Largo (LGO) Q1 2026 earnings summary

Executive summary

• Vanadium pentoxide (V205) production in Q1 2026 rose 101.7% year-over-year to 2,616 tonnes, driven by operational improvements and higher ore grades at the Maracás Menchen Mine.

• Sales of V205 equivalent increased 3.6% to 2,141 tonnes compared to Q1 2025, with ilmenite concentrate sales up 32.7% to 11,477 tonnes.

• Filed a request with the Brazilian Mining Agency to produce and sell copper, PGMs, nickel, and cobalt as by-products, supported by positive assay results from flotation concentrate tests.

• Leadership changes include the appointment of a sole Chief Operating Officer and promotion of a new Group General Counsel.

Financial highlights

• Total ore mined in Q1 2026 increased 90.8% year-over-year to 852,046 tonnes, with an effective ore grade of 0.48% V205 versus 0.41% in Q1 2025.

• Concentrate produced more than doubled to 119,444 tonnes, while global recovery was 76.3% compared to 77.8% a year earlier.

• High purity V205 equivalent production dropped to 1% from 40% in Q1 2025.

Outlook and guidance

• Q2 2026 revenues expected to benefit from higher vanadium prices and reduced U.S. tariffs, with most high-purity inventory sales to be recognized in Q2.

• Management anticipates continued operational improvements and stronger sales performance for the remainder of 2026.