Mr. Daniel Tellechea reports

LARGO ANNOUNCES FILING OF TECHNICAL REPORT FOR THE UPDATED LIFE OF MINE PLAN AND PRE-FEASIBILITY STUDY FOR ITS VANADIUM-TITANIUM OPERATION IN BRAZIL

Largo Inc. has filed its 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, in respect of the company's Maracas Menchen mine in Brazil. The technical report supports the disclosure made by the company in its press release dated Oct. 28, 2024.

Daniel Tellechea, director and interim chief executive officer of Largo, commented: "The filing of this technical report provides a comprehensive update on our Maracas Menchen mine, underscoring significant extensions in mine life and valuable vanadium and titanium resource growth among multiple deposits. This update highlights our team's focused efforts to enhance our asset base while carefully considering the operational scenarios that support sustainable, long-term production going forward. The outlined potential strengthens Largo's position as a reliable and secure supplier of vanadium and ilmenite, contributing to the needs of key industries for the future."

Technical report highlights:

• Large-scale vanadium/titanium project -- Increased mine life to 2054: Total operating mine life for the project of 31 years, representing an increase of 13 years in mine life as compared with the parameters set forth in the company's 2021 technical report, titled An Updated Life of Mine Plan for Campbell Pit and Pre-Feasibility Study for GAN and NAN Deposits, dated Dec. 16, 2021.
• Strong economics outlined over project life including additional TiO2 pigment production upside opportunity: Post-tax NPV7 per cent (net present value, 7-per-cent discount rate) of $1.1-billion, and post-tax life-of-mine (LOM) undiscounted accumulated cash flow of $3.8-billion, reflecting the weighted average long-term forecast prices of $9.00/lb (pound) vanadium pentoxide (V2O5) (inclusive of high-purity premium), $222.05/tonne ilmenite concentrate, $4,040.05/tonne titanium dioxide (TiO2) pigment and $5.10 U.S.-dollar/Brazilian real exchange rate.
• Robust and reliable supply of critical materials through outlined operational scenarios: Total LOM V2O5 equivalent production of 346.6 kt (thousand tonnes), ilmenite concentrate production of 7,766.6 kt and TiO2 pigment production opportunity of 2,499 kt.
• Supported by a significant increase in mineral reserves over 2021 technical report results following inclusion of the Novo Amparo Oeste (NAO) and Sao Jose (SJO) deposits: Total proven and probable reserves of 101.03 mt grading 0.56 per cent V2O5, yielding 2.16 per cent V2O5 in magnetic concentrate for 435.31 kt of contained V2O5 in magnetic concentrate and head grade of 7.52 per cent TiO2 for 6,890.99 kt of contained TiO2 in non-magnetic concentrate; representing a 67-per-cent increase in total mineral reserves, 16-per-cent increase in V2O5 contained metal, 54-per-cent increase in TiO2 contained metal, 29-per-cent decrease in V2O5 head grade, 15-per-cent decrease in V2O5 in magnetic concentrate and 9-per-cent decrease in TiO2 head grade.
• Substantial increase mineral resources over 2021 technical report -- Upgrade of measured and indicated resources from Campbell, Gulcari A Norte (GAN) and Novo Amparo Norte (NAN), and indicated resources from SJO, NAO deposits: The total 2024 measured and indicated resources of 104.78 mt grading 0.62 per cent V2O5 and 8.31 per cent TiO2 for 653.54 kt of contained V2O5 in situ and 8,707.50 kt of contained TiO2 in situ, 64 per cent increase in total mineral resources, 29-per-cent increase in V2O5 contained metal, 66-per-cent increase in TiO2 contained metal, 22-per-cent decrease in V2O5 head grade and 1-per-cent increase in TiO2 head grade.
• Future growth opportunities: The technical report outlines several additional studies in progress meant to improve future results of the company, including new resource base and exploration potential of the Campbell pit-Gulcari A South connection, located approximately 800 metres from the Campbell pit, the evaluation and exploration of precious group metals at the Maracas Menchen mine, the improvement of magnetite quality in its operations and the increase of the company's TiO2 grade in its flotation feed.

The technical report has been filed on SEDAR+, with the SEC (Securities and Exchange Commission) and can be found on the company's website.

Qualified person

Porfirio Cabaleiro Rodriguez, mining engineer, BSc, FAIG, is a qualified person as defined by National Instrument 43-101, is responsible for the technical information contained within this release.

About Largo Inc.

Largo is a globally recognized vanadium company known for its high-quality VPure and VPure+ products, sourced from its Maracas Menchen mine in Brazil. The company is currently focused on ramping up production of its ilmenite concentrate plant and is undertaking a strategic evaluation of its United States-based clean-energy business, including its advanced VCharge vanadium battery technology, to maximize the value of the organization. Largo's strategic business plan centres on maintaining its position as a leading vanadium supplier with a growth strategy to support a low-carbon future.

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