Ms. Vera Abdo reports

LARGO SIGNS DEFINITIVE AGREEMENT FOR US$56 MILLION SALE OF IRON ORE CALCINE AS PREVIOUSLY ANNOUNCED

Largo Inc.'s Brazilian operating subsidiary has signed the definitive agreement for the sale of up to 4.5 million tonnes of iron ore calcine material stockpile previously announced on Jan. 5, 2026.

The agreement provides for a multiyear Ex Works (EXW) contract under Incoterms with total expected cash proceeds in excess of $56-million (U.S.). Under the terms of the agreement, the first payment of $2.9-million (U.S.) is due by Jan. 30, 2026, followed by a second payment of $1.9-million (U.S.) due by Feb. 16, 2026. Thereafter, monthly payments of $1.9-million (U.S.) are expected to commence in April, 2026, subject to the terms of the agreement.

The company anticipates that the transaction will improve the near-term cash flow and reduce long-term stockpile management costs and disposal requirements. Largo is maintaining a clear strategic focus on its core vanadium business while unlocking value from a new stream of iron ore calcine byproduct. These byproduct credits were not previously captured in the company's previous technical reports and help partially offset the currently low vanadium prices.

About Largo Inc.

Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maraca's 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 100-per-cent interest in the Currais Novos tungsten tailing project near Natale, Brazil. Preliminary economic assessments were completed for each asset in 2011.

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