Mr. Daniel Tellechea reports

LARGO IDENTIFIES SIGNIFICANT PLATINUM-PALLADIUM GRADES FROM SAMPLING OF THE NON-MAGNETIC TAILINGS PONDS AT ITS MARACAS MENCHEN MINE; COMMENCES FURTHER ANALYSIS OF PLATINUM GROUP METALS AS PART OF ITS ONGOING EXPLORATION PROGRAM

Largo Inc. has identified significant platinum group metal (PGMs) grades in its non-magnetic tailings ponds and ilmenite stockpile from continuing exploration work at its Maracas Menchen mine, including a total of 28 vertical auger drill holes and 83 samples. The company has also initiated a review of its past geology and assay database to establish the existence of PGMs in deposits surrounding its Campbell Pit.

Daniel Tellechea, director and interim chief executive officer of Largo, stated: "Preliminary analysis of the company's non-magnetic tailings pond and ilmenite stockpile has returned significant PGM grades, prompting our team to plan for an additional drill program to enhance our knowledge of grade distribution within the non-magnetic tailings ponds. Simultaneously, our team is performing a database review, relogging and reassay program of past exploration work related to PGMs, alongside a focused drilling initiative to gain a deeper understanding of PGM grade distribution in deposits north and south of the Campbell Pit, where past exploration efforts have demonstrated various grades of PGMs."

He continued: "In 2014, Largo contracted Societe Generale de Surveillance SA (SGS) to conduct metallurgical and PGM flotation tests on the massive vanadium ore at the Maracas Menchen mine with encouraging results. The major significance of today's announcement is that higher grades of PGMs could be associated with the company's non-magnetic material rather than massive vanadium ore, as previously thought. We plan to conduct further studies to evaluate the potential to recover PGMs as an additional byproduct of Largo's vanadium and ilmenite operations following the completion of our ilmenite concentrate plant. We anticipate providing updates on this initiative and other exploration progress as our efforts continue going forward."

Non-magnetic tailings pond auger drill hole highlights:

• BN3TR15: three metres grading 0.410 gram per tonne platinum, 0.209 g/t palladium and 0.07 g/t gold totalling 0.687 gram PGM equivalent (PGMEq);
• BN2TR1: 4.3 metres grading 0.321 g/t Pt, 0.118 g/t Pd and 0.04 g/t Au totalling 0.480 gram PGMEq.

There are three non-magnetic tailings ponds at the Maracas Menchen mine. Pond four is active but has not been sampled as it is still under operation and receiving non-magnetic material from continuing operations. The current tonnage of pond four is approximately three million tonnes as of Dec. 31, 2023. Further analysis has also identified gold grades, which has been added to the continuing analysis.

The non-magnetic tailings material is the result of the process of separating material that contains vanadium. The non-magnetic flow contains silicates (mostly amphiboles and pyroxenes) and ilmenite. This material feeds the flotation plant and then the ilmenite is separated from the silicates generating the ilmenite concentrate.

The company also performed random sampling around the limit of its ilmenite stockpile (8,700 tonnes of material effective date of Jan. 19, 2024). A total of 19 samples were collected and submitted for further analysis.

Past exploration work performed: PGMs at the Maracas Menchen mine

Past exploration work was conducted on the company's Gulcari A Norte (GAN), Sao Jose (SJO), Novo Amparo (NAO) and Novo Amparo Norte (NAN) targets, (collectively, the northern district) in 2006, 2008, 2011, 2012, 2014 and 2018. These exploration efforts demonstrated various grades of PGMs; however, further studies to explore PGMs were discontinued as the company focused solely on advancing its vanadium operations.

Highlighted PGMs results from past exploration work:

• FGA23 -- nine metres grading 0.860 g/t Pt and 0.410 g/t Pd;
• FGA43 -- nine metres grading 0.108 g/t Pt and 0.005 g/t Pd;
• FGA25 -- nine metres grading 0.740 g/t Pt and 0.110 g/t Pd.

The company is performing a further review of past drill data with the intention of developing a new database to assess the possibility of the continuity of PGMs in the northern district.

Sampling, quality assurance/quality control and analytical procedures

The auger sample developed in 2023 was logged and photographed by the Largo Vanadio Maracas SA team. The sample preparation and analytical work was conducted at the SGS facility in Belo Horizonte, which is ISO 9001 certified laboratory. 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 developed by SGS. The sampling, logging, custody of samples and QA/QC routines were validated by Emerson Ricardo Re during the site visit developed in December, 2023.

The QA/QC program conducted during past exploration work conducted utilized industry and market practices that include certified standards, blanks, rejects and pulp samples.

Review of technical information

Mr. Re, MSc, MBA, MAusIMM (CP) (No. 305892), registered member (No. 0138) (Chilean Mining Commission), is the geology adviser 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 ramping up production of its 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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