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
For more information, please visit: https://www.ferroalloynet.com/analysis/largo_resources_q2_2024_quarterly_report.html
