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.

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.