Largo (LGO) investor relations material

Platform and operations

• Vertically integrated vanadium operation runs from the Maracás Menchen Mine in Bahia, Brazil, through processing and global product delivery; estimated mine life exceeds 30 years based on current proven and probable reserves.

• Copper-PGM concentrate production is ramping up using existing ilmenite infrastructure; initial guidance is 300–380 tonnes/month at expected grades of 16%–22% Cu, 41 g/t combined gold, platinum and palladium, and 53 g/t silver.

• Approximately 14% of 2025 production came from reprocessed materials; copper, PGMs and ilmenite are recovered from vanadium-production tailings.

Q2 2026 performance

• V₂O₅-equivalent production rose 28.5% YoY to 2,900 tonnes and 10.9% QoQ; ore mined increased 47% YoY to 712,198 tonnes at an effective grade of 0.50% V₂O₅.

• V₂O₅-equivalent sales increased 53.5% YoY to 2,773 tonnes, including 61 tonnes of purchased product.

• Revenue rose to US$44.0M from US$26.1M in Q2 2025; adjusted EBITDA was US$2.7M versus US$0.03M, while mining adjusted EBITDA was US$4.4M versus US$2.7M.

• Cash operating costs excluding royalties were US$5.10/lb; adjusted cash operating costs excluding royalties were US$4.12/lb, with higher input costs pressuring unit costs.

2026 guidance and market access

• 2026 guidance maintained at 10,500–12,000 tonnes V₂O₅-equivalent production, 7,500–9,500 tonnes sales and adjusted cash costs excluding royalties of US$3.50–4.50/lb.

• Five-year DLA IDIQ contract covers up to 2,876 tonnes of high-purity V₂O₅ for the U.S. Defense Stockpile, within a shared US$125M ceiling; the initial firm-priced order is US$60.1M through January 2030.

• DLA pricing is at a premium to 2026 benchmark V₂O₅ indexes, escalating 10% annually thereafter; the presentation identifies the supplier as qualified after DLA technical, quality and commercial review.

• Since July 22, 2026, Brazilian VO exports remain exempt from the new 25% U.S. tariff, while directly exported FeV is subject to the duty; high-purity VO deliveries are being prioritized.