Largo Inc. (TSX: LGO) (NASDAQ: LGO), the world’s largest primary vanadium producer, today announces its production and sales results for the third quarter and the nine months ended September 30, 2026. During Q3 2026, the Company produced 2,093 tonnes of V₂O₅ equivalent at its Maracás Menchen Mine and sold 2,428 tonnes of V₂O₅ equivalent. For the first nine months of 2026, V₂O₅ production totaled 7,609 tonnes and sales totaled 7,223 tonnes, representing year-over-year increases of 23% and 15%, respectively.

Q3 2026 and Nine-Month Highlights

• Vanadium production: 2,093 tonnes of vanadium pentoxide in Q3 2026 vs 2,636 tonnes in Q3 2025 following a strategy to reduce inventories and refocus on high-margin products. Year-to-date 2026 V₂O₅ production at 7,609 tonnes increased 23% year over year. Q3 2026 sales at 2,428 tonnes remained stable vs 2,417 tonnes in Q3 2025. This reflects Largo pursuing a conscious strategy of reducing inventory to enhance its liquidity and to try to target its sales to profitable demand.
• Copper production: 108 tonnes contained in concentrates in Q3 2026; first production recorded, derived as a vanadium by-product.
• Gold Production: 289 ounces contained in concentrates in Q3 2026; first production recorded, derived as a vanadium by-product.
• Platinum Production: 166 ounces contained in concentrates in Q3 2026, first production recorded, derived as a vanadium by-product.
• Palladium Production: 291 ounces contained in concentrates in Q3 2026, first production recorded, derived as a vanadium by-product.
• Iron Ore Calcine Sales: 13,902 tonnes to Brazilian domestic market.
• Ilmenite Production: Nil, as the Company decided to use its flotation plant infrastructure for higher-margin copper, gold, and platinum group metals production. Current studies are underway to potentially resume ilmenite production in the medium term.
• Concentrate commercialization market acceptance: Largo sold copper-gold-PGMs production to three large commodity traders and one European smelter, reflecting the commercial attractiveness of Largo’s by-product concentrates, which include copper, gold, platinum, and palladium.
• Mining and recovery performance: Largo mined 543,688 tonnes of ore in Q3 2026, with an effective ore grade¹ of 0.41% V₂O₅ and global recovery² of 81.4%, compared with 611,101 tonnes, an effective ore grade of 0.52% V₂O₅ and global recovery of 79.4% in Q3 2025.
• Maintaining vanadium sales guidance but adjusting production to reflect inventory reduction strategy: Largo maintains its V₂O₅ sales guidance in the 7,500-9,500 MT range but is lowering production guidance to the 9,500-10,500 MT range from 10,500-12,000 MT as it continues to optimize its product mix and production strategy.
• Debt restructuring agreements cover approximately 58.4% of commercial bank senior debt: Largo has executed definitive restructuring agreement with Banco Santander (Brasil) S.A. Together with previously announced agreements, these arrangements cover approximately 58.4% of the Company’s commercial bank senior debt.

The Company also provides an update on its commercial bank debt-restructuring process, reports continued progress in its new vanadium by-products, including copper, gold, platinum and palladium following the commencement of full-scale production in August 2026.

Mr. Alberto Arias, Executive Chairman and Co-Chief Executive Officer of Largo, commented: “During the third quarter, Largo diversified its product mix with the start of production of copper, gold, platinum and palladium as new by-products of Largo’s core V₂O₅ production business. V₂O₅ production at 2,093 tonnes in Q3 2026 reflected our previously announced strategy to reduce inventories and prioritize production of higher-margin products while keeping V₂O₅ sales stable at 2,428 tonnes. While this strategy may lower overall vanadium production volumes, our objective is to improve the value generated per tonne produced, strengthening the economics of our operations. In addition, the previously announced potential expansion of our high-profit-margin copper-gold-PGM business and our continued focus on cost discipline to offset currently high specific consumables costs aim to maximize the value recovered from the Maracás Menchen Mine and metallurgical complex and support Largo’s longer-term financial and operating objectives.”

Mr. James (Jim) Bannantine, Co-Chief Executive Officer of Largo, added: “Our commercial strategy is focused on expanding demand for Largo’s higher-value vanadium products by deepening relationships with customers in the defense, aerospace and energy storage sectors, including delivering our first purchase order of $60 million of high-purity vanadium to the U.S. Defense Logistics Agency, while advancing the commercial development of our copper, gold and PGM vanadium by-product business. We are aiming to increase our high-purity vanadium volumes, with the objective of enhancing realized pricing, improving margins and strengthening cash generation. Our recent optimization study indicated the potential to produce high-purity vanadium representing approximately 68% of total output at an overall production rate of approximately 876 tonnes per month. We are evaluating the implications of this product mix for production volumes, realized prices, operating margins and cash flow. Alongside our vanadium business, primarily converted into ferro-vanadium, we are focused on progressing copper-gold and PGM sales and customer deliveries as we build on the commencement of full-scale production.”

Q3 2026 Production and Sales

Note: Largo produces copper, gold, platinum or palladium as elements contained in a single polymetallic mineral concentrate, produced as a by-product of the Company’s vanadium operations. The copper, gold, platinum and palladium figures reported in this release represent the metal contained in the polymetallic mineral concentrate produced in August and September 2026, following receipt of regulatory approval in August 2026, calculated from the concentrate dry tonnage and assay grades shown below. August grades are preliminary.

Polymetallic mineral concentrate production and grades – Q3 2026

Contained gold, platinum, palladium and silver converted at 31.1035 grams per troy ounce.

Year-to-Date Production and Sales

2026 Guidance

Largo is maintaining its previously announced 2026 sales guidance for vanadium but lowering its vanadium production guidance and increasing its guidance for adjusted cash operating costs excluding royalties, before by-product credits, to $5.00-6.00/lb V₂0₅ due to input cost pressures such as diesel and sulfuric acid. Note that the new by-product credits from copper, gold, platinum, palladium and silver generate approximately $1.2-$1.8 million per month, which would equate to a by-product credit of approximately $0.78-$1.00 per pound of V₂0₅ production, offsetting most of the cost guidance increase starting in Q4 2026 when by-product credits are expected to begin to be reflected as revenues.

The guidance ranges are set out below. Vanadium sales guidance excludes purchased products and material sold under the Company’s vanadium inventory supply agreement. Ilmenite production and sales guidance remain suspended while the Company evaluates best use and/or expansion of its flotation infrastructure for copper-gold-PGM production as well as potential ilmenite recovery. In September, Largo reported encouraging test work on recovering ilmenite from copper-PGM flotation tailings.

1: Adjusted cash operating costs excluding royalties per pound sold is a non-GAAP ratio without a standardized IFRS definition. It reflects adjusted mine cash operating costs, excluding royalties and write-downs of produced products, divided by pounds of mine-produced vanadium equivalent sold. Management uses it to assess mine operating performance; it may not be comparable with similarly named measures reported by other issuers.

Polymetallic mineral concentrate guidance remains 300 to 380 tonnes per month. Expected average concentrate grades are approximately 15% copper, 13 g/t gold, 16 g/t platinum, 12 g/t palladium and 53 g/t silver. Gold, platinum and palladium together total approximately 41 g/t.

Further Progress on Brazilian Bank Debt Restructuring

Largo has executed a definitive debt-restructuring agreement with Banco Santander (Brasil) S.A. Together with the definitive agreements previously executed with Banco do Brasil S.A. and Caixa Econômica Federal, the agreements now cover approximately 58.4% of Largo’s commercial bank senior debt.

The agreement is substantially consistent with the terms of the binding term sheet described in the Company’s August 20, 2026 press release. The restructuring framework provides for a final maturity in March 2030, a six-month grace period for principal repayments, followed by 36 months of quarterly principal amortization, with interest payable monthly.

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 investment in 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.

Largo’s common shares trade on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.

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