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
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
| Q3 2026 | Q3 2025 | Change | |
| Total Mined – Dry Basis (tonnes) | 1,536,154 | 3,865,738 | -60.3% |
| Total Ore Mined (tonnes) | 543,688 | 611,101 | -11.0% |
| Ore Grade Mined – Effective V2O5 Grade (%)[1] | 0.41 | 0.52 | -21.2% |
| Vanadium Magnetic Concentrate Produced (tonnes) | 88,444 | 112,669 | -21.5% |
| Grade of Concentrate (% V2O5) | 2.55 | 2.80 | -8.9% |
| Global Recovery (V2O5 %)[2] | 81.4 | 79.4 | +2.5% |
| V2O5 produced (Flake + Powder) (tonnes) | 2,093 | 2,636 | -20.6% |
| High purity V2O5 equivalent produced (%) | 8% | 29% | -72.4% |
| V2O5 produced (equivalent pounds) [3] | 4,614,270 | 5,811,378 | -20.6% |
| Total V2O5 equivalent sold (tonnes) | 2,428 | 2,417 | +0.5% |
| Produced V2O5 equivalent sold (tonnes) | 2,428 | 2,400 | +1.2% |
| Purchased V2O5 equivalent sold (tonnes) | – | 17 | -100.0% |
| Ilmenite concentrate produced (tonnes) | – | 8,643 | -100.0% |
| Ilmenite concentrate sold (tonnes) | – | 6,358 | -100.0% |
| Copper contained in concentrate produced (tonnes) | 108 | N/A | N/A |
| Copper- sold (tonnes) | – | N/A | N/A |
| Gold contained in concentrate produced (ounces) | 289 | N/A | N/A |
| Gold sold (ounces) | – | N/A | N/A |
| Platinum contained in concentrate produced (ounces) | 166 | N/A | N/A |
| Platinum sold (ounces) | – | N/A | N/A |
| Palladium contained in concentrate produced (ounces) | 291 | N/A | N/A |
| Palladium sold (tonnes) | – | N/A | N/A |
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
| Period | Concentrate (dry t) |
Cu (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) |
| August 2026 | 371 | 15.29 | 14.30 | 5.42 | 16.60 | 53.77 |
| September 2026 | 314 | 16.47 | 12.76 | 10.60 | 10.18 | 63.22 |
| Q3 2026 (weighted) | 685 | 15.83 | 13.59 | 7.79 | 13.66 | 58.18 |
| Contained metal – Q3 2026 | 108 t | 289 oz | 166 oz | 291 oz | 1,238 oz |
Contained gold, platinum, palladium and silver converted at 31.1035 grams per troy ounce.
Year-to-Date Production and Sales
| YTD 2026 | YTD 2025 | Change | |
| Total Mined – Dry Basis (tonnes) | 10,021,079 | 12,060,606 | -16.9% |
| Total Ore Mined (tonnes) | 2,107,932 | 1,543,402 | +36.6% |
| Ore Grade Mined – Effective V2O5 Grade (%) | 0.47 | 0.49 | -4.1% |
| Vanadium Magnetic Concentrate Produced (tonnes) | 325,671 | 255,706 | +27.4% |
| Grade of Concentrate (%V2O5) | 2.71 | 2.84 | -4.6% |
| Global Recovery (%) | 82.3 | 81.1 | +1.5% |
| V₂O₅ produced (Flake + Powder) (tonnes) | 7,609 | 6,189 | +22.9% |
| High purity V₂O₅ equivalent produced (%) | 4.7 | 34.5 | -86.4% |
| V₂O₅ produced (equivalent pounds) | 16,774,954 | 13,644,393 | 22.9% |
| Total V₂O₅ equivalent sold (tonnes) | 7,223 | 6,290 | +14.8% |
| Produced V₂O₅ equivalent sold (tonnes) | 7,162 | 5,992 | +19.5% |
| Purchased V₂O₅ equivalent sold (tonnes) | 61 | 298 | -79.5% |
| Ilmenite concentrate produced (tonnes) | 18,719 | 22,954 | -18.4% |
| Ilmenite concentrate sold (tonnes) | 21,536 | 21,029 | +2.4% |
| Copper contained in concentrate produced (tonnes) | 108 | N/A | N/A |
| Copper- sold (tonnes) | – | N/A | N/A |
| Gold contained in concentrate produced (ounces) | 289 | N/A | N/A |
| Gold sold (ounces) | – | N/A | N/A |
| Platinum contained in concentrate produced (ounces) | 166 | N/A | N/A |
| Platinum sold (ounces) | – | N/A | N/A |
| Palladium contained in concentrate produced (ounces) | 291 | N/A | N/A |
| Palladium sold (ounces) | – | N/A | N/A |
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.
| 2026 annual vanadium guidance | Unit | Low | High |
| V₂O₅ equivalent production | tonnes | 9,500 | 10,500 |
| V₂O₅ equivalent sales | tonnes | 7,500 | 9,500 |
| Adjusted cash operating costs excluding royalties1 | $/lb sold | 5.00 | 6.00 |
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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For further information, please contact:
Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
largoir@mzgroup.com
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