Mr. Alberto Arias reports

LARGO REPORTS Q3 2026 PRODUCTION AND SALES RESULTS REFLECTING VANADIUM DIVERSIFICATION WITH FIRST PRODUCTION OF COPPER, GOLD AND PLATINUM GROUP METALS; ADVANCES COMMERCIAL BANK DEBT RESTRUCTURING

Largo Inc. has released its production and sales results for the third quarter and the nine months ended Sept. 30, 2026. During Q3 2026, the company produced 2,093 tonnes of V2O5 (vanadium pentoxide) equivalent at its Maracas Menchen mine and sold 2,428 tonnes of V2O5 equivalent. For the first nine months of 2026, V2O5 production totalled 7,609 tonnes and sales totalled 7,223 tonnes, representing year-over-year increases of 23 per cent and 15 per cent, respectively.

Q3 2026 and nine-month highlights:

• Vanadium production: 2,093 tonnes of V2O5 in Q3 2026 versus 2,636 tonnes in Q3 2025 following a strategy to reduce inventories and refocus on high-margin products; year-to-date 2026 V2O5 production at 7,609 tonnes increased 23 per cent year over year. Q3 2026 sales at 2,428 tonnes remained stable versus 2,417 tonnes in Q3 2025; this reflects Largo pursuing a conscious strategy of reducing inventory to enhance its liquidity and to try to target its sales to profitable demand;
• Copper production: 108 tonnes contained in concentrates in Q3 2026; first production recorded, derived as a vanadium byproduct;
• Gold production: 289 ounces contained in concentrates in Q3 2026; first production recorded, derived as a vanadium byproduct;
• Platinum production: 166 ounces contained in concentrates in Q3 2026, first production recorded, derived as a vanadium byproduct;
• Palladium production: 291 ounces contained in concentrates in Q3 2026, first production recorded, derived as a vanadium byproduct;
• Iron ore calcine sales: 13,902 tonnes to Brazilian domestic market;
• Ilmenite production: nil, as the company decided to use its flotation plant infrastructure for higher-margin copper, gold and platinum group metals (PGMs) production; current studies are under way to potentially resume ilmenite production in the medium term;
• Concentrate commercialization market acceptance: Largo sold copper/gold/PGM production to three large commodity traders and one European smelter, reflecting the commercial attractiveness of Largo's byproduct concentrates, which include copper, gold, platinum and palladium;
• Mining and recovery performance: Largo mined 543,688 tonnes of ore in Q3 2026, with an effective ore grade of 0.41 per cent V2O5 and global recovery of 81.4 per cent, compared with 611,101 tonnes, an effective ore grade of 0.52 per cent V2O5 and global recovery of 79.4 per cent in Q3 2025;
• Maintaining vanadium sales guidance but adjusting production to reflect inventory reduction strategy: Largo maintains its V2O5 sales guidance in the 7,500-to-9,500-metric-tonne range but is lowering production guidance to the 9,500-to-10,500-metric-tonne range from 10,500 to 12,000 metric tonnes as it continues to optimize its product mix and production strategy;
• Debt restructuring agreements cover approximately 58.4 per cent of commercial bank senior debt: Largo has executed definitive restructuring agreement with Banco Santander (Brasil) SA; together with previously announced agreements, these arrangements cover approximately 58.4 per cent of the company's commercial bank senior debt.

The company also provides an update on its commercial bank debt-restructuring process, reports continued progress in its new vanadium byproducts, including copper, gold, platinum and palladium following the commencement of full-scale production in August, 2026.

Alberto Arias, executive chairman and co-chief executive officer of Largo, commented: "During the third quarter, Largo diversified its product mix with the start of production of copper, gold, platinum and palladium as new byproducts of Largo's core V2O5 production business. V2O5 production at 2,093 tonnes in Q3 2026 reflected our previously announced strategy to reduce inventories and prioritize production of higher-margin products while keeping V2O5 sales stable at 2,428 tonnes. While this strategy may lower overall vanadium production volumes, our objective is to improve the value generated per tonne produced, strengthening the economics of our operations. In addition, the previously announced potential expansion of our high-profit-margin copper/gold/PGM business and our continued focus on cost discipline to offset currently high specific consumables costs aim to maximize the value recovered from the Maracas Menchen mine and metallurgical complex and support Largo's longer-term financial and operating objectives."

James (Jim) Bannantine, co-chief executive officer of Largo, added: "Our commercial strategy is focused on expanding demand for Largo's higher-value vanadium products by deepening relationships with customers in the defence, aerospace and energy storage sectors, including delivering our first purchase order of $60-million of high-purity vanadium to the U.S. Defense Logistics Agency, while advancing the commercial development of our copper, gold and PGM vanadium byproduct business. We are aiming to increase our high-purity vanadium volumes, with the objective of enhancing realized pricing, improving margins and strengthening cash generation. Our recent optimization study indicated the potential to produce high-purity vanadium, representing approximately 68 per cent of total output at an overall production rate of approximately 876 tonnes per month. We are evaluating the implications of this product mix for production volumes, realized prices, operating margins and cash flow. Alongside our vanadium business, primarily converted into ferro-vanadium, we are focused on progressing copper, gold and PGM sales and customer deliveries as we build on the commencement of full-scale production."

2026 guidance

Largo is maintaining its previously announced 2026 sales guidance for vanadium but lowering its vanadium production guidance and increasing its guidance for adjusted cash operating costs excluding royalties, before byproduct credits, to $5 to $6 per pound V2O5 due to input cost pressures such as diesel and sulphuric acid. Note that the new byproduct credits from copper, gold, platinum, palladium and silver generate approximately $1.2-million to $1.8-million per month, which would equate to a byproduct credit of approximately 78 cents to $1 per pound of V2O5 production, offsetting most of the cost guidance increase starting in Q4 2026 when byproduct credits are expected to begin to be reflected as revenues.

The guidance ranges are set out below. Vanadium sales guidance excludes purchased products and material sold under the company's vanadium inventory supply agreement. Ilmenite production and sales guidance remain suspended while the company evaluates best use and/or expansion of its flotation infrastructure for copper/gold/PGM production as well as potential ilmenite recovery. In September, Largo reported encouraging test work on recovering ilmenite from copper/PGM flotation tailings.

Polymetallic mineral concentrate guidance remains 300 to 380 tonnes per month. Expected average concentrate grades are approximately 15 per cent copper, 13 grams per tonne gold, 16 grams per tonne platinum, 12 grams per tonne palladium and 53 grams per tonne silver. Gold, platinum and palladium together total approximately 41 grams per tonne.

Further progress on Brazilian bank debt restructuring

Largo has executed a definitive debt-restructuring agreement with Banco Santander (Brasil). Together with the definitive agreements previously executed with Banco do Brasil and Caixa Economica Federal, the agreements now cover approximately 58.4 per cent of Largo's commercial bank senior debt.

The agreement is substantially consistent with the terms of the binding term sheet described in the company's Aug. 20, 2026, press release. The restructuring framework provides for a final maturity in March, 2030, a six-month grace period for principal repayments, followed by 36 months of quarterly principal amortization, with interest payable monthly.

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 Yukon, Canada, and a 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.

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