Largo Resources Q2 2024 Quarterly Report

Q2 2024 and Other Highlights

V₂O₅ production of 2,689 tonnes (5.9 million lbs¹) in Q2 2024 vs. 2,639 tonnes produced in Q2 2023 and 56% above production of 1,729 tonnes in Q1 2024; Within the Company’s quarterly production guidance range of 2,400 – 2,900 tonnes of V₂O₅
Following the successful completion of planned kiln refractory maintenance in Q1 2024, the Company achieved improved production rates in Q2 2024
Global V₂O₅ recovery rate³ of 74.3% in Q2 2024 vs. 81.0% in Q2 2023
Ilmenite concentrate production continued to ramp up in Q2 2024 with 8,625 tonnes produced
V₂O₅ equivalent sales of 1,841 tonnes (inclusive of 128 tonnes of purchased material) in Q2 2024 vs. 2,557 tonnes sold in Q2 2023 due to lack of material availability following lower production in Q1 2024
In Q2 2024, the Company sold 12,261 tonnes of ilmenite concentrate, exceeding the guidance range of 9,500 to 11,500 tonnes; This increase was primarily due to the anticipated catch-up in sales from Q1 2024
In Q2 2024, the average benchmark price per lb of V₂O₅ in Europe was $5.93, representing a 30% decrease from the Q2 2023 average of $8.46, driven by continued softer demand in the spot market

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