Largo Resources Ltd

Largo Inc. announced a debt-restructuring agreement with Caixa Econômica Federal and its first sales of copper-platinum group metals concentrate. The definitive agreement with Caixa Econômica Federal was signed on September 11, 2026, following the binding term sheet announced on August 20, and Largo expects to enter similar agreements with its remaining Brazilian bank lenders. Separately, Largo extended the maturity of a $6.0 million promissory note with ARG International AG to February 2028 from February 2027, subject to a fee equal to 1% of the principal amount. The initial copper-PGM concentrate sales, made through agreements with two trading companies and a European smelter, are expected to generate approximately $4.7 million in cash proceeds during September 2026, while the first shipment under Largo's contract with the US Defense Logistics Agency is expected to arrive at a US port in late September. Largo also said its 2026 vanadium production is now expected to be at the lower end of its previously announced guidance range as it temporarily reduces mining activity and processes existing stockpiles, and it announced that Jim Bannantine will lead its commercial department while Francesco D'Alessio leaves to take a chief executive position elsewhere.

Largo surged 21.5% in Friday's trading after signing a binding term sheet with a syndicate of Brazilian banks including Banco do Brasil and Banco BTG Pactual to restructure US$82.2M of outstanding debt, extending the final maturity to March 2030. Under the proposed revised terms, principal payments will be subject to a six-month grace period, followed by three years of quarterly principal amortization, while interest will be paid monthly. The company said the restructuring will provide additional time to execute its operational plans and unlock incremental value from its existing operations at the Maracás Menchen mine. Largo is focused on ramping up production of copper concentrate and platinum group metals concentrate, progressing toward first commercial sales, and preparing for the first shipment of high-purity vanadium pentoxide to the U.S. Defense Logistics Agency under the US$60M first order announced in July.

Largo Inc. reported higher second-quarter production, sales and revenue, alongside a return to positive adjusted EBITDA, as improved ore availability and plant stability supported its vanadium operations at the Maracás Menchen mine. Total ore mined rose 46.6% year over year to 712,198 tonnes, vanadium production increased 28.5% to 2,900 tonnes, and revenue climbed 68.5% to $44 million. Adjusted EBITDA turned positive at $2.7 million, although cash operating costs and the net loss increased. Largo agreed to restructure approximately $82.2 million of commercial debt, extending final maturities to March 2030, and secured a $60.1 million U.S. Defense Logistics Agency delivery order. The company also began full-scale copper-PGM concentrate production on Aug. 7, temporarily pausing ilmenite output during the ramp-up, and maintained its 2026 vanadium guidance.

Largo received approval from Brazil's National Mining Agency to produce and sell copper, platinum group metals, nickel, and/or cobalt as by-products from its existing vanadium operations at the Maracás Menchen mine in Bahia. The company said the regulatory green light allows it to move from successful industrial-scale test work toward ramping up and commercializing a copper-PGM concentrate using its vanadium ore processing plant and existing ilmenite flotation infrastructure. Largo expects the new concentrate, if successfully commercialized, to generate higher profit margins than its ilmenite concentrate production, unlocking additional value from its mineral resource base and diversifying revenue through exposure to critical materials and precious metals. Shares rose 5.3% in early trading Monday.