Largo Reports Q4 And Full Year 2025 Operational And Sales Results Provides 2026 Outlook And Vanadium Guidance Reports Positive Precious Metals Results On Recent Copper Flotation Tests.

Update on Timing of Initial Payment Under Iron Ore Calcine Sale Agreement

The Company would like to provide an update on the definitive agreement announced on January 20, 2026, for the sale of iron ore calcine, a byproduct of its vanadium operations. Following the signing of the agreement, the initial payment originally scheduled for January 30, 2026, was postponed until February 9, 2026. The Company will provide further updates as appropriate.

Disclaimer

It is important to emphasize that the studies completed to date are based on diamond drill core samples collected from drilling programs conducted by independent third-party contractors and on chemical analyses performed by certified external laboratories. Preliminary geometallurgical results were obtained internally and are considered indicative in nature, reflecting improvements in the understanding of flotation processes currently in place.

This document does not disclose Mineral Resources or Mineral Reserves for copper or platinum group elements. The project includes vanadium and titanium mineralization for which scientific and technical information is set out in the National Instrument 43-101 (" NI 43-101 ") technical report titled: "An Updated Life of Mine Plan (LOMP) for Gulçari A (Campbell Pit) and Pre-Feasibility Study for Gulçari A Norte (GAN), Novo Amparo (NAO), Novo Amparo Norte (NAN) and São José (SJO) Deposits", prepared by GE21 Consultoria Mineral Ltda with an effective date of January 30, 2024 filed in Canada on SEDAR+ and in the United States with the U.S. Securities and Exchange Commission on EDGAR under the Company's profile.

Largo is initiating a new phase of studies aimed at evaluating additional commodities that may support a future update of Mineral Resources and Mineral Reserves in an independent technical report prepared in compliance with NI 43-101.

Review of Technical Information

Mr. Emerson Ricardo Re., MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) is the geology advisor and responsible for the geological management of the Maracás Menchen Mine. Mr. Re is a Qualified Person as defined under NI 43-101 and has reviewed and approved the scientific and technical information related to geology, drilling, sampling, and analytical results in this press release. Information related to metallurgical test work, process considerations and potential recoveries is based on the Company's internal assessments and is presented as forward-looking information.

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 clean 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.

The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada and 100% interest in the Currais Novos Tungsten Tailing Project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.

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 .

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For further information, please contact:

Investor Relations
Vera Abdo
Investor Relations Consultant
+1.640.223.6956
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Cautionary Statement Regarding Forward-looking Information:

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward‐looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern, the ability of the Company to keep the Maracás Menchen Mine operating, the timing and amount of estimated future production and sales, the future price of commodities, the cost of future activities and operations, including, without limitation, the timing of ilmenite production; China's energy storage sector driving additional vanadium consumption in upcoming quarters; U.S., European and Asian steel demand and markets in 2026; the Company's ability to reduce costs and enhance operational efficiencies; the potential that the Company may produce different combinations of copper PGM and ilmenite in its existing infrastructure; the Company's 2026 expectations for production, operational enhancements, annual ore availability and sales; the extent of capital and operating expenditures, the ability of the Company to make improvements on its current short-term mine plan, and the Company's ability to meet its set targets for the year.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to fund operations and meet its financial obligations as they come due; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through government grants and awards for the Green Energy sector; that the Company's current plans for vanadium, ilmenite and TiO2 products can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; uncertainty regarding future sales volumes and customer demand; and changes in global trade policies, including the imposition of tariffs or other trade restrictions by the United States or other jurisdictions;

Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on and available on from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply.

Trademarks are owned by Largo Inc.

Future Oriented Financial Information:

Any financial outlook or future oriented financial information contained in this press release, as such term is defined by applicable securities laws, has been approved by management of Largo as of the date hereof and is provided for the purpose of providing information about management's current expectations and plans relating to the Company's 2026 guidance. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information as to the Company's anticipated 2026 guidance has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

¹ Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.
² Fastmarkets Metal Bulletin.
³ Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate.
⁴ Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.

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Source: Largo Inc.

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