Largo Announces Filing of Technical Report for the Updated Life of Mine Plan and Pre- Feasibility Study for its Vanadium-Titanium Operation in Brazil
Largo Announces Filing of Technical Report
for the Updated Life of Mine Plan and Pre-
Feasibility Study for its Vanadium-Titanium
Operation in Brazil
All amounts expressed are in U.S. dollars, denominated by “$”.
TORONTO--(BUSINESS WIRE)--November 26, 2024--Largo Inc. ("Largo" or the "Company")
(TSX: LGO) (NASDAQ: LGO) is pleased to announce it has filed its 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 (the “Technical Report”), in respect of
the Company’s Maracás Menchen Mine in Brazil. The Technical Report supports the disclosure
made by the Company in its press release dated October 28, 2024.
Daniel Tellechea, Director and Interim CEO of Largo, commented: “The filing of this Technical
Report provides a comprehensive update on our Maracás Menchen Mine, underscoring
significant extensions in mine life and valuable vanadium and titanium resource growth among
multiple deposits. This update highlights our team’s focused efforts to enhance our asset base
while carefully considering the operational scenarios that support sustainable, long-term
production going forward. The outlined potential strengthens Largo’s position as a reliable and
secure supplier of vanadium and ilmenite, contributing to the needs of key industries for the
future.”
Technical Report 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, and post-tax life-of-
mine (“LOM”) undiscounted accumulated 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, $4,040.05/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 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 connection, located
approximately 800 meters from the Campbell Pit, the evaluation and exploration of
precious group metals at the Maracás Menchen Mine, the improvement of magnetite
quality in its operations and the increase of the Company’s TiO2 grade in its flotation
feed
The Technical Report has been filed on SEDAR+, with the SEC and can be found on the
Company’s website at www.largoinc.com.
Qualified Person
Porfirio Cabaleiro Rodriguez, Mining Engineer, BSc., FAIG, is a qualified person as defined by
NI 43-101, is responsible for the technical information contained within this release.
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.
Contacts
For further information, please contact:
Investor Relations
Alex Guthrie
Director, Investor Relations
+1.416.861.9778