Forum: AMG » Largo Resources: vanadium, ijzererts en titanium

DeZwarteRidder 20 oktober 2021 18:20

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Corporate Highlights
• DOE Selects LCE for Energy Storage Development Funding: On September 23, 2021, the United States DOE announced funding for research and development projects to scale up American manufacturing of flow battery and long duration storage systems. LCE is expected to receive $4.2 million of this funding to develop and demonstrate highly efficient manufacturing processes for affordable, grid-scale flow batteries. The receipt of funds is subject to the completion of the award negotiation of with the DOE and the negotiation is scheduled to be completed within 60 days of the date of announcement. The DOE’s funding will help provide the materials needed to expand the grid with new, clean energy sources, deliver affordable electricity to disadvantaged communities, and help reach the Biden Administration’s goal of net-zero carbon emissions by 2050.
• Manufacturing Strategy and VCHARGE± Certification Progressing on Schedule: The buildout of LCE’s product development and stack manufacturing facility in Massachusetts is proceeding on schedule with substantial completion expected in Q1 2022. The Underwriters Laboratories (“UL”) certification of the VCHARGE± system is on schedule for completion in Q4 2021 and LCE expects to proceed and obtain Conformité Européenne (“CE”) certification by Q2 2022. CE certification is the European parallel to UL certification.
• Strong Vanadium Production from Maracás: Production from the Maracás Menchen Mine was 3,260 tonnes of V2O5 in Q3 2021, representing a 5% increase over Q3 2020 and the second-best quarter of production since commencement of operations. V2O5 production was 1,068 tonnes in July, with 1,101 tonnes being produced in August and 1,091 tonnes in September. Increased quarter-over-quarter production was largely due to higher throughput and increased global recoveries3 following the completion of the Company’s expansion project in Q2 2021. The Company achieved an excellent global recovery3 of 83.7% in Q3 2021, being 1% lower than Q3 2020 but 5% higher than the 79.9% achieved in Q2 2021. The Company also produced 113,879 tonnes of concentrate ore with an average V2O5 grade of 3.32% in Q3 2021 compared to 104,921 tonnes in Q3 2020 with an average V2O5 grade of 3.32%.
• Lower Vanadium Sales Driven by Logistical Delays: The Company continues to actively manage its operations to provide premium products and service to its customers. Increased delays and global logistical challenges have impacted all aspects of the Company’s supply chain resulting in lower V2O5 equivalent sales of 2,685 tonnes in Q3 2021. Diligent planning and a comprehensive sales strategy have allowed the Company to deliver on all its commercial commitments up to this point. The Company does not expect the global logistics situation to improve until mid-2022 following increased port equipment availability, at which point the Company expects to reduce its in-transit inventory.
• Vanadium Market Demand Remains Steady: Demand in all of the Company’s key markets remained strong in Q3 2021 highlighted by a quarterly increase of 76% in the European FMB V2O5 price. However, lower activity in the steel related spot market and a general worsening of sentiment in the steel industrial complex following the significant drop in the iron ore price has recently led to some negative pressure on global vanadium prices. Aerospace industry demand continues to recover slowly but remains significantly below pre-COVID demand levels. The Company expects a gradual recovery in vanadium demand from this market over the next two to four years. Largo maintains a strong focus on developing new markets for its high purity vanadium products supported by the addition of vanadium trioxide (“V2O3”) to its product range. The Company continues with the commissioning of its V2O3 plant and expects to conclude this work in Q4 2021.
Revised 2021 Production and Sales Guidance
The Company’s full-year V2O5 equivalent production and sales guidance has been lowered to the range of 11,400 and 11,800 tonnes and 11,200 and 11,800 tonnes, respectively. These adjustments have been made to reflect the Company’s operational performance to date and account for the global logistical challenges expected for the remainder of the year. The Company expects to exit the year with a solid quarter of production and sales results in Q4 2021.
2021 Guidance Revised 2021 Guidance
Annual V2O5 equivalent production tonnes 12,000 – 12,500 11,400 – 11,800
Annual V2O5 equivalent sales tonnes 12,250 – 12,750 11,200 – 11,800

DeZwarteRidder 11 november 2021 16:22

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Largo Inc. has added a new press release to its website:

Largo Reports Third Quarter 2021 Financial Results with Net Income of $9.2 Million; Advances to Implement Largo’s Complementary Value Propositions
All amounts expressed are in U.S. dollars, denominated by “$”. Q3 2021 and Other Significant Highlights
• Net income of $9.2 million, a 261% increase over Q3 2020; Basic earnings per share of $0.14
• Revenues of $53.9 million, 96% higher than Q3 2020; Revenues per lb sold1 of $9.10, a 69% increase over Q3 2020
• Cash balance of $87.6 million exiting Q3 2021
• Battery Development Funding: Largo Clean Energy (“LCE”) selected to receive $4.2 million in funding from the U.S. Department of Energy (“DOE”) to scale up U.S.-based manufacturing of flow battery and long duration storage systems
• First Battery Sales Contract: On July 20, 2021, LCE entered into its first VCHARGE vanadium redox flow battery (“VRFB”) sales contract with Enel Green Power España (“Enel”); LCE will deliver a 5 hour, 6.1 MWh VCHARGE system for a project in Spain and received a Notice to Proceed on July 30, 2021
• 2020 Sustainability Report Released: Significant progress made on environmental, social and governance priorities in furthering the Company and vanadium’s role in the global green economy
• Total V2O5 equivalent sales of 2,685 tonnes, a 16% increase over Q3 2020
• Production of 3,260 tonnes (7.2 million lbs2) of V2O5, a 5% increase over Q3 2020
• Cash operating costs excluding royalties1 of $3.53 per lb of V2O5 vs. $3.14 per lb in Q3 2020
• Solid Vanadium Demand: Average Fastmarkets European V2O5 price of approximately $9.40 per lb in Q3 2021, a 76% increase over the average in Q3 2020
• Corporate Name Change and Rebrand: In line with the Company’s Board approved strategy to vertically integrate is foundational mining business and growing energy storage division, Largo announced that it has changed its name from Largo Resources Ltd. to Largo Inc.
• Pre-Feasibility Study Results Released: On November 3rd, 2021, the Company announced its technical report results outlining a significant expansion of V2O5 production and reserves supported by new cash flow generation from titanium dioxide (“TiO2”) pigment co-product sales. The result is a 20-year mine life and a $2.0 Billion after-tax NPV7% for the Maracás Menchen Mine
• 2021 Production and Sales Guidance: Production guidance of 11,400 to 11,800 tonnes of V2O5 equivalent; Sales guidance of 11,200 to 11,800 tonnes of V2O5
• UPDATED: The Company will host a webcast and conference call for its Q3 2021 results on Thursday, November 11th at 10:00 a.m. ET
TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces its third quarter 2021 financial results highlighted by revenues of $53.9 million and net income of $9.2 million. The Company recently announced results of a pre-feasibility study which forecasts materially increased profitability through enhanced access to vanadium and achieved important milestones in the development of its vanadium-based energy storage business.

DeZwarteRidder 17 januari 2022 13:59

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Largo Reports Fourth Quarter and Full Year 2021 Operational Results; Sales Exceeds Lower End of Guidance Despite Rain-Related Production Disruption in November-December; Provides 2022 Guidance
All amounts expressed are in U.S. dollars, denominated by “$”.

Q4 and FY 2021 Highlights
• Quarterly sales of 2,899 tonnes of V2O5 equivalent in Q4 2021 vs. 3,751 tonnes in Q4 2020; Annual V2O5 equivalent sales of 11,393 tonnes in 2021, representing an 11% increase over 2020 and exceeding lower-end of 2021 V2O5 sales guidance (11,200 – 11,800 tonnes)
• Quarterly V2O5 production of 2,003 tonnes (4.4 million lbs1) in Q4 2021 vs. 3,340 tonnes in Q4 2020, which was the Company’s historic record quarterly production; Annual V2O5 production of 10,319 tonnes (22.7 million lbs1) in 2021 vs. 11,825 tonnes in 2020
• Quarterly global V2O5 recovery of 76.0% in Q4 2021 vs. 80.6% in Q4 2020; Annual global V2O5 recovery of 79.7% in 2021 vs. 81.4% in 2020
• Q4 2021 operational results were impacted by heavy rainfall at the Company’s Maracás operations in November and December
2022 Guidance
• Operating, Sales and Cost Guidance:
o V2O5 Equivalent Production and Sales of 12,000 – 12,750 tonnes
o Cash Operating Cost Excluding Royalties4 of $3.20 – 3.40/lb V2O5 sold
o Vanadium Distribution Costs of $7.0 – 8.0 million
o Corporate and Sales & Trading G&A of $10.0 – 11.0 million
o Largo Clean Energy G&A of $15.0 – 18.0 million
• Capital Expenditures Guidance:
o Sustaining5 of $9.0 – 10.0 million
o Ilmenite Concentration Plant of $29.0 – 30.0 million
o Titanium Dioxide (“TiO2”) Pigment Processing Plant of $9.0 – 10.0 million
o Capitalized Stripping of $10.0 – 11.0 million
o Carry-Over of $2.0 – 3.0 million
o Largo Clean Energy capital expenditures of $1.5 – 2.5 million
• The Company expects to deliver its first VCHARGE vanadium redox flow battery (“VRFB”) sales contract with Enel Green Power España in Q3 2022
• Planned 6-day Maracás processing shutdown in January: The Company has planned this to perform maintenance on its plant cooler engine system and power substations; V2O5 equivalent production is expected to be in the range of 750 – 800 tonnes in January
TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces annual production of 10,319 tonnes (22.7 million lbs1) of vanadium pentoxide (“V2O5”) and sales 11,393 tonnes of V2O5 equivalent from its Maracás Menchen Mine in 2021.
Paulo Misk, President and CEO of Largo, stated: “Despite encountering global logistical delays throughout the year and heavy rains in Brazil in Q4 2021, our team adapted to the challenges presented and managed to exceed the lower range of the Company’s vanadium sales guidance in 2021. I am also pleased to report the Company had a strong finish to the year with V2O5 equivalent sales of 1,029 tonnes in December. Abnormally elevated levels of rainfall in November and December significantly impacted operational results at the MaracásMenchen Mine in Q4 2021 which our operations team worked diligently to implement an effective divert channel system that is expected to prevent heavy rainfall impacts in the future. The Company returned to normalized production levels following the planned 6-day maintenance shutdown which took place early in January.”
He concluded: “Looking ahead, the Company remains focused on completing a significant milestone following the delivery of its first VCHARGE VRFB to Enel in Q3 2022 and will begin executing Phase 1 of its operational plan as presented in the Company’s recently released technical report for the Maracás complex in Brazil. We believe the expected incremental cash flows generated by the production and sale of ilmenite concentrate and TiO2 pigment and future planned expansion of vanadium production will provide clear value creation upside to our shareholders going forward. 2022 will undoubtedly present new challenges for our team but we remain focused on the tremendous growth opportunity that exists in our profitable vanadium business and our vanadium-based energy storage business from the deployment of additional VRFB systems expected in the years ahead.”

Willy B. 18 januari 2022 16:43

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Stevige meppen vandaag (- 12%)

DeZwarteRidder 14 maart 2022 08:08

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Evraz Board’s 10 Directors Resign

Strategic Research Institute
Published on :
14 Mar, 2022, 5:05 am

The 10-strong board of directors of Evraz has resigned after sanctions were imposed on the Mr Roman Abramovich and shares in the company were suspended. Evraz announced on LSE “In light of the Financial Sanctions Notice issued by the Office of Financial Sanctions Implementation, HM Treasury, on 10 March 2022 and the suspension of the Company's shares from trading, all the EVRAZ plc non-executive directors - Alexander Abramov, Alexander Frolov, Alexander Izosimov, Deborah Gudgeon, Eugene Shvidler, Eugene Tenenbaum, Karl Gruber, Maria Gordon, Sir Michael Peat and Stephen Odell - have resigned as directors with immediate effect. Alexey Ivanov, the Company's CEO, will continue as a director.”

EVRAZ is waiting for further clarifications by OFSI.

Evraz added that “EVRAZ is deeply concerned and saddened by the Ukraine-Russia conflict and hopes that a peaceful resolution will be found soon.”

Two of the directors, Alexander Abramov and Alexander Frolov, are major Evraz shareholders alongside Abramovich.

Haegen 14 maart 2022 11:55

Haegen

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quote:
DeZwarteRidder schreef op 14 maart 2022 08:08:
Evraz Board’s 10 Directors Resign

Strategic Research Institute
Published on :
14 Mar, 2022, 5:05 am

The 10-strong board of directors of Evraz has resigned after sanctions were imposed on the Mr Roman Abramovich and shares in the company were suspended. Evraz announced on LSE “In light of the Financial Sanctions Notice issued by the Office of Financial Sanctions Implementation, HM Treasury, on 10 March 2022 and the suspension of the Company's shares from trading, all the EVRAZ plc non-executive directors - Alexander Abramov, Alexander Frolov, Alexander Izosimov, Deborah Gudgeon, Eugene Shvidler, Eugene Tenenbaum, Karl Gruber, Maria Gordon, Sir Michael Peat and Stephen Odell - have resigned as directors with immediate effect. Alexey Ivanov, the Company's CEO, will continue as a director.”

EVRAZ is waiting for further clarifications by OFSI.

Evraz added that “EVRAZ is deeply concerned and saddened by the Ukraine-Russia conflict and hopes that a peaceful resolution will be found soon.”

Two of the directors, Alexander Abramov and Alexander Frolov, are major Evraz shareholders alongside Abramovich.

Wat duiding had geen kwaad gekund maar na één google is het me helemaal, duidelijk. AB!

Haegen 16 maart 2022 22:46

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Largo Reports 2021 Net Income of $22.6 Million and Strong Financial Position; Focused on “Two-Pillar” Strategy as a Leading Vanadium Supplier Benefiting from Strong Vanadium Fundamentals with an Emerging Clean Energy Division

All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated.

Full Year 2021 Highlights

Revenues of $198.3 million, a 65% increase over 2020; Revenues per pound sold1 of $7.89, a 49% increase over 2020
Net income of $22.6 million vs. net income of $6.8 million in 2020; Basic earnings per share of $0.35 vs. $0.12 per share in 2020
Cash balance of $83.8 million exiting 2021 and a net working capital surplus of $118.3 million
Annual V2O5 production 10,319 tonnes (22.7 million lbs)3 vs. 11,825 tonnes (26.0 million lbs)3 in 2020
Annual operating costs of $133.0 million vs. $88.4 million in 2020, and cash operating costs excluding royalties per pound1 of V2O5 equivalent sold of $3.37 vs. $2.56 in 2020; 5% above 2021 annual guidance for cash operating costs excluding royalties per pound1
Total V2O5 equivalent sales of 11,393 tonnes, an 11% increase over 2020
Issued 3rd annual Sustainability Report covering the Company’s new performance targets and disclosures and vanadium’s role in the global green economy; The Company continued to improve its overall Environmental, Social and Governance (“ESG”) strategy now reflected in improved ratings and scores
Largo Clean Energy (“LCE”) entered into its first battery sales contract with Enel Green Power España. LCE will deliver a 5-hour 6.1 MWh VCHARGE System and it received a notice to proceed on July 30, 2021
Additional units of sustainably produced vanadium secured through offtake agreement with Gladieux Metals Recycling ("GMR"): In November 2021, the Company's subsidiary, Largo Resources USA Inc., signed a 10-year exclusive off-take agreement with GMR for the purchase of all standard and high purity grade vanadium products from GMR's recycling facility located in Freeport, Texas
The Company completed the construction and ramp up of its vanadium trioxide (“V2O3 ” ) plant on budget in Q4 2021 and provided samples to prospective clients for product specification analysis. The Company began the process of shipping V2O3 to customers in Q1 2022
Q4 2021 Highlights

Revenues of $50.3 million, 19% above Q4 2020; Revenues per pound soldi,ii of $7.88, a 54% increase over Q4 2020
Net income of $0.8 million vs. net income of $6.9 million in Q4 2020; Basic earnings per share of $0.01 vs. $0.12 per share in Q4 2020
Operating costs of $37.7 million vs. $31.6 million in Q4 2020, and cash operating costs excluding royalties per pound1 of V2O5 equivalent sold of $3.68 vs. $2.56 in Q4 2020

Hopper58 17 maart 2022 07:12

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Op MarketWatch. Het aandeel steeg nabeurs 6.3 % tot 12.16 $/aandeel:

"Largo Inc. (LGO) Q4 Earnings and Revenues Miss Estimates
Zacks Equity Research March 16, 2022

Largo Inc. (LGO Quick QuoteLGO - Free Report) came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -92.86%. A quarter ago, it was expected that this company would post earnings of $0.22 per share when it actually produced earnings of $0.14, delivering a surprise of -36.36%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Largo Inc., which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $50.33 million for the quarter ended December 2021, missing the Zacks Consensus Estimate by 1.75%. This compares to year-ago revenues of $42.25 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Largo Inc. Shares have added about 28.1% since the beginning of the year versus the S&P 500's decline of -10.6%.

What's Next for Largo Inc.

While Largo Inc. Has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Largo Inc. Mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $59.03 million in revenues for the coming quarter and $0.69 on $235.55 million in revenues for the current fiscal year."

DeZwarteRidder 19 april 2022 12:53

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April 19, 2022
Largo Reports First Quarter 2022 Operational and Sales Results; Begins Construction on its Ilmenite Concentration Plant

Q1 2022 Highlights

Quarterly V2O5 production of 2,442 tonnes (5.4 million lbs1) in Q1 2022, a 23% increase over the 1,986 tonnes produced in Q1 2021
Q1 2022 operational results largely impacted by preventative and corrective maintenance on the Company’s plant facility in Maracás; V2O5 production improved in March and the Company expects additional production improvements moving forward
Quarterly sales of 2,232 tonnes of V2O5 equivalent in Q1 2022 vs. 2,783 tonnes in Q1 2020; Lower quarterly sales due to ongoing global logistical challenges
Construction of the Company’s ilmenite concentration plant commenced in April as part of its titanium dioxide (“TiO2”) pigment project outlined in its latest filed technical report
Largo Clean Energy (“LCE”) remained focused on delivering the Enel Green Power España (“EGPE”) contract announced on July 30, 2021; While supply chain challenges have emerged for the EGPE project, LCE has found alternative suppliers in support of an expected completion date in Q4 2022

TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 2,442 tonnes (5.4 million lbs1) and sales 2,232 tonnes of vanadium pentoxide (“V2O5”) equivalent, respectively, from its Maracás Menchen Mine in Q1 2022.
Largo Reports First Quarter 2022 Operational and Sales Results; Begins Construction on its Ilmenite Concentration Plant (Photo: Business Wire)

Largo Reports First Quarter 2022 Operational and Sales Results; Begins Construction on its Ilmenite Concentration Plant (Photo: Business Wire)

Paulo Misk, President and CEO of Largo, stated: “As previously reported in March, the Company experienced impacts to both production and sales during the quarter mainly due to preventative and corrective maintenance on its facility and due to global logistical disruptions. We continue our focus on production improvements throughout the facility and are pleased to report improved V2O5 equivalent production for the month of March with 1,009 tonnes produced. We expect further improvements to production in the second quarter.” He continued: “We are also excited to report that construction on the Company’s ilmenite concentration plant as part of the phased operational approach outlined for Largo’s TiO2 pigment project has commenced at our Maracás operation in Brazil. This is an important first step in advancing one of the Company’s two strategic pillars and we look forward to providing additional updates as we progress through the first phase of this project.” He concluded: “Lastly, demand in all of the Company’s key vanadium markets remained strong in Q1 2022 reflected in strong price increases over the quarter.”

Q1 2022 Operational and Sales Overview

Operational Results in Q1 2022 Impacted by Maintenance; Improvements Seen in March: Production from the Maracás Menchen Mine was 2,442 tonnes of V2O5 in Q1 2022, representing an increase of 23% over Q1 2021. January production was impacted by the residual effects of rainfall in Q4 2021 and a scheduled a six-day shutdown of the processing plant to perform maintenance on the plant cooler engine system and power substations. February production was impacted by a nonplanned corrective maintenance shutdown (5 days) to repair the cooler support bearing with March production being impacted by low concentrate stock levels leading to kiln feed rate restrictions. The Company began ramping up production towards the end of the quarter with a focus on replenishing its intermediate stock levels. In Q1 2022, global recoveries3 averaged 77.5% as compared to the 77.4% averaged in Q1 2021 and were 2% higher than the 76.0% achieved in Q4 2021. The Company mined 303,652 tonnes of ore with an effective V2O5 grade2 of 1.27% in Q1 2022 compared to 263,966 tonnes with an effective V2O5 grade2 of 1.22% in Q1 2021.
Q1 2022 Sales Update: In Q1 2022, the Company sold 2,232 tonnes of V2O5 equivalent compared to 2,783 tonnes sold in Q1 2021. The Company delivered both standard grade and high purity V2O5 as well as ferrovanadium (“FeV”) to its customers, globally. Persistent logistical challenges and elevated transport costs have impacted all aspects of the Company's supply chain resulting in lower than anticipated sales and increased inventory in transit in Q1 2022. However, the Company continued to deliver on all its commercial commitments through careful planning. The Company does not expect the logistics situation to improve until mid-2022, at which point the Company anticipates being able to reduce its inventory in transit through increased sales.
Ilmenite Plant Construction Commenced: In April, the Company received the required installation license to begin construction on its ilmenite concentration plant as part of its phased operational plan outlined in its latest technical report. The Company expects to begin producing ilmenite concentrate in H1 2023.
Q1 2022 Cash Cost Guidance: Due to operational impacts previously mentioned, lower sales, global inflationary pressures and the strengthening of the Brazilian Real against the U.S. Dollar, management anticipates cash operating costs excluding royalties4 of approximately US$4.50 per pound sold for Q1 2022.
Clean Energy Manufacturing Facility and VCHARGE Certification Progress: LCE's headquarter configuration, including a VRFB product development and stack manufacturing center, in Massachusetts, U.S. is nearing completion, with formal acceptance scheduled for May 2022. LCE began producing stacks and purifying electrolyte in the new facility and has scheduled prospective customer visits in May. LCE also proceeded with Conformité Européenne (“CE”) certification of the VCHARGE product, and ISO 9001 certification of LCE’s Quality Management System (“QMS”) with audits scheduled for May 2022.

DeZwarteRidder 12 mei 2022 23:00

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Largo Inc. has added a new press release to its website:

Largo Reports First Quarter 2022 Financial Results and Provides Adjusted 2022 Guidance; Announces Intention to Commence Normal Course Issuer Bid
All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated.
Q1 2022 Highlights
• Revenues of $42.7 million, a 7% increase over Q1 2021; Revenues per pound sold1 of $8.67, a 34% increase over Q1 2021 mainly due to stronger vanadium prices
• Cash provided before non-cash working capital items of $5.8 million, a 55% decrease over Q1 2021
• Net loss of $2.0 million vs. net income of $4.1 million in Q1 2021
• Total V2O5 equivalent sales of 2,232 tonnes vs. 2,783 tonnes in Q1 2021; Lower quarterly sales due to ongoing global logistical challenges and lower production in Q4 2021
• Cash balance of $78.4 million exiting Q1 2022; Net working capital2 surplus of $124.7 million following increase in in-transit vanadium inventory
• V2O5 production 2,442 tonnes (5.4 million lbs3) vs. 1,986 tonnes (4.4 million lbs3) in Q1 2021
• Operating costs of $29.0 million vs. $28.2 million in Q1 2021, and cash operating costs excluding royalties per pound1 of V2O5 equivalent sold of $3.97 vs. $2.87 in Q1 2021
• 2022 Guidance Update: The Company has increased its annual cash operating cost excluding royalties1 guidance from $3.20 – 3.40 per lb sold to $3.90 – 4.30 per lb sold mainly due to a rise in input raw material costs, a stronger Brazilian currency estimate and lower production in Q1 2022; V2O5 equivalent production guidance lowered from 12,250 – 12,750 tonnes to 11,600 – 12,400 tonnes; V2O5 equivalent sales guidance lowered from 12,250 – 12,750 tonnes to 11,000 – 12,000 tonnes4
• Construction of the Company’s ilmenite concentration plant commenced in April as part of its previously announced titanium dioxide (“TiO2”) pigment project. TiO2 content is expected to be sourced from the vanadium ore created from the Company’s ongoing operations, which is expected to contribute to the Company's “two-pillar” business strategy as a low-cost vanadium supplier with an emerging vanadium battery business
• Configuration of Largo Clean Energy's (“LCE”) vanadium redox flow battery (“VRFB”) product development and stack manufacturing center, in Massachusetts, U.S. to be complete in May 2022; LCE began producing stacks and purifying electrolyte in the new facility with prospective customer visits having occurred in May 2022
• Largo Physical Vanadium (“LPV”) continued to make progress (see press released dated April 19, 2022) and is seeking all applicable regulatory and stock exchange approvals to become a publicly listed physical vanadium holding company that will purchase and hold physical vanadium to provide potential investors with ownership and exposure to vanadium
• The Company announces that it intends to commence a normal course issuer bid (“NCIB”) to purchase for cancellation its common shares (the “Common Shares”)
• Q1 2022 results conference call: Thursday, May 12th at 10:00 a.m. ET
Vanadium Market Update5
• Demand in all of the Company’s key markets remained strong in Q1 2022, which was reflected in strong price increases over the course of the period
• The average benchmark price per pound of V2O5 in Europe was $11.50 as of May 6, 2022, up approximately 31% since the start of 2022
• The average benchmark price per pound of V2O5 in Europe was $10.72 in Q1 2022, a 29% increase from the average of $8.30 seen in Q1 2021; The average benchmark price per kg of ferrovanadium (“FeV”) in Europe was $46.17 in Q1 2022, a 50% increase from the average of $30.87 seen in Q1 2021
TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today released financial and operating results for the three months ended March 31, 2022. The Company reported quarterly vanadium pentoxide (“V2O5”) equivalent sales of 2,232 tonnes at a cash operating cost excluding royalties per pound1 sold of $3.97.

DeZwarteRidder 14 juli 2022 13:23

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Largo Inc. has added a new press release to its website:

Largo Reports Stronger Second Quarter 2022 Production and Sales Results with 3,291 Tonnes of V2O5 Equivalent Sold; Announces Automatic Repurchase Plan Pursuant to its Normal Course Issuer Bid
Q 2 2022 Highlights
• V2O5 production of 3,084 tonnes (6.8 million lbs1) in Q2 2022 vs. 3,070 tonnes produced in Q2 2021 and 26% above production Q1 2022
• Record monthly V2O5 production of 1,168 tonnes in May 2022; April 2022 production was impacted by a minor issue in the de-ammoniator area at the end of the month while June 2022 production was impacted by kiln availability
• Global V2O5 recovery rate3 of 81.8% in Q2 2022 vs. 79.9% in Q2 2021
• V2O5 equivalent sales of 3,291 tonnes of in Q2 2022, a 9% increase over the 3,027 tonnes sold in Q2 2021 and 47% above sales in Q1 2022
• During Q2 2022, the average benchmark price per lb of V2O5 in Europe was $11.08, a 3% increase from the average of $10.72 seen in Q1 2022 and a 35% increase over the average of $8.19 seen in Q2 2021
• Construction of the Company’s ilmenite concentration plant continues according to schedule and the Company expects to begin commissioning in Q2 2023
• The Company completed a 6-day shutdown during the first week of July 2022 to refurbish the kiln refractory and perform other planned maintenance; The Company expects V2O5 production of 900 – 950 tonnes in July 2022 and does not expect any further shutdowns in 2022; 2022 V2O5 production guidance of 11,600 – 12,400 tonnes maintained
• Largo Clean Energy (“LCE”) continued electrolyte production and stack manufacturing in Q2 2022 while obtaining International Standards Organization (“ISO”) 9001 certification
• The proposed qualifying transaction and Largo Physical Vanadium Corp. (“LPV”) (see press release dated April 19, 2022) remains subject to standard TSX Venture Exchange regulatory approval; The Company will provide an update on LPV's status once the TSXV approval process is complete
TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces quarterly production of 3,084 tonnes (6.8 million lbs1) and sales 3,291 tonnes of vanadium pentoxide (“V2O5”) equivalent, respectively, from its MaracásMenchen Mine in Q2 2022.
Paulo Misk, President and CEO of Largo, stated: “We are pleased to report the Company achieved a new monthly V2O5 production record of 1,168 tonnes in May. Looking ahead, our team continues its focus on further optimizing operations to achieve consistent plant availability following kiln-related impacts experienced this quarter. In Q2 2022, sales increased 47% from Q1 2022 and the Company expects to benefit from the elevated price environment in Q2 2022. We are confident the Company will achieve its sales and production guidance for the year.”
He continued: “We continue to remain optimistic about LCE’s competitiveness in the Long Duration Energy Storage Solutions (“LDESS”) market as production of our core components (stacks and electrolyte purification) ramp up and through the potential of our prospective battery customers to utilize LPV, which remains subject to all applicable regulatory and exchange approvals. We look forward to capitalizing on the increased interest in LDESS and the LCE offering.”

DeZwarteRidder 16 september 2022 12:58

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Largo Announces Completion of Qualifying Transaction for Largo Physical Vanadium Corp.
TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce that Column Capital Corp. (“CPC”) has received conditional approval from the TSX Venture Exchange (the “TSXV”) in respect of its qualifying transaction (the “Transaction”) with Largo Physical Vanadium (“LPV”) pursuant to Policy 2.4 - Capital Pool Companies of the TSXV. In connection with the Transaction and pursuant to TSXV requirements, CPC has filed a filing statement dated September 13, 2022 (the “Filing Statement”) on SEDAR (www.sedar.com).
Once TSXV provides receipt of customary post-closing documentation, the LPV common shares (the “Common Shares”) will commence trading on the TSXV under the symbol “VAND”. The Company expects that the post-closing documentation will be completed by the end of September 2022.

Paulo Misk, President and Chief Executive Officer of Largo commented: “Completion of the Qualifying Transaction represents an important milestone for Largo, LPV and the vanadium sector.Leveraging the unique characteristics of vanadium, prospective investors are now provided with a new vehicle to invest in physical vanadium and gain exposure to the long-term fundamentals of the commodity – a key transition metal for greener steel, strategic and energy storage industries.” He continued: “Through the segregation of vanadium, a key cost component of vanadium redox flow batteries (“VRFB”), LPV intends to enhance the adoption of VRFBs by prospective customers in the long duration energy storage market and thus, grow vanadium demand in the future.”
LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium and not speculating with regard to short-term changes in vanadium prices. LPV will offer pure-play exposure to vanadium and will initially hold approximately 200 mt of vanadium pentoxide equivalent contributed by the Company in connection with the Qualifying Transaction (the “Largo Contribution-in-Kind”) and further vanadium to be acquired with the proceeds of its CAD$30,220,000 subscription receipt financing that closed on April 14, 2022 (the “Financing”). LPV will acquire and store vanadium units in commercial forms as well as in electrolyte solutions for VRFB applications due to the unique non-degradation characteristic of the metal.

Largo will provide services to LPV pursuant to a safekeeping agreement, supply agreement and technical advisory agreement, each effective on completion of the Qualifying Transaction. In addition to the vanadium contributed pursuant to the Largo Contribution-in-Kind, under the supply agreement Largo has granted LPV a right of first refusal over any non-committed commercial vanadium equivalent products from January to September of each fiscal year. LPV will also benefit from its relationships with Sprott Capital Partners LP and Term Oil Inc. through an advisory services agreement effective on completion of the Qualifying Transaction.

About LPV
LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium, which is essential to achieve a greener world in key industries such as steel, aerospace and energy storage. Vanadium is non-degrading and fully recyclable when used as electrolyte in vanadium redox flow batteries (VRFBs) and offers carbon reducing attributes when used in steel alloying applications. LPV’s strategy is not only to achieve appreciation through the acquisition of vanadium, but to own and actively supply vanadium to end users of VRFBs to advance to integration of renewable energy in long duration storage. This strategy is integral to LPV’s business plan, as it necessarily defrays the costs associated with using vanadium in VRFBs through the unique non-degradation characteristics of the metal.

About Largo
Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) vanadium production from its operations in Brazil and 2.) energy storage business in the U.S. to support a low carbon future through its clean energy division.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information, please visit www.largoinc.com.

am1993 16 september 2022 13:37

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@DZR. AB. Dank voor je melding. Als ik het goed lees en allemaal begrijp gaat LPV, met Largo als leverancier een beleggingsfonds opzetten, dat een beetje te vergelijken is met een beleggingsfonds in fysiek goud, maar dan in Vanadium. Denk je dat dit nog enig effect zou kunnen hebben op AMG? Want ik heb begrepen, dat AMG in Brazilië o.a. bezig is met het opkopen van kleinere mijnen, teneinde haar productiecapaciteit extra uit te breiden. En Largo zal daar ook niet stilzitten, neem ik aan. Zou er ook nog sprake kunnen zijn van enige samenwerking of overname door Largo van delen van AMG in Brazilië in de toekomst?
Graag jouw visie hierover. Bedankt alvast.

DeZwarteRidder 16 september 2022 13:41

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quote:
am1993 schreef op 16 september 2022 13:37:
@DZR. AB. Dank voor je melding. Als ik het goed lees en allemaal begrijp gaat LPV, met Largo als leverancier een beleggingsfonds opzetten, dat een beetje te vergelijken is met een beleggingsfonds in fysiek goud, maar dan in Vanadium. Denk je dat dit nog enig effect zou kunnen hebben op AMG? Want ik heb begrepen, dat AMG in Brazilië o.a. bezig is met het opkopen van kleinere mijnen, teneinde haar productiecapaciteit extra uit te breiden. En Largo zal daar ook niet stilzitten, neem ik aan. Zou er ook nog sprake kunnen zijn van enige samenwerking of overname door Largo van delen van AMG in Brazilië in de toekomst?
Graag jouw visie hierover. Bedankt alvast.

AMG heeft z'n handen vol en gaat z'n handen niet branden aan nog meer mijnbouw en vanadium.

DeZwarteRidder 12 november 2022 14:06

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Largo Reports Third Quarter 2022 Financial Results; Continues its Focus on Two-Pillar Growth Strategy
All amounts expressed are in U.S. dollars, denominated by “$”.
Q3 2022 Highlights
• Revenues of $54.3 million vs. revenues of $53.9 million in Q3 2021; Revenues per lb sold1 of $8.80 vs. $9.10 in Q3 2021
• Net loss of $2.6 million vs. net income of $9.2 million in Q3 2021; Basic loss per share of $0.04 in Q3 2022; Inclusive of approximately $3.0 million in non-recurring expenditures such as legal and listing costs for Largo Physical Vanadium Corp. ("LPV") and an increase in legal provisions
• Cash provided before working capital items of $4.3 million vs. $20.3 million in Q3 2021; Net cash provided by operating activities of $10.0 million vs. $15.5 million in Q3 2021
• Operating costs of $45.6 million vs. $32.1 million in Q3 2021 and cash operating costs excluding royalties per pound1 of V2O5 equivalent sold of $4.86 in Q3 2022 vs. $3.53 in Q3 2021
• Cash balance of $62.7 million and a net working capital2 surplus of $114.1 million exiting Q3 2022
• V2O5 equivalent sales of 2,796 tonnes (inclusive of 351 tonnes of purchased material) vs. 2,685 tonnes (inclusive of 136 tonnes of purchased material) sold in Q3 2021
• Production of 2,906 tonnes (6.4 million lbs3) of V2O5 vs. 3,260 tonnes in Q3 2021
• Progress continued on the implementation of the Company’s ilmenite concentration plant at the Maracás Menchen Mine, including receiving all required metallic flotation structures and building of desliming, flotation, filtration, warehouse and pipe rack structures; Expects commissioning to be completed in Q2 2023
• Largo Clean Energy (“LCE”) signed a non-binding MOU with Ansaldo Green Tech in August 2022 to negotiate the formation of a joint venture for the manufacturing and commercial deployment of vanadium redox flow batteries (“VRFB”) in the European, African and Middle East power generation markets
• Published 2021 Sustainability Report and 2021 Taskforce on Climate-Related Financial Disclosures (TCFD) Climate report, outlining the Company’s commitment and approach to both sustainability and climate change
• Q3 2022 results conference call: Thursday, November 10th at 1:00 p.m. ET
Vanadium Market Update4
• The Company maintained a strong focus on developing new markets for its high purity products and concluded its first sale of vanadium trioxide (“V203”) in Europe in Q3 2022
• High purity vanadium demand has increased following ongoing recovery from 2020 COVID-19 impacts, which was partially offset by a softening of steel demand in Q3 2022
• The average benchmark price per lb of V2O5 in Europe was $8.23 in Q3 2022, a 12% decrease from the average of $9.40 seen in Q3 2021 and a 26% decrease from the average of $11.08 seen in Q2 2022; The average benchmark price per kg of ferrovanadium (“FeV”) in Europe was $33.85 in Q3 2022, a 12% decrease from the average of $38.32 seen in Q3 2021 and a 24% decrease from the average of $44.22 seen in Q2 2022

DeZwarteRidder 24 januari 2023 20:18

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Largo Reports Fourth Quarter and Full Year 2022 Operational and Sales Results; Provides 2023 Guidance

All amounts expressed are in U.S. dollars, denominated by “$”.
Q4 and FY 2022 Highlights
• Quarterly V2O5 production of 2,004 tonnes (4.4 million lbs1) in Q4 2022 vs. 2,003 tonnes in Q4 2021; Annual V2O5 production of 10,436 tonnes (23.0 million lbs1) in 2022 vs. 10,319 tonnes in 2021
• Quarterly global V2O5 recovery of 74.7% in Q4 2022 vs. 76.0% in Q4 2021; Annual global V2O5 recovery of 79.1% in 2022 vs. 79.7% in 2021
• V2O5 production in Q4 2022 was largely impacted by a lower quantity of mined material available due in part to the Company's mining contractor transition in September 2022; As a result, the low availability of mined material stockpiles was insufficient to effectively mitigate the impacts of corrective maintenance in November 2022 and heavy rain in December 2022 at Maracás Menchen Mine
• Quarterly sales of 2,774 tonnes of V2O5 equivalent (inclusive of 118 tonnes of purchased material) in Q4 2022 vs. 2,899 tonnes in Q4 2021; Annual V2O5 equivalent sales of 11,091 (inclusive of 1,057 tonnes of purchased material) tonnes in 2022 vs. 11,393 tonnes in 2021 and within sales guidance of 11,000 – 12,000 tonnes
• In Q4 2022, vanadium demand remained steady in the steel and chemical sectors, while the aerospace and vanadium redox flow battery ("VRFB") sectors saw considerable growth; In Europe, average V2O5 prices increased approximately 18% to $9.44 per lb at the end of the quarter, and have risen to $10.08 as of January 20, 2023
• Largo Clean Energy (“LCE”) and Ansaldo Green Tech (“Ansaldo”) continued their negotiations to form a joint venture for the manufacture and commercial deployment of vanadium redox flow batteries (“VRFB”) in the European, African and Middle East power generation markets; The exclusivity agreement between LCE and Ansaldo in accordance with the previously announced non-binding MOU has been extended to March 31, 2023 to allow for the completion of ongoing negotiations
• The Company progressed with the construction of its ilmenite concentration plant at its Maracás Menchen Mine in Q4 2022; Received all required flotation structures and is finalizing the building of its desliming, flotation, filtration, warehouse and pipe rack structures; Commissioning to be completed in Q2 2023
• The Company received 'Company of the Year in the Mineral Sector' for its work in Social Governance from Brasil Mineral magazine and ‘Company of the Year’ from Companhia Baiana de Pesquisa Mineral (“CBPM”); These recognitions are the result of the Company’s dedication to executing on our on going Environment, Social and Governance (“ESG”) initiatives with the goal of progressing sustainable development at Largo

DeZwarteRidder 6 maart 2024 11:55

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Largo Identifies Significant Platinum-Palladium Grades from Sampling of the Non-Magnetic Tailings Ponds at its Maracás Menchen Mine; Commences Further Analysis of Platinum Group Metals as Part of its Ongoing Exploration Program

TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces it has identified significant platinum group metals (“PGMs”) grades in its non-magnetic tailings ponds and ilmenite stockpile from ongoing exploration work at its Maracás Menchen Mine, including a total of 28 vertical auger drill holes and 83 samples. The Company has also initiated a review of its past geology and assay database to establish the existence of PGMs in deposits surrounding its Campbell Pit.
Figure 1: View of Non-Magnetic Tailings Ponds Two and Pond Three with the Auger Drill Hole Positions (Photo: Business Wire)

Figure 1: View of Non-Magnetic Tailings Ponds Two and Pond Three with the Auger Drill Hole Positions (Photo: Business Wire)

Daniel Tellechea, Director and Interim CEO of Largo, stated: “Preliminary analysis of the Company’s non-magnetic tailings pond and ilmenite stockpile has returned significant PGM grades, prompting our team to plan for an additional drill program to enhance our knowledge of grade distribution within the non-magnetic tailings ponds. Simultaneously, our team is performing a database review, relogging, and re-assay program of past exploration work related to PGMs, alongside a focused drilling initiative to gain a deeper understanding of PGM grade distribution in deposits north and south of the Campbell Pit, where past exploration efforts have demonstrated various grades of PGMs.”

He continued: “In 2014, Largo contracted Société Générale de Surveillance SA. (SGS) to conduct metallurgical and PGM flotation tests on the massive vanadium ore at the Maracás Menchen Mine with encouraging results. The major significance of today's announcement is that higher grades of PGMs could be associated with the Company’s non-magnetic material rather than massive vanadium ore, as previously thought. We plan to conduct further studies to evaluate the potential to recover PGMs as an additional by-product of Largo’s vanadium and ilmenite operations following the completion of our ilmenite concentrate plant. We anticipate providing updates on this initiative and other exploration progress as our efforts continue going forward.”

Non-Magnetic Tailings Pond Auger Drill Hole Highlights

BN3TR15: 3.0 metres grading 0.410g Pt/t and 0.209g Pd/t and 0.07g Au/t totalling 0.687g PGM equivalent (“PGM eq.”)
BN2TR1: 4.3 metres grading 0.321g Pt/t and 0.118g Pd/t and 0.04g Au/t totalling 0.480g PGM eq.

DeZwarteRidder 21 oktober 2024 14:05

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Largo Increases Quarterly V2O5 Production by 42% with 3,072 Tonnes Produced in Q3 2024; Signs Binding Term Sheet to Supply 2,100 Tonnes of V2O5 for Consideration of $23.5 Million, Leveraging Vanadium Inventories and Optimizing Sales

Q3 2024 and Other Highlights

V 2 O 5 production of 3,072 tonnes (6.8 million lbs 1 ) in Q3 2024, a 42% increase over the 2,163 tonnes produced in Q3 2023 and the highest quarterly production in seven quarters
V 2 O 5 production of 1,002 tonnes in July, 973 tonnes in August and 1,097 tonnes in September, with September production representing the highest monthly production in two years
Global V 2 O 5 recovery rate 3 of 81.1% in Q3 2024 vs. 76.9% in Q3 2023, a 6% increase
Ramp up of the Company’s ilmenite concentration plant continues with production of 16,383 tonnes in Q3 2024, a 90% increase over the 8,625 tonnes produced in Q2 2024
Ilmenite concentrate sales of 19,572 tonnes in Q3 2024, a 60% increase over the 12,261 tonnes sold in Q2 2024
V 2 O 5 equivalent sales of 1,961 tonnes in Q3 2024 vs. 2,385 tonnes sold in Q3 2023
Vanadium supply agreement unlocks approximately $23.5 million through the supply of 2,100 tonnes of the Company’s standard grade V 2 O 5 , subject to repurchase option; Reduces vanadium inventories without impacting current, future or long-term contract vanadium sales commitments
The average benchmark price per lb of V 2 O 5 in Europe was $5.71 in Q3 2024, a 4% decrease from the average of $5.93 in Q2 2024 and 29% below the average of $8.03 seen in Q3 2023; Largely driven by an oversupply of vanadium in Asia and Europe; According to recent data from leading vanadium organization Vanitec, the oversupply gap is now gradually narrowing
2024 production, sales, cost and capital expenditures guidance remain unchanged

TORONTO--(BUSINESS WIRE)-- Largo Inc. (" Largo " or the " Company ") ( TSX: LGO ) ( NASDAQ: LGO ) today reports its strongest quarterly production in seven quarters with 3,072 tonnes (6.8 million lbs 1 ) of vanadium pentoxide (" V 2 O 5 ") equivalent in Q3 2024. Ilmenite production increased 90% over Q2 2024 to 16,383 tonnes, with sales of 19,572 tonnes, representing a 60% increase over the same prior comparative quarter. While vanadium sales totaled 1,961 tonnes, the Company continues to optimize its global sales strategy, including a reduction of excess vanadium inventories while leveraging the expertise of its seasoned commercial team to unlock emerging opportunities in the vanadium and titanium sectors.
Largo Increases Quarterly V2O5 Production by 42% with 3,072 Tonnes Produced in Q3 2024; Signs Binding Term Sheet to Supply 2,100 Tonnes of V2O5 for Consideration of $23.5 Million, Leveraging Vanadium Inventories and Optimizing Sales (Photo: Business Wire)

Largo Increases Quarterly V2O5 Production by 42% with 3,072 Tonnes Produced in Q3 2024; Signs Binding Term Sheet to Supply 2,100 Tonnes of V2O5 for Consideration of $23.5 Million, Leveraging Vanadium Inventories and Optimizing Sales (Photo: Business Wire)

The Company is also pleased to announce that it has signed binding documentation with the Commodities business of a New York-based asset manager, with over $20 billion in assets under management (the " Buyer "), to supply 2,100 tonnes of standard grade V 2 O 5 for consideration of approximately $23.5 million. Largo expects to deliver the material in staggered shipments between October 17, 2024, and March 31, 2025, with funds being received upon each delivery. At the option of the Buyer, who must elect the total volume no later than 90 calendar days prior to September 30, 2027, Largo is obligated to repurchase up to a maximum of 2,100 tonnes of standard grade V 2 O 5 at a fixed price not exceeding $7.00 per lb V 2 O 5 , with delivery required by September 30, 2027.

Daniel Tellechea, Interim CEO and Director of Largo, stated: “Operational efficiencies implemented earlier this year are now bearing fruit, as demonstrated by our highest quarterly vanadium production in seven quarters and a significant ramp-up in ilmenite output. These measures continue to strengthen our production capabilities and improve cost performance as previously disclosed in August, positioning us to further enhance our operational results going forward. Despite challenges with sales due to continued adverse conditions in the Chinese and European steel industries, our focus remains on delivering strong operational performance from the Maracás Menchen Mine to meet our set targets for the year.”

He continued: “The vanadium supply agreement allows Largo to unlock approximately $23.5 million from the supply of 2,100 tonnes of its standard grade V 2 O 5 , providing the Company with additional liquidity and flexibility in the current vanadium price environment. With our operating team continuing to improve production rates in 2024, we have accumulated additional vanadium inventories that will be used for this transaction, with benefits to be realized once delivery is completed without impacting our current or future sales commitments. These factors are expected to better position us to navigate current market fluctuations while increasing our presence in the global vanadium market.”

DeZwarteRidder 21 oktober 2024 14:07

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The average benchmark price per lb of V 2 O 5 in Europe was $5.71 in Q3 2024, a 4% decrease from the average of $5.93 in Q2 2024 and 29% below the average of $8.03 seen in Q3 2023; Largely driven by an oversupply of vanadium in Asia and Europe; According to recent data from leading vanadium organization Vanitec, the oversupply gap is now gradually narrowing
2024 production, sales, cost and capital expenditures guidance remain unchanged

Het mannetje van de radio 21 oktober 2024 15:03

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Wel paradoxaal dat er sprake is van een 'oversupply' welke zorgt voor lagere prijzen en dat Largo toch 42% meer geproduceerd heeft.

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