Mr. Daniel Tellechea reports

LARGO ANNOUNCES A PROPOSED JOINT VENTURE WITH STRYTEN ENERGY TO BRING INNOVATION AND SCALE TO NORTH AMERICAN VANADIUM FLOW BATTERY MARKET

Largo Inc. has signed a non-binding letter of intent with Stryten Energy LLC to establish a 50/50 joint venture that would combine the company's wholly owned subsidiary, Largo Clean Energy Corp., with Stryten's vanadium redox flow battery business. This announcement comes in concert with Enel Green Power Espana and LCE's go-live of a 5.5-megawatt-hour VRFB in Spain, the deployment of one of the largest utility-scale vanadium system in Europe.

The combination of the parties' decades of VRFB technology expertise, access to raw vanadium supplies from friendly sources and high-volume electrolyte production capabilities is expected to transform the long-duration energy storage sector in North America.

The estimated market in North America for VRFB LDES solutions is hundreds of gigawatts in size, requiring the creation of a vertically integrated vanadium supply chain to reliably meet this demand. It is expected that this joint venture would provide access to United States-produced vanadium electrolyte needed for VRFB manufacturers to accelerate the commercial deployment of vanadium battery solutions.

"The agreement is a direct result of our review and evaluation of strategic alternatives to unlock and fully maximize the value of LCE," said Daniel Tellechea, director and interim chief executive officer of Largo. "The distinctive value proposition LCE presents for vanadium batteries and the long-duration energy storage sector, including its patented vanadium flow battery stack technology, electrolyte purification technology and access to vanadium through Largo Physical Vanadium Corp., were key determining factors in advancing our discussions with Stryten. Additionally, Stryten's ability to produce electrolyte in large volumes will help reduce the overall cost for VRFB solutions, a critical factor in catalyzing the commercial adoption of the technology and meeting the DOE LCOS targets."

The proposed transaction remains subject to, among other conditions, negotiation of definitive agreements, completion of due diligence by both parties, and receipt of any required board and regulatory approvals. There can be no assurance that the proposed transaction will be completed, nor can there be any assurance, if the proposed transaction is completed, that the potential benefits of the proposed transaction will be realized.

About Stryten Energy LLC

Stryten helps solve the world's most pressing energy challenges with a broad range of energy storage solutions across the essential power, motive power, transportation, military and government sectors. Headquartered in Alpharetta, Ga., Stryten partners with some of the world's most recognized companies to meet the growing demand for reliable and sustainable energy storage capacity. Stryten powers everything from submarines to subcompacts, microgrids, warehouses, distribution centres, cars, trains and trucks. Its stored energy technologies include advanced lead, lithium and vanadium redox flow batteries, intelligent chargers, and energy performance management software that keep people on the move and supply chains running. An industry leader backed by more than a century of expertise, Stryten has the energy to challenge the status quo and deliver top-performing energy solutions for today and tomorrow.

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 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 centres 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.

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