Welcome to our dedicated page for Largo Common Shares news (Ticker: LGO), a resource for investors and traders seeking the latest updates and insights on Largo Common Shares stock.
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 Resources Ltd. (LGO) reported Q2 2021 revenues of $54.3 million and a net income of $8.4 million, showcasing a significant growth from a net loss of $7.0 million in Q2 2020. The company aims to integrate its vanadium operations with energy storage technology, enhancing market opportunities. Noteworthy developments include a new 5-hour, 6.1 MWh VRFB sales contract in Spain and a strong cash position of $80.7 million. Revenue per pound sold rose by 119% to $8.14, driven by increased vanadium demand, despite higher operating costs.
Largo Resources has received a notice to proceed (NTP) on its sales contract with Enel Green Power España for a 6.1 MWh VCHARGE± battery system in Spain. CEO Paulo Misk expressed enthusiasm about the partnership, emphasizing the company's commitment to delivering clean energy solutions. Largo Resources is known for its VPURE™ and VPURE+™ vanadium products and is focused on renewable energy storage through VCHARGE± technology. The company operates from one of the world's highest-grade vanadium deposits in Brazil.
Largo Resources Ltd. (LGO) will announce its second quarter 2021 financial results on August 10, 2021, after market close. A conference call to discuss these results is scheduled for August 11, 2021, at 10:00 a.m. ET.
The call can be accessed via local/international dial-in at +1 (416) 764-8688 or North American toll-free at (888) 390-0546. Further information is available on the Company’s investor relations website.
Largo Resources Ltd. (TSX: LGO, NASDAQ: LGO) has appointed Ian Robertson as Co-Chair of its Board of Directors and interim President of Largo Clean Energy Corp. This leadership change is expected to guide Largo through significant opportunities in the energy storage sector. J. Alberto Arias, Co-Chair, praised Robertson's extensive experience in renewable energy, indicating it will be crucial for Largo's growth strategy. Largo specializes in vanadium production and renewable energy solutions, positioning itself for future growth in the evolving market.
Largo Resources Ltd. (TSX: LGO) (NASDAQ: LGO) reported Q2 2021 production of 3,070 tonnes of vanadium pentoxide (V2O5), a 20% increase from Q2 2020 and a 55% increase from Q1 2021, despite lower production in June due to a transition to a new mining contractor. The global recovery rate improved to 79.9%. Additionally, the company signed a significant sales contract in its clean energy division for a VCHARGE± VRFB system. Vanadium prices rose 16% quarter-over-quarter, averaging US$8.19 per lb, indicative of continued strong demand.
Largo Resources Ltd. (LGO) announced a sales contract for its VCHARGE± vanadium redox flow battery (VRFB) with Enel Green Power España. The contract includes the delivery of a 6.1 MWh system, expected to be commissioned in Q4 2022, subject to conditions. CEO Paulo Misk expressed confidence in the company's energy storage solutions, highlighting their potential in clean energy. The contract with EGPE provides commercial validation for Largo Clean Energy Corp. (LCE), reinforcing its position in the VRFB market.
Largo Resources Ltd. (TSX:LGO, NASDAQ:LGO) held its Annual and Special Meeting of Shareholders on June 17, 2021, with 42,977,591 common shares voted, representing 66.6% of outstanding shares. Shareholders approved all proposals, including the election of directors and the re-appointment of PricewaterhouseCoopers LLP as auditors. Notably, the Company plans to change its name from Largo Resources Ltd. to Largo Inc. Detailed voting results highlight strong support for director nominees, with the majority receiving over 90% approval.
Largo Resources Ltd. (TSX: LGO, NASDAQ: LGO) has secured a final short form base shelf prospectus, enabling it to distribute up to CAD$750 million in securities over 25 months. This includes shares, warrants, units, and debt securities, replacing an expired prospectus from March 2021. Additionally, the Company filed a revised annual information form for 2020 to address mineral reserve estimates and audit committee independence. The registration statement with the SEC is pending effectiveness, and no sales can occur until then.
Largo Resources Ltd. (TSX: LGO, NASDAQ: LGO) announces a virtual Battery Day webcast on June 9, 2021, at 10:00 a.m. ET. The event aims to highlight Largo's growth potential in the long-duration battery market and its VCHARGE± battery system technology. CEO Paulo Misk emphasizes the company’s unique vanadium integration as a competitive advantage, stressing the importance of transitioning to clean energy. Key management will present on various topics, including business and financial overviews and market opportunities. Pre-registration is encouraged for attendees.
Largo Resources Ltd. (TSX: LGO) reported first quarter 2021 financial results with revenues of $39.8 million from selling 2,783 tonnes of vanadium pentoxide equivalent. This reflects a 4% decrease from Q1 2020. Net income for the quarter was $4.1 million with basic earnings per share at $0.07, down from $4.3 million in Q1 2020. Operating costs increased to $28.2 million, while revenues per pound rose by 8% to $6.49. Despite production challenges due to shutdowns for capacity upgrades, the company anticipates improved outcomes by the end of Q2 2021.
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