Mr. Alberto Arias reports

LARGO RECEIVES ENVIRONMENTAL PERMIT FOR GAN OPEN PIT VANADIUM-COPPER-GOLD-PGM MINE DEVELOPMENT

Instituto do Meio Ambiente e Recursos Hidricos of state of Bahia, Brazil (INEMA), has issued the environmental permit to Largo Inc. for the development of the Gulcari A Norte (GAN) pit and associated infrastructure, including a new waste rock stockpile, calcined tailings facility, expansion of the dry mag (low-grade dry magnetic ore) stockpile, access roads and operational support areas. All amounts expressed are in United States dollars.

Key highlights:

• Receipt of GAN's environmental permit paves the way for the development of the second open pit primary vanadium mine in Largo proposed mining sequence.
• The proposed GAN open pit mine is adjacent to the north to the Campbell open pit mine. Campbell has been the sole source of Largo's vanadium production since its start up 12 years ago.
• The development of a second open pit mine should extend production for multiple years, optimize mining plans, add operating flexibility and reduce operating risks by diversifying ore sources to our ore processing facilities which are near both mines.
• GAN deposit also contains copper, gold and platinum group metals (PGMs) associated with its mineralized zones, similar to Campbell open pit mine which successfully started production of copper, gold and PGMs as byproducts since August, 2026.
• GAN is one of the five open pits in Largo's Maracas Menchen portfolio which includes a resource base that has potential to last for more than 30 years at current production rates.

The approval represents an important step in strengthening the long-term fundamentals, operating resilience and sustainability of Largo's Maracas Menchen mine, while supporting the company's ability to execute its current 31-year mine plan.

GAN is one of the deposits incorporated into Largo's current life-of-mine plan. The Maracas Menchen mine has a projected 31-year mine life, with current mining focused on the Campbell open pit and the long-term plan incorporating additional near-surface mineral deposits, including GAN, as outlined in the National Instrument 43-101 technical report titled: "An Updated Life of Mine Plan (LOMP) for Gulcari A (Campbell Pit) and Pre-Feasibility Study for Gulcari A Norte (GAN), Novo Amparo (NAO), Novo Amparo Norte (NAN) and Sao Jose (SJO) Deposits," prepared by GE21 Consultoria Mineral Ltda. with an effective date of Jan. 30, 2024, filed in Canada on SEDAR+ and in the United States with the U.S. Securities and Exchange Commission on EDGAR under the company's profile.

By securing the necessary environmental permit in advance of future mining requirements, Largo is increasing the flexibility and continuity of its long-term operating plan while reducing permitting uncertainty around future mining areas. This provides a stronger foundation for disciplined capital allocation, operational planning and sustainable resource development over the life of the mine.

Alberto Arias, executive chairman and co-chief executive officer of Largo, commented: "This approval is strategically important as the Western World is looking for additional sources of vanadium, copper and PGM, and illustrates Largo's potential to deliver a next generation of mines within our area of influence in a capital-efficient way. The success in the GAN mine permitting process reflects the sustained efforts of our management in Brazil and our ongoing engagement with the relevant authorities."

James (Jim) Bannantine, co-CEO of Largo, added: "The GAN permit strengthens the long-term fundamentals of Maracas Menchen mine and provide flexibility. It provides greater certainty around our future mining areas and enhances our ability to execute the mine plan in a disciplined and sustainable manner. Our focus remains on improving the underlying performance of the business, extending the value of our mineral resources and building a more resilient operation for shareholders over the long term."

Environmental permit

The environmental permit was issued under INEMA Portaria No. 35,482 and includes a four-year licence for the implementation and operation of the GAN pit and associated infrastructure. The permit also includes authorizations related to vegetation suppression, fauna management and other activities required within the approved project area.

About Largo Inc.

Largo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracas Menchen mine in Brazil. 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 clean energy storage sector through its investment in 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 project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.

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

We seek Safe Harbor.