Largo Reports Q2 2026 Financial Results Reflecting 68% Revenue Growth and Positive Adjusted EBITDA, Despite Raw Material Input Cost Pressures; and Provides Guidance for New Copper-Platinum Group Metals Production

Largo Inc. ("Largo" or the "Company"), the world's largest primary vanadium producer, today announced financial and operating results for the three months ended June 30, 2026. Mr. Alberto Arias, Executive Chairman and Co-Chief Executive Officer of Largo, stated: "Our second-quarter performance reflects the continued improvement of operations at the Maracás Menchen Mine and higher vanadium prices, which were partly offset by a rise in raw material input costs caused by war related disruptions in the Middle East. Higher ore availability at the mine resulted in a 29% increase in vanadium production while our commercial team increased sales by 53%. We are considering areas for further cost reductions to offset high sulfuric acid and fuel oil prices and anticipate generating revenues from our copper and Platinum Group Metals ("PGM") by-product production starting this month." Mr. Jim Bannantine, Co-Chief Executive Officer of Largo, added: "The significant increase in revenue, together with positive Adjusted EBITDA and improved Mining Operations Adjusted EBITDA despite temporary cost pressures, demonstrates the value of pairing stronger production with improved commercial execution. We are preparing shipments for our first $60 million order from the U.S. Defense and Logistics Agency and have already started the production of copper-PGM concentrates as by-products from Maracás Menchen. We forecast copper-PGM concentrate production in the 300-380 ton per month range, with an average grade of approximately 15% copper and 41 grams per tonne of PGM. This copper-PGM concentrate production is being produced using existing infrastructure, diversifies our revenue base, and recovers greater value from material already being mined. Together with our expanded access to the U.S. market and the U.S. Defense Logistics Agency delivery order, these initiatives strengthen Largo's position as a supplier of critical minerals while supporting our focus on liquidity and long-term value creation." Vanadium pentoxide (" V₂O₅ ") production in Q2 2026 increased 28.5% to 2,900 tonnes vs. 2,256 tonnes in Q2 2025 and was near the upper end of the Company's quarterly guidance range of 2,500 to 3,000 tonnes. Production was supported by better ore availability and operational stability in the industrial plant. Year-to-date, V₂O₅ production increased 55.2% to 5,516 tonnes vs. 3,553 tonnes in the first half of 2025. Largo continues to expect full-year 2026 V₂O₅ equivalent production of 10,500 to 12,000 tonnes. Total ore mined in Q2 2026 increased 46.6% to 712,198 tonnes vs. 485,687 tonnes mined in Q2 2025. The effective ore grade¹ was 0.50% V₂O₅ in Q2 2026 vs. 0.51% in Q2 2025. Global recovery² in Q2 2026 was 82.5% compared with 84.9% in Q2 2025. Ilmenite concentrate production in Q2 2026 decreased 11.6% to 7,205 tonnes vs. 8,149 tonnes in Q2 2025. Ilmenite production was temporarily suspended in June as the Company conducted further testing and prepared to transition flotation capacity toward copper-PGM concentrate production. Initial copper-PGM production guidance at 300 to 380 tonnes per month, at an expected average copper grade of approximately 15% Cu, 41 grams per ton of PGMs. Sales in Q2 2026 totaled 2,773 tonnes of V₂O₅ equivalent, including 61 tonnes of purchased material, up 53.5% from the 1,807 tonnes sold in Q2 2025, reflecting stronger commercial execution and improved market access. Separately, the Company delivered an additional 300 tonnes under its inventory supply agreement. These tonnes are subject to refund and were not recognized as sales. Sales of ilmenite concentrate, a by-product of the vanadium operation, increased 67.0% to 10,059 tonnes in Q2 2026 vs...