[Ferro-Alloys.com] Largo Reports Improved Q2 2025 Vanadium Production; Storion Energy to Support 48 MWh Vanadium Flow Battery Deployment in Texas

Q2 2025 and Other Highlights

• V₂O₅ production of 2,256 tonnes (5.0 million lbs¹) in Q2 2025 vs. 2,689 tonnes produced in Q2 2024 and 74% higher than 1,297 tonnes produced in Q1 2025
• Global recovery³ of 84.9% in Q2 2025, a 14% increase over the global recovery³ rate of 74.3% in Q2 2024 and 9% above the 77.8% averaged in Q1 2025
• Operational turnaround progressing as planned with improved mine access and mining rates, higher production and stronger recovery rates; The Company remains on track to achieve 2025 V?O? production guidance
• V₂O₅ equivalent sales of 1,807 tonnes (inclusive of 123 tonnes of purchased material) in Q2 2025 vs. 1,841 equivalent tonnes sold (inclusive of 128 tonnes of purchased material) in Q2 2024
• Ilmenite concentrate production of 8,149 tonnes in Q2 2025 vs. 8,624 tonnes in Q2 2024 and 32% higher than the 6,162 tonnes produced in Q1 2025; Ilmenite sales of 6,024 tonnes vs. 12,261 tonnes in Q2 2024
• Storion Energy signs strategic supply agreement with TerraFlow Energy to supply vanadium electrolyte and battery stacks; Secures electrolyte lease for 48 MWh flow battery project in Texas, supported by Largo Physical Vanadium’s unique electrolyte leasing model

TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 2,256 tonnes of vanadium pentoxide (“V?O?”) equivalent and sales of 1,807 tonnes in Q2 2025, highlighting improved production and ongoing turnaround execution.

Daniel Tellechea, Interim CEO of Largo, stated: "Our second quarter results reflect steady progress under the Company’s operational turnaround plan, with improved production volumes, higher recoveries, and enhanced mine access to support future production. While we are encouraged by these developments, we know there is still more work ahead to further reduce costs, improve efficiencies and increase margins across our operations. We remain focused on safely executing our plan to meet our production and sales targets for the year, while also addressing liquidity constraints stemming from lower production in the first quarter by working closely with our suppliers and service providers.”

He continued: “In parallel, Storion Energy’s new supply agreement with TerraFlow Energy and electrolyte lease for a 48 MWh vanadium flow battery deployment in Texas represent an important step in advancing Largo’s investment strategy in the U.S. energy storage sector. The recently announced supply agreement with TerraFlow is expected to create a meaningful growth opportunity by leveraging Storion’s battery stack development and electrolyte production capabilities as well as access to Largo Physical Vanadium’s unique electrolyte leasing model, providing an additional pathway for long-term value creation for Largo through its investment in this sector.”

Maracás Menchen Mine Operational and Sales Results

Q2 2025 Production and Sales Overview

• V?O? production was 2,256 tonnes in Q2 2025, with monthly output of 481 tonnes in April, 835 tonnes in May, and 940 tonnes in June. The global recovery ³ rate averaged 84.9% for the quarter, increasing steadily from 79.3% in April to 88.0% in June.
• The Company continued to implement key operational measures under its turnaround plan during Q2 2025. Mine pushback activities and roadway improvements were prioritized to secure access to larger benches on the 190/180 levels, including the development of a new eastern access to the Campbell Pit. These actions are expected to reduce average haul distances and provide independent access to deeper portions of the mine.
• The Company’s mining contractor delivered improved drilling, blasting, load/haul performance, and bench preparation during the quarter, supported by enhanced road and access maintenance. With the wider open bench area now accessible on the 180 level, larger mining fronts and production blasts are enabling increased production and improved grades. Completion of this development work is expected to support consistent access and achievement of future production targets.
• Total material mined (dry basis) increased by 32% in Q2 2025 to 4.3 million tonnes, compared to 3.2 million tonnes in Q2 2024, and rose 8% from Q1 2025 (3.9 million tonnes). Total ore mined in Q2 2025 was 485,687 dry tonnes, representing a 15% decrease from the 568,588 tonnes mined in Q2 2024 but a 9% increase from the 446,614 tonnes mined in Q1 2025. The effective grade of 0.51% was 26% lower year-over-year but 24% higher than Q1 2025 (0.41%). Total waste moved increased by 43% in Q2 2025 to 3.8 million tonnes, compared to 2.7 million tonnes in Q2 2024, and was 8% higher than the 3.5 million tonnes moved in Q1 2025.
• V ₂ O ₅ equivalent sales were 1,807 tonnes in Q2 2025, including 123 tonnes of purchased material, representing a 2% decrease compared to 1,841 tonnes sold in Q2 2024. Ilmenite sales were 6,024 tonnes in Q2 2025 vs.12,261 tonnes in Q2 2024. The year-over-year decrease in sales primarily reflects lower production volumes in Q1 2025, as sales generally align with production from the preceding quarter.

Storion Signs Agreement to Supply Vanadium Electrolyte and Stacks for TerraFlow; Secures 48 MWh Flow Battery Electrolyte Lease

Storion Energy LLC (“Storion”), a 50:50 joint venture between the Company’s subsidiary, Largo Clean Energy Corp., and affiliates of Stryten Energy LLC, has signed a strategic supply agreement with TerraFlow Energy Operating LLC (“TerraFlow”) to advance the adoption of vanadium flow batteries in the United States. The collaboration will leverage Storion’s ability to produce high-quality vanadium electrolyte and its expertise in stack design and manufacturing to help scale TerraFlow’s skid-based architecture. Together, the companies aim to enhance performance, improve manufacturing efficiency, and deliver safe, scalable storage that meets the demands of modern power grids.

As part of this collaboration, Storion has also secured a vanadium electrolyte lease for TerraFlow’s 48 MWh Bellville flow battery project in Texas, which, when completed, will be one of the largest flow battery installations in the state. The project will be supported by Largo Physical Vanadium Corp. (“LPV”), in which the Company holds a 65.7% interest and for which Storion acts as safekeeper of LPV’s vanadium assets. LPV’s unique leasing platform removes the need for customers to purchase vanadium outright, lowering upfront capital costs and making long-duration storage more cost-competitive. LPV expects to the lease to commence in early 2027, when the electrolyte is deployed.

The strategic supply agreement with TerraFlow is also expected to support additional flow battery deployments in the future, creating further demand for leased vanadium and strengthening Largo’s participation in advancing U.S. energy resilience and the long-duration storage market.

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 long-duration 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.

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]