Largo (LGO) Investor Presentation summary

Market dynamics and demand outlook

• Over 80% of global vanadium supply comes from Russia and China, making the market vulnerable to geopolitical risks and supply disruptions.

• New Chinese rebar standards and the global energy transition are expected to drive vanadium demand up by over 500% by 2050 under net zero scenarios.

• Current mining investments are insufficient to meet future demand, with a projected need for 300,000 metric tons by 2050.

• Aerospace and defense sectors are increasing demand for high-purity vanadium due to supply chain challenges.

• Vanadium prices have reached record highs due to supply disruptions and regulatory changes.

Operational strengths and cost leadership

• Vertically integrated operations from mining to processing ensure reliable, high-purity vanadium and ilmenite supply.

• Recognized as one of the lowest-cost vanadium producers globally, with Q4 2024 operating costs down 30% year-over-year.

• Adjusted cash operating costs excluding royalties improved to $3.05/lb V2O5 in Q4 2024.

• Ongoing cost reduction and productivity initiatives at the Maracás Menchen Mine support strong margins.

Resource base and production guidance

• Proven and probable mineral reserves total 104.78 Mt, with a 30-year mine life and significant increases in contained vanadium and titanium dioxide.

• 2024 vanadium production was 9,264 tonnes, with 2025 guidance set at 8,500–10,500 tonnes.

• Ilmenite production reached 44,863 tonnes in 2024, with 2025 guidance of 25,000–35,000 tonnes.

• Updated NI 43-101 Technical Report confirms long-term resource growth and exploration potential.