Northwire Canada EditionWednesday, November 11, 2026
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Gold 3,991.80 −0.9% Silver 51.83 +1.2% Copper 6.27 +0.6% Oil 86.31 +0.3% Palladium 1,037.50 +1.6% TNR 0.425 +41.7% ORCL 0.030 +0.0% ELD 47.66 −5.5% OPW 0.140 −6.7% CDE 21.50 −0.9% AEM 265.44 −1.9% WDO 27.68 −2.3% BEA 0.090 +0.0% GAU 3.40 −4.6% BTO 7.36 −2.5% IMG 25.91 −1.6% BOL 0.055 −8.3% CNT 0.030 +0.0% EXN 0.245 −1.0% MNRG 0.075 +0.0% GSKR 2.78 −3.1% Gold 3,991.80 −0.9% Silver 51.83 +1.2% Copper 6.27 +0.6% Oil 86.31 +0.3% Palladium 1,037.50 +1.6% TNR 0.425 +41.7% ORCL 0.030 +0.0% ELD 47.66 −5.5% OPW 0.140 −6.7% CDE 21.50 −0.9% AEM 265.44 −1.9% WDO 27.68 −2.3% BEA 0.090 +0.0% GAU 3.40 −4.6% BTO 7.36 −2.5% IMG 25.91 −1.6% BOL 0.055 −8.3% CNT 0.030 +0.0% EXN 0.245 −1.0% MNRG 0.075 +0.0% GSKR 2.78 −3.1%
Earnings

Largo Reports Q4 and Full Year 2025 Operational and Sales Results; Provides 2026 Outlook and Vanadium Guidance; Reports Positive Precious Metals Results on Recent Copper Flotation Tests.

By The Northwire Desk — AI Analysis Feb 05, 2026 · 18:22 LGO · 1.67 Largo Inc.
LGO · Price

Executive Summary

  • Largo Inc. reported FY 2025 vanadium production of 9,150 t V₂O₅ equivalent (20.17 M lb), meeting its annual guidance range of 9,000‑11,000 t.
  • Q4 2025 V₂O₅ production surged 66.8% YoY to 2,961 t, while sales fell 21% due to U.S. tariffs on high‑purity vanadium imports.
  • The company disclosed positive copper‑PGM flotation test results and announced suspension of ilmenite production guidance for 2026 while evaluating a combined copper/PGM‑ilmenite operation.
  • Updated 2026 production and sales guidance was provided, projecting up to 12,000 t V₂O₅ equivalent production and up to 9,500 t sales for the year.

Key Details

  • FY 2025 Production & Sales
  • V₂O₅ equivalent produced: 9,150 t (20.17 M lb) vs. 9,264 t in 2024.
  • V₂O₅ equivalent sold: 8,686 t vs. 9,600 t in 2024; within 2025 sales guidance of 7,500‑9,500 t.

  • Global V₂O₅ recovery improved to 80.1% (up from 76.4% in 2024).

  • Q4 2025 Highlights

  • Production: 2,961 t V₂O₅ equivalent (+66.8% YoY).
  • Sales: 2,396 t V₂O₅ equivalent (‑21% YoY) – impact of U.S. tariffs on high‑purity imports.

  • Ilmenite concentrate produced: 7,328 t; sold: 12,930 t.

  • Metallurgical Test Results

  • Copper flotation tests (45 runs) yielded a composite concentrate with:
    • Cu 18.4%
    • Au 9.1 g/t, Pt 6.6 g/t, Pd 5.4 g/t, Ag 66 g/t
    • Co 0.52%, Ni 0.55%

  • Larger‑scale ilmenite circuit test prompted suspension of 2026 ilmenite production guidance pending evaluation of combined copper/PGM operation.

  • Vanadium Market Update (Q4 2025)

  • Europe V₂O₅ price: $5.85/lb (+9.55% YoY).
  • U.S. ferrovanadium price: $23.98/kg (‑8.54% YoY).

  • European ferrovanadium price: $23.85/kg (‑8.62% YoY).

  • Operational Metrics

  • Total ore mined FY 2025: 2,209,355 t (vs. 2,249,759 t in 2024).
  • Effective ore grade FY 2025: 0.50% V₂O₅ (down from 0.63% in 2024).

  • Concentrate produced FY 2025: 385,271 t (vs. 389,520 t in 2024).

  • 2026 Guidance

  • H1 2026 V₂O₅ production target: 5,391 t (up 51.7% vs. H1 2025).
  • Full‑year 2026 production range: 10,500‑12,000 t V₂O₅ equivalent.
  • Full‑year 2026 sales range: 7,500‑9,500 t (excluding purchased material and prior inventory supply agreement).

  • Expected ore availability increase to 2.5 M t in 2026 (+14% vs. 2025).

  • Other Updates

  • Initial payment under the Iron Ore Calcine Sale Agreement moved from Jan 30 2026 to Feb 9 2026.
  • Approximately 14% of FY 2025 V₂O₅ production derived from circular practices (tailings reprocessing, heap leach).

Notable Quotes

  • Daniel Tellechea, Co‑CEO: Emphasized operational efficiencies and cost reductions despite tariff impacts, noting the second half of 2025 “made up for” early‑year production shortfalls.
  • J. Alberto Arias, Co‑CEO: Highlighted the strategic shift to explore copper/PGM production using ilmenite flotation infrastructure, leading to a suspension of ilmenite guidance for 2026.
Read the original news release →

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