Mr. Daniel Tellechea reports

LARGO RECEIVES EXECUTED BINDING TERM SHEET FROM LENDERS REPRESENTING US$84.2 MILLION OF DEBT TO DEFER PRINCIPAL PAYMENTS SUBJECT TO CERTAIN CONDITIONS

Largo Inc. has an update with the five Brazilian lenders to Largo's subsidiary, Largo Vanadio de Maracas S.A. (LVMSA).

Update with lenders

Largo and its subsidiary, LVMSA, have received an executed binding term sheet with the banks, representing $84.2-million (U.S.) of debt, to defer principal repayments to March 18, 2026, with an automatic rollover to Sept. 18, 2026, subject to Largo securing capital of at least $30-million (Canadian) by Nov. 17, 2025. Additionally, LVMSA will provide a negative pledge over its mining rights and equipment, pay all accrued interest with future interest payments made on a quarterly basis, repay $2-million of principal with proceeds, submit LVMSA's quarterly unaudited balance sheets to the banks, renegotiate its debts with suppliers, and use 80 per cent of the capital secured greater than $30-million (Canadian) for principal repayment to the banks.

Daniel Tellechea, interim chief executive officer of Largo, stated: "We want to thank the five Brazilian lenders for their support with the signing of a binding term sheet for a deferral of principal payments. With a deferral of principal payments, Largo would have a longer runway to restructure its bank debt."

About Largo Inc.

Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracas 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, defence, 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 long-duration energy storage sector through its 50-per-cent 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 United States.

Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol LGO.

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