All amounts expressed are in U.S. dollars, denominated by
“$”.
Largo Inc. ("Largo" or the "Company") (TSX:
LGO) (NASDAQ: LGO) is pleased to report a significant
increase in Mineral Reserves, Mineral Resources and mine life as
part of results from an updated Life of Mine Plan (“LOMP”)
and Pre-Feasibility Study completed on the Company’s
vanadium-titanium Maracás Menchen operation (the “Project”)
located in Bahia State, Brazil. An independent technical report
(the "2024 Technical Report") is being prepared in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") for the
Company by GE21 Consultoria Mineral Ltda. (“GE21”) and will
be filed on SEDAR+ within 45 days of this news release.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20241028307463/en/
Figure 1: Proposed LOM Production Profile
– Vanadium, Ilmenite Concentrate, Titanium Pigment (Graphic:
Business Wire)
2024 Life of Mine Plan and Pre-Feasibility Study
Highlights
- Large Scale Vanadium/Titanium Project – Increased Mine Life
to 2054: Total operating mine life for the Project of 31 years,
representing an increase of 13 years in mine life as compared to
the parameters set forth in the Company’s 2021 technical report,
titled An Updated Life of Mine Plan for Campbell Pit and
Pre-Feasibility Study for GAN and NAN Deposits, dated December 16,
2021 (the “2021 Technical Report”)
- Strong Economics Outlined over Project Life Including
Additional TiO2 Pigment Production Upside Opportunity: Post-tax
NPV7% of $1.1 billion, post-tax life-of-mine (“LOM”) cash
flow of $3.8 billion, reflecting the weighted average long-term
forecast prices of $9.00/lb vanadium pentoxide (“V2O5”)
(inclusive of high purity premium), $222.05/tonne ilmenite
concentrate, $4040.05/tonne titanium dioxide (“TiO2”)
pigment and $5.10 USD/BRL exchange rate
- Robust and Reliable Supply of Critical Materials through
Outlined Operational Scenarios: Total LOM V2O5 equivalent
production of 346.6 kt, ilmenite concentrate production of 7,766.6
kt and TiO2 pigment production opportunity of 2,499 kt
- Supported by a Significant Increase in Mineral Reserves over
2021 Technical Report Results Following Inclusion of the Novo
Amparo Oeste (“NAO”) and São Jose (“SJO”) Deposits: Total
Proven and Probable Reserves of 101.03 mt grading 0.56% V2O5,
yielding 2.16% V2O5 in magnetic concentrate for 435.31 kt of
contained V2O5 in magnetic concentrate and head grade of 7.52% TiO2
for 6,890.99 kt of contained TiO2` in non-magnetic concentrate;
representing a 67% increase in total Mineral Reserves, 16% increase
in V2O5 contained metal, 54% increase in TiO2 contained metal, 29%
decrease in V2O5 head grade, 15% decrease in V2O5 in magnetic
concentrate, 9% decrease in TiO2 head grade
- Substantial Increase Mineral Resources over 2021 Technical
Report – Upgrade of Measured and Indicated Resources from Campbell,
Gulçari A Norte (“GAN”) and Novo Amparo Norte (“NAN”), and
Indicated Resources from SJO, NAO Deposits: The total 2024
Measured and Indicated Resources of 104.78 mt grading 0.62% V2O5
and 8.31% TiO2 for 653.54 kt of contained V2O5 in situ and 8707.50
kt of contained TiO2` in situ, 64% increase in total Mineral
Resources, 29% increase in V2O5 contained metal, 66% increase in
TiO2 contained metal, 22% decrease in V2O5 head grade, 1% increase
in TiO2 head grade
- Future Growth Opportunities: The 2024 Technical Report
outlines several additional studies in progress meant to improve
future results of the Company, including new resource base and
exploration potential of the Campbell Pit-Gulcari A South
(“GAS”) connection, located approximately 800 meters from
the Campbell Pit, the evaluation and exploration of precious group
metals (“PGMs”) at the Project, the improvement of magnetite
quality in its operations and the increase of the Company’s TiO2
grade in its flotation feed
Daniel Tellechea, Interim CEO and Director of Largo, stated:
“The results of our 2024 Technical Report clearly showcase the
long-term potential of the Maracás Menchen vanadium and titanium
operation and reaffirm Largo’s position as a secure and reliable
supplier of critical materials for the future in the Americas. Over
the past three years, our geology and operations teams have made
significant progress in advancing the Company’s exploration and
project planning, expanding both Mineral Reserves and Resources,
which has extended mine life by an additional 13 years over Largo’s
previous 2021 Technical Report. While head grades have decreased
following the addition of new ore deposits and further
understanding and interpretation of the Company’s ore bodies, this
knowledge will allow us to better optimize our production plan
going forward and maximize long-term resource planning and
extraction. Additionally, the economic scenarios presented in the
2024 Technical Report, including a post-tax NPV7% of $1.1 billion
and undiscounted accumulated cash flows of $3.8 billion over the
life of the Project, demonstrate the Project’s ability to generate
sustainable value subject to the outlined CAPEX and cost
scenarios."
He continued: "In the long-term, we see growing demand for our
products, particularly Largo’s high-quality vanadium, as industries
and governments increasingly prioritize energy storage and the
development of advanced technologies, particularly in the aerospace
sector. Largo is well-positioned to meet this demand, with a
significant resource base to support future production scenarios.
Additional growth projects such as implementing a TiO2 pigment
production in Camaçari, along with ongoing exploration at the
Campbell-GAS connection and platinum-palladium exploration
opportunities are expected to enhance overall results at the
Company. These initiatives, combined with the outlined expansion
scenarios, present a solid plan to strengthen Largo’s role as a key
player in the vanadium and titanium markets, meeting the critical
material needs of a transitioning global economy.”
Updated Vanadium/Titanium Project Overview and
Timelines
The Company’s 2024 Technical Report outlines a comprehensive
plan for the proposed development of its Project, highlighting key
milestones across the 31-year project lifecycle. The proposed
timeline for the Project is designed to seek ways to optimize the
extraction of vanadium and titanium Resources, to ensure consistent
production rates while progressively developing multiple pits.
Contingent on securing the necessary financing and approvals, the
potential strategic expansion of the Project’s various processing
facilities aims to meet future production goals, particularly in
enhancing TiO2 pigment production. Potential ramp-ups and
expansions would align with the Company's long-term objectives to
maximize Resource utilization and market presence with high-quality
vanadium and titanium products.
Outlined Project and Mining Development Phases:
- 2023 – 2032: Continued Mining at Campbell Pit: Mining
operations will focus on the Campbell Pit, extracting vanadium-rich
ore to meet the production target of 2.6 million tonnes per
annum (“mtpa”) for the next nine years;
- 2032 – 2054: Sequential Mining from NAN, SJO, NAO, and GAN
Pits: Following the Campbell Pit, mining would transition
sequentially to the NAN, SJO, NAO, and GAN pits, ensuring a
continuous feed of 3.4 mtpa to the vanadium and titanium
processing plants.
Proposed Production Timeline:
- Vanadium Processing
- 2027: The installation of a second kiln, designed for a
20-tonne-per-hour feed rate to increase the capacity of the
vanadium operations
- Ilmenite Concentration Plant:
- 2023: Production capacity of 100 kilotonnes per year
(“ktpy”)
- 2025: Increased capacity to 122 ktpy
- 2026: Capacity reaches 196 ktpy
- 2029: Full ramp-up to 265 ktpy to meet the Company’s
expected TiO2 pigment plant demand
- TiO2 Pigment Plant:
- 2029: Construction in Camaçari, Bahia begins, with an
initial production capacity of 30 ktpy
- 2030: Capacity increases to 60 ktpy
- 2031: Full production of 100 ktpy achieved
The outlined phased approach presents scenarios for maintaining
stable production over the long term, supporting the Company’s
growth objectives and its ambitions to remain a reliable and secure
supplier in the vanadium and TiO2 markets. The proposed mining
plan, along with potential expansions of processing
capabilities—including the Ilmenite and TiO2 pigment plant—are
expected to position the Company for sustained market leadership
and resource optimization.
2024 Pre-Feasibility Study Summary
Production
LOM
31 years
Run-of-mine plant feed
101.0 Mt
LOM average strip ratio
5 : 1
Metal production
V2O5 equivalent (tonnes)
Ilmenite (mt)
TiO2 (mt)
LOM
343,600
7,766.6
2,490.0
Proven & Probable Reserves
101.03 mt grading 0.56% V2O5, yielding
2.16% V2O5 in magnetic concentrate for metal contained of 435.31 kt
V2O5 in magnetic concentrate and 7.52% TiO2 head grade for 6,890.99
kt TiO2` in non-magnetic concentrate
Cost
Ilmenite plant expansion CAPEX
$22.0 million
TiO2 pigment plant CAPEX
$480.1 million
Total sustaining CAPEX
$440.4 million
Total CAPEX
$575.4 million
Project Economicsi
Post-tax NPV7%
$1.1 billion
Modified internal rate-of-return
18.5%
Post-tax LOM cash flow
$3.8 billion
i Weighted average long-term forecast
prices of $9.00/lb V2O5 (inclusive of high purity premium),
$222.05/tonne ilmenite concentrate, 4040.05/tonne TiO2 and $5.10
USD/BRL exchange rate
Significant Increase In Largo’s Mineral Resource and
Reserves
The Company’s updated 2024 Mineral Resource and Reserve
estimates demonstrate considerable advancements in exploration and
development efforts at Largo over the last three years. Based on an
extensive exploration program comprising 650 diamond drill holes,
totaling over 114,000 meters (“m”) and incorporating more
than 47,000 samples (45,814.24 m), the new geological models
provide a strong foundation to support future production scenarios
outlined in the 2024 Technical Report. This update includes newly
reported Indicated and Inferred Resources at SJO and NAO, with
additional Inferred Resources delineated at Jacaré (“JAC”),
GAS, and Rio de Contas (“RIOCON”).
The Company has significantly increased both its Mineral
Reserves and Resources through these exploration efforts, driven by
a deeper understanding and improved interpretation of the ore
bodies. While this additional knowledge has contributed to a
substantial increase in the Company’s overall resource base, it has
also led to a reduction in head grades, as the knowledge and
understanding of more complex ore zones, including lower-grade
pegmatite bodies, have been incorporated into the models. This is
expected to enable the Company to optimize future mining and
processing activities, balancing anticipated resource growth with
long-term operational efficiency.
Table 1: Maracás Menchen Project – Mineral Reserves
Estimate (Effective Date – January 30th, 2024)
Category
Tonnage (Mt)
%Magnetics
Head
Magnetic Concentrate
Metal Contained
%V2O5
%TiO2
Mag (Mt)
%V2O5
%TiO2
V2O5 in Magnetic Concentrate
(kt)
TiO2 in Non-Magnetic
Concentrate (kt)
Campbell Pit I
Proven
16.16
22.42
0.86
6.35
3.62
3.15
5.05
114.23
842.94
Probable
5.47
18.75
0.76
5.60
1.03
3.23
4.60
33.14
259.09
Total Campbell Pit
Reserve
21.63
21.49
0.83
6.16
4.65
3.17
4.95
147.37
1,102.03
GAN II
Proven
12.96
18.44
0.45
7.66
2.39
1.80
2.93
43.94
922.31
Probable
11.34
16.88
0.42
7.16
1.91
1.79
2.53
34.23
763.94
Total GAN Reserve
24.29
17.71
0.44
7.42
4.30
1.79
2.75
77.17
1,685.25
NAN III
Proven
19.55
21.02
0.58
8.25
4.11
2.05
3.33
84.22
1,474.91
Probable
6.40
21.14
0.56
8.63
1.35
1.98
3.04
27.84
511.05
Total NAN Reserve
25.95
21.05
0.58
8.34
5.46
2.03
3.26
111.06
1,985.96
SJO IV
Proven
-
-
-
-
-
-
-
-
-
Probable
22.41
18.12
0.44
7.48
4.06
1.76
2.99
71.32
1,555.47
Total SJO Reserve
22.41
18.12
0.44
7.48
4.06
1.76
2.99
71.32
1,555.47
NAO V
Proven
-
-
-
-
-
-
-
-
-
Probable
6.74
24.98
0.53
9.17
1.68
1.69
3.33
28.39
562.27
Total NAO
Reserve
6.74
24.98
0.53
9.17
1.68
1.69
3.33
28.39
562.27
Total Maracás Menchen Mine Proven
and Probable Reserves
Proven
48.67
20.80
0.64
7.46
10.12
2.38
3.85
241.39
3,240.16
Probable
52.36
19.17
0.50
7.57
10.03
1.93
3.13
193.92
3,650.82
Total
101.03
19.95
0.56
7.52
20.15
2.16
3.49
435.31
6,890.99
Notes:
1. Mineral Reserves estimates were
prepared under the CIM Standards.
2. Mineral Reserves are the economic
portion of the Measured and Indicated Mineral Resources.
3. Mineral Reserves were estimated by
Guilherme Gomides Ferreira, BSc. (MEng), MAIG, a GE21 associate,
who meets the requirements of a “Qualified Person” as established
by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards for Mineral Resources and Mineral Reserves
(May 2014) (CIM Standards).
4. Mineral Reserves are reported effective
date January 30th, 2024.
5. The reference point at which the
Mineral Reserves are defined is the point where the ore is
delivered from the open pit to the crushing plant.
6. Vanadium product comes from magnetic
concentrate, while TiO2 product comes from the non-magnetic
portion.
7. Mineral Reserves were estimated using
the Geovia Whittle 4.3 software and following the geometric and
economic parameters.
8. Geometric and economic parameters
include:
• Mine Recovery of 97% and dilution of
10%.
• V2O5 selling price (standard purity
>98%) of $8.50/lb, with an additional premium of $1.00/lb for
high purity (>99.5%) product.
• TiO2 pigment selling price (purity
>94%) of $3,528.00 per tonne.
• Mining costs of $2.93 per tonne for
mineralization and waste.
• Vanadium processing costs of $34.60 per
tonne of ore feed.
• Ilmenite concentrate costs $5.74 per
tonne processed.
• TiO2 pigment costs of $1,733.00 per
tonne of pigment produced.
• General and Administrative (G&A)
costs of $0.27 per lb of V2O5.
9. Exchange rate: $1.00 = R$5.10.
10. Specific values for each Deposit:
I. Campbell Pit: Pit slope angles ranging
from 37.5° to 64°. V2O5 concentrate recovery of 78.86%. TiO2
overall recovery of 43.44%. Strip Ratio 3.25 (tonnes per
tonne).
II. GAN: Pit slope angles ranging from 40°
to 64. V2O5 concentrate recovery of 70.50%. TiO2 overall recovery
of 32.78%. Strip Ratio 6.17 (tonnes per tonne).
III. NAN: Pit slope angles ranging from
40° to 68°. V2O5 concentrate recovery of 70.00%. TiO2 overall
recovery of 45.90%. Strip Ratio 5.75 (tonnes per tonne).
IV. SJO: Pit slope angles ranging from 40°
to 56°. V2O5 concentrate recovery of 70.00%. TiO2 overall recovery
of 32.78%. Strip Ratio 4.23 (tonnes per tonne).
V. NAO: Pit slope angles ranging from 40°
to 68°. V2O5 concentrate recovery of 70.00%. TiO2 overall recovery
of 32.78%. Strip Ratio 6.98 (tonnes per tonne).
Source: GE21, 2024.
Table 2: Maracás Menchen Project – Non-Magnetic Reserves in
Ponds (Effective Date – January 30th, 2024)
Pond
Classification
Mass (kt)
Grade TiO2 (%)
Metal Content (kt)
BNM 02
Probable
1,131.77
10.69
120.99
BNM 03
Probable
1,051.72
11.87
124.84
BNM 04
Probable
3,034.94
10.03
304.42
Total in Ponds
Reserves
Probable
5,218.43
10.54
550.25
Notes:
1. Stock of “Non-Magnetic concentrate”
available in the tailing’s ponds.
2. Effective Date–January 30th, 2024.
3. Mineral Reserves in ponds were
estimated based on monthly processing and validated with
topographic surveys (primitive data and current data) and
reconciliation data.
4. Recovery is 100% and no dilution was
applied to these Reserves
Source: GE21, 2024.
Table 3: Mineral Resource of Maracás Menchen Project
(Effective Date – January 30th, 2024)
Target
Classification
Mass
Head
Magnetic Concentrate
Material Content
V2O5
TiO2
DT
V2O5
TiO2
V2O5
TiO2
(Mt)
(%)
(kt)
Campbell Pit + GAN
Measured
30.28
0.71
7.64
22.21
2.40
3.48
215.73
2,313.22
Indicated
21.09
0.54
7.28
18.51
2.14
2.73
114.50
1,536.38
Measured + Indicated
51.37
0.64
7.49
20.69
2.30
3.17
330.23
3,849.60
Inferred
29.94
0.54
7.46
18.52
2.00
2.31
162.2
2,232.6
SJO
Indicated
17.92
0.58
8.77
22.78
1.90
2.86
104.4
1,571.6
Measured + Indicated
17.92
0.58
8.77
22.78
1.90
2.86
104.39
1,571.57
Inferred
15.19
0.52
7.43
19.02
1.89
2.53
78.9
1,127.9
NAO
Indicated
7.13
0.58
10.06
27.29
1.72
3.06
41.4
717.2
Measured + Indicated
7.13
0.58
10.06
27.29
1.72
3.06
41.38
717.16
Inferred
4.09
0.59
8.61
23.34
1.83
3.03
24.0
351.8
NAN
Measured
19.44
0.64
9.02
22.88
2.14
2.83
123.7
1,753.6
Indicated
8.93
0.60
9.14
21.90
2.14
2.63
53.9
815.6
Measured + Indicated
28.37
0.63
9.06
22.57
2.14
2.77
177.54
2,569.17
Inferred
6.88
0.66
9.16
22.69
2.28
2.68
45.7
630.0
GAS
Inferred
11.30
0.58
8.48
18.36
2.31
2.22
66.0
958.7
JAC
Inferred
21.16
0.47
7.78
18.57
1.74
4.65
98.9
1,645.3
RIOCON
Inferred
13.27
0.41
7.23
16.15
1.63
3.86
55.0
959.3
Total
Measured
49.72
0.68
8.18
22.47
2.30
3.22
339.39
4,066.84
Indicated
55.06
0.57
8.43
21.58
2.01
2.80
314.15
4,640.66
Measured + Indicated
104.78
0.62
8.31
22.01
2.15
3.00
653.54
8,707.50
Inferred
101.82
0.52
7.76
18.75
1.93
3.08
530.79
7,905.60
Notes:
1. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
2. Mineral Resources were
estimated by Fábio Xavier, BSc. (Geo), MAIG, a GE21 Associate, who
meets the requirements of a “Qualified Person” as established by
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards for Mineral Resources and Mineral Reserves
(May 2014) (CIM Standards).
3. The Mineral Resource estimates
were prepared under the CIM Standards and the CIM Guidelines, using
geostatistical, economic, and mining parameters appropriate to the
deposits.
4. Presented Mineral Resources
are inclusive of Mineral Reserves. All figures have been rounded to
the relative accuracy of the estimates. Summed amounts may not add
due to rounding.
5. The Mineral Resource is
reported on an effective date of January 30th, 2024.
6. A cut-off grade of 0.3% V2O5
head is applied in V2O5 Mineral Resource.
7. A cut-off grade of 1% TiO2
head, derived from an economic function, is associated to TiO2
Mineral Resource.
8. Geometric and economic
parameters include:
• Mine Recovery of 100% and
dilution 0%.
• V2O5 selling price of $16 per
lb.
• TiO2 pigment selling price of
$4,000.00 per tonne.
• Mining costs of $2.93 per tonne
for mineralization and waste.
• Vanadium processing costs of
$34.60 per tonne of ore feed.
• Ilmenite concentrate costs
$5.74 per tonne processed.
• TiO2 pigment costs of $1,733.00
per tonne of pigment produced.
• General and Administrative
(G&A) costs of $0.27 per lb of V2O5.
9. Exchange rate: $1.00 =
R$5.10.
10. Specific values for each
Deposit:
• Campbell Pit + GAN: Pit slope
angles ranging from 37.5° to 64°. V2O5 concentrate recovery of
70.50% to 78.86%. TiO2 overall recovery of 32.78% to 43.44%.
• NAN: Pit slope angles ranging
from 40° to 68°. V2O5 concentrate recovery of 70.00%. TiO2 overall
recovery of 45.90%.
• SJO: Pit slope angles ranging
from 40° to 56°. V2O5 concentrate recovery of 70.00%. TiO2 overall
recovery of 32.78%.
• NAO: Pit slope angles ranging
from 40° to 68°. V2O5 concentrate recovery of 70.00%. TiO2 overall
recovery of 32.78%.
Source: GE21, 2024.
Table 4: Non-Magnetic Ponds Resource Estimate (Effective
Date – January 30th, 2024)
Pond
Classification
Mass (kt)
Grade TiO2 (%)
Metal content (kt)
BNM 02
Indicated
1,131.77
10.69
120.99
BNM 03
Indicated
1,051.72
11.87
124.84
BNM 04
Indicated
3,034.94
10.03
304.42
Total in Ponds
Resources
Indicated
5,218.43
10.54
550.25
Notes:
1. Stock of “Non-Magnetic
concentrate” available in the tailing’s ponds.
2. Effective Date–January 30th,
2024.
3. Mineral Resources in ponds
were estimated based on monthly processing and validated with
topographic surveys (primitive data and current data) and
reconciliation data.
4. Recovery is 100% and no
dilution was applied to these Resources.
Source: GE21, 2024.
Future Growth Opportunities at the Project
The Company is actively advancing several long-term growth
initiatives, designed to enhance resource potential and production
capabilities at the Project. These initiatives will focus on both
expanding the Company's resource base and leveraging new
technologies to optimize future operations.
- Additional Exploration and the Campbell-GAS Deposit
Connection: The Company is undertaking an exploration program
to confirm mineralization between the Campbell Pit and the GAS
deposit. Previous drilling at the GAS target identified 11.3 mt
of Inferred Resources, grading 0.58% V2O5 and 8.48%
TiO2, with concentrate grades of 2.31% V2O5 and 2.22%
TiO2. The relatively short distance of approximately 800 m
between the Campbell Pit and the GAS deposit presents a strong
opportunity to enhance the Company’s resource base by connecting
these deposits. If successful, this would increase the overall ROM
material close to the Company’s existing processing facilities as
compared to other more northerly deposits.
- PGM Opportunities: At the end of 2023, the Company
resumed studies to further explore the existence of PGMs within its
non-magnetic tailings ponds. Auger samples from the non-magnetic
tailings ponds revealed promising results, with notable platinum
and palladium grades, including 3.0 meters grading 0.410 g/t Pt
and 0.209 g/t Pd. This follows historical data from past
exploration efforts at the Company, which also demonstrated
significant PGM mineralization (see press release dated March 5,
2024). By further reviewing and analyzing historical drill data,
the Company aims to develop a comprehensive PGM resource model that
could further enhance the potential of future mining operations and
provide a potential new revenue opportunities alongside its
vanadium and ilmenite operations. PGMs are highly valuable due to
their applications in catalytic converters and the automotive
industry, presenting a major growth opportunity if these studies
yield positive results.
Technical Report Consultants
GE21 is a specialized and independent mineral consulting firm
based on a multi-disciplinary technical team, which offers services
covering most project development stages in the mining sector. The
senior staff and Board of Directors have extensive technical and
operational experience, based on collaboration with relevant
companies in the fields of exploration and mineral consulting in
Brazil going back to the 1980's. GE21's services cover the entire
mining cycle, from business strategies and target generation and
investments to mine closure. GE21 routinely provides services for
mineral exploration, project development, geological valuations,
and resource and reserve estimation and certification according to
international standards, including JORC and NI 43- 101. In
addition, GE21 also serves the mining industry by working with
operators in connection with mine planning and mine optimization,
technical and economic studies as well as technical audits and the
application of best market practices advocated by various
international codes.
Technical Report and Qualified Persons
A Technical Report prepared in accordance with NI 43-101 for the
Project will be filed on SEDAR+ (www.sedarplus.com) on or before
December 12, 2024. Readers are encouraged to read the Technical
Report in its entirety, including all qualifications, assumptions
and exclusions that relate to the Mineral Reserve and Mineral
Resource declaration. The 2024 Technical Report is intended to be
read as a whole, and sections should not be read or relied upon out
of context. The Mineral Reserve and Mineral Resource statements for
the Project included in this press release were prepared under the
supervision of Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc
(Mine Eng), FAIG, GE21 director. Mr. Rodriguez is a “qualified
persons” as defined in NI 43-101 and have reviewed and approved
disclosure of the scientific and technical information and data in
this press release that relate to the mineral operations which are
the subject of the 2024 Technical Report.
About Largo
Largo is a globally recognized vanadium company known for its
high-quality VPURE® and VPURE+® products, sourced from its Maracás
Menchen Mine in Brazil. The Company is currently focused on ramping
up production of its ilmenite concentrate plant and is undertaking
a strategic evaluation of its U.S.-based clean energy business,
including its advanced VCHARGE vanadium battery technology to
maximize the value of the organization. Largo's strategic business
plan centers on maintaining its position as a leading vanadium
supplier with a growth strategy to support a low-carbon future.
Largo’s common shares trade on the Nasdaq Stock Market and on
the Toronto Stock Exchange under the symbol "LGO". For more
information on the Company, please visit www.largoinc.com.
Cautionary Statement Regarding Forward-looking
Information:
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of applicable
Canadian and United States securities legislation. Forward‐looking
information in this press release includes, but is not limited to,
statements with respect to management’s expectations and the
potential of Project; the estimation of Mineral Reserves and
Mineral Resources and the realization of any such estimates;
operational and financial performance including the Company’s
guidance for and actual results of production; the updated life of
mine plan; expected benefits from the updated life of mine plan and
updated Mineral Reserves and Mineral Resources; the Company’s
plans, targets and proposals in relation to the Project; economic
and social factors regarding the importance of vanadium; future
potential growth opportunities for the Project and the Company; and
expected Project timelines.
Forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”. All
information contained in this news release, other than statements
of current and historical fact, is forward looking information.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Largo to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited: to those
risks described in the annual information form of Largo and in its
public documents filed on www.sedarplus.ca and available on
www.sec.gov from time to time. Forward-looking statements are based
on the opinions and estimates of management as of the date such
statements are made. Although management of Largo has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Largo does not undertake to
update any forward-looking statements, except in accordance with
applicable securities laws. Readers should also review the risks
and uncertainties sections of Largo’s annual and interim MD&A
which also apply.
Trademarks are owned by Largo Inc.
Information Concerning Estimates of Mineral Reserves and
Measured, Indicated and Inferred Resources
This press release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ in certain material respects from the disclosure
requirements of United States securities laws. The terms “mineral
reserve”, “proven mineral reserve” and “probable mineral reserve”
are Canadian mining terms as defined in accordance with Canadian
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) and the Canadian Institute of Mining,
Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended (the “CIM Standards”). These definitions differ
significantly from the definitions in the disclosure requirements
promulgated by the Securities and Exchange Commission (the “SEC”)
applicable to domestic reporting companies. Investors are cautioned
that information contained in this press release may not be
comparable to similar information made public by United States
companies subject to the reporting and disclosure requirements
under the United States federal securities laws and the rules and
regulations of the SEC thereunder.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241028307463/en/
For further information, please contact:
Investor Relations Alex Guthrie Director, Investor
Relations +1.416.861.9778 aguthrie@largoinc.com
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