Largo announces operational update, adjustments to U.S. sales strategy

Largo (LGO) announces an operational update, adjustments to its U.S. sales strategy amid ongoing tariff measures, and a financing update. The Company reports sustained production levels during Q3 2025. In August 2025, the Company produced 931 tonnes of vanadium pentoxide equivalent, an improvement from 856 tonnes of V2O5 produced in July 2025. Largo produced 4,141 tonnes of ilmenite concentrate in July 2025 and 3,298 tonnes in August 2025 with TiO2 grades above 46%. In September 2025, the Company started the installation of additional flotation cell circuits to increase its capacity to 115,000mt from 42,000mt of ilmenite concentrate annually. The Company finances all of its inventory during transit and ferrovanadium conversion. The Company has recently been unable to deliver vanadium products under certain contracts due to the Company’s limited working capital. To address this situation, the Company had discussions with affected customers and is evaluating various other short-term financing solutions. The Company is evaluating opportunities to unlock its ownership in tungsten projects, given that tungsten is deemed a critical material by multiple jurisdictions, including the U.S. and Canada. Largo owns 100% of the Northern Dancer tungsten-molybdenum project in Yukon, Canada as well as its Currais Novos tungsten project in Brazil. The Company believes Cirque Capital LLC is in default of its payment obligations to the Company in connection with certain factoring transactions. The Company is seeking an amicable resolution of the default but reserves all its legal remedies.