Mr. Daniel Tellechea reports

LARGO INITIATES REVIEW OF STRATEGIC ALTERNATIVES FOR LARGO CLEAN ENERGY TO EVALUATE OPPORTUNITIES TO MAXIMIZE VALUE IN THE CLEAN ENERGY TRANSITION

Largo Inc.'s board of directors has initiated a review and evaluation of strategic alternatives with the intent to unlock and fully maximize the value of Largo Clean Energy Corp. (LCE).

The comprehensive review and evaluation process will include consideration of a full range of strategic, business and financial alternatives, including, but not limited to, evaluating and completing financing transactions at the LCE subsidiary level, mergers and acquisitions of LCE with other battery companies, and partnership opportunities with well-established energy system producers that are interested in entering the vanadium battery sector with the unique elements that Largo offers to this industry.

Daniel Tellechea, interim chief executive officer and director of Largo, commented: "Largo is commencing a comprehensive and thorough review of strategic alternatives to accelerate and enhance the distinctive value proposition LCE presents for vanadium batteries and the long-duration energy storage sector. We believe several strategic opportunities exist in the market today that would benefit from LCE's unique characteristics, and a formal process for comparing these alternatives is expected to deliver maximum value for all shareholders in a timely manner. These characteristics include: i) LCE's access to the innovative Largo Physical Vanadium Corp. (LPV) structure, which is expected to significantly reduce vanadium battery costs for customers; ii) LCE's U.S.-based manufacturing capabilities, which may be eligible for significant fiscal incentives, grants and benefits; and iii) LCE's patented vanadium flow battery stack technology and electrolyte purification technology."

He continued: "We believe the strategic review process announced today could also accelerate the prospects for deployment of vanadium units owned by LPV in batteries, which we consider provides a major improvement in the cost-competitiveness of LCE against other battery technologies and other vanadium flow battery competitors. With the start of this process under way, the company also remains committed to delivering on its set targets for the year in a safe and responsible manner."

There can be no assurance that this process will result in any specific strategic plan or financial transaction and the company does not plan to provide updates on the status of the review unless there are material developments to report.

Gallatin Capital LLC is advising on securities transactions and Castle Grove Capital LLC is providing consulting services in support of the strategic review and evaluation process. Inquiries regarding the process may be directed to Myron Manternach, a registered representative of Gallatin and the president of Castle Grove Capital.

About Largo Inc.

Largo has a long and successful history as one of the world's preferred vanadium companies through the supply of its VPure and VPure+ products, which are sourced from one of the world's highest-grade vanadium deposits at the company's Maracas Menchen mine in Brazil. Aiming to enhance value creation at Largo, the company is in the process of implementing an ilmenite concentration plant using feedstock sourced from its existing operations in addition to advancing its United States-based clean energy division with its VCharge vanadium batteries. Largo's VCharge vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned (environmental, social, governance) long-duration solution that is fully recyclable at the end of its 25-plus-year lifespan. Producing some of the world's highest-quality vanadium, Largo's strategic business plan is based on two pillars: (1) leading vanadium supplier with an outlined growth plan; and (2) U.S.-based energy storage business to support a low-carbon future.

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