Largo Resources Ltd

Largo Inc. announced that Instituto do Meio Ambiente e Recursos Hídricos of State of Bahia, Brazil, known as INEMA, has issued the environmental permit for development of the Gulçari A Norte, or GAN, pit and associated infrastructure at its Maracás Menchen Mine. The permit, issued under INEMA Portaria No. 35,482, includes a four-year license for implementation and operation of the GAN pit, along with a new waste rock stockpile, calcined tailings facility, expansion of the Dry Mag low grade dry magnetic ore stockpile, access roads and operational support areas, plus authorizations for vegetation suppression and fauna management. GAN is the second open pit in Largo's proposed mining sequence, adjacent to the north of the Campbell open pit, which has been the sole source of Largo's vanadium production since its start up 12 years ago, and the company said the new pit should extend production for multiple years, optimize mining plans, add operating flexibility and reduce operating risks by diversifying ore sources. The GAN deposit also contains copper, gold and platinum group metals, similar to the Campbell open pit, which began producing those metals as by-products in August 2026. GAN is one of five open pits in Largo's Maracás Menchen portfolio, which the company says has a resource base with potential to last more than 30 years at current production rates, and it is one of the deposits incorporated into the current 31-year life-of-mine plan. Executive Chairman and Co-CEO Alberto Arias called the approval strategically important as the Western World seeks additional sources of vanadium, copper and PGM, while Co-CEO James Bannantine said the permit strengthens the long-term fundamentals of the Maracás Menchen Mine and provides greater certainty around future mining areas.

Largo Inc. announced a strategic shift toward higher-margin products, reporting that recent sales of copper-platinum group metal concentrates generated approximately US$4.7 million in revenue at an operating profit margin above 90%, making it the company's highest-margin product. The company is evaluating an expansion that could potentially approximately double copper-PGM concentrate production capacity during 2027, while targeting current output of approximately 300 to 380 tonnes per month. On the vanadium side, an optimization study indicated capacity to raise high-purity production to approximately 68% of total vanadium production, with overall vanadium pentoxide output expected to trend toward approximately 876 tonnes per month, the low end of current guidance, versus approximately 1,000 tonnes per month at the upper end. Largo has produced and shipped its first high-purity vanadium pentoxide material for the U.S. Defense Logistics Agency and is completing production of its second shipment. Separately, Largo executed a definitive debt-restructuring agreement with Banco do Brasil, its largest creditor, which together with a previously executed agreement with Caixa Econômica Federal covers approximately 48% of its approximately US$82 million in commercial bank senior debt.

Largo Inc. announced a debt-restructuring agreement with Caixa Econômica Federal and its first sales of copper-platinum group metals concentrate. The definitive agreement with Caixa Econômica Federal was signed on September 11, 2026, following the binding term sheet announced on August 20, and Largo expects to enter similar agreements with its remaining Brazilian bank lenders. Separately, Largo extended the maturity of a $6.0 million promissory note with ARG International AG to February 2028 from February 2027, subject to a fee equal to 1% of the principal amount. The initial copper-PGM concentrate sales, made through agreements with two trading companies and a European smelter, are expected to generate approximately $4.7 million in cash proceeds during September 2026, while the first shipment under Largo's contract with the US Defense Logistics Agency is expected to arrive at a US port in late September. Largo also said its 2026 vanadium production is now expected to be at the lower end of its previously announced guidance range as it temporarily reduces mining activity and processes existing stockpiles, and it announced that Jim Bannantine will lead its commercial department while Francesco D'Alessio leaves to take a chief executive position elsewhere.

Largo surged 21.5% in Friday's trading after signing a binding term sheet with a syndicate of Brazilian banks including Banco do Brasil and Banco BTG Pactual to restructure US$82.2M of outstanding debt, extending the final maturity to March 2030. Under the proposed revised terms, principal payments will be subject to a six-month grace period, followed by three years of quarterly principal amortization, while interest will be paid monthly. The company said the restructuring will provide additional time to execute its operational plans and unlock incremental value from its existing operations at the Maracás Menchen mine. Largo is focused on ramping up production of copper concentrate and platinum group metals concentrate, progressing toward first commercial sales, and preparing for the first shipment of high-purity vanadium pentoxide to the U.S. Defense Logistics Agency under the US$60M first order announced in July.

Largo Inc. reported higher second-quarter production, sales and revenue, alongside a return to positive adjusted EBITDA, as improved ore availability and plant stability supported its vanadium operations at the Maracás Menchen mine. Total ore mined rose 46.6% year over year to 712,198 tonnes, vanadium production increased 28.5% to 2,900 tonnes, and revenue climbed 68.5% to $44 million. Adjusted EBITDA turned positive at $2.7 million, although cash operating costs and the net loss increased. Largo agreed to restructure approximately $82.2 million of commercial debt, extending final maturities to March 2030, and secured a $60.1 million U.S. Defense Logistics Agency delivery order. The company also began full-scale copper-PGM concentrate production on Aug. 7, temporarily pausing ilmenite output during the ramp-up, and maintained its 2026 vanadium guidance.

Largo received approval from Brazil's National Mining Agency to produce and sell copper, platinum group metals, nickel, and/or cobalt as by-products from its existing vanadium operations at the Maracás Menchen mine in Bahia. The company said the regulatory green light allows it to move from successful industrial-scale test work toward ramping up and commercializing a copper-PGM concentrate using its vanadium ore processing plant and existing ilmenite flotation infrastructure. Largo expects the new concentrate, if successfully commercialized, to generate higher profit margins than its ilmenite concentrate production, unlocking additional value from its mineral resource base and diversifying revenue through exposure to critical materials and precious metals. Shares rose 5.3% in early trading Monday.