Core Viewpoint - Largo Inc. has terminated its iron ore calcine sale agreement due to non-receipt of the required initial payment, while also assessing the implications of recent U.S. Supreme Court decisions on tariff authority affecting its vanadium products [1][2][3]. Update on Iron Ore Calcine Transaction - The sale agreement for up to 4.5 million tonnes of iron ore calcine was contingent on an initial payment of $2.9 million, which was deferred to February 9, 2026, but ultimately not received, leading to the termination of the agreement [1][2]. - Largo retains full ownership of the calcine material and is exploring other potential buyers [3][12]. Assessment of Recent U.S. Supreme Court Decisions on Tariff Authority - The Supreme Court decision has implications for the tariff authority affecting Brazilian-origin vanadium products, which previously faced a 50% tariff on imports into the U.S. [3][4]. - There is potential for reimposition of tariffs at lower rates of 10-15%, which could enhance the competitiveness of Largo's products in the U.S. market [4][5]. Readiness of Vanadium Through Largo's Bonded Vanadium Inventory in U.S. Ports - Largo has high purity vanadium units stored in a bonded warehouse in the U.S., which have not yet been imported due to high tariffs, impacting working capital [5][6]. - The modification or reduction of tariffs could allow for rapid release and supply of these units to U.S. customers, enhancing market responsiveness [5][6]. Continued Price Acceleration Since February 12, 2026 Market Update - Vanadium prices have strengthened significantly, with European ferrovanadium prices rising from approximately $25.6/kg to $27.7/kg, and U.S. prices increasing from $17-18.5/lb to over $21/lb, with recent trades near $23/lb [6][7]. - V₂O₅ prices have also increased above $5.5/lb, indicating tightening fundamentals in the vanadium market [7][8]. Positioning to Support U.S. Supply Security - Largo is positioned as a primary producer capable of supplying both ferrovanadium and high-purity vanadium products, which could enhance supply security for U.S. customers as tariff constraints are eased [8][9]. About Largo - Largo is a recognized supplier of high-quality vanadium and ilmenite products from its Maracás Menchen Mine in Brazil, contributing to various industries including steel, aerospace, and energy storage [9][10]. - The company is also invested in clean energy storage through its joint venture in vanadium flow battery production [10].