Largo studies copper byproduct potential; extends loan

Executive Summary

• Largo Inc. has initiated geological and metallurgical studies to assess the continuity and recoverability of copper mineralization at its Maracas Menchen vanadium deposits in Brazil.
• Preliminary internal flotation tests, originally designed for Platinum Group Metals (PGMs), yielded promising results for copper recovery, suggesting copper could be a valuable byproduct alongside vanadium and titanium.
• The company is re-evaluating historical data from 351 drill holes and plans an infill drilling program to better define copper grade distribution north and south of the Campbell pit.

Key Details

• Copper Mineralization Data: A review of the database includes 351 drill holes and 1,063 samples with copper grades ranging from 0.1% to 1.5% Cu, averaging 0.153% Cu across a cumulative drill core length of 14,358 meters.
• Metallurgical Findings: Internal geometallurgical analysis correlates copper grades with non-magnetic particles of the vanadium ore. The magnetic separation stage of the current vanadium process may be concentrating copper in the non-magnetic fraction, which feeds into the ilmenite flotation plant.
• Recovery Potential: Preliminary internal flotation tests showed favorable initial results for copper recovery. Management notes that with current record copper prices, copper may be more valuable per ton of feedstock than ilmenite itself.
• PGM Status: Assays for Platinum and Palladium from the flotation tests are pending due to longer processing times in certified external laboratories.
• Future Work: The geology team is conducting a re-evaluation and reanalysis of previous exploration work, including a focused infill drilling initiative to understand copper grade distribution.
• Technical Reporting: The project currently holds NI 43-101 technical reports for vanadium and titanium only; no mineral resources or reserves are disclosed for copper or PGMs. The company is initiating studies to support a future update of resources/reserves.
• Laboratories: Sample preparation and analysis were conducted at SGS-Geosol and ALS Global (ISO/IEC 17025-accredited). Copper concentrate samples were verified by an independent external laboratory.

Notable Quotes

• Alberto Arias, Co-CEO: "The preliminary copper recovery results from the Maracas Menchen mine, developed internally, are encouraging and align with our strategy to recover as many byproducts as possible from our current operations to enhance the long-term competitiveness of our primary vanadium business... With the copper recovery opportunity and the current record copper prices, copper may be significantly more valuable per ton of feedstock to the ilmenite flotation plant than the value derived from ilmenite itself."
• Daniel Tellechea, Co-CEO: "Our team is currently working on reviewing the database as part of a re-evaluation and reanalysis program of previous exploration work related to copper, along with a focused infill drilling initiative aimed at gaining a deeper understanding of the copper grade distribution in deposits to the north and south of the Campbell pit."