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[Ferro-Alloys.com]Largo Reports Q4 and Full Year 2025 Operational and Sales Results; Provides 2026 Outlook and Vanadium Guidance; Reports Positive Precious Metals Results on Recent Copper Flotation Tests.

All amounts expressed are in U.S. dollars, denoted by "$". Q4 and FY 2025 Highlights

• Q4 2025 V₂O₅ equivalent production totaled 2,961 tonnes (6.5 million lbs¹) vs. 1,775 tonnes in Q4 2024. Note that 4Q24 production was impacted by the annual kiln shutdown and not in 4Q25. The recently improved operational stability is allowing Largo to postpone its annual kiln shutdown to mid-2026
• Annual V₂O₅ production of 9,150 tonnes (20.17 million lbs¹) in 2025 vs. 9,264 tonnes in 2024 and within the Company's 2025 annual production guidance range of 9,000 - 11,000 tonnes
• Q4 2025 global V₂O₅ recovery was maintained at 77.9% flat versus Q4 2024. Annual global V₂O₅ recovery improved to 80.1% in 2025 vs. 76.4% in 2024
• Q4 2025 sales totaled 2,396 tonnes of V₂O₅ equivalent in Q4 2025, down 21% compared to the 3,033 tonnes sold Q4 2024 due to the impact of the US tariffs on Brazilian imports of High Purity vanadium.
• Annual V₂O₅ equivalent sales of 8,686 tonnes in 2025 vs. 9,600 tonnes in 2024, within the Company's annual 2025 sales guidance of 7,500 - 9,500 tonnes
• Q4 2025 ilmenite concentrate production totaled 7,328 tonnes, with annual production of 30,282 tonnes in 2025 which was within company guidance. Sales of ilmenite concentrate totaled 12,930 tonnes in Q4 2025 and 33,959 tonnes in 2025.

Copper and precious metal recent metallurgical test results

• Assay results from metallurgical test work to assess the recoverability of copper using conventional flotation process yielded positive results indicating copper concentrates with gold, platinum and palladium values as well as lower values of cobalt and nickel.
• Largo conducted internally 45 conventional copper flotation tests in recent months and a composite of the best 12 flotation test results analysed externally in an accredited laboratory (SGS-Geosol) yielded a copper concentrate containing 18.4% Cu, 9.1 grams per ton ("gpt") Au, 6.6 gpt Pt, 5.4 gpt Pd, 66 gpt Ag, 0.52% Co, 0.55% Ni.
• Larger scale test using part of our ilmenite flotation circuits lead us to suspend our ilmenite production and sales guidance for 2026 as we evaluate the optimum use of our ilmenite flotation infrastructure to accommodate a potential use of part of it for copper/ PGM concentrate production

Vanadium Market Update

• The average benchmark price per lb of V2O5 in Europe was $5.85 in Q4 2025, a 9.55% ? increase from the average of $5.34 seen in Q4 2024; the average benchmark price at December 31, 2025, was $5.89, a 9.68% increase from the average of $5.37 at December 31, 2024
• The average benchmark price per kg of ferrovanadium in the United States was $23.98 in Q4 2025, a -8.54% decrease from the average of $26.22 seen in Q4 2024; the average benchmark price at December 31, 2025 was $24.15, a -7,45% decrease from the average of $25.95 at December 31, 2024.
• The average benchmark price per kg of ferrovanadium in Europe was $23.85 in Q4 2025, a -8.62% decrease from the average of $26.10 seen in Q4 2024; the average benchmark price at December 31, 2025 was $23.83, a -6.12% decrease from the average of $25.38 at December 31, 2024
• Vanadium spot demand remained soft in Q4 2025, primarily due to weaker demand in the Chinese and European steel industries, while the U.S. steel market remained stable; China's energy storage sector is expected to drive additional consumption in upcoming quarters
• In 2026, U.S. steel demand is expected to remain stable, while European and Asian steel markets face continued softness; China's energy storage market will continue to be a key driver of vanadium consumption as the sector continues to accelerate.

Largo Inc. today announces annual production of 9,150 tonnes (20.17 million lbs¹) of vanadium pentoxide ("V?O?") equivalent from its Maracás Menchen Mine and sales of 8,686 tonnes of V?O? equivalent in 2025. Throughout the year, the Company implemented a robust and efficient action plan across its open pit and industrial plant, enabling operations to achieve the expected production level for 2025.

Daniel Tellechea, Co-CEO of Largo, stated: "In 2025, our team remained focused on implementing operational efficiencies, cost reduction, and later in the year dealing with the challenges of new US tariffs for our High Purity vanadium while maintaining Largo's position as a reliable, western vanadium supplier. While production in 2025 was impacted by lower ore grades in the first five months of the year derived from our open pit mine sequencing plans and maintenance, the stronger second half of the year made up for the weak production of 1H25 and achieved our production guidance targets. We continue to take decisive steps to continue to reduce costs and enhance operational efficiencies at the mine with initiatives designed to support future operational stability at the Maracás Menchen Mine."

J. Alberto Arias, Co-CEO continued: "Our recent announcement of metallurgical flotation studies and analysis of previous geologic data for copper, platinum and palladium and the potential use of part of the ilmenite flotation plant infrastructure for copper/PGM production led us to suspend ilmenite production guidance for 2026. The successful copper flotation laboratory is now being followed by pilot tests at a commercial level using part of our ilmenite flotation infrastructure. Despite our commitment on ilmenite production, we believe the copper-PGM opportunity is important enough to re-evaluate the economics of potentially producing different combinations of copper PGM and ilmenite in our existing infrastructure."

Maracás Menchen Mine Operational and Sales Results

 Q4 2025 and Other Updates

• V?O? equivalent production in Q4 2025 was 2,775 tonnes, representing a 66.8% increase from Q4 2024 (1,775 tonnes) and a 12.3% increase from Q3 2025 (2,636 tonnes). Enhanced operational stability, together with higher ore availability, contributed to these results.
• Total ore mined in Q4 2025 was 665,953 tonnes, in line with the 476,742 tonnes mined in Q4 2024. The effective ore grade³ was 0.53% V?O? in Q4 2025, higher than the 0.52% in Q3 2025 and 0.49% in Q4 2024. Global recovery⁴ in Q4 2025 was 77.9%, unchanged from Q4 2024. Yearly global recovery increased to 80.1% in 2025 from 76.4% in 2024.
• Approximately 14% of the 2025 V₂O₅ production was generated through circular production practices, including the reprocessing of non-magnetic tailings storage facilities and heap leach materials, reinforcing operational efficiency and resource optimization.
• High-purity vanadium products represented 0% of total production in Q4 2025 vs. 26% in Q4 2024, as production was negatively impacted by U.S. tariffs.
• Ilmenite concentrate production in Q4 2025 was 7,328 tonnes. The Company continues to refine its processes to improve efficiency and throughput. The recently installed scavenger circuit is demonstrating improved metallurgical recoveries by reducing losses of valuable minerals, resulting in increased productivity and lower operating costs.

2026 Guidance

Tables summarizing the Company's 2026 production, sales and cost guidance are provided below.

The Company expects higher V?O?-equivalent production in Q1 2026 than in the same period in 2025, driven by increased ore availability.

• V?O? equivalent production of 5,391 tonnes (11.9 million lbs) in H1 2026 compared to 3,553 tonnes in H1 2025. Production is expected to increase by 51.7%, driven by higher ore availability and magnetics content, alongside operational enhancements including a 5% increase in rotary kiln throughput capacity and a 22% increase in milling feed capacity following the stabilization of parallel milling circuits.
• Annual ore availability is expected to reach 2.5 million tonnes in 2026 vs. 2.2 million tonnes in 2025, a 14% increase of ore mass.

Largo is focused on advancing its productivity improvement initiatives, including a greater focus on mining efficiency to enhance mine fleet availability, strengthen contractor oversight, improve maintenance programs, and optimize drilling and blasting techniques. These actions are designed to stabilize and enhance throughput in 2026 and beyond.

V2O5 Equivalent Production and Sales Guidance

The annual 2026 sales guidance does not include purchased material, or any sold material related to the Company's previously announced vanadium inventory supply agreement.

Update on Timing of Initial Payment Under Iron Ore Calcine Sale Agreement

The Company would like to provide an update on the definitive agreement announced on January 20, 2026, for the sale of iron ore calcine, a byproduct of its vanadium operations. Following the signing of the agreement, the initial payment originally scheduled for January 30, 2026, was postponed until February 9, 2026. The Company will provide further updates as appropriate.

About Largo：Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.

Largo is also strategically invested in the clean energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S.

The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.

• [Editor:tianyawei]