Mr. Daniel Tellechea reports

LARGO ANNOUNCES LEADERSHIP TRANSITION: J. ALBERTO ARIAS AND DANIEL TELLECHEA TO BECOME CO-CEOS AND DIOGO SILVA PROMOTED TO BECOME CFO

Largo Inc. has appointed J. Alberto Arias and Daniel Tellechea as its co-chief executive officers, effective immediately, and Mr. Arias will transition to executive chairman, effective immediately. David Brace will act as lead director.

Largo also announced that Diogo Silva, who has been with the company for the past 14 years, will be appointed chief financial officer, effective Dec. 5, 2025. Mr. Silva will succeed David Harris, who, after more than 10 years with Largo, will step down as CFO, effective Dec. 5, 2025.

Mr. Arias and Mr. Tellechea will manage the company through the next phase of operations with their complementary skill sets and focus on the execution of Largo's strategy to continue to reduce costs, diversify revenues and work to refinance its debt.

Mr. Arias commented: "I look forward to contributing to Largo my over 30 years of experience, which has been focused on the investing, financial and operational aspects of the industry. Largo plays a critical role in the supply chain of vanadium for the U.S. and Western nations since approximately 80 per cent of world's vanadium supply is produced in China and Russia."

Mr. Arias added: "Daniel Tellechea has done a remarkable job reducing operating costs to adapt to an extended period of low vanadium prices and the more recent effects of large U.S. tariffs and liquidity constraints. I am excited to work together with Daniel with his invaluable experience in managing mining assets under challenging market conditions."

Mr. Arias, through the investment funds he manages, has been invested in the company since 2010 prior to the mine's construction. Mr. Arias joined the Largo board in 2011, and has been Largo's non-executive chairman since 2019. Mr. Arias is the founder and portfolio manager of Arias Resource Capital Management and director of the General Partner to funds managed by Arias Resource Capital that are the company's largest shareholder. Collectively, shares held by funds managed by Arias Resource Capital and Mr. Arias represent approximately 37.9 per cent of the basic shares outstanding of the company after the recent financing completed Oct. 22, 2025.

Largo would like to thank Mr. Harris for his valuable contributions to Largo over the past decade at Largo. Mr. Silva is currently the finance director of the company's subsidiary, Largo Vanadio de Maracas SA, and has been instrumental in the company's negotiations with its lenders to defer debt principal payments until September, 2026.

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.

The company also holds a 100-per-cent interest in the Northern Dancer tungsten-molybdenum property located in the Yukon territory, Canada, and a 100-per-cent interest in the Currais Novos tungsten tailings project near Natale, Brazil. Preliminary economic assessments were completed for each asset in 2011.

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

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