$49 Million Government Grant Agreement Executed

Extra Firm Updates

• This autumn and Full Yr 2022 Operational Outcomes : Manufacturing of two,004 tonnes of V ₂ O ₅ in This autumn 2022 was according to the two,003 tonnes of V ₂ O ₅ produced in This autumn 2021, primarily on account of diminished large ore stock arising from the transition in mining contractors in Q3 2022 and on account of unusually heavy rainfall in December 2022. In This autumn 2022, the Firm produced 839 V ₂ O ₅ equal tonnes of excessive purity merchandise, together with 650 tonnes of excessive purity V ₂ O ₅ and 189 tonnes of excessive purity vanadium trioxide (“V ₂ O ₃ “). This represented 42% of the whole quarterly manufacturing. In 2022, the Firm produced 1,801 V ₂ O ₅ equal tonnes of excessive purity merchandise, together with 1,368 tonnes of excessive purity V ₂ O ₅ and 433 tonnes of excessive purity V ₂ O ₃ . In This autumn 2022, 326,552 tonnes of ore have been mined with an efficient grade ⁴ of 0.96% of V ₂ O ₅ . The ore mined in This autumn 2022 was 18% larger than in This autumn 2021. The Firm produced 90,797 tonnes of focus with an efficient grade ⁴ of two.94%. The worldwide restoration ⁵ achieved in This autumn 2022 was 74.7%, a lower of 1.7% from the 76.0% achieved in This autumn 2021 and seven.4% decrease than the 80.7% achieved in Q3 2022. The worldwide restoration ⁵ in October 2022 was 75.0%, with 67.8% achieved in November 2022 and 80.8% achieved in December 2022.
• Continued Concentrate on ESG in 2022 : The Firm continued to enhance its general Environmental, Social and Governance (“ESG”) efficiency and public disclosures in 2022. That is mirrored in extra improved rankings and scores, most notably its S&P International Company Sustainability Evaluation (“CSA”) ranking having improved roughly 38%, putting the Firm within the high quartile of its mining peer group for 2022. This enchancment was largely pushed by updates to Largo’s governance of ESG, together with new insurance policies, ESG oversight on the Board stage and climate-related disclosures, in addition to improved responses associated to the Firm’s on-going environmental compliance in Brazil. The Firm expects to subject its 2022 sustainability report in late Q2 2023.
• Largo Clear Vitality Current Developments: Throughout This autumn 2022, LCE continued to make important progress on the supply of the Enel Inexperienced Energy España (“EGPE”) contract, which stays a precedence focus. Considerably all of the {hardware} is both in transit to or is in Spain awaiting set up. The Firm shipped the remaining six of 12 electrolyte storage containers in early 2023 and the Area Service crew has been on web site in Q1 2023 and work is ongoing to put in and interconnect the AC and DC energy programs. Provisional acceptance, which requires the completion of as-build drawings, manuals, last punch-list objects, and operational testing by EGPE, is anticipated to be accomplished by the top of Might 2023. Moreover, LCE and Ansaldo proceed to give attention to the formation of a three way partnership for the manufacturing and business deployment of VRFBs within the European, African and Center East energy technology markets. The Firm’s beforehand introduced memorandum of understanding (“MOU”) has been prolonged to March 31, 2023, to permit for the negotiation and coming into right into a three way partnership and different ancillary agreements. Ansaldo and LCE proceed to develop a enterprise path for the three way partnership to service the European markets with Lengthy Length Vitality Storage (“LDES”).
• Ilmenite Focus Plant Progress: The Firm progressed with the development of its ilmenite focus plant at its Maracás Menchen Mine in This autumn 2022. The Firm obtained all required flotation constructions and is finalizing the constructing of its desliming, flotation, filtration, warehouse and pipe rack constructions ands expects commissioning of the plant to be accomplished in Q2 2023.
• January and February 2023 Manufacturing and Gross sales : Subsequent to This autumn 2022, the Firm produced 354 tonnes of V ₂ O ₅ in January and 843 tonnes in February. The Firm additionally offered 1,080 tonnes of V ₂ O ₅ equal (together with 68 tonnes of bought materials) in January 2023 and 750 tonnes (together with 11 tonnes of bought materials) in February. Manufacturing in January and February was largely impacted by low ore availability in as a result of heavy rains on the mine web site and deliberate upkeep of the kiln for its refractory refurbishment, with gross sales in February being impacted by a delay in gross sales recognition. The Firm expects to stay inside its quarterly manufacturing and gross sales steerage for Q1 2023.
• Largo Bodily Vanadium Replace: LPV’s web property are actually over 90% held in bodily vanadium merchandise and near-term supply commitments (roughly 2.9 million lbs of V ₂ O ₅ equal). The launch of LPV in September 2022 coincided with decrease vanadium costs, which allowed LPV to buy vanadium models at favorable market costs. LPV’s web asset worth (“NAV”) is now C$2.56 per share or 28% above the closing share worth of C$2.00 per share on March 8, 2023. LPV believes its NAV to share worth low cost gives present and new LPV buyers a beautiful funding case and shutting this disconnect is now LPV’s key focus. LPV administration are engaged on a broad advertising and marketing and communication marketing campaign to lift consciousness of its funding proposal.
• Director Resignation: Following the Firm’s beforehand introduced management change on February 16, 2023, Mr. Paulo Misk has resigned from his place as a Director of the Firm efficient March 7, 2023.

Annual 2022 Webcast and Convention Name Data

The Firm will host a webcast and convention name on Friday, March 10, 2023, at 1:00 p.m. ET, to debate its fourth quarter and annual 2022 outcomes and progress.

Particulars of the webcast and convention name are listed beneath:

To hitch the convention name with out operator help, it’s possible you’ll register and enter your cellphone quantity at https://bit.ly/3Yho3fJ to obtain an on the spot automated name again.

It’s also possible to dial direct to be entered to the decision by an Operator through dial-in particulars beneath.

A playback recording can be obtainable on the Firm’s web site for a interval of 60-days following the convention name.

The data supplied inside this launch ought to be learn along with Largo’s annual consolidated monetary statements for the years ended December 31, 2022 and 2021 and its administration’s dialogue and evaluation for the yr ended December 31, 2022 which can be found on our web site at www.largoinc.com or on the Firm’s respective profiles at www.sedar.com and www.sec.gov .

About Largo

Largo has an extended and profitable historical past as one of many world’s most well-liked vanadium firms by way of the availability of its VPURE ^TM and VPURE+ ^TM merchandise, that are sourced from one of many world’s highest-grade vanadium deposits on the Firm’s Maracás Menchen Mine in Brazil. Aiming to boost worth creation at Largo, the Firm can be implementing a titanium dioxide pigment plant utilizing feedstock sourced from its current operations along with advancing its U.S.-based clear power division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries comprise a wide range of improvements, enabling an environment friendly, protected and ESG-aligned lengthy period resolution that’s totally recyclable on the finish of its 25+ yr lifespan. Producing among the world’s highest high quality vanadium, Largo’s strategic marketing strategy is predicated on two pillars: 1.) main vanadium provider with a defined progress plan and a couple of.) U.S.-based power storage enterprise help a low carbon future.

Largo’s widespread shares commerce on the Nasdaq Inventory Market and on the Toronto Inventory Trade underneath the image “LGO”. For extra info, please go to www.largoinc.com .

Cautionary Assertion Relating to Ahead-looking Data:

This press launch accommodates “forward-looking info” and “forward-looking statements” inside the which means of relevant Canadian and United States securities laws. Ahead ‐ wanting info on this press launch contains, however isn’t restricted to, statements with respect to the timing and quantity of estimated future manufacturing and gross sales; the long run worth of commodities; prices of future actions and operations, together with, with out limitation, the impact of inflation and trade charges; the impact of unexpected gear upkeep or repairs on manufacturing; timing and value associated to the build-out of the ilmenite plant; the flexibility to provide vanadium trioxide based on buyer specs; the extent of capital and working expenditures; the affect of world delays and associated worth will increase on the Firm’s world provide chain and future gross sales of vanadium merchandise. Ahead ‐ wanting info on this press launch additionally contains, however isn’t restricted to, statements with respect to our skill to construct, finance and efficiently function a VRFB enterprise, the projected timing and value of the completion of the EGPE mission; our skill to guard and develop our expertise, our skill to take care of our IP, the competitiveness of our product in an evolving market, our skill to market, promote and ship our VCHARGE batteries on specification and at a aggressive worth, our skill to efficiently deploy our VCHARGE batteries in international jurisdictions; our skill to barter and enter right into a three way partnership with Ansaldo Inexperienced Tech on phrases passable to the Firm and the success of such three way partnership; the receipt of mandatory governmental permits and approvals on a well timed foundation, our skill to safe the required sources to construct and deploy our VCHARGE batteries, and the adoption of VRFB expertise typically available in the market.

The next are among the assumptions upon which forward-looking info is predicated: that basic enterprise and financial circumstances is not going to change in a cloth adversarial method; demand for, and steady or bettering worth of V2O5 and different vanadium commodities; receipt of regulatory and governmental approvals, permits and renewals in a well timed method; that the Firm is not going to expertise any materials accident, labour dispute or failure of plant or gear or different materials disruption within the Firm’s operations on the Maracás Menchen Mine or referring to Largo Clear Vitality, specifically in respect of the set up and commissioning of the EGPE mission; the supply of financing for operations and improvement; the flexibility to mitigate the affect of constant heavy rainfall; the Firm’s skill to acquire gear and working provides in enough portions and on a well timed foundation; that the estimates of the sources and reserves on the Maracás Menchen Mine are inside affordable bounds of accuracy (together with with respect to measurement, grade and restoration and the operational and worth assumptions on which such estimates are primarily based); the competitiveness of the Firm’s VRFB expertise; the flexibility to acquire funding by way of authorities grants and awards for the Inexperienced Vitality sector, the accuracy of price estimates and assumptions on future variations of VCHARGE battery system design, that the Firm’s present plans for ilmenite and VRFBs will be achieved; the Firm’s “two-pillar” enterprise technique can be profitable; the Firm’s gross sales and buying and selling preparations is not going to be affected by the evolving sanctions in opposition to Russia; and the Firm’s skill to draw and retain expert personnel and administrators; the flexibility of administration to execute strategic objectives.

Ahead-looking statements will be recognized by means of forward-looking terminology akin to “plans”, “expects” or “doesn’t anticipate”, “is anticipated”, “price range”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate”, or “believes”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “might”, “would”, “may” or “can be taken”, “happen” or “be achieved”. All info contained on this information launch, apart from statements of present and historic reality, is ahead wanting info. Ahead-looking statements are topic to recognized and unknown dangers, uncertainties and different components which will trigger the precise outcomes, stage of exercise, efficiency or achievements of Largo or Largo Clear Vitality to be materially completely different from these expressed or implied by such forward-looking statements, together with however not restricted to these dangers described within the annual info type of Largo and in its public paperwork filed on www.sedar.com and obtainable on www.sec.gov once in a while. Ahead-looking statements are primarily based on the opinions and estimates of administration as of the date such statements are made. Though administration of Largo has tried to determine essential components that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. There will be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. Largo doesn’t undertake to replace any forward-looking statements, besides in accordance with relevant securities legal guidelines. Readers also needs to overview the dangers and uncertainties sections of Largo’s annual and interim MD&As which additionally apply.

Emblems are owned by Largo Inc.

Annual 2022 Web Earnings Reconciliation

Non-GAAP Measures

The monetary statements and associated notes of Largo have been ready in accordance with Worldwide Monetary Reporting Requirements (“IFRS”) as issued by the Worldwide Accounting Requirements Board. This press launch accommodates non-GAAP monetary measures and non-GAAP ratios, which aren’t standardized monetary measures underneath IFRS, and won’t be similar to related monetary measures disclosed by different issuers. These measures are supposed to offer extra info and shouldn’t be thought of in isolation or as an alternative to measures of efficiency ready in accordance with IFRS.

Revenues Per Pound

The Firm’s press launch refers to revenues per pound offered, V ₂ O ₅ revenues per pound of V ₂ O ₅ offered, V ₂ O ₃ revenues per pound of V ₂ O ₃ offered and FeV revenues per kg of FeV offered, that are non-GAAP monetary measures which can be used to offer buyers with details about a key measure utilized by administration to observe efficiency of the Firm.

These measures, together with money working prices, are thought of to be key indicators of the Firm’s skill to generate working earnings and money stream from its Maracás Menchen Mine and gross sales actions. These measures differ from measures decided in accordance with IFRS, and usually are not essentially indicative of web earnings or money stream from working actions as decided underneath IFRS.

The next desk offers a reconciliation of revenues per pound offered, V ₂ O ₅ revenues per pound of V ₂ O ₅ offered, V ₂ O ₃ revenues per pound of V ₂ O ₃ offered and FeV revenues per kg of FeV offered to revenues and the income info offered in word 18 as per the 2022 annual consolidated monetary statements.

Money Working Prices and Money Working Prices Excluding Royalties

The Firm’s press launch refers to money working prices per pound and money working prices excluding royalties per pound, that are non-GAAP ratios primarily based on money working prices and money working prices excluding royalties, that are non-GAAP monetary measures, as a way to present buyers with details about a key measure utilized by administration to observe efficiency. This info is used to evaluate how properly the Maracás Menchen Mine is performing in comparison with plan and prior intervals, and likewise to evaluate its general effectiveness and effectivity.

Money working prices contains mine web site working prices akin to mining prices, plant and upkeep prices, sustainability prices, mine and plant administration prices, royalties and gross sales, basic and administrative prices (all for the Mine properties section), however excludes depreciation and amortization, share-based funds, international trade features or losses, commissions, reclamation, capital expenditures and exploration and analysis prices. Working prices not attributable to the Mine properties section are additionally excluded, together with conversion prices, product acquisition prices, distribution prices and stock write-downs.

Money working prices excluding royalties is calculated as money working prices much less royalties.

Money working prices per pound and money working prices excluding royalties per pound are obtained by dividing money working prices and money working prices excluding royalties, respectively, by the kilos of vanadium equal offered that have been produced by the Maracás Menchen Mine.

Money working prices, money working prices excluding royalties, money working prices per pound and money working prices excluding royalties per pound, together with revenues, are thought of to be key indicators of the Firm’s skill to generate working earnings and money stream from its Maracás Menchen Mine. These measures differ from measures decided in accordance with IFRS, and usually are not essentially indicative of web earnings or money stream from working actions as decided underneath IFRS.

The next desk offers a reconciliation of money working prices and money working prices excluding royalties, money working prices per pound and money working prices excluding royalties per pound for the Maracás Menchen Mine to working prices as per the 2022 annual consolidated monetary statements.

View supply model on businesswire.com: https://www.businesswire.com/information/residence/20230309005317/en/

Investor Relations
Alex Guthrie
Senior Supervisor, Exterior Relations
+1.416.861.9778
[email protected]