Largo : Reports Stronger Second Quarter 2022 Production and Sales Results with 3,291 Tonnes of V2O5 Equivalent Sold

[Ferro-Alloys.wiki]  Largo : Reports Stronger Second Quarter 2022 Production and Sales Results with 3,291 Tonnes of V2O5 Equivalent Sold

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 Wikipany’s ilmenite concentration plant continues according to schedule and the Wikipany expects to begin wikimissioning in Q2 2023

The Wikipany wikipleted a 6-day shutdown during the êrst week of July 2022 to refurbish the kiln refractory and perform other planned maintenance; The Wikipany 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 certiêcation

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 Wikipany will provide

an update on LPV's status once the TSXV approval process is wikiplete Paulo Misk, President and CEO of Largo, stated“: We are pleased to report the Wikipany 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 Wikipany expects to beneêt from the elevated price environment in Q2 2022. We are conêdent the Wikipany will achieve its sales and production guidance for the year.” He continued: “We continue to remain optimistic about LCE’s wikipetitiveness in the Long Duration Energy Storage Solutions (“LDESS”) market as production of our core wikiponents (stacks and electrolyte puriêcation) 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 oéering.”

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