Mr. Daniel Tellechea reports

LARGO PROVIDES UPDATE ON THE ONGOING EXPLORATION PROGRAM SURROUNDING ITS MARACAS MENCHEN MINE IN BRAZIL

Largo Inc. has provided an update on the continuing exploration program surrounding its Maracas Menchen mine, including an initial phase of drilling conducted in 2023 and the further analysis of past exploration work completed at the company's Campbell pit and exploration targets located both north and south of the Campbell pit.

Daniel Tellechea, director and interim chief executive officer of Largo, stated: "As a part of its ongoing operations, Largo continues to undertake exploration work in the areas surrounding the Campbell pit to both optimize current operations and plan for future development and expansion through the identification and conversion of resources. This exploration program aims to expand our understanding of the mineralization surrounding the Campbell pit so that we may gauge the possibility of continued mineralization north and south of the Campbell pit. With analysis of recent drilling and historical exploration work under way, we anticipate providing the market with updates as our program progresses."

Exploration program overview

Largo is working to expand its knowledge and establish a correlation with the known mineralization intercepted to the north of the Campbell pit where, in 2021, mineral reserves and resources were reported in the company's current technical report at the Campbell pit, Gulcari A Norte (GAN) and Novo Amparo Notre (NAN). Currently, the company is exploring the potential for a seven-kilometre trend of mineralization between the Campbell pit and the satellite deposits (from south to north): GAN, Sao Jose (SJO), Novo Amparo and NAN (collectively, the northern district).

Additionally, the company is also working to understand and establish a correlation with the known mineralization intercepted south of the Campbell pit, which includes further analysis of exploration work performed on satellite deposits (from north to south): Gulcari A Sul, Agua Branca, Jacare, Braga, Ilha Grande and Rio de Contas (collectively, the southern district).

2023 drill program

In 2022 and 2023, the company conducted a drill program in the northern district consisting of 19 drill holes and 245 surface samples, 148 infill holes in the Campbell pit, and 33 holes in the southern district. The company is also performing a comprehensive review of its existing exploration data in the northern district, including, without limitation, 161 historical drill holes and 5,869 samples collected between 1981 and 2020.

The company's 2023 campaign in the northern district includes 19 new diamond drill holes aimed at improving the company's geological knowledge of the Campbell pit and GAN and SJO deposits. Of those holes, six stepout holes were drilled between the Campbell pit and GAN deposit with the aim of confirming the potential for continued mineralization. The company believes the initial results for the six stepout holes provide greater confidence in the continuity of mineralization between the Campbell and GAN mineralized zones.

The company is in the process of analyzing its historical drill data and the remaining holes from its 2023 campaign with results expected in Q1 2024.

Sampling, quality assurance/quality control and analytical procedures

Drill core is logged, photographed and split in half using a diamond core saw at the secure core logging and storage facilities of Largo Vanadio Maracas SA (LVMSA). Half of the drill core is retained on site and the other half core is used for analysis, with samples collected on one-metre sample intervals unless an interval crosses a geological contact.

The sample preparation and analytical work was carried out at the SGS facility in Belo Horizonte and the LVMSA secure on-site laboratory, which are both ISO 9001 certified 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. Davis tube test work was carried out on all mineralized samples.

Review of technical information

Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), registered member (No. 0138) (Chilean Mining Commission), is the geology adviser and responsible for the geological management of the Maracas Menchen mine. Mr. Re is a qualified person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this press release.

About Largo Inc.

Largo is a globally recognized vanadium company known for its high-quality VPure and VPure+ products, sourced from its Maracas Menchen mine in Brazil. The company is currently focused on implementing an ilmenite concentrate plant and is undertaking a strategic evaluation of its United States-based clean energy business, including its advanced VCharge vanadium battery technology to maximize the value of the organization. Largo's strategic business plan centres on maintaining its position as a leading vanadium supplier with a growth strategy to support a low-carbon future.

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