Mr. Daniel Tellechea reports

LARGO ANNOUNCES CLOSING OF US$23.4 REGISTERED DIRECT OFFERING AND PRIVATE PLACEMENT

Largo Inc. has closed its previously announced registered direct offering for the purchase and sale of 14,262,309 common shares of the company at a purchase price of $1.22 (U.S.) per common share for aggregate gross proceeds of $17.4-million (U.S.). In a concurrent private placement, the company issued unregistered warrants to purchase up to 14,262,309 common shares with an exercise price of $1.22 (U.S.) per warrant that are immediately exercisable upon issuance and will expire five years from issuance.

In a concurrent private placement, Arias Resource Capital Fund III L.P. (ARC Fund III), an affiliate of the company's largest shareholder, provided the company with financing of $6-million (U.S.), and acquired 4,918,033 common shares and 4,918,033 warrants. Such offering was on the same terms as the common shares and warrants issued pursuant to the offering. A portion of the ARC commitment was advanced by way of a $5-million (U.S.) secured convertible bridge loan, which reduced the ARC commitment by $5-million (U.S.). The proceeds of the ARC bridge loan were used to make an equity contribution to Largo's principal operating subsidiary, Largo Vanadio de Maracas S.A. (LVMSA), and was used by LVMSA for working capital purposes and to make payments to the senior lenders to LVMSA. The ARC bridge loan automatically converted upon the closing of the offering into units consisting of unregistered common shares and warrants on the same terms as the offering. Alberto Arias is director and chair of the board of directors of the company, and funds managed by Arias Resource Capital have been a significant investor of the company since 2010.

H.C. Wainwright & Co. acted as sole placement agent for the offering and the ARC offering.

The use of proceeds from the offering and the remaining proceeds from the ARC offering, net of placement agent fees and other offering expenses payable by the company, will be to make an equity contribution to LVMSA to sustain working capital until 2026, and facilitate a payment to LVMSA's Brazilian lenders, and payments to the mining contractor at the Maracas Menchen mine and other key suppliers, which is already starting to negatively impact rates of mine production due to liquidity constraints.

The company applied to the Toronto Stock Exchange for an exemption from requirements regarding pricing, terms and size of the offering and the ARC offering, and securityholder approval requirements for the offering and the ARC offering, on the basis that the company finds itself in a state of serious financial difficulty, and that the offering and the ARC offering are designed to improve the company's financial situation in a timely manner. The TSX confirmed that it will grant the financial hardship exemption, and conditionally approved the offering and the ARC offering, which are subject to final TSX approval. As a result of the granting of the financial hardship exemption, the company relied on sections 5.5(g) and 5.7(1)(e) of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, to be exempted from obtaining minority security holder approval and a formal valuation in connection with the ARC bridge loan, as would be required pursuant to Canadian securities laws based on the ARC bridge loan being a related party transaction of the company within the meaning of MI 61-101.

The common shares (but not the unregistered common shares issued in the ARC offering, the unregistered warrants and the common shares underlying the warrants) in the offering described above were offered by the company pursuant to an effective shelf registration statement on Form F-3 (file No. 333-290163), previously filed with the U.S. Securities and Exchange Commission, under the Securities Act of 1933, as amended, and declared effective by the SEC on Sept. 19, 2025. The offering of the common shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and an accompanying prospectus describing the terms of the registered direct offering were filed with the SEC, and are available on the SEC's website. Electronic copies of the prospectus supplement and the accompanying prospectus may be obtained from H.C. Wainwright & Co. LLC, 430 Park Ave. (third floor), New York, N.Y., 10022, or by telephone at 212-856-5711 or by e-mail at placements@hcwco.com.

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.

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

We seek Safe Harbor.