Toronto-based Largo Resources, is a strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen mine in Brazil.
Largo Resources (TSX: LGO,OTCQX:LGORF) is very pleased to report record net income of C$90.7 million (C$0.17 per share) and cash flows provided before non-cash working capital items of C$77.7 million on revenues of C$103.3 million in the three-month period ended June 30, 2018.
Toronto-based Largo Resources, is a strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen mine in Brazil.
As quoted from the press release:
Q2 2018 Highlights
- Net income of C$90.7 million and earnings per share of C$0.17 after a deferred income tax recovery of C$45.6 million
- Revenues of C$103.3 million in Q2 2018, a 189 percent increase over Q2 2017 and a 13 percent increase over Q1 2018
- Cash provided before non-cash working capital items of C$77.7 million in Q2 2018, an increase of C$66.7 million over Q2 2017
- Total production of 2,458 tonnes of V2O5 in Q2 2018, a 13 percent increase over Q2 2017 and an 11 percent increase over Q1 2018
- Average Vanadium Pentoxide (V2O5) price of ~US$15.44/lb V2O5 in Q2 2018
- Cash balance at June 30, 2018 of C$84.2 million (excluding restricted cash of C$201.2 million)
“We are extremely pleased with our financial and overall operational performance during the second quarter of 2018. In continuing the success of Q1 2018, Largo recognized revenues of C$103.3 million during the quarter and achieved net income of $90.7 million, including a non-cash deferred income tax recovery of C$45.6 million. Importantly, because of this ongoing strong performance, our net debt level as at June 30, 2018 was approximately C$115 million, or approximately US$87 million,” said Mark Smith, President and CEO for Largo.
Click here to read the full announcement
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1811.09 | +0.82 | |
Silver | 21.11 | +0.03 | |
Copper | 4.16 | +0.06 | |
Palladium | 1946.01 | +11.99 | |
Platinum | 943.12 | +2.88 | |
Oil | 110.16 | +4.03 | |
Heating Oil | 3.76 | +0.03 | |
Natural Gas | 7.62 | -0.12 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.