Key Highlights:

• Approval of Brazil’s National Mining Agency allows Largo to produce and sell copper concentrates with platinum group metals from its Maracás Menchen mine in addition to vanadium, titanium and iron.
• Industrial-scale flotation tests at Largo’s operations this year demonstrated the potential technical and commercial viability of recovering commercial-grade copper-PGM concentrates with platinum, gold, palladium, silver, cobalt and nickel.
• Largo is commencing the ramp-up of copper-PGM concentrate production and temporarily suspending ilmenite (titanium) concentrate production to maximize copper-PGM output. Copper-PGM concentrate production uses the existing ilmenite flotation infrastructure.
• Largo expects copper-PGM concentrate production, if successfully ramped up and commercialized, to generate higher profit margins than from ilmenite.
• The Company plans to evaluate additional equipment requirements to produce ilmenite concentrates from the copper concentrate flotation tailings in the next few months in collaboration with key ilmenite customers.
• Largo is discussing commercial terms for a potential first shipment of copper-PGM concentrates with smelters and traders.
• The Company expects to provide guidance for copper-PGM concentrate production and sales with its quarterly earnings report scheduled for August 14, 2026 as it advances the ramp-up to full scale copper-PGM by-product production.

Largo Inc. (TSX: LGO) (NASDAQ: LGO)  the world’s largest primary vanadium producer, today announced that Brazil’s ANM has approved the Company’s request to produce and sell copper, PGM, nickel and/or cobalt as by-products from its existing mining operations at the Maracás Menchen Mine in Bahia, Brazil.

The approval is a significant regulatory milestone and positions Largo to advance from successful industrial-scale test work toward the ramp-up and commercialization of a copper-PGM concentrate using its vanadium ore processing plant and existing ilmenite flotation infrastructure. The start-up of copper-PGM concentrate production, in the Company’s view, is expected to (i) unlock additional value from Largo’s existing mineral resource base and ore processing platform, (ii) diversify revenue through exposure to other critical materials and precious metals, and (iii) strengthen the long-term revenue contribution from these new elements, as well as profit margins of its flagship operation in Bahia, Brazil.

By leveraging existing mining activities and installed processing infrastructure, Largo believes it can accelerate potential new revenue streams while limiting incremental capital requirements, execution risk and permitting complexity. The start-up of copper-PGM concentrate production is expected to generate a high-value by-product revenue stream from mineral feed already being mined, improve overall resource utilization and enhance the economic value of the Maracás Menchen operation.

Mr. Alberto Arias, Executive Chairman and Co-Chief Executive Officer of Largo, commented: “ANM’s approval represents an important strategic milestone to advance copper and PGM by-products toward commercial production and sale. What makes this opportunity particularly attractive is that it recovers valuable critical elements from our vanadium ore processing plant and uses infrastructure and mining activities already in place. Our industrial-scale test work in prior months has demonstrated the potential to produce a marketable concentrate using our existing ilmenite flotation circuit, creating what we believe is a capital-efficient pathway to establish a meaningful new revenue stream while unlocking greater value from our core asset. This initiative reflects our continued focus on maximizing economic returns from Maracás Menchen and creating long-term value for our shareholders.”

Mr. Jim Bannantine, Co-Chief Executive Officer of Largo, added: “Today’s announcement reflects the capability of our local management team to quickly execute a plan from the discovery of the copper-PGM opportunity late in 2025 to production start-up in just a few months in a capital-efficient way. This project is expected to generate benefits for all our stakeholders, including local communities in Bahia, reduce critical metals going to waste and efficiently extract more value from our mineral resources.” Mr. Bannantine added: “We continue to study ways to further optimize the recovery of these metals and obtain favorable payment terms for the new PGM approved by ANM, which include copper, platinum, gold, palladium, silver, cobalt and/or nickel. This work demonstrates the exceptional mineral endowment of the Maracás Menchen Mine beyond vanadium, titanium and iron. The start of production of copper-PGM concentrates supports our strategy to evolve Largo into a more diversified producer of additional critical minerals and precious metals while expanding our revenue base through assets and infrastructure that are already in place.”

About Largo

Largo is the world’s largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracás Menchen Mine in Brazil. Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.

Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S.

The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada, and 100% interest in the Currais Novos Tungsten Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.