Largo generated $44.0 million in revenues during the second quarter of 2026, marking a 68.5% increase compared with $26.1 million reported in the same period of 2025.

The revenue growth was driven by higher vanadium production and increased sales volumes from the Maracás Menchen Mine in Brazil. Vanadium pentoxide (V2O5) equivalent production increased 28.5% to 2,900 tonnes compared with 2,256 tonnes in Q2 2025, supported by better ore availability and operational stability. Sales of V2O5 equivalent rose 53.5% to 2,773 tonnes from 1,807 tonnes in the prior-year period.

Total ore mined during the quarter increased 46.6% to 712,198 tonnes, compared with 485,687 tonnes in Q2 2025, while the effective ore grade was largely unchanged at 0.50% V2O5 versus 0.51%. Global recovery stood at 82.5%, compared with 84.9% a year earlier.

Revenues per pound sold of V2O5 equivalent rose 8.9% to $6.96, up from $6.39 in Q2 2025. Cash operating costs excluding royalties reached $5.10 per pound sold, compared with $4.63 a year earlier, while adjusted cash operating costs excluding royalties were $4.12 per pound against $3.18. Largo recorded an Adjusted EBITDA of $2.7 million for the quarter, compared with $34 thousand in Q2 2025, alongside a net loss of $22.7 million, which included non-cash items such as asset write-downs and deferred income tax expenses. The company ended June 30, 2026, with a cash balance of $5.1 million and debt of $114.2 million.

"Our second-quarter performance reflects the continued improvement of operations at the Maracás Menchen Mine and higher vanadium prices, which were partly offset by a rise in raw material input costs caused by war related disruptions in the Middle East. Higher ore availability at the mine resulted in a 29% increase in vanadium production while our commercial team increased sales by 53%. We are considering areas for further cost reductions to offset high sulfuric acid and fuel oil prices and anticipate generating revenues from our copper and Platinum Group Metals ("PGM") by-product production starting this month."

— Alberto Arias, Executive Chairman and Co-Chief Executive Officer

The company reiterated its full-year 2026 vanadium guidance, continuing to expect V2O5 equivalent production of 10,500 to 12,000 tonnes and sales of 7,500 to 9,500 tonnes.

Following approval from Brazil's National Mining Agency, Largo commenced full-scale production of copper-PGM concentrates in August 2026 using existing ilmenite flotation infrastructure. Initial production guidance for the by-products is set at 300 to 380 tonnes per month, with expected average grades of approximately 15% copper and 41 grams per tonne of platinum group metals. Ilmenite production was temporarily suspended in June to prioritize the copper-PGM circuit, and the company anticipates generating revenues from these by-products starting in August 2026.

"We are preparing shipments for our first $60 million order from the U.S. Defense and Logistics Agency and have already started the production of copper-PGM concentrates as by-products from Maracás Menchen."

— Jim Bannantine, Co-Chief Executive Officer

Largo is preparing shipments for its first $60 million delivery order with the U.S. Defense Logistics Agency Strategic Materials.

Read the full announcement: Largo Reports Q2 2026 Financial Results Reflecting 68% Revenue Growth and Positive Adjusted EBITDA, Despite Raw Material Input Cost Pressures; and Provides Guidance for New Copper-Platinum Group Metals Production