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Largo Inc (symbol: LGO) is a mid-tier mining development company, primarily focused on the production of vanadium at its flagship Maracás Menchen Mine in Brazil. Largo has achieved a notable accomplishment in the mining sector by successfully financing, constructing, and bringing a unique commodity project to production, even in challenging market conditions.
The Maracás Menchen Mine boasts the highest-grade vanadium deposit ever discovered, positioning Largo as a low-cost producer. With a strategic off-take agreement with commodities giant Glencore, Largo is well-poised to become a leading global producer of vanadium, expected to generate substantial cash flows.
Vanadium is an essential alloy used to strengthen steel while reducing its weight. Vanadium-enhanced steels are integral to a wide range of products, including rebar, automobiles, and transportation infrastructure, reflecting a compound annual growth rate of over 6% for the past several years.
Apart from its mining operations, Largo Inc is committed to advancing renewable energy storage solutions. Through Largo Clean Energy, the company is developing vanadium redox flow battery technology, which promises innovative energy storage solutions. The company produces and supplies high-quality vanadium products such as VPURE Flake, VPURE+ Flake, and VPURE+ Powder.
Largo Inc operates through six segments: Sales & Trading, Mine Properties, Corporate, Exploration and Evaluation Properties, Largo Clean Energy, and Largo Physical Vanadium. The Sales & Trading segment is a significant revenue generator for the company, driving its financial performance.
With its extensive operations and strategic initiatives, Largo Inc continues to make significant strides in both the mining and renewable energy sectors, solidifying its position as a noteworthy player in the global market.
Largo reported Q2 2022 revenues of $84.8 million, a 56% increase from Q2 2021, driven by stronger vanadium prices. Net income rose 113% to $18.0 million, with basic EPS of $0.28. However, cash provided by operations dropped to $2.9 million from $19.1 million year-over-year. Operating costs surged to $50.7 million, up from $35.0 million, mainly due to increased consumable costs. Production guidance was revised down to 11,000 – 12,000 tonnes of V2O5 equivalent from 11,600 – 12,400 tonnes.
Largo Clean Energy Corp., a subsidiary of Largo, has signed a non-binding memorandum of understanding (MOU) with Ansaldo Green Tech to explore a joint venture for the commercial deployment of Vanadium Redox Flow Batteries (VRFB) in Europe, North Africa, and the Middle East. The MOU includes a 150-day exclusivity period for negotiations, during which neither party will discuss these technologies with third parties. The potential joint venture aims to address identified needs in the European energy sector.
Largo Inc. will release its second quarter 2022 financial results on August 10 after market close. A webcast and conference call to discuss these results will be held on August 11 at 1:00 p.m. ET. Investors can register for the webcast through the provided link and participate via dial-in numbers. Largo is recognized for its high-grade vanadium products and is also advancing a titanium dioxide pigment plant and its U.S.-based energy storage division with VCHARGE vanadium batteries. The company's shares trade under the symbol LGO.
Largo Inc. reported strong Q2 2022 results with V2O5 production of 3,084 tonnes, exceeding both Q1 2022 and Q2 2021 figures. A record production of 1,168 tonnes was achieved in May 2022. Sales of 3,291 tonnes represent a 47% increase from the previous quarter and a 9% rise year-over-year. The average benchmark price rose to
Largo Inc. held its Annual and Special Meeting of Shareholders on June 30, 2022, with 50,187,930 common shares voted, representing 77.4% of the outstanding shares. Shareholders approved all matters, including the election of directors and the appointment of KPMG LLP as auditors. Key director nominees included David Brace, who received 96.9% of votes in favor, and Paulo Misk, with 97.2%. The company aims to enhance value through vanadium production and a clean energy division focused on sustainability.
Largo Inc. announces that the Toronto Stock Exchange has accepted its notice for a normal course issuer bid (NCIB) to buy back up to 3,641,098 common shares. This represents approximately 10% of its public float, with shares trading at market prices. The NCIB will run from June 1, 2022, to May 31, 2023, allowing daily repurchases of up to 24,510 shares. Largo believes its share price undervalues its intrinsic worth and future prospects. The company focuses on vanadium production and energy storage solutions, aiming for value enhancement in its business strategy.
Largo reported Q1 2022 revenues of $42.7 million, a 7% increase over Q1 2021, driven by higher vanadium prices. However, the company experienced a net loss of $2.0 million, contrasting with a net income of $4.1 million in the prior year. Total V2O5 equivalent sales fell to 2,232 tonnes due to logistical challenges and lower production. The cash operating cost excluding royalties rose to $3.97 per pound sold, up from $2.87 a year earlier. The company adjusted its annual guidance downwards for production and sales due to rising costs and production challenges.
Largo Inc. (NASDAQ: LGO) will release its first quarter 2022 financial results on May 11, after market close. A webcast and conference call will follow on May 12 at 10:00 a.m. ET, featuring the President and CEO, CFO, and other key executives discussing financial and operational outcomes. Investors can access the call through dial-in numbers or webcast registration. Largo focuses on vanadium production and innovative battery technology to support renewable energy transitions.
Largo Inc. (NASDAQ: LGO) announces progress on the Qualifying Transaction with Column Capital Corp. for Largo Physical Vanadium Corp. (LPV). A definitive agreement dated April 14, 2022, will facilitate a reverse takeover, creating a publicly listed entity focused on physical vanadium investment. This move aims to capitalize on the growing demand for vanadium in energy storage and greener steel production. The Resulting Issuer is expected to enhance investor access to physical vanadium, with comprehensive management and security over the inventory. Largo also invested C$20 million in the private placement for LPV.
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