Largo Inc. (TSX: LGO) (NASDAQ: LGO) announces the closing of its previously announced registered direct offering for the purchase and sale of 10,200,000 common shares of the Company and warrants to purchase up to 10,200,000 Common Shares at a purchase price of US$0.56 per Common Share and accompanying Warrant for aggregate gross proceeds of approximately US$5.7 million. The Warrants have an exercise price of US$0.70 per share, are immediately exercisable upon issuance and will expire five years from issuance.

H.C. Wainwright & Co. acted as exclusive placement agent for the Offering. The Placement Agent received customary agency fees and broker warrants upon closing.

The use of proceeds of the Offering, net of placement agent fees and other Offering expenses payable by the Company, will be for working capital purposes, including to pay trade creditors.

Arias Resource Capital Fund IV LP, an affiliate of Alberto Arias, Co-Chief Executive Officer and a director of the Company, and of the Company’s largest shareholder and Jim Bannantine, the Co-Chief Executive Officer of the Company, purchased an aggregate of 2,499,999 Common Shares and 2,499,999 Warrants in the Offering on the same terms as the other investors. Each of ARC Fund IV and Mr. Bannantine is a “related party” of the Company and their participation is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The Company is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 in sections 5.5(a) and 5.7(1)(a), as neither the fair market value of the securities issued, nor the consideration paid by either Insider exceeded, 25% of the Company’s market capitalization. The participation by the Insiders will not result in insiders of the Company acquiring more than 10% of the outstanding Common Shares in any six-month period and will not materially affect control of the Company.

The securities in the Offering described above were offered by the Company pursuant to an effective shelf registration statement on Form F-3 (File No. 333-290163) previously filed with the U.S. Securities and Exchange Commission, under the Securities Act of 1933, and declared effective by the SEC on September 19, 2025. The offering of the securities was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and accompanying prospectus describing the terms of the registered direct offering was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, or by telephone at (212) 856-5711, or by email at placements@hcwco.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Largo

Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”.

Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this release.