Largo's Brazilian Operating Subsidiary Receives Binding Term Sheet To Monetize 4.5M Tons Of Iron Ore Calcine

All dollar amounts expressed are in U.S. dollars.

Largo Inc. ("Largo" or the "Company") (TSX:LGO) (NASDAQ:LGO), the world's largest primary vanadium producer, today announced that its Brazilian operating subsidiary has received a binding term sheet related to the potential monetization of 4.5 million of iron ore calcine material that was produced as a byproduct and accumulated in a stockpile over the past 11 years of Largo's vanadium production at the Company's Maracás Menchen mine in Maracás, Bahia, Brazil.

The binding term sheet provides for a multi-year Ex Works (EXW) contract for potential cash proceeds in excess of US$56 million, subject to final documentation, amendments to certain commercial terms, and customary conditions. The Company views this term sheet as an opportunity to unlock value from accumulated materials, reduce future infrastructure requirements for stockpiles and reduce disposal costs while maintaining focus on its primary vanadium business.

This binding term sheet underscores market interest in Largo's diversified vanadium byproduct portfolio, which includes materials containing iron ore, titanium, and other mineral components produced alongside the Company's core vanadium operations. Through its mining and ore processing activities in the past 11 years, Largo has accumulated several stockpiles of byproduct or processing residue material, representing a significant inventory available for reprocessing and/or commercialization.