Largo Reports Fourth Quarter and Full Year 2025 Financial Results Reflecting the Impact of U.S. Tariffs on Q4 2025 Sales; Stronger Operating Momentum with Further Positive Copper-Platinum Group Metals Flotation Test Results and Benefit from Recent U.S. Tariff
Largo Reports Fourth Quarter and Full Year
2025 Financial Results Reflecting the Impact
of U.S. Tariffs on Q4 2025 Sales; Stronger
Operating Momentum with Further Positive
Copper-Platinum Group Metals Flotation Test
Results and Benefit from Recent U.S. Tariff
Relief Entering 2026
All amounts expressed are in U.S. dollars, denoted by "$".
Toronto, Ontario--(Newsfile Corp. - April 1, 2026) - Largo Inc.
(TSX: LGO) (NASDAQ: LGO)
("
Largo
"
or the "
Company
") today announces financial and operating results for the three months and year ended
December 31, 2025.
Mr. Daniel Tellechea, Co-Chief Executive Officer of Largo, stated: "2025 was a year of several
challenges but also of operational improvements at Maracás Menchen mine. We finished the year with
stronger production momentum and improved mine access, which helped us reach our annual
production and sales within our guidance ranges. The progress achieved through our turnaround
initiatives, together with higher ore availability and improved operating stability in the second half of the
year, provides a stronger foundation as we enter 2026. Our focus remains on disciplined execution of
the mine plan, cost control, and continued operational consistency."
Mr. J. Alberto Arias, Co-Chief Executive Officer of Largo, added: "In addition to the stronger operating
base, we are encouraged by recent developments in the vanadium market and by the progress in
evaluating the addition of copper and precious group metals as potential near future by-products of our
operations using our existing ore processing infrastructure. The strengthening of ferrovanadium prices in
the U.S. and Europe in early 2026, together with the recent reduction in U.S. tariff barriers on Brazilian
products, has supported a more constructive commercial outlook. Largo remains well-positioned to
benefit from these trends after demonstrating its reliability as a Western-aligned primary vanadium
producer during the severely depressed market conditions of 2025."
Q4 2025 and Full Year 2025 Highlights
Operation Highlights
Total ore mined of 665,953 tonnes in Q4 2025 vs. 476,742 tonnes in Q4 2024, a 40% increase,
reflecting improved mine access and stronger mine sequencing during the second half of 2025.
The effective grade of ore mined improved to 0.53% from 0.49%.
Q4 2025 Vanadium Pentoxide production of 2,961 tonnes represented a 67% increase over the
1,775 tonnes in Q4 2024 and a 12% increase over the 2,636 tonnes in Q3 2025. Production
continued to improve throughout the second half of 2025, supported by enhanced access to the
180 bench in the western basin of the mine and improved operational coordination. For the full
year 2025, production was 9,150 tonnes, within the Company's annual production guidance range
of 9,000 - 11,000 tonnes.
During 2025, Largo also advanced the installation of additional flotation cell circuits to increase
ilmenite concentrate production capacity to 115,000 tonnes annually from 42,000 tonnes annually
and resumed ilmenite circuit operations in November 2025.
Commercial Highlights
Sales volume totaled 2,396 tonnes of Vanadium Pentoxide in Q4 2025, including 780 tonnes
related to the Company's inventory supply agreement. This volume decreased 21% compared to
3,033 tonnes sold in Q4 2024 due to the impact of U.S. tariffs, which made sales of high purity
vanadium, one of Largo's highest premium products, uneconomical in the U.S., contributed to
order and contract cancellation, and led to an inventory buildup in excess of 300 tonnes in bonded
warehouses in Baltimore, MD. The disruption also required the Company to shift volumes toward
standard-grade material, which in turn supported the fulfillment of previously delayed contractual
deliveries following lower production earlier in the year. Full year 2025 sales of 8,686 tonnes of
Vanadium Pentoxide were 10% lower than 9,600 tonnes in 2024.
Sales of Ilmenite concentrate, a by-product of the vanadium operation, totaled 12,930 tonnes in Q4
2025 vs. 10,570 tonnes in Q4 2024; full year 2025 ilmenite concentrate sales amounted to 33,959
tonnes compared to 42,916 tonnes in 2024, due to the temporary shutdown of the plant during Q4
2025 to expand its flotation circuit capacity.
Vanadium market conditions remained mixed through Q4 2025, particularly in Europe, where
uneven demand across key steel and alloy end markets persisted. Vanadium pentoxide ("V
2
O
5
")
pricing remained below historical levels, with the average benchmark price at $5.86/lb in Q4 2025
vs. $5.34/lb in Q4 2024, and $5.89/lb as at year-end 2025 vs. $5.37/lb a year earlier.
Ferrovanadium ("FeV") pricing remained under pressure, reflecting softer demand from the steel
sector and continued global supply availability, with the average benchmark price at $23.85/kg in
Q4 2025 vs. $26.04/kg in Q4 2024, and $23.83/kg as at year-end 2025 vs. $25.38/kg a year
earlier.
Financial Highlights
Revenues of $22.3 million in Q4 2025 vs. revenues of $24.3 million in Q4 2024, an 8% decrease;
full year 2025 revenues of $109.9 million vs. $124.9 million in 2024, a 12% decrease. Revenues in
Q4 2025 were affected by lower sales volumes due to the 50% U.S. import tariff on Brazil, which
impacted Largo's high purity vanadium products used primarily in the aerospace and defense
industries.
Revenues per lb sold of V
2
O
5
equivalent reached $5.78 in Q4 2025 vs $5.70 in Q4 2024, and
$6.07 in 2025 vs. $6.40 in 2024.
Adjusted cash operating costs excluding royalties
1
were $3.22/lb sold in Q4 2025 vs. $3.05/lb sold
in Q4 2024; full year 2025 adjusted cash operating costs excluding royalties were $3.32/lb sold, an
18% improvement over $4.05/lb sold in 2024, reflecting the Company's operating cost reduction
strategy and efficiency improvements.
Cash provided before working capital items
1
was negative $3.9 million in Q4 2025, compared with
positive $5.8 million in Q4 2024. For the full year 2025, cash used before working capital items
was $2.8 million, compared with cash provided before working capital items of $3.2 million in
2024.
Q4 2025 adjusted EBITDA
1
was negative $6.6 million, compared to positive $2.3 million in Q4
2024, while Mining Operations Adjusted EBITDA was negative $3.6 million, compared to positive
$4.5 million in Q4 2024. For the full year 2025, adjusted EBITDA was negative $7.4 million, and
Mining Operations Adjusted EBITDA was positive $2.3 million.
Net loss of $17.2 million for Q4 2025 (including a net gain of $40 thousand in non-recurring items),
compared to a net loss of $13.0 million in Q4 2024 (including a net loss of $2.5 million in non-
recurring items). This change was mainly due to an 8% decline in revenues, partially offset by a
15% reduction in operating costs. For the full year 2025, the Company posted a net loss of $68.7
million (including $33.3 million in non-recurring items), compared to a net loss of $50.6 million in
2024 (including $18.7 million in non-recurring items), primarily driven by a 12% decrease in
revenues.
Basic loss per share of $0.22 in Q4 2025 (including less than $0.01 per share in non-recurring
items) vs. $0.19 (including $0.04 per share in non-recurring items) in Q4 2024; full year 2025 basic
loss per share of $1.01 (including $0.49 per share in non-recurring items) vs. $0.78 in 2024
(including $0.29 per share in non-recurring items).
The Company ended 2025 with a cash balance of $9.7 million and debt of $107.1 million. During
2025, Largo amended Brazilian debt facilities and deferred principal repayments to September
2026. After year-end, the Company continued to pursue additional financing flexibility, including its
ATM program.
Financial and Operational Results - Highlights
thousands of U.S. dollars, except as otherwise stated
Q4 2025
Q4 2024
Change
Revenues
22,271
24,268
-8.2%
Operating costs
(25,792
)
(30,194
)
-14.6%
Net loss
(17,165
)
(12,990
)
32.1%
Basic loss per share
(0.22
)
(0.19
)
15.8%
Adjusted EBITDA
1
(6,475
)
2,337
-377.0%
Mining operations adjusted EBITDA
1
(3,540
)
4,466
-181.3%
Cash provided (used) before working capital items
(3,913
)
5,759
-167.9%
Cash operating costs excl. royalties1 ($/lb)
3.31
3.67
-9.3%
Adjusted cash operating costs excl. royalties1 ($/lb)
3.22
3.05
6.6%
Cash
9,716*
22,106**
-56.1%
Debt
107,066*
92,280**
16.0%
Total mined - dry basis (tonnes)
2,867,587
3,673,416
-21.9%
Total ore mined (tonnes)
665,953
476,742
39.7%
Effective grade
2
of ore mined (%)
0.53
0.49
8.2%
V
2
O
5
equivalent produced (tonnes)
2,961
1,775
66.8%
V
2
O
5
equivalent sales (tonnes)
2,396
3,033
-21.0%
Ilmenite concentrate produced (tonnes)
7,328
10,292
-28.80%
* As of December 31, 2025.
** As of December 31, 2024
1 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted
EBITDA, revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release.
Revenues per pound sold are calculated based on the quantity of V
2
O
5
sold during the stated period.
2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V
2
O
5
in the magnetic concentrate
thousands of U.S. dollars, except as otherwise stated
2025
2024
Change
Revenues
109,887
124,920
-12.0%
Operating costs
(132,640
)
(145,818
)
-9.0%
Net loss
(68,738
)
(50,565
)
35.9%
Basic loss per share
(1.01
)
(0.78
)
29.5%
Adjusted EBITDA
1
(7,264
)
(2,076
)
254.3%
Mining operations adjusted EBITDA
1
2,403
7,976
-71.0%
Cash provided (used) before working capital items
(2,803
)
3,234
-186.7%
Cash operating costs excl. royalties
1
($/lb)
4.53
4.84
-6.2%
Adjusted cash operating costs excl. royalties
1
($/lb)
3.32
4.05
-18.0%
Cash
9,716*
22,106**
-56.1%
Debt
107,066*
92,280**
16.0%
Total mined - dry basis (tonnes)
14,928,193
13,949,665
7.0%
Total ore mined (tonnes)
2,209,355
2,249,759
-1.8%
Effective grade
2
of ore mined (%)
0.50
0.63
-20.6%
V
2
O
5
equivalent produced (tonnes)
9,150
9,264
-1.2%
V
2
O
5
equivalent sales (tonnes)
8,686
9,600
-9.5%
Ilmenite concentrate produced (tonnes)
30,282
44,863
-32.5%
* As of December 31, 2025.
** As of December 31, 2024
1 The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted
EBITDA, revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release.
Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period.
2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate
Subsequent Events
Impact of the 50% U.S. Tariff Relief in February 2026
Since the elimination of the 50% tariffs in February 2026, Largo has been able to sell its high-purity
vanadium inventory accumulated since 2025 in bonded warehouses in Baltimore, MD. Largo is now
restarting its high-purity vanadium production, which had been temporarily halted as a result of the
unfavorable tariff events in Q3 and Q4 2025.
Largo is now increasing its sales in the U.S. following the import tariff reduction to benefit from the
significant price premium for FeV in the U.S. relative to other regions.
ATM Financing Update and Added Financial Flexibility
Subsequent to year-end, Largo established an ATM program under which it may issue common shares
for aggregate gross proceeds of up to $60.0 million. As of March 27, 2026, the Company had issued
13,630,989 common shares under the ATM Program, generating total net proceeds of $19.5 million, at
an average price of $1.48 per share, providing the Company with financial flexibility to reduce working
capital constraints and implement further operational improvements.
Renegotiation of Promissory Note with ARG
On January 12, 2026, the Company extended its promissory note with ARG International AG in the
principal amount of $6 million until February 2027, under the same terms announced in the August 11,
2025 press release, plus a 1% extension fee.
Storion Investment
During the first quarter of 2026, Storion raised $10 million through the issuance of approximately 6.1
million preferred units. As a result of this capital raise, Largo's ownership and percentage interest in
Storion decreased from 50% to approximately 37%. Additionally, the Company's board representation
was reduced from two nominees to one.
Further Positive Copper and Platinum Group Metals Flotation Test Results
The Company continues to assess the potential for copper and precious metals concentrate production
potential with tests using part of its flotation plant circuits. Concentrate results from these tests, analyzed
externally at a certified laboratory, yielded 17% Copper, 14.3 grams per ton ("gpt") Gold, 16.2 gpt
Platinum, 13.2 gpt Palladium, 69 gpt Silver, 0.8% Nickel, and 0.7% Cobalt. This new data is based on
four days of continuous industrial-scale operation using current mine feed from the Maracas Menchen
mine and indicates significantly higher values than the prior tests Largo reported in its February 5, 2026
press release, which were based on a composite of the top 12 results out of 45 conventional laboratory
flotation test results.
Largo's operating team is currently preparing technical reports to quantify the
reserves of these new elements, along with an economic analysis of the potential addition of these
elements as by-products of Largo's existing operations.
Vanadium Market Update
Vanadium market conditions have improved materially since our update of February 23, 2026, with U.S.
FeV prices continuing to strengthen and European FeV prices also increasing. Structural supply
constraints remain critical in the U.S. market, including limited conversion capacity and trade-related
restrictions.
Year to date, U.S. FeV prices have increased 89% and European FeV prices have increased 23%.
More broadly, key drivers of this price upturn are strong demand from vanadium flow battery projects,
especially in China, regulatory changes on the vanadium content of steel products in India, and signs of
market improvement in Chinese steel demand prospects, based on our recent visit to Asian customers.
European demand remains soft.
Largo remains a western-aligned primary vanadium producer capable of supplying both ferrovanadium
and high-purity vanadium products, essential to the aerospace and defense industries. With lower tariff
constraints, Largo is well-positioned to add more primary units to the U.S. market and enhance supply
security for U.S. customers.
2026 Guidance
Largo is reiterating its 2026 vanadium guidance as previously disclosed on February 5, 2026. The
Company continues to expect annual V2O5 equivalent production of 10,500 to 12,000 tonnes, annual
V2O5 equivalent sales of 7,500 to 9,500 tonnes, and adjusted cash operating costs excluding royalties
of $3.50/lb to $4.50/lb sold.
The Company's 2026 guidance is presented on a business-as-usual basis and reflects management's
current expectations for improved mine access, higher ore availability, and the continued impact of
operational enhancements implemented during 2025. The Company has also committed a significant
portion of its expected monthly production in 2026 to sales of its VPURE+® and VPURE® products, as
well as FeV produced from VPURE®. Sales guidance does not include purchased products or any sold
material related to the Company's vanadium inventory supply agreement.
2026 Guidance
Annual V
2
O
5
equivalent production
tonnes
10,500 - 12,000
Annual V
2
O
5
equivalent sales
1
tonnes
7,500 - 9,500
Adjusted cash operating costs excluding royalties per pound
2
$/lb
3.50 - 4.50
Vanadium
Q1
Q2
Q3
Q4
2026
Low
High
Low
High
Low
High
Low
High
Low
High
Production
(tonnes V
2
O
5
)
2,400
2,700
2,500
3,000
2,600
3,100
3,000
3,200
10,500
12,000
Sales
1
(tonnes
V
2
O
5
)
1,500
2,000
2,000
2,500
2,000
2,500
2,000
2,500
7,500
9,500
1
.
Sales guidance does not include purchased products or any sold material related to the Company's vanadium inventory supply agreement.
2
.
Adjusted cash operating costs excluding royalties per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be
comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this press release.
The Company continues to monitor market conditions, geopolitical developments, and trade-related
uncertainties, including the potential impact of new tariffs on imports from Brazil to the U.S., the rising
energy costs particularly oil on the company's production costs and may revise its guidance if operating
assumptions or market conditions materially change.
The information provided within this release should be read in conjunction with Largo's annual
consolidated financial statements for the years ended December 31, 2025 and 2024 and its
management's discussion and analysis ("MD&A") for the year ended December 31, 2025, which are
available on the Company's website and on its profiles on SEDAR+ and the Securities and Exchange
Commission.
About Largo
Largo is a globally recognized supplier of high-quality vanadium and ilmenite 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 100% interest in the Currais Novos Tungsten Tailing Project
near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.
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
.
###
For further information, please contact:
Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
Cautionary Statement Regarding Forward-looking Information:
This press release contains "forward-looking information" and "forward-looking statements" within the
meaning of applicable securities legislation. Forward-looking information in this press release may
include, but is not limited to, the ability of the Company to continue as a going concern, the ability of
the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated
future production and sales; the future price of commodities; Company's positioning to supply FeV to
the U.S. market pending potential tariff developments; the impact of reduced tariffs on the U.S.
vanadium market and the Company's ability to capitalize on such reduction; the future of FeV prices
and the Company's ability to benefit from the strengthening of those prices; the Company's ability to
explore and commercialize copper and PMGs concentrates; the Company's 2026 guidance; the
Company's future strategy; the Company's ability to benefit from reductions in U.S. tariff barriers; and
management's expectations for improved mine access, higher ore availability and the impact of
operational enhancements implemented during 2025.
The following are some of the assumptions upon which forward-looking information is based: that
general business and economic conditions will not change in a material adverse manner; demand for,
and stable or improving price of V
2
O
5
and other vanadium products, ilmenite and titanium dioxide
pigment; 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 at the Maracás Menchen Mine;
the availability of financing for operations and development; the Company's ability to fund operations
and meet its financial obligations as they come due; 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 reliability of production, including, without limitation, access
to massive ore, the Company's ability to procure equipment, services and operating supplies in
sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the
Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size,
grade and recovery and the operational and price assumptions on which such estimates are based);
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 vanadium and ilmenite can be achieved; the Company's ability to protect and develop its
technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in
an evolving market; that the Company will enter into agreements for the sales of vanadium and
ilmenite on favourable terms and for the sale of substantially all of its annual production capacity; the
Company's ability to attract and retain skilled personnel and directors; the ability of management to
execute strategic goals; uncertainty regarding future sales volumes and customer demand; changes
in global trade policies, including the imposition of tariffs or other trade restrictions by the United
States or other jurisdictions.
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", although not all forward-looking statements include those words or phrases.
In addition, any statements that refer to expectations, intentions, projections, guidance, potential, or
other characterizations of future events or circumstances contain forward-looking information. Forward-
looking statements are not historical facts nor assurances of future performance but instead represent
management's expectations, estimates, and projections regarding future events or circumstances.
Forward-looking statements are based on our opinions, estimates and assumptions that we
considered appropriate and reasonable as of the date such information is stated, 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.
Non-GAAP Measures
The Company uses certain non-GAAP measures, which are described in the following section. Non-
GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS,
the Company's GAAP, and might not be comparable to similar financial measures disclosed by other
issuers. These measures are intended to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Management believes that non-IFRS financial measures, when supplementing measures determined in
accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance
of the Company.
Revenues Per Pound
The Company refers to revenues per pound sold, V
2
O
5
revenues per pound of V
2
O
5
sold, V
2
O
3
revenues per pound of V
2
O
3
sold and FeV revenues per kg of FeV sold, which are non-GAAP financial
measures that are used to provide investors with information about a key measure used by management
to monitor performance of the Company.
These measures, along with cash operating costs, are considered to be key indicators of the Company's
ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales
activities. These measures differ from measures determined in accordance with IFRS and are not
necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.
The following table provides a reconciliation of revenues per pound sold, V
2
O
5
revenues per pound of
V
2
O
5
sold, V
2
O
3
revenues per pound of V
2
O
3
sold and FeV revenues per kg of FeV sold to revenues
and the revenue information presented in note 23 as per the 2025 annual consolidated financial
statements.
Three months ended
Year ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues - V
2
O
5
produced
1
$
3,970
$
10,271
$
37,835
$
57,446
V
2
O
5
sold - produced (000s lb)
773
2,053
6,468
9,332
V
2
O
5
revenues per pound of V
2
O
5
sold - produced ($/lb)
$
5.14
$
5.00
$
5.85
$
6.16
Revenues - V
2
O
5
purchased
1
$
-
$
-
$
13
$
988
V
2
O
5
sold - purchased (000s lb)
-
-
2
176
V
2
O
5
revenues per pound of V
2
O
5
sold - purchased ($/lb)
$
-
$
-
$
6.50
$
5.61
Revenues - V
2
O
5
1
$
3,970
$
10,271
$
37,848
$
58,434
V
2
O
5
sold (000s lb)
773
2,053
6,470
9,508
V
2
O
5
revenues per pound of V
2
O
5
sold ($/lb)
$
5.14
$
5.00
$
5.85
$
6.15
Revenues - V
2
O
3
produced
1
$
194
$
457
$
4,134
$
8,353
V
2
O
3
sold - produced (000s lb)
27
59
500
898
V
2
O
3
revenues per pound of V
2
O
3
sold - produced ($/lb)
$
7.19
$
7.75
$
8.27
$
9.30
Revenues - FeV produced
1
$
16,413
$
12,212
$
59,233
$
46,890
FeV sold - produced (000s kg)
835
585
2,945
2,221
FeV revenues per kg of FeV sold - produced ($/kg)
$
19.66
$
20.88
$
20.11
$
21.11
Revenues - FeV purchased
1
$
-
$
106
$
4,582
$
4,872
FeV sold - purchased (000s kg)
-
5
197
227
FeV revenues per kg of FeV sold - purchased ($/kg)
$
-
$
21.20
$
23.26
$
21.46
Revenues - FeV
1
$
16,413
$
12,318
$
63,815
$
51,762
FeV sold (000s kg)
835
590
3,142
2,448
FeV revenues per kg of FeV sold ($/kg)
$
19.66
$
20.88
$
20.31
$
21.14
Revenues
1
$
20,577
$
23,046
$
105,797
$
118,549
V
2
O
5
equivalent sold (000s lb)
3,562
4,041
17,430
18,519
Revenues per pound sold ($/lb)
$
5.78
$
5.70
$
6.07
$
6.40
1
.
Year ended as per note 23 as per the 2025 annual consolidated financial statements
.
Cash Operating Costs, Cash Operating Costs Excluding Royalties and Adjusted Cash
Operating Costs Excluding Royalties
The Company refers to cash operating costs per pound, cash operating costs excluding royalties per
pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios
based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating
costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with
information about a key measure used by management to monitor performance. This information is used
to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods,
and to also assess its overall effectiveness and efficiency.