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• The Alcoa of vanadium, with a growing clean energy division for grid batteries.
• A specialized energy storage company similar to Tesla Energy, but they mine their own key battery material (vanadium).

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• Vanadium Products: Largo is a leading producer of high-quality vanadium products, including vanadium pentoxide and ferrovanadium, which are crucial for steel alloys, chemicals, and energy storage.
• Titanium Dioxide Pigment: As a co-product of their mining operations, Largo also produces titanium dioxide pigment, utilized in various industrial applications like paints, plastics, and paper.
• Vanadium Redox Flow Battery (VRFB) Systems: Through its Largo Clean Energy division, the company develops and deploys grid-scale vanadium redox flow battery (VRFB) systems for long-duration energy storage solutions.

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Largo Inc. (symbol: LGO) is a business-to-business (B2B) company that primarily sells its products, predominantly vanadium and vanadium-based materials, to other companies rather than directly to individuals.

According to Largo's public filings (such as their Annual Information Form), the company does not have any single customer that accounts for more than 10% of its revenues. This indicates a diversified global customer base across various industries. As a result, specific names of individually major customer companies are not publicly disclosed by Largo.

However, Largo's vanadium products are sold to a variety of industrial customers across different sectors globally. The types of companies that are customers for Largo's products include:

• Steel Manufacturers: Companies producing specialty steels, high-strength low-alloy (HSLA) steels, tool steels, and stainless steels. Vanadium is used as an alloying agent to significantly improve the strength, hardness, and wear resistance of these steel products.
• Chemical and Catalyst Manufacturers: Companies that produce catalysts for various industrial processes (such as sulfuric acid production and petrochemicals) and specialty chemicals, which utilize vanadium compounds due to their catalytic properties.
• Energy Storage System Developers/Manufacturers: Companies involved in the development and manufacturing of Vanadium Redox Flow Batteries (VRFB) for grid-scale energy storage. These systems use vanadium electrolyte, and this category also includes Largo's own Largo Clean Energy division, which consumes Largo's vanadium for its battery systems.

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Daniel Tellechea Interim CEO & Director

Mr. Tellechea was appointed Interim CEO of Largo in February 2023. He has extensive experience in international mining, having served as President and CEO of Sierra Metals, Inc. from 2007 to 2014, a Toronto-based mining company with assets in Mexico and Peru. Prior to that, he was President and CEO of Asarco LLC (2003-2005). Mr. Tellechea also served as Managing Director of Finance and Administration for Asarco's parent, Grupo Mexico (1994-2003), and as Asarco's CFO and Vice-president of finance for Southern Copper Corporation (1999–2003), which was majority owned by Grupo Mexico. He has been a director of Largo since 2015. Mr. Tellechea is an Investment Advisory Committee member to Arias Resource Capital GP II Ltd., and Arias Resource Capital Management LP is a significant shareholder in Largo. He holds a B.Sc. in Accounting and an MBA from Tecnologico de Monterrey.

David Harris CFO & Corporate Controller

Mr. Harris was appointed Chief Financial Officer of Largo in June 2024, succeeding Ernest Cleave. He leads the Finance & Accounting, Investor Relations, Treasury, and Information Technology teams. With over 20 years of progressive experience in finance leadership, Mr. Harris previously served as Corporate Controller at Largo for 10 years. Before joining Largo, he was the Director of Financial Reporting and Director of Accounting Policy at IAMGOLD Corp.. His career also includes various positions at PricewaterhouseCoopers LLP, where he was a Senior Manager leading global engagements for multi-national public and private mining companies.

Francesco D'Alessio President of LCE and Chief Commercial Officer

Mr. D'Alessio has over 17 years of experience in metals sales and trading, including vanadium and clean energy storage sales. He serves as President of Largo Clean Energy Corp. ("LCE"), a subsidiary of Largo. Mr. D'Alessio joined Largo in 2019 as Head of Sales, Americas, and was subsequently promoted to Commercial Director. He co-founded and previously held the title of Marketing and Sales Director at SiderAlloys Intl. SA, where he managed global sales and raw material sourcing channels. He holds a Global Executive MBA from Bocconi University and a Bachelor of Arts in Government and International Affairs from George Mason University.

Luis Rendon Co-Chief Operating Officer

Mr. Rendon is a metallurgical engineer with over 40 years of experience in mineral processing, plant operations, and cost optimization. He has held senior leadership roles at various mining companies, including Sierra Metals, Compañía Minera Kolpa, and Pan American Silver, where he was responsible for managing plant expansions, implementing advanced metallurgical techniques, and optimizing production processes. At Largo, Mr. Rendon has been key in enhancing process performance and supporting operational realignment efforts at the Maracás Menchen Mine. He has also worked as an independent consultant, advising mining operations.

Gordon Babcock Co-Chief Operating Officer

Mr. Babcock is a mining professional with over 40 years of experience in mine operations, engineering, and project development. His senior leadership roles include serving as COO at Sierra Metals and Jaguar Mining, where he focused on driving operational efficiency and production stability. He also held the position of Vice President and General Manager at Nyrstar, overseeing complex underground and open-pit mining operations. Mr. Babcock has provided independent consulting services to mining companies on mine planning, operational optimization, and cost reduction strategies. He holds a Bachelor of Science in Mining Engineering from Queen's University and is a registered Professional Engineer.

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The key risks to Largo's business (LGO) include a precarious financial position, sustained low vanadium prices due to market oversupply, and the impact of U.S. tariffs on its Brazilian imports.

1. Financial Distress and Liquidity Issues: Largo is grappling with significant financial challenges, evidenced by limited working capital, a concerning current ratio of 0.51, and negative gross margins. The company has rapidly depleting cash reserves and requires additional financing to meet its liabilities, support working capital, and maintain its "going concern" status. Its Altman Z-Score indicates significant financial distress and a risk of bankruptcy. While some short-term financing has been secured, it only moderately improves their financial situation.
2. Depressed Vanadium Prices and Market Oversupply: Largo's profitability is severely affected by the global vanadium market, which is experiencing oversupply, primarily from China and Russia, leading to sharply declining and volatile prices. This has resulted in Largo's production costs sometimes exceeding current vanadium prices, compressing margins and reducing operating cash flow.
3. U.S. Tariffs on Brazilian Imports: An increase in U.S. tariffs on imports from Brazil, effective August 2025, from 10% to 50% has negatively impacted Largo's high-purity vanadium sales to U.S. customers. This has led to delayed shipments and some contract defaults, affecting a crucial part of their sales strategy.

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Largo (LGO) primarily operates in the global vanadium and energy storage markets, with a growing presence in the ilmenite market.

Vanadium Products

Largo is a significant supplier of high-quality vanadium products, including VPURE+, VPURE, ferrovanadium, vanadium carbon nitride, and vanadium pentoxide. These products are utilized across various industries such as steel, aerospace, and chemical catalysts.

• The global vanadium market was valued at approximately USD 3.46 billion in 2024 and is projected to reach USD 4.89 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. This market size is for the global region.
• Specifically, the global high-purity vanadium market, which is relevant for Largo's premium products, was valued at approximately USD 2.5 billion in 2023 and is projected to reach around USD 4.5 billion by 2032, growing at a CAGR of 6.5%. This market size is for the global region.

Vanadium Redox Flow Batteries (VRFB) / Energy Storage Solutions

Through Largo Clean Energy, Largo offers long-duration vanadium redox flow battery systems for the renewable energy storage market.

• The global vanadium redox flow battery market was estimated at USD 394.7 million in 2023 and is projected to reach USD 1,379.2 million by 2030, growing at a CAGR of 19.7% from 2024 to 2030. This market size is for the global region.

Ilmenite Products

Largo is ramping up production at its ilmenite concentrate plant, diversifying its product portfolio. Ilmenite is a critical material used primarily for titanium dioxide production.

• The global titanium market, which includes titanium dioxide derived from ilmenite, is estimated to be USD 24.84 billion in 2025 and is projected to reach USD 29.87 billion by 2030, growing at a CAGR of 3.8%. This market size is for the global region.

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1. Increased Vanadium Production and Sales: Largo has demonstrated a focus on enhancing its core vanadium mining operations. The company reported its highest quarterly vanadium production in seven quarters in Q3 2024, an increase of 42% compared to Q3 2023. Continuous operational improvements and efficiencies in the Maracás Menchen Mine are expected to sustain high production levels and contribute to revenue growth, assuming favorable market conditions for vanadium products.
2. Expansion of Ilmenite Production and Sales: Largo is significantly expanding its ilmenite concentrate plant. The installation of additional flotation cell circuits is expected to increase annual capacity from 42,000 tonnes to 115,000 tonnes, with a ramp-up to expanded production levels anticipated by year-end 2025. This expansion and the growing demand for ilmenite are expected to build a stable, diversified revenue stream alongside the vanadium business.
3. Advancement in Vanadium-Based Energy Storage Solutions (Largo Clean Energy): Largo is strategically evaluating its U.S.-based clean energy business, including its advanced VCHARGE vanadium battery technology, to maximize the organization's value. While facing initial capital investment needs, initiatives like Largo Physical Vanadium (LPV) aim to reduce upfront capital expenditure for battery systems, potentially by 40%-50%, making vanadium battery projects more attractive and creating new demand for Largo's vanadium.
4. Potential Monetization of Tungsten Projects: Largo is actively exploring opportunities to unlock the value of its tungsten projects, including the Northern Dancer tungsten-molybdenum project in Canada and the Currais Novos tungsten project in Brazil. Should these strategic alternatives materialize, they could represent a new source of revenue diversification for the company within the next 2-3 years.

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Share Issuance

• In October 2025, Largo completed a registered direct offering of 14,262,309 common shares at US$1.22 per share, generating gross proceeds of US$17.4 million.
• Concurrently in October 2025, Largo issued unregistered warrants to purchase an equal number of common shares (14,262,309) at US$1.22 per share in a private placement.
• Arias Resource Capital Fund III L.P., an affiliate of Largo's largest shareholder, provided US$6 million in financing by acquiring 4,918,033 common shares and an equal number of warrants in the concurrent private placement. This transaction, combined with the direct offering, led to a dilution of shareholders by almost 30% from the pre-deal share count.

Inbound Investments

• In October 2025, Largo secured US$23.4 million through a combination of a registered direct offering and a private placement, including a US$6 million commitment from Arias Resource Capital Fund III L.P.
• In December 2023, Largo obtained a US$10.0 million debt facility from a Brazilian bank to fund working capital requirements.
• The company also secured a US$10 million factoring facility and a US$6 million secured loan to support its working capital through discussions with private equity parties and investment banks.

Outbound Investments

• Largo is 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 solutions in the U.S.
• Largo Clean Energy's investment in Storion resulted in a net loss from investment in associate of US$1.434 million in Q2 2025 and US$2.276 million for the six months ended June 30, 2025.
• On February 3, 2022, Largo announced the creation of Largo Physical Vanadium Corp., in which Largo holds approximately 67% of the shares.

Capital Expenditures

• Cash used in investing activities was US$60.1 million in 2022, US$27.4 million in 2021, and US$18.1 million in 2020.
• In 2023, Largo's capital expenditure program was estimated at approximately US$50.5 million.
• A primary focus for capital expenditures has been the construction and ramp-up of the Ilmenite Plant, which was completed in July 2023, with initial ilmenite concentrate production starting shortly thereafter. In September 2025, Largo began installing additional flotation cell circuits to increase annual ilmenite capacity from 42,000mt to 115,000mt.