Highlights:

• $60.1 million firm-fixed-price delivery order under Largo’s recently awarded five-year U.S. Defense Logistics Agency contract.
• Provides for the supply of high-purity vanadium pentoxide, with deliveries extending through January 2030, providing long-term revenue visibility.
• Expected to improve average realized vanadium price, enhance Largo’s sales mix and increase exposure to the U.S. market.
• Production and sales programs are being adjusted beginning in July 2026 to support execution of the order.

Largo Inc. (TSX: LGO) (NASDAQ: LGO) the world’s largest primary vanadium producer, today announced that its subsidiary, Largo Resources USA Inc. has received a $60.1 million firm-fixed-price delivery order from the U.S. Defense Logistics Agency Strategic Materials under the Company’s recently awarded five-year Indefinite Delivery, Indefinite Quantity contract.

The delivery order provides for the supply of high-purity vanadium pentoxide (“V₂O₅”), produced at Largo’s Maracás Menchen operation in Bahia, Brazil for the U.S. National Defense Stockpile. Largo’s contract is part of a larger shared award with an aggregate value of up to $125 million. There can be no assurance of future delivery orders from the DLA.

For further information regarding the IDIQ contract award:

https://www.war.gov/News/Contracts/Contract/Article/4530662/contracts-for-june-30-2026/.

Deliveries are scheduled through January 2030, providing a multi-year stream of sales and strengthening Largo’s position within the U.S. critical materials supply chain.

While the IDIQ contract establishes the contractual framework governing U.S. Government purchases over the five-year term, each delivery order represents a firm commitment for specific volumes, pricing and delivery schedule. This initial delivery order validates Largo’s position as a strategic supplier of high-purity vanadium to the United States.

“This first order from the DLA represents a transformational milestone for Largo,” said Mr. Alberto Arias, Executive Chairman and Co-CEO of Largo. “It validates the strategic important of our high-purity vanadium products and reinforces Largo’s position as a trusted supplier of critical materials to the United States. We believe our established production platform in Brazil, proven operational reliability and ability to supply premium-quality vanadium from outside China and Russia uniquely position Largo to support the growing demand for secure and resilient critical mineral supply chains.”

“Beginning in July 2026, Largo is adjusting its production and commercial programs to support this significant DLA order,” said Mr. Daniel Tellechea, Co-CEO of Largo. “Beyond the meaningful revenue contribution, this order is expected to improve our average realized vanadium prices, enhance our overall sales mix and further expand Largo’s presence in the U.S. market without applicable import tariffs. The multi-year delivery schedule also provides enhanced revenue visibility and supports improved planning across our operations.”

This announcement is neither paid for nor sponsored, in whole or in part, by any element of the United States Government.

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. As one of the world’s largest primary vanadium producers, 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 a 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.