Largo Reports Q4 and Full Year 2025 Operational and Sales Results; Provides 2026 Outlook and Vanadium Guidance; Reports Positive Precious Metals Results on Recent Copper Flotation Tests.

Core Insights - Largo Inc. reported annual production of 9,150 tonnes (20.17 million lbs) of vanadium pentoxide equivalent from its Maracás Menchen Mine in 2025, with sales of 8,686 tonnes, achieving production guidance despite challenges from lower ore grades and new US tariffs [4][5][7] Production and Sales Performance - Q4 2025 V2O5 equivalent production was 2,961 tonnes, a 66.8% increase from Q4 2024, while annual production was slightly lower than 2024's 9,264 tonnes [7][20] - Total ore mined in Q4 2025 was 665,953 tonnes, with an effective ore grade of 0.53% V2O5, higher than the previous year [6][20] - Global recovery rates improved to 80.1% in 2025 from 76.4% in 2024, maintaining 77.9% in Q4 2025 [7][20] Market and Pricing Trends - The average benchmark price per lb of V2O5 in Europe rose to $5.85 in Q4 2025, a 9.55% increase from Q4 2024, while ferrovanadium prices in the US and Europe saw declines of 8.54% and 8.62% respectively [7][20] - Vanadium spot demand remained soft in Q4 2025, primarily due to weaker demand in the Chinese and European steel industries, although the US steel market remained stable [7][20] Future Guidance and Strategic Initiatives - The company expects higher V2O5-equivalent production in Q1 2026 compared to Q1 2025, driven by increased ore availability [9][10] - Largo is focusing on productivity improvements, including mining efficiency and operational enhancements, to stabilize and enhance throughput in 2026 and beyond [10][20] - The company has suspended ilmenite production guidance for 2026 to evaluate the potential for copper and PGM production using existing infrastructure [5][7]