Largo Announces Copper Mineralization Studies Across its Maracás Menchen Vanadium Deposits; Extends US$6 Million Secured Loan Largo has initiated studies on disseminated copper mineralization based on the results of internal metallurgical test work, which indicate that copper recovery using conventi
Largo Announces Copper Mineralization
Studies Across its Maracás Menchen
Vanadium Deposits; Extends US$6 Million
Secured Loan
Largo has initiated studies on disseminated copper mineralization based on the results of
internal metallurgical test work, which indicate that copper recovery using conventional
flotation methods may be possible as a byproduct of its existing operations.
Largo's current geological database presents a geological structure favorable to the
disseminated mineralization of copper and platinum group metals, associated with
vanadium and titanium ore in all deposits of the Maracás Menchen complex.
Encouraging results in copper recovery occurred as a consequence of metallurgical
studies evaluating ways to produce PGMs (platinum, palladium), and gold as
byproducts at Largo's Maracás Menchen mine.
Preliminary tests indicate a positive response of the copper-rich mineralized
material to conventional flotation processes, producing copper concentrates.
Largo is evaluating using part of its existing ilmenite flotation infrastructure to
reduce capital costs and timeline for execution.
Previous technical reports have not considered the economic impact of potential
recovery of copper, PGMs or gold which are now regarded as critical minerals,
many of which are trading at near record high prices.
Largo extended its promissory note with ARG International AG in principal
amount of US$6 million until February 2027 under the same terms announced in
our August 11, 2025 press release plus an extension fee of 1%.
All dollar amounts expressed are in U.S. dollars
TORONTO--(BUSINESS WIRE)--January 12, 2026--Largo Inc. ("Largo" or the "Company")
(TSX: LGO) (NASDAQ: LGO) is pleased to announce that it has initiated geological studies to
assess the continuity of copper mineralization at the Maracás Menchen Complex, based on prior
drilling and sampling data, as well as preliminary flotation recovery test results. These internal
tests, originally conducted to evaluate the recovery of platinum group metals (“PGMs”), showed
promising results suggesting the potential for copper recovery as a byproduct during the
processing of vanadium and titanium.
In March 2024, the Company reported the PGMs results obtained through drilling and systematic
sampling of the tailings ponds at the Maracás Menchen Project. These results indicated the
presence of PGMs, prompting Largo to initiate additional studies to evaluate the recovery of
these metals as byproducts of its primary vanadium and titanium operations.
The recent internal flotation study of PGMs conducted in the fourth quarter of 2025 showed
positive results regarding copper grades in the final concentrate.
Preliminary internal analysis done by the geologists and geometallurgists at Largo Vanádio
Maracás correlates copper grades with the non-magnetic particles of the vanadium ore. As such,
the magnetic separation stage of Largo's vanadium process may be concentrating copper in the
non-magnetic fraction, which is subsequently fed into the ilmenite flotation plant.
Our management team has been conducting various metallurgical tests to assess the
recoverability of copper using conventional flotation processes and has obtained favorable initial
results for copper. The PGM grades from these flotation tests are still pending as platinum and
palladium assays take longer to process in certified external laboratories.
Mr. Alberto Arias, co-CEO of Largo, stated: "The preliminary copper recovery results from the
Maracás Menchen mine, developed internally, are encouraging and align with our strategy to
recover as many byproducts as possible from our current operations to enhance the long-term
competitiveness of our primary vanadium business, in response to the current low vanadium
prices. With the copper recovery opportunity and the current record copper prices, copper may
be significantly more valuable per ton of feedstock to the ilmenite flotation plant than the value
derived from ilmenite itself. Our objective is to recover both copper and titanium in the flotation
plant. We are also examining the behavior of PGMs in a copper flotation process, which we
believe could impact copper concentrates and potentially make PGM production an important
additional economic contribution for Largo.”
Mr. Daniel Tellechea, co-CEO of Largo, continued: “Our team is currently working on
reviewing the database as part of a re-evaluation and re-analysis program of previous
exploration work related to copper, along with a focused infill drilling initiative aimed at
gaining a deeper understanding of the copper grade distribution in deposits to the north and
south of the Campbell Pit. We expect to provide updates on this initiative and other exploration
progress as our efforts continue.”
Previous Drilling and Sampling Results
A review of the current database for the Maracás Menchen deposits comprises 351 drill holes
and 1,063 samples, with copper grades ranging from 0.1% to 1.5% Cu and an average grade of
0.153% Cu. This average grade corresponds to a cumulative drill core length of 14,358 metres.
The table 1 presents the copper grade distribution by deposits.
Table 1: Copper Grade Distribution by Maracás Menchen Deposits
Mine Drill Holes Samples Min. (Cu%) Max. (Cu%) Average (Cu%)
Campbell 72 115 0.10 1.00 0.16
GAN 95 364 0.10 1.00 0.14
GAS 15 28 0.10 0.60 0.18
SJO 41 100 0.10 0.53 0.13
NAO 31 278 0.10 0.40 0.13
NAN 97 178 0.10 1.50 0.19
Note: statistics calculated on samples above a 0.10% Cu cutoff, to highlight Cu-anomalous
intervals and reduce the influence of background values.
A detailed review of the geological database indicates that copper mineralization is disseminated
throughout the mafic–ultramafic rocks of the Rio Jacaré sill, which hosts the Maracás Menchen
deposits (Figure 1). Further studies will be required to better define zones of higher-grade
mineralization and to assess the continuity of copper grades.
Largo’s geologic team is currently conducting a similar review of its deposit database for PGMs
and gold. We plan to provide updates on this along with the pending results of multi-element
assays of our non-magnetic tailings ponds which contain residues accumulated from 12 years of
the continuous operations of the Maracás Menchen mine.
Geology Sampling, QA/QC, and Analytical Procedures
The sample preparation and analytical work was carried out at the SGS-Geosol and ALS Global
facility, which are ISO/IEC 17025-accredited laboratories. All sample results during the period
have been monitored through a QA/QC program that includes the insertion of certified standards,
blanks, and pulp and reject duplicate samples.
Copper concentrate samples derived from internal flotation testing were submitted to an
independent external laboratory for analytical verification of internally generated results.
Disclaimer
It is important to emphasize that the studies completed to date are based on diamond drill core
samples collected from drilling programs conducted by independent third-party contractors and
on chemical analyses performed by certified external laboratories. Preliminary geometallurgical
results were obtained internally and are considered indicative in nature, reflecting improvements
in the understanding of flotation processes currently in place.
This document does not disclose Mineral Resources or Mineral Reserves for copper or platinum
group elements. The project includes vanadium and titanium mineralization for which scientific
and technical information is set out in the National Instrument 43-101 (“NI 43-101”) technical
report titled: “An Updated Life of Mine Plan (LOMP) for Gulçari A (Campbell Pit) and Pre-
Feasibility Study for Gulçari A Norte (GAN), Novo Amparo (NAO), Novo Amparo Norte
(NAN) and São José (SJO) Deposits”, prepared by GE21 Consultoria Mineral Ltda with an
effective date of January 30, 2024 filed in Canada on SEDAR+ and in the United States with the
U.S. Securities and Exchange Commission on EDGAR under the Company’s profile.
Largo is initiating a new phase of studies aimed at evaluating additional commodities that may
support a future update of Mineral Resources and Mineral Reserves in an independent technical
report prepared in compliance with NI 43-101.
Review of Technical Information
Mr. Emerson Ricardo Re., MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No.
0138) (Chilean Mining Commission) is the geology advisor and responsible for the geological
management of the Maracás Menchen Mine. Mr. Re is a Qualified Person as defined under NI
43-101 and has reviewed and approved the scientific and technical information related to
geology, drilling, sampling, and analytical results in this press release. Information related to
metallurgical testwork, process considerations and potential recoveries is based on the
Company’s internal assessments and is presented as forward-looking information.
About Largo
Largo is a globally recognized vanadium company known for its high-quality VPURE TM and
VPURE+TM 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"
(collectively, “forward-looking statements”) within the meaning of applicable Canadian and
United States securities legislation. These statements include, but are not limited to, statements
regarding work to establish the existence of PGMs in deposits surrounding the Campbell Pit,
exploration results at the Maracás Menchen Mine, the future development and expansion of the
Campbell Pit, the timing and content of future updates on the Company’s programs, and the
assessment of possible PGMs in the Northern District. Forward-looking statements are not
statements of historical fact and are based on expectations, estimates and projections as of the
date of this press release.
Forward looking statements are based on a number of assumptions that, while considered
reasonable by Largo s of the date of this press release, are inherently subject to significant
business, economic, competitive, operational and other uncertainties and contingencies. These
assumptions include: that general business and economic conditions will not change in a
material adverse manner; receipt of regulatory and governmental approvals, permits and
renewals in a timely manner; that the Company will not experience any material accident,
labour dispute or failure of plant or equipment or other material disruption in the Company's
operations; the availability of financing for operations and development; the availability of
funding for future capital expenditures; the ability to replace current funding on terms
satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the Company's
ability to procure equipment, services and operating supplies in sufficient quantities and on a
timely basis; the accuracy of the Company's mine plan at the Maracás Menchen Mine; the
ability to obtain funding through government grants and awards for the green energy sector;
that the Company's current plans for drilling and exploration can be achieved; the Company's
"two-pillar" business strategy will be successful; the Company's sales and trading arrangements
will not be affected by the evolving sanctions against Russia the Company's ability to attract and
retain skilled personnel and directors; and the ability of management to execute strategic goals.
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 Mineral 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" and "mineral resource" 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 and certain other
U.S. 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.
Contacts
For further information, please contact:
Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956