Mr. J. Alberto Arias reports

ARCF IV PARTICIPATES IN US$5.7 MILLION REGISTERED DIRECT OFFERING

Arias Resource Capital Fund IV LP has agreed to invest $1,299,999.68 (U.S.) in units of Largo Inc. This transaction is part of Largo's previously announced $5.7-million (U.S.) registered direct offering.

ARCF IV agreed to purchase 2,321,428 units of Largo at a price of 56 U.S. cents per unit. Each unit consists of one common share in the capital of Largo and one common share purchase warrant. Each warrant has an exercise price of 70 U.S. cents per warrant. The warrants are exercisable for a period of five years from the date of issuance. The securities were issued directly from treasury, and the transaction closed on Sept. 29, 2026.

Following the transaction, Arias Resource Capital Fund II LP, Arias Resource Capital Fund II (Mexico) LP, Arias Resource Capital Fund III LP and Arias Resource Capital Fund IV will own, in the aggregate, 35,278,481 common shares and 7,239,461 warrants. J. Alberto Arias has been granted, for service on the Largo board of directors, a total of 164,565 vested options to acquire common shares, holds 336,913 restricted share units and holds 62,533 common shares directly. Additionally, Arias Resources Capital GP Ltd. owns 6,547 shares.

Giving effect of the offering and assuming the full exercise of the new and existing warrants, options and RSUs, the common shares held by the ARC funds, ARC GP and Mr. Arias, collectively, would total 43,019,420 common shares, representing approximately 35.01 per cent of the total outstanding common shares of Largo on a partially diluted basis. On a non-diluted basis, the ARC group's holdings represent approximately 30.64 per cent. This represents a posttransaction ownership summary as outlined below.

The ARC funds are managed by Arias Resource Capital Management LP (the manager). The respective general partner of each of the ARC funds retains the power to make investment and voting decisions in respect of the Largo securities beneficially owned by the ARC funds. Mr. Arias is the director of each of the general partners of the ARC funds and indirectly controls the manager. As such, Mr. Arias may be deemed to share voting and dispositive power with respect to the Largo securities beneficially owned by the ARC funds, but he disclaims any beneficial ownership of any such securities, except to the extent of his pecuniary interest therein.

The ARC funds may, from time to time, acquire additional securities of Largo and/or dispose of such securities as they may deem appropriate. The ARC funds currently have no other immediate plans or intentions to acquire or dispose of securities of Largo, but depending on market conditions, general economic and industry conditions, trading prices of securities of Largo, Largo's business, financial condition and prospects, and/or other relevant factors, the ARC funds may develop such plans or intentions in the future.

This news release has been disseminated in accordance with the early warning requirements of Canadian provincial securities laws.