange rate decreased by approximately 5% for Q2 2025 in comparison to Q1 2025. Subsequent to Q2 2025, production and sales were 856 tonnes and 852 tonnes of V2O5 equivalent, respectively, in July 2025, with 4,309 tonnes of ilmenite concentrate being produced during this period and 1,903 dry tonnes of ilmenite being sold. The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025 and 2024 and its management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2025 which are available on our website at www.largoinc.com or on the Company’s respective profiles at www.sedarplus.com and www.sec.gov. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations; the expected use of proceeds of the Facility and their expected impact on the Company’s liquidity position and ability to improve its operations; the Company’s transition from turnaround execution to steady-state operations; the Company’s ability to meet its set targets for the year; and the extent of capital and operating expenditures. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable prices of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy, especially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company’s ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company’s mine plan at the Maracás Menchen Mine; that the Company’s current plans for ilmenite can be achieved; the Company’s ability to protect and develop its technology; the Company’s ability to maintain its IP; the competitiveness of the Company’s product in an evolving market; the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply. Trademarks are owned by Largo Inc. Non-GAAP Measures The Company uses certain non-GAAP measures in its press release, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Revenues Per Pound The Company’s press release refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. These measures, along with cash operating costs, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 23 as per the Q1 2025 unaudited condensed interim consolidated financial statements. Cash Operating Costs Excluding Royalties Per Pound The Company’s press release refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q1 2025 unaudited condensed interim consolidated financial statements. EBITDA and Adjusted EBITDA The Company’s press release refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2025 unaudited condensed interim consolidated financial statements. 1 Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs. 2 Fastmarkets Metal Bulletin. 3 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted EBITDA, revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release. Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period. 4 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate 5 Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery. View source version on businesswire.com: https://www.businesswire.com/news/home/20250812667369/en/ Contacts For further information, please contact: Investor Relations Alex Guthrie Director, Investor Relations +1.416.861.9778 [email protected]

All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Q1 2025 and Other Highlights Revenues of $28.2 million in Q1 2025 vs. 42.2 million in Q1 2024; Revenues per pound sold1 of $6.04 in Q1 2025 vs. $6.91 in Q1 2024; Lower revenues are a result of continued downward pressure in vanadium prices and lower sales volumes Operating costs of $42.5 million in Q1 2025, 15% below Q1 2024 Adjusted cash operating costs excluding royalties per pound1 of $3.88 in Q1 2025, 27% below Q1 2024, despite mining lower ore grades and decreased production rates Net loss of $9.2 million in Q1 2025, which included $7.0 million in non-recurring items vs. a net loss of $13.0 million in Q1 2024, which included $4.4 million in non-recurring items Basic loss per share of $0.14 in Q1 2025 vs. basic loss per share of $0.20 in Q1 2024 V2O5 equivalent sales of 2,046 tonnes (inclusive of 158 tonnes of purchased material) in Q1 2025 vs. 2,765 equivalent tonnes sold (inclusive of 156 tonnes of purchased material) in Q1 2024 V2O5 production of 1,297 tonnes (2.8 million lbs2) in Q1 2025 vs. 1,729 tonnes produced in Q1 2024; Lower production in Q1 2025 was primarily due to impacts from mining lower-grade ore zones required as part the Company’s open pit mine sequencing, reduced equipment availability on an expanded mine contractor fleet, and operational adjustments related to the kiln refractory replacement completed in Q4 2024, which required additional adjustments in early 2025 The Company produced 6,162 tonnes of ilmenite concentrate in Q1 2025 vs. 9,563 tonnes in Q1 2024, and sold 8,647 tonnes vs. 513 tonnes in Q1 2024 The Company maintains its revised 2025 production, sales and cost guidance and expects a return to more normalized production levels over the remainder of the year as throughput increases and operational turnaround initiatives progress Vanadium Market Update Vanadium markets in Europe and China remain weak, pressured by low steel and infrastructure demand and oversupply from Chinese and Russian producers, though aerospace demand is expected to pick up in the second half of 2025 U.S. ferrovanadium ("FeV") prices are holding at levels approximately 9% higher than at the start of 2025, supported by increased buying interest amid geopolitical tensions and policy shifts that have tightened supply dynamics The average benchmark price per pound of V2O5 in Europe was $5.26 in Q1 2025, a 18% decrease from the average of $6.44 seen in Q1 2024; The average benchmark price per kg of FeV in Europe was $24.26 in Q1 2025, a 13% decrease from the average of $27.96 seen in Q1 2024 As of May 8, 2025, the average benchmark FeV price per pound of V was $15.25 in the U.S. (or approximately $33.62 per kg FeV), and as of May 9, 2025, the average benchmark price per pound of V₂O₅ was $5.20 in Europe TORONTO, May 14, 2025--(BUSINESS WIRE)--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today released financial results for the three months ended March 31, 2025. The Company reported quarterly vanadium pentoxide ("V2O5") equivalent sales of 2,046 tonnes at an adjusted cash operating cost excluding royalties per pound1 sold of $3.88. Daniel Tellechea, Interim CEO and Director of Largo, stated: "Our first quarter results reflect the impact of lower production levels, which constrained sales volumes, combined with continued pricing pressure in the vanadium market, all of which significantly affected our revenues and added pressure to our cash position. Despite this environment, Largo achieved a 15% reduction in overall operating costs compared to Q1 2024 as well as a 27% reduction in our adjusted cash operating costs excluding royalties1, reflecting a continued focus on cost-control initiatives and operational efficiency improvements. We continue to actively advance our operational turnaround plan, implementing targeted initiatives aimed at further reducing costs and improving productivity at our Maracás Menchen Mine." He continued: "Following the completion of our Storion Energy joint venture transaction, Largo is better positioned to allocate resources and focus on strengthening core mining operations in Brazil, while maintaining a long-term view on the potential of long duration energy storage solutions in the U.S. Looking ahead, securing near-term financing solutions remains a priority as we work to support our liquidity needs and ensure Largo is positioned to navigate ongoing market uncertainty." Financial and Operating Results – Highlights Key Highlights During Q1 2025, the Company recognized revenues of $27.5 million (Q1 2024 – $42.2 million) from the sales of 2,046 tonnes of V2O5 equivalent (Q1 2024 – 2,765 tonnes) as well as revenues from ilmenite sales of $0.7 million (Q1 2024 - $0.07 million). The Company recorded a net loss of $9.2 million in Q1 2025 compared with a net loss of $13.0 million in Q1 2024. The improvement was primarily due to the gain on disposal of interest in subsidiary of $5.2 million and a 15% decrease in operating costs. The Company’s operating costs decreased by 15% to $42.5 million in Q1 2025 compared to 49.7 million in Q1 2024. The decrease in operating costs in Q1 2025 was largely driven by a 48% decrease in direct mine and production costs, reflecting a 25% decrease in vanadium sold in 2024, as well as the impact of the Company's previously announced initiatives to reduce production costs and improve productivity and the impact of inventory write-downs in the current and prior periods. The inventory write-down in Q1 2025 includes a write-down of produced vanadium finished products of $11.2 million and a write-down reversal of warehouse materials of $0.1 million. Cash operating costs excluding royalties per pound1 were $6.54 per lb in Q1 2025, compared with $6.12 for Q1 2024. The increase seen in Q1 2025 compared with Q1 2024 is largely due lower sales volumes of in Q1 2025 and increased inventory write-downs. Mining in lower grade ore zones also impacted the financial performance. Additionally, lower ore mined resulted in stoppages at the kiln and plant which also contributed to increased costs in Q1 2025. The Company continues to make progress with a number of initiatives as part of its operational turnaround plan with the goal of reducing production costs and improving productivity (see press release dated March 28, 2025). Adjusted cash operating costs excluding royalties per pound1, which excludes the impact of inventory write-downs was $3.88 per lb sold in Q1 2025, compared with $5.33 for Q1 2024. Professional, consulting and management fees, other general and administrative expenses, and technology start-up costs in Q1 2025 decreased by 18%, 37%, and 82%, respectively, compared to Q1 2024, primarily due to reduced headcount and activity at LCE. On January 31, 2025 (the "Closing Date"), the Company and affiliates of Stryten Energy LLC closed the previously disclosed transaction to establish Storion Energy LLC ("Storion"). Storion has commenced operations and is working to qualify their electrolyte product with potential customers. In addition, 13 employees of Largo Clean Energy Corp. ("LCE") moved to Storion on the Closing Date, resulting in a reduced headcount at LCE at the end of Q1 2025. Subsequent to Q1 2025, production and sales in were 481 tonnes and 608 tonnes of V2O5 equivalent, respectively, in April 2025, with 1,833 tonnes of ilmenite concentrate being produced during this period and 1,914 dry tonnes of ilmenite being sold. The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024 and its management's discussion and analysis for the three months ended March 31, 2025 which are available on our website at www.largoinc.com or on the Company’s respective profiles at www.sedarplus.com and www.sec.gov. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company’s global supply chain and future sales of vanadium products. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company’s ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company’s mine plan at the Maracás Menchen Mine; that the Company’s current plans for ilmenite can be achieved; the Company’s ability to protect and develop its technology; the Company’s ability to maintain its IP; the competitiveness of the Company’s product in an evolving market; the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply. Trademarks are owned by Largo Inc. Non-GAAP Measures The Company uses certain non-GAAP measures in its press release, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Revenues Per Pound The Company’s press release refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. These measures, along with cash operating costs, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 23 as per the Q1 2025 unaudited condensed interim consolidated financial statements. Cash Operating Costs Excluding Royalties Per Pound The Company’s press release refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q1 2025 unaudited condensed interim consolidated financial statements. EBITDA and Adjusted EBITDA The Company’s press release refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2025 unaudited condensed interim consolidated financial statements. ______________________________________ 1 Revenues per pound sold, Adjusted EBITDA, Mining operations adjusted EBITDA, adjusted cash operating costs excluding royalties and cash operating costs excluding royalties are non-GAAP ratios with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this press release. 2 Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs. 3 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate View source version on businesswire.com: https://www.businesswire.com/news/home/20250514691044/en/ Contacts For further information, please contact: Investor Relations Alex Guthrie Director, Investor Relations +1.416.861.9778 [email protected]

All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Q1 2025 Highlights V2O5 production of 1,297 tonnes (2.8 million lbs1) in Q1 2025 vs. 1,729 tonnes produced in Q1 2024 Total waste moved (dry basis) was 3.5 million tonnes in Q1 2025, a 32% increase over Q1 2024 and total mined material (dry basis) was 3.9 million tonnes in Q1 2025, a 21% increase over Q1 2024 as the Company prioritizes the optimization of pit access, including critical stripping activities and mine pushbacks as part of its previously announced operational turnaround plans V2O5 equivalent sales of 2,046 tonnes (inclusive of 154 tonnes of purchased material) in Q1 2025 vs. 2,765 equivalent tonnes sold (inclusive of 156 tonnes of purchased material) in Q1 2024 Ilmenite concentrate production of 6,162 tonnes in Q1 2025 vs. 9,563 tonnes Q1 2024 with sales totaling 8,647 tonnes vs. 513 tonnes in Q1 2024 The Company has revised its 2025 V2O5 equivalent production and sales guidance ranges to 8,500 - 10,500 tonnes from 9,500 - 11,500 tonnes and 6,500 – 8,500 tonnes from 7,500 – 9,500 tonnes, respectively; Cash operating cost excluding royalties2 guidance maintained; Ilmenite production and sales guidance maintained TORONTO, April 23, 2025--(BUSINESS WIRE)--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 1,297 tonnes of vanadium pentoxide ("V2O5") equivalent and sales of 2,046 tonnes V2O5 equivalent in Q1 2025. Daniel Tellechea, Interim CEO of Largo stated: "Production in the first quarter was lower than anticipated, primarily due to impacts from mining lower-grade ore zones, reduced equipment availability, and operational adjustments related to the kiln refractory replacement completed in Q4 2024. We anticipate continued short-term impacts to production as we prioritize essential mine pushbacks and stripping activities aimed at accessing higher-grade ore later this year as part of the Company’s previously announced operational turnaround plans. As a result of these impacts, the timing of sales deliveries, which depend on prior-quarter production output—will be affected in Q2 2025 and in the second half of 2025. Accordingly, we have updated our annual production and sales guidance to reflect these short-term operational impacts. Encouragingly, we are seeing improved progress recently, with total mined material and total waste moved increasing 21% and 32% year-over-year, respectively. Successfully executing this turnaround remains our top priority, and we are committed as a team to delivering improved performance going forward." Maracás Menchen Mine Operational and Sales Results Q1 2025 Production and Sales Overview V2O5 production totaled 1,297 tonnes in Q1 2025, with monthly production of 392 tonnes in January, 503 tonnes in February, and 402 tonnes in March. Production was impacted by the mining of lower-grade ore zones, reduced equipment availability, and operational adjustments following the kiln refractory replacement completed in Q4 2024. Despite these impacts, global recoveries4 averaged 77.8% in Q1 2025, representing a notable improvement over 70.5% in Q1 2024 and remaining consistent with the 77.9% achieved in Q4 2024. As part of its operational turnaround plans, the Company ramped up total mined material by 21% year-over-year to 3.93 million tonnes (dry basis), while mined ore totaled 446,614 tonnes at an effective V2O5 grade3 of 0.41%, compared to 604,231 tonnes at 0.53% in Q1 2024. Total wasted moved increased by 32% in Q1 2025 to 3.5 million tonnes, as compared to 2.6 million tonnes in Q1 2024. V2O5 equivalent sales totaled 2,046 tonnes in Q1 2025, including 154 tonnes of purchased material. While this represents a 26% decrease from the 2,765 tonnes sold in Q1 2024, it exceeded the upper end of the Company’s quarterly guidance. Revised 2025 V2O5 Equivalent Production and Sales Guidance In Q1 2025, the Company continued executing its previously announced operational turnaround plans (see press release dated March 28, 2025). Over the coming months, the Company will prioritize critical mine stripping activities and pushbacks at the Maracás Menchen Mine, essential steps for accessing higher-grade ore zones required for steady production in the second half of the year. As a result of these measures, short-term production will be temporarily impacted, subsequently affecting the timing of sales commitments and deliveries in Q2 2025 as well as in the second half of 2025. The Company has updated its annual guidance for V2O5 equivalent production and sales to reflect these anticipated impacts, as detailed in the table below. The Company has maintained its annual cost guidance range for 2025 but does expect unit costs above annual guidance in Q2 2025. Annual production and sales guidance for ilmenite has been maintained for 2025. Cash Operating Costs Excluding Royalties Guidance – Maintained Ilmenite Concentrate Production and Sales Guidance – Maintained Liquidity and Financial Position The Company continues to be actively engaged in negotiations for new working capital facilities and the refinancing of its long-term debt facilities to support its current and future financial position. These efforts are ongoing with the goal of improving liquidity and capital resources amid current vanadium market conditions and near-term operational and sales challenges. In parallel, the Company continues to assess additional measures to manage its costs and optimize cash flows as it works to stabilize operations as outlined in its operational turnaround plans. For further information, see disclosure under the heading "Liquidity and Capital Resources" in the Company’s Management’s Discussion and Analysis for the Year Ended December 31, 2024. The Company will provide further updates as appropriate. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com. Cautionary Statement Regarding Forward-looking Information: This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company’s global supply chain and future sales of vanadium products. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company’s ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company’s mine plan at the Maracás Menchen Mine; that the Company’s current plans for ilmenite can be achieved; the Company’s ability to protect and develop its technology; the Company’s ability to maintain its IP; the competitiveness of the Company’s product in an evolving market; the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply. Trademarks are owned by Largo Inc. Future Oriented Financial Information: Any financial outlook or future oriented financial information contained in this press release, as such term is defined by applicable securities laws, has been approved by management of Largo as of the date hereof and is provided for the purpose of providing information about management's current expectations and plans relating to the Company's 2024 guidance. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information as to the Company's anticipated 2024 guidance has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Non-GAAP5 Measures The Company uses certain non-GAAP financial performance measures in this press release, which are described in the following section. Adjusted Cash Operating Costs Excluding Royalties The Company’s press release refers to adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. View source version on businesswire.com: https://www.businesswire.com/news/home/20250422689351/en/ Contacts For further information, please contact: Investor Relations Alex Guthrie Director, Investor Relations +1.416.861.9778 [email protected]