Largo (LGO) Company Report

Largo Inc. has appointed J. Alberto Arias and Daniel Tellechea as co-Chief Executive Officers, effective immediately, with Mr. Arias also transitioning to Executive Chairman.
Diogo Silva will be promoted to Chief Financial Officer, effective December 5, 2025, succeeding David Harris.
The new co-CEOs will focus on reducing costs, diversifying revenues, and refinancing the company's debt.
Funds managed by J. Alberto Arias are the company's largest shareholder, holding approximately 37.9% of basic shares outstanding.

Nov 13, 2025, 6:22 PM

6-K

Largo Announces Leadership Transition with New Co-CEOs and CFO

LGO

CEO Change

CFO Change

Management Change

Largo has appointed J. Alberto Arias and Daniel Tellechea as co-Chief Executive Officers, effective immediately, with Mr. Arias also transitioning to Executive Chairman.
Diogo Silva will be promoted to Chief Financial Officer, effective December 5, 2025, succeeding David Harris.
The new co-CEOs will focus on reducing costs, diversifying revenues, and refinancing debt.
Funds managed by Mr. Arias's Arias Resource Capital represent approximately 37.9% of Largo's basic shares outstanding, making them the Company's largest shareholder.

Nov 13, 2025, 2:00 PM

Press Release

Largo Inc. Reports Q3 2025 Financial Results

LGO

Earnings

Debt Issuance

Demand Weakening

Largo Inc. reported revenues of $33.3 million in Q3 2025, an increase from $29.9 million in Q3 2024.
The company posted a net loss of $36.6 million in Q3 2025, compared to a net loss of $10.1 million in Q3 2024, primarily due to a $28.4 million non-cash derecognition of a deferred tax asset.
Basic loss per share was $0.57 in Q3 2025, up from $0.16 in Q3 2024.
Adjusted cash operating costs excluding royalties per pound sold improved by 2% to $3.03 in Q3 2025 compared to $3.08 in Q3 2024.
Subsequent to Q3 2025, Largo raised US$23.4 million through an offering and secured a deferral of $84.2 million in debt principal repayments from Brazilian Lenders until September 18, 2026.

Nov 12, 2025, 9:30 PM

6-K

Largo Inc. Reports Increased Net Loss in Q3 2025 Amidst Operational Challenges and Debt Restructuring

LGO

Earnings

Profit Warning

Debt Issuance

Largo Inc. reported a net loss of $36,616 thousand for Q3 2025, a significant increase from the $10,086 thousand net loss in Q3 2024, primarily driven by a $26,146 thousand deferred tax expense.
The company's financial position at September 30, 2025, showed a working capital deficit of $78,905 thousand and $96,005 thousand in debt maturing within the next twelve months.
Operating results and cash flows have declined over the past 21 months due to lower vanadium prices and operational challenges, prompting the company to implement an operational turnaround plan and cost optimization incentives.
Subsequent to Q3 2025, Largo Inc. secured a deferral for $84,200 thousand of debt principal repayments to September 18, 2026, and raised $23,400 thousand in new capital through a direct offering and private placement in October 2025.

Nov 12, 2025, 9:16 PM

6-K

Largo Reports Q3 2025 Financial Results

LGO

Earnings

Debt Issuance

New Projects/Investments

Largo reported Q3 2025 revenues of $33.3 million, an increase from $29.9 million in Q3 2024, but a net loss of $36.6 million, significantly wider than the $10.1 million net loss in Q3 2024, primarily due to a $28.4 million non-cash derecognition of a deferred tax asset. Basic loss per share increased to $0.57 from $0.16 in Q3 2024.
The company demonstrated operational improvements with adjusted cash operating costs excluding royalties decreasing by 2% to $3.03 per lb in Q3 2025 compared to $3.08 per lb in Q3 2024, despite a 14% year-over-year production reduction. V2O5 equivalent sales increased to 2,417 tonnes in Q3 2025 from 1,961 tonnes in Q3 2024.
Largo significantly improved its operating cash flows before working capital items to $11.9 million in Q3 2025, up from a negative $2.0 million in Q3 2024. Subsequent to the quarter, the company raised US$23.4 million through an offering and secured a binding term sheet with Brazilian Lenders to defer $84.2 million of debt principal repayments to September 18, 2026.
The company is expanding its ilmenite production capacity from 42,000 tonnes to 115,000 tonnes annually, with operations expected to resume in late November 2025 and ramp up to expanded levels by year-end.

Nov 12, 2025, 9:05 PM

Press Release

Largo Announces H1 2025 Results and Q3 2025 Revenue

LGO

Earnings

Guidance Update

Demand Weakening

Largo reported Q3 2025 revenue of €9.4 million, a decrease from €10.5 million in Q3 2024.
For the first half of 2025, revenue was €14.5 million, with operational profitability indicators remaining stable despite a slight decline in activity compared to H1 2024.
The company's net result for H1 2025 was -€1.82 million, comparable to -€1.81 million in H1 2024.
Largo's cash position stood at €3.9 million as of June 30, 2025.
A strategic reorganization is underway to lower the break-even point, including rationalizing the product range and reducing structural costs by over 10%.

Oct 16, 2025, 5:30 AM

Press Release

Largo Inc. Announces US$23.4 Million Registered Direct Offering and Private Placement

LGO

Debt Issuance

Convertible Preferred Issuance

Delisting/Listing Issues

Largo Inc. announced a registered direct offering and concurrent private placement to raise aggregate gross proceeds of US$23.4 million.
The offering includes the sale of 14,262,309 common shares at a purchase price of US$1.22 per Common Share and unregistered warrants to purchase up to 14,262,309 Common Shares at an exercise price of US$1.22 per Warrant.
Arias Resource Capital Fund III L.P., an affiliate of the company's largest shareholder, committed US$6 million to the private placement, which may include a US$5 million secured convertible bridge loan carrying a 12% per annum interest rate.
The proceeds from the ARC Bridge Loan will be used for working capital until 2026, while other proceeds will go towards payments to Brazilian lenders, the mining contractor at the Maracás Menchen Mine, and other key suppliers, addressing liquidity constraints that are negatively impacting mine production.
The company has applied to the TSX for an exemption from certain requirements, citing a state of serious financial difficulty.

Oct 16, 2025, 1:00 AM

6-K

Largo Inc. Secures Debt Principal Payment Deferral

LGO

Debt Issuance

Largo Inc. has received an executed binding term sheet from five Brazilian lenders to defer principal repayments on $84.2 million of debt.
The deferral extends principal repayments to March 18, 2026, with an automatic rollover to September 18, 2026.
Key conditions for this deferral include Largo securing at least C$30 million in capital by November 17, 2025, and making a $2 million principal repayment.
Additionally, Largo's subsidiary, LVMSA, will provide a negative pledge over its mining rights and equipment, and 80% of capital secured greater than C$30 million will be used for further principal repayment to the banks.

Oct 1, 2025, 4:21 PM

6-K

Largo Inc. Provides Operational Update Amid Tariff Impacts and Liquidity Challenges

LGO

Guidance Update

Profit Warning

New Projects/Investments

Largo Inc. reported sustained vanadium pentoxide production of 931 tonnes in August 2025 and 856 tonnes in July 2025, while also commencing an ilmenite plant expansion targeting 115,000mt annual capacity by year-end.
The company is facing significant liquidity issues and limited working capital, which have resulted in delayed inventory release, affected payments to suppliers, and led to delayed or defaulted deliveries.
U.S. tariffs on high purity vanadium imports from Brazil increased from 10% to 50% effective August 6, 2025, further impacting sales contracts and contributing to delivery issues.
Largo Inc. requires additional financing to address liabilities and support operations, with management stating there is no assurance that financing initiatives will be successful, timely, or sufficient, raising going concern concerns.