Battery Metals

Largo Resources Ltd. announces that it will hold a Special Meeting of Shareholders on Monday, March 1, 2021. The Company has set the Record Date for the Special Meeting on January 25, 2021. The purpose of the Special Meeting is to seek authorization from the Company’s shareholders to enable the Board of Directors to consider a consolidation of the Company's issued and outstanding common shares at a ratio of up to ...

Largo Resources Ltd. (" Largo " or the " Company ") (TSX: LGO) (OTCQX: LGORF) announces that it will hold a Special Meeting of Shareholders (the " Special Meeting ") on Monday, March 1, 2021. The Company has set the Record Date for the Special Meeting on January 25, 2021.

The purpose of the Special Meeting is to seek authorization from the Company's shareholders to enable the Board of Directors (the " Board ") to consider a consolidation of the Company's issued and outstanding common shares (" Common Shares ") at a ratio of up to one post-consolidation share for every ten pre-consolidation shares. Concurrent with the Special Meeting and related to the proposed share consolidation, the Company's Board is also considering a potential listing of the Company's shares in the United States (" U.S. ") with the view of increasing access to U.S. capital markets and enhancing overall shareholder value—particularly as the Company continues to strategically develop its recently launched U.S.-based Largo Clean Energy division into an industry-leading, vertically integrated vanadium redox flow battery business.

Any authority of the Board to consolidate the shares is conditional upon the prior approval of the Company's shareholders and the Toronto Stock Exchange (the " TSX "). Additional information, including the time and instructions for virtually accessing and voting at the Special Meeting will be provided at a later date. Further, a Management Information Circular for the upcoming Special Meeting will be mailed to shareholders and filed by the Company on SEDAR.

About Largo Resources

Largo Resources is a leading, vertically integrated provider of cleantech solutions through its high-quality vanadium products. Largo can service multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its world-class VCHARGE± vanadium redox flow battery systems. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".

For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com .

For additional information on Largo Clean Energy, please visit www.largocleanenergy.com .

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Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this press release.

Forward-looking Information:

This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of application Canadian securities legislation ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, the approval of the share consolidation and the ultimate consolidation ratio selected, the Company's intention and ability to list on a United States stock exchange, and the anticipated benefits of completing a share consolidation and United States stock exchange listing. 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". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in Largo's annual information form and in its annual and interim MD&As filed to its profile on www.SEDAR.com . 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.

Alex Guthrie
Senior Manager, External Relations
aguthrie@largoresources.com
Tel: +1 416-861-9797

News Provided by Business Wire via QuoteMedia

Largo Appoints Energy Sector Executive Stephen Prince as President of its Clean Energy Division

Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce the appointment of Mr. Stephen Prince as President of Largo Clean Energy ("LCE"). Mr. Prince will be replacing Mr. Ian Robertson who was appointed as Interim President of LCE on July 22, 2021, while Largo conducted a formal search for a permanent replacement. Mr. Robertson will continue to serve as Co-Chair of the Company's Board of Directors and Chair of its Clean Energy Committee.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220118005242/en/

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Largo Reports Fourth Quarter and Full Year 2021 Operational Results; Sales Exceeds Lower End of Guidance Despite Rain-Related Production Disruption in November-December; Provides 2022 Guidance

All amounts expressed are in U.S. dollars, denominated by "$".

Q4 and FY 2021 Highlights

  • Quarterly sales of 2,899 tonnes of V 2 O 5 equivalent in Q4 2021 vs. 3,751 tonnes in Q4 2020; Annual V 2 O 5 equivalent sales of 11,393 tonnes in 2021, representing an 11% increase over 2020 and exceeding lower-end of 2021 V 2 O 5 sales guidance (11,200 – 11,800 tonnes)
  • Quarterly V 2 O 5 production of 2,003 tonnes (4.4 million lbs 1 ) in Q4 2021 vs. 3,340 tonnes in Q4 2020, which was the Company's historic record quarterly production; Annual V 2 O 5 production of 10,319 tonnes (22.7 million lbs 1 ) in 2021 vs. 11,825 tonnes in 2020
  • Quarterly global V 2 O 5 recovery of 76.0% in Q4 2021 vs. 80.6% in Q4 2020; Annual global V 2 O 5 recovery of 79.7% in 2021 vs. 81.4% in 2020
  • Q4 2021 operational results were impacted by heavy rainfall at the Company's Maracás operations in November and December

2022 Guidance

  • Operating, Sales and Cost Guidance:
    • V 2 O 5 Equivalent Production and Sales of 12,000 – 12,750 tonnes
    • Cash Operating Cost Excluding Royalties 4 of $3.20 – 3.40/lb V 2 O 5 sold
    • Vanadium Distribution Costs of $7.0 – 8.0 million
    • Corporate and Sales & Trading G&A of $10.0 – 11.0 million
    • Largo Clean Energy G&A of $15.0 – 18.0 million
  • Capital Expenditures Guidance:
    • Sustaining 5 of $9.0 – 10.0 million
    • Ilmenite Concentration Plant of $29.0 – 30.0 million
    • Titanium Dioxide ("TiO 2 ") Pigment Processing Plant of $9.0 – 10.0 million
    • Capitalized Stripping of $10.0 – 11.0 million
    • Carry-Over of $2.0 – 3.0 million
    • Largo Clean Energy capital expenditures of $1.5 – 2.5 million
  • The Company expects to deliver its first VCHARGE vanadium redox flow battery ("VRFB") sales contract with Enel Green Power España in Q3 2022
  • Planned 6-day Maracás processing shutdown in January: The Company has planned this to perform maintenance on its plant cooler engine system and power substations; V 2 O 5 equivalent production is expected to be in the range of 750 – 800 tonnes in January

Largo Inc. (" Largo " or the " Company ") ( TSX: LGO ) ( NASDAQ: LGO ) today announces annual production of 10,319 tonnes (22.7 million lbs 1 ) of vanadium pentoxide ("V 2 O 5 ") and sales 11,393 tonnes of V 2 O 5 equivalent from its Maracás Menchen Mine in 2021.

Paulo Misk, President and CEO of Largo, stated: "Despite encountering global logistical delays throughout the year and heavy rains in Brazil in Q4 2021, our team adapted to the challenges presented and managed to exceed the lower range of the Company's vanadium sales guidance in 2021. I am also pleased to report the Company had a strong finish to the year with V 2 O 5 equivalent sales of 1,029 tonnes in December. Abnormally elevated levels of rainfall in November and December significantly impacted operational results at the MaracásMenchen Mine in Q4 2021 which our operations team worked diligently to implement an effective divert channel system that is expected to prevent heavy rainfall impacts in the future. The Company returned to normalized production levels following the planned 6-day maintenance shutdown which took place early in January."

He concluded: "Looking ahead, the Company remains focused on completing a significant milestone following the delivery of its first VCHARGE VRFB to Enel in Q3 2022 and will begin executing Phase 1 of its operational plan as presented in the Company's recently released technical report for the Maracás complex in Brazil. We believe the expected incremental cash flows generated by the production and sale of ilmenite concentrate and TiO 2 pigment and future planned expansion of vanadium production will provide clear value creation upside to our shareholders going forward. 2022 will undoubtedly present new challenges for our team but we remain focused on the tremendous growth opportunity that exists in our profitable vanadium business and our vanadium-based energy storage business from the deployment of additional VRFB systems expected in the years ahead."

Maracás Menchen Mine Operational and Sales Results

Q4 2021

Q4 2020

2021

2020

Total Ore Mined (tonnes)

277,783

338,226

1,248,967

1,087,518

Ore Grade Mined - Effective Grade (%) 2

1.00

1.18

1.12

1.29

Concentrate Produced (tonnes)

86,129

108,609

398,847

412,661

Grade of Concentrate (%)

3.13

3.24

3.23

3.28

Global Recovery (%) 3

76.0%

80.6

79.7

81.4

V 2 O 5 produced (Flake + Powder) (tonnes)

2,003

3,340

10,319

11,825

V 2 O 5 produced (equivalent pounds) 1

4,415,854

7,363,431

22,749,473

26,069,631

Total V 2 O 5 equivalent sold (tonnes)

2,899

11,393

Produced V 2 O 5 equivalent sold (tonnes)

2,843

10,864

Purchased V 2 O 5 equivalent sold (tonnes)

56

3,751

529

10,260

Q4 and FY 2021 Operational Highlights

  • Operational Results Largely Impacted by Heavy Rainfall in Maracás: Production from the MaracásMenchen Mine was 2,003 tonnes of V 2 O 5 in Q4 2021, representing a decrease of 40% over Q4 2020, which was historically the Company's strongest production quarter. Lower quarterly production was due to heavy rainfall at the Company's Maracás operation in November and December. Annual V 2 O 5 production was 10,319 tonnes in 2021, being 13% lower than 2020. Lower annual production was due to the commissioning and ramp up activities associated with the Company's kiln and cooler upgrades in Q1 2021 and heavy rainfall in November and December. In Q4 2021, global recoveries 3 averaged 76.0% as compared to the 80.6% averaged in Q4 2020. The Company achieved an annual average global V 2 O 5 recovery 3 rate of 79.7% in 2021, representing a 2.0% decrease over the 81.4% averaged in 2020. The Company mined 1,248,967 tonnes of ore with an effective V 2 O 5 grade 2 of 1.00% in 2021 compared to 1,087,518 tonnes with an effective V 2 O 5 grade 2 of 1.29% in 2019. The decrease in global recoveries 3 and mined ore in 2021 is primarily due to the impacts mentioned above.
  • Lower End of Annual Sales Guidance Met: In Q4 2021, V 2 O 5 equivalent sales were 2,899 tonnes, representing a 23% decrease over Q4 2020. Total V 2 O 5 equivalent sales of 11,393 tonnes in 2021 exceeded the lower end of the Company's 2021 annual sales guidance (11,200 – 11,800 tonnes) and were 11% higher than total sales in 2020. The Company continued to navigate challenges presented by global logistical delays in Q4 2021, which have impacted all aspects of the Company's supply chain.
  • Summary of Rainfall Effects and Drainage Improvements: During November and December, higher than expected rain volume of approximately 580 millimeters fell in Maracás, representing an increase of 690% over monthly rainfall average (2014 – 2020) and 360% over the rainfall average for the Q4 period (2014 – 2020). Following impacts in Q4 2021 from abnormally higher rainfall levels, the Company installed a rainwater diversion system surrounding the Campbell Pit and has revamped its pumping system. The Company expects that these actions will prevent future impacts to operations from higher-than-expected rainfall.
  • Vanadium Trioxide ("V 2 O 3 ") Plant: In Q4 2021, the Company completed the ramp up of its V 2 O 3 plant and provided samples to prospective clients for product specification analysis. The Company expects to begin shipping V 2 O 3 to customers in Q1 2022.

2022 Production, Sales and Cost Guidance

The Company has provided solid production, sales and cost guidance for 2022 and management expects to maintain its global competitive position in the vanadium sector. A table summarizing 2022 production, sales and cost guidance has been provided below:

V 2 O 5 Equivalent Production and Sales (tonnes)

12,000 – 12,750

Cash Operating Cost Guidance Excluding Royalties ($/lb sold) 4

$3.20 – 3.40

Vanadium Distribution Costs

$7.0 – 8.0 million

Corporate and Sales & Trading Selling, General and Administrative Expenses

$10.0 – 11.0 million

Largo Clean Energy General and Administrative Expenses

$15.0 – 18.0 million

2022 Capital Expenditures Guidance

In 2022, the Company plans to invest approximately $64.0 million on capital expenditures of which approximately $2.0 million has been carried over from the 2021 capital expenditures budget. The $64.0 million capital expenditure budget includes approximately $9.5 million for sustaining capital requirements, $10.5 million for capitalized stripping, $29.5 million for the construction of the Company's ilmenite concentration plant, $9.5 million for its TiO 2 processing plant and $2.0 million for additional LCE development. For its ilmenite concentration plant project, the Company's current capex plans increased by $6.8 million versus its prior estimate (see press release dated March 18, 2021) due to the incorporation of improvements in its ilmenite concentration which should increase ilmenite concentrate grades to above 45% TiO 2 from 40%. The increase in overall capital expenditures versus prior years will allow Largo to advance its planned growth projects to enhance future profitability and market competitiveness. The Company expects to fund these capital expenditure projects through internal cash flows.

Sustaining Capital Expenditures 5

$9.0 – 10.0 million

Capitalized Stripping Capital Expenditures

$10.0 – 11.0 million

Ilmenite Concentration Plant Capital Expenditures

$29.0 – 30.0 million

TiO 2 Processing Plant Capital Expenditures

$9.0 – 10. million

Carry-Over Capital Expenditures

$2.0 – 3.0 million

Largo Clean Energy Capital Expenditures

$1.5 – 2.5 million

About Largo

Largo has a long and successful history as one of the world's preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil. Following the acquisition of vanadium redox flow battery technology in 2020, Largo is undergoing a strategic transformation to vertically integrate its world-class vanadium products with its VCHARGE vanadium battery technology to support the planet's on-going transition to renewable energy and a low carbon future. Largo's VCHARGE batteries are uniquely capable of supporting reliability and grid stability as electricity systems move away from fossil-fuel generation. VCHARGE batteries are cost effective due to a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan.

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 .

Forward-looking Information:

This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of applicable Canadian securities legislation ("forward-looking statements"). 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 timing of V 2 O 3 shipments ; costs of future activities and operations; the incremental cash-flow to be generated by the production and sale TiO 2 pigment and expanded vanadium production; the successful vertical integration of the Company; timing and cost related to the build-out of the ilmenite plant and TiO 2 pigment processing plant; the extent of capital and operating expenditures; the continued impact of heavy rainfall on operations at the Maracás Menchen Mine and the success of our mitigation efforts; the impact of global delays and related price increases on the Company's global supply chain and future V2O5 equivalent sales. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to protect and develop our technology, our ability to maintain our IP, our ability to market, sell and deliver our VCHARGE± battery system on specification and at a competitive price, our ability to secure the required production resources to build our VCHARGE± battery system, , the timing of completion of the product development and stack manufacturing facility in Massachusetts and the adoption of VRFB technology generally in the market. 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". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy 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.sedar.com and 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&As 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 2022 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 2022 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-GAAP 6 Measures

The Company uses certain non-GAAP financial performance measures in this press release, which are described in the following section.

Cash Operating Costs

The Company's press release refers to cash operating costs per pound, a non-GAAP performance measure, 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 plan and prior periods, and 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, 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 product acquisition costs and inventory write-downs. These costs are then divided by the pounds of vanadium sold that were produced by the Maracás Menchen Mine to arrive at the cash operating costs per pound. Prior to 2020, these costs were divided by the pounds of production from the Maracás Menchen Mine, rather than pounds sold. These measures, along with revenues, are considered to be one of the key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These cash operating costs measures do not have any standardized meaning prescribed by IFRS and differ from measures determined in accordance with IFRS. 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. These measures are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.

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Top Vanadium Stocks on the TSX, TSXV and CSE

Click here to read the previous top vanadium stocks article.

The past few years have brought renewed interest in vanadium and the top vanadium stocks. Experts anticipate that the battery metal, which is used mainly as an alloy in steel manufacturing, will see an uptick in demand thanks to its increased use in the energy storage sector.

The silvery-gray metal's rise to prominence has piqued the interest of analysts and investors who see the value in a battery metal that is safer, longer-lasting and more durable than lithium.

Once considered a mere by-product of uranium mining, in recent years the market has seen renewed focus and respect for this industrial metal with a lot of battery potential.

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Vanadium Outlook 2022: Battery Demand Poised to Grow, Supply Threats Mount

Click here to read the previous vanadium outlook.

After a year of uncertainty, experts were expecting demand for vanadium to improve in 2021 as economies recovered from the COVID-19 pandemic.

Most vanadium production is used in China for steel applications, particularly the high-strength, low-alloy steel used to make construction rebar.

As the year comes to an end, what can investors expect for vanadium in 2022? Read on to learn more about its performance in 2021, as well as what market watchers had to say about the vanadium outlook for next year.

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Largo Announces Filing of Technical Report for the Updated Life of Mine Plan and Pre-Feasibility Study on its Maracás Menchen Mine

All amounts expressed are in U.S. dollars, denominated by "$"

Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce it has filed its National Instrument 43-101 ("NI 43-101") technical report titled An Updated Life of Mine Plan ("LOMP") for Campbell Pit and Pre-Feasibility Study for GAN and NAN Deposits, dated December 16, 2021 (the "Technical Report"), in respect of the Company's Maracás Menchen Mine in Brazil. The Technical Report supports the disclosure made by the Company in its press release dated November 3, 2021.

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closeup of a periodic table of elements focused on vanadium

Vanadium in Australia

The metal vanadium is an important one due to its non-corrosive properties and use in many industries. However, its nature makes it rarer than many other industrial metals. Read on to learn more about the rare metal and which current and upcoming projects in Australia are focused on it.

Vanadium was discovered in 1801 by scientist Andrés Manuel del Rio and was named after the Norse goddess Freyja, whose old Norse name is Vanadis. Vanadium is a non-corrosive, silver-gray transition metal with high malleability. Due to its naturally unstable state, pure vanadium is rarely found in nature.

The metal is more often embedded within compounds, such as vanadinite, carnotite, patronite and phosphate, as well as some iron ores and crude oils. Overall, vanadium is present in around 65 different minerals that naturally occur in trace amounts in some rock formations. It is generally produced by reducing vanadium oxide with calcium.

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