Largo Inc 6-K, filed May 11, 2022

Largo Inc. (LGO)

6-K 2022-05-11 For: 2022-03-31

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Largo Inc filed this 6-K on May 11, 2022.

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Exhibit No.		Description of Exhibit

99.1		Unaudited Condensed Interim Consolidated Financial Statements for the period ended March 31, 2022 and 2021

99.2		Management's Discussion and Analysis for the period ended March 31, 2022

99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO

99.4		Form 52-109F2 Certification of Interim Filings Full Certificate - CFO

Date: May 11, 2022

LARGO INC.

By:	/s/ Ernest Cleave
Name:	Ernest Cleave
Title:	Chief Financial Officer

Condensed Interim Consolidated Statements of Financial Position		1
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)		2
Condensed Interim Consolidated Statements of Changes in Equity		3
Condensed Interim Consolidated Statements of Cash Flows		4
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
1)	Nature of operations	5
2)	Statement of compliance	5
3)	Basis of preparation, significant accounting policies, and future accounting changes	5
4)	Amounts receivable	6
5)	Inventory	6
6)	Other intangible assets	6
7)	Mine properties, plant and equipment	7
8)	Leases	8
9)	Accounts payable and accrued liabilities	9
10)	Debt	9
11)	Issued capital	10
12)	Equity reserves	11
13)	Earnings (loss) per share	12
14)	Taxes	13
15)	Related party transactions	13
16)	Segmented disclosure	14
17)	Commitments and contingencies	16
18)	Financial instruments	17
19)	Revenues	19
20)	Expenses	19
21)	Subsequent events	19

			As at
			March 31,			December 31,
	Notes		2022			2021
Assets
Current Assets
Cash		$	78,394		$	83,790
Restricted cash			448			448
Amounts receivable	4		25,323			23,684
Inventory	5		62,658			45,322
Prepaid expenses			6,248			6,734
Total Current Assets			173,071			159,978
Non-current Assets
Deferred income tax asset	14(b)		2,646			3,343
Other intangible assets	6		4,793			3,929
Mine properties, plant and equipment	7		168,245			146,659
Total Non-current Assets			175,684			153,931
Total Assets		$	348,755		$	313,909
Liabilities
Current Liabilities
Accounts payable and accrued liabilities	9	$	24,805		$	19,723
Deferred revenue			7,069			5,469
Current portion of lease liability	8		567			563
Current portion of provisions			926			913
Debt	10		15,000			15,000
Total Current Liabilities			48,367			41,668
Non-current Liabilities
Deferred income tax liability	14(b)		1,594			-
Lease liability	8		1,862			1,987
Provisions			5,427			4,557
Total Non-current Liabilities			8,883			6,544
Total Liabilities			57,250			48,212
Equity
Issued capital	11		417,200			415,982
Equity reserves	12		17,496			17,814
Accumulated other comprehensive loss			(92,163	)		(118,772	)
Deficit			(51,176	)		(49,327	)
Equity attributable to owners of the Company			291,357			265,697
Non-controlling Interest			148			-
Total Equity			291,505			265,697
Total Liabilities and Equity		$	348,755		$	313,909
Commitments and contingencies	7, 17
Subsequent events	21

			Three Months ended
			March 31,
	Notes		2022			2021
Revenues	19	$	42,688		$	39,801
Expenses
Operating costs	20		(28,958	)		(28,172	)
Professional, consulting and management fees			(5,916	)		(3,629	)
Foreign exchange loss			(1,467	)		(1,756	)
Other general and administrative expenses			(1,655	)		(977	)
Share-based payments	12		(810	)		(372	)
Finance costs	20		(177	)		(291	)
Interest income			184			54
Technology start-up costs			(2,970	)		-
Exploration and evaluation costs			(105	)		(211	)
			(41,874	)		(35,354	)
Net income before tax		$	814		$	4,447
Income tax expense	14(a)		(602	)		(321	)
Deferred income tax (expense) recovery	14(a)		(2,166	)		18
Net income (loss)		$	(1,954	)	$	4,144
Other comprehensive income (loss)
Items that subsequently will be reclassified to operations:
Unrealized gain (loss) on foreign currency translation			26,612			(11,527	)
Comprehensive income (loss)		$	24,658		$	(7,383	)
Net income (loss) attributable to:
Owners of the Company		$	(1,849	)	$	4,144
Non-controlling interests		$	(105	)	$	-
		$	(1,954	)	$	4,144
Comprehensive income (loss) attributable to:
Owners of the Company		$	24,760		$	(7,383	)
Non-controlling interests		$	(102	)	$	-
		$	24,658		$	(7,383	)
Basic earnings (loss) per Common Share	13	$	(0.03	)	$	0.07
Diluted earnings (loss) per Common Share	13	$	(0.03	)	$	0.07
Weighted Average Number of Shares Outstanding (in 000's)
- Basic	13		64,747			62,175
- Diluted	13		64,747			63,258

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2022 and 2021	1
--The accompanying notes form an integral part of the consolidated financial statements--

			Attributable to owners of the Company
			Issued		Equity			Accumulated Other						Non-controlling			Shareholders'
	Shares		Capital		Reserves			Comprehensive Loss			Deficit			interest			Equity
Balance at December 31, 2020	58,779	$	406,214	$	21,291		$	(108,438	)	$	(71,903	)	$	-		$	247,164
Grant of stock options and restricted share units	-		-		174			-			-			-			174
Share-based payments	-		-		198			-			-			-			198
Exercise of warrants	5,696		7,564		(5,199	)		-			-			-			2,365
Exercise of stock options	26		159		(64	)		-			-			-			95
Exercise of restricted share units	60		755		(755	)		-			-			-			-
Expiry of warrants	-		-		(5	)		-			5			-			-
Currency translation adjustment	-		-		-			(11,527	)		-			-			(11,527	)
Net income for the period	-		-		-			-			4,144			-			4,144
Balance at March 31, 2021	64,561	$	414,692	$	15,640		$	(119,965	)	$	(67,754	)	$	-		$	242,613
Grant of stock options and restricted share units	-		-		1,406			-			-			-			1,406
Share-based payments	-		-		1,357			-			-			-			1,357
Exercise of warrants	27		418		(145	)		-			-			-			273
Exercise of stock options	130		785		(357	)		-			-			-			428
Exercise of restricted share units	9		87		(87	)		-			-			-			-
Currency translation adjustment	-		-		-			1,193			-			-			1,193
Net income for the period	-		-		-			-			18,427			-			18,427
Balance at December 31, 2021	64,727	$	415,982	$	17,814		$	(118,772	)	$	(49,327	)	$	-		$	265,697
Grant of stock options and restricted share units	-		-		43			-			-			-			43
Share-based payments	-		-		767			-			-			-			767
Exercise of warrants	10		124		(34	)		-			-			-			90
Exercise of restricted share units	79		1,094		(1,094	)		-			-			-			-
Sale of non-controlling interest	-		-		-			-			-			250			250
Currency translation adjustment	-		-		-			26,609			-			3			26,612
Net loss for the period	-		-		-			-			(1,849	)		(105	)		(1,954	)
Balance at March 31, 2022	64,816	$	417,200	$	17,496		$	(92,163	)	$	(51,176	)	$	148		$	291,505

		Intellectual
		Property		Software		Total
Cost
Balance at December 31, 2020	$	4,366	$	-	$	4,366
Additions		-		-		-
Balance at December 31, 2021	$	4,366	$	-	$	4,366
Additions		-		973		973
Balance at March 31, 2022	$	4,366	$	973	$	5,339
Accumulated Depreciation
Balance at December 31, 2020	$	-	$	-	$	-
Depreciation		437		-		437
Balance at December 31, 2021	$	437	$	-	$	437
Depreciation		109		-		109
Balance at March 31, 2022	$	546	$	-	$	546
Net Book Value						-
At December 31, 2021	$	3,929	$	-	$	3,929
At March 31, 2022	$	3,820	$	973	$	4,793

		Office and									Buildings,
		Computer						Mine			Plant and			Construction
		Equipment			Vehicles			Properties			Equipment			In Progress			Total

Cost
Balance at December 31, 2020	$	919		$	261		$	91,444		$	153,743		$	8,308		$	254,675
Additions		3,278			-			7,884			6,122			11,639			28,923
Disposals		(177	)		-			-			(6	)		-			(183	)
Reclassifications		-			-			-			14,862			(14,862	)		-
Effects of changes in foreign exchange rates		(52	)		(18	)		(4,851	)		(11,487	)		28			(16,380	)
Balance at December 31, 2021	$	3,968		$	243		$	94,477		$	163,234		$	5,113		$	267,035
Additions		1,213			-			1,964			1,064			1,065			5,306
Disposals		-			-			-			-			-			-
Reclassifications		-			-			-			1,089			(1,089	)		-
Effects of changes in foreign exchange rates		100			43			12,567			28,432			913			42,055
Balance at March 31, 2022	$	5,281		$	286		$	109,008		$	193,819		$	6,002		$	314,396

		Three months ended
		March 31,		March 31,
		2022		2021
Recognized in the condensed interim consolidated statements of income (loss) and comprehensive income (loss):
Interest on lease liabilities (note 20)	$	18	$	-
Variable lease payments not included in the measurement of lease
liabilities	$	2,795	$	-
Expenses relating to short-term leases	$	137	$	2,879

Recognized in the condensed interim consolidated statements of cash flows:
Total cash outflow for leases	$	2,753	$	3,580

		Buildings		Total
Cost
Balance at December 31, 2021	$	2,723	$	2,723
Additions		-		-
Balance at March 31, 2022	$	2,723	$	2,723
Accumulated Depreciation
Balance at December 31, 2021	$	383	$	383
Depreciation		128		128
Balance at March 31, 2022	$	511	$	511
Net Book Value
At December 31, 2021	$	2,340	$	2,340
At March 31, 2022	$	2,212	$	2,212

		March 31,		December 31,
		2022		2021
Maturity analysis - contractual undiscounted cash flows:
Less than one year	$	567
One to five years		2,022
Total undiscounted lease liabilities	$	2,589
Lease liabilities included in the condensed interim consolidated statements of financial position:
Current	$	567	$	563
Non-current	$	1,862	$	1,987

				Cash flows
		December 31,							March 31,
		2021		Proceeds		Repayment			2022
Total debt	$	15,000	$	-	$	-		$	15,000
Total liabilities from financing activities	$	15,000	$	-	$	-		$	15,000

				Cash flows
		December 31,							December 31,
		2020		Proceeds		Repayment			2021
Total debt	$	24,788	$	15,000	$	(24,788	)	$	15,000
Total liabilities from financing activities	$	24,788	$	15,000	$	(24,788	)	$	15,000

	Three months ended			Year ended
	March 31, 2022			December 31, 2021
	Number of		Stated	Number of		Stated
	Shares		Value	Shares		Value
Balance, beginning of the period	64,727	$	415,982	58,779	$	406,214
Exercise of warrants (note 12)	10		124	5,723		7,982
Exercise of stock options (note 12)	-		-	156		944
Exercise of restricted share units (note 12)	79		1,094	69		842
Balance, end of the period	64,816	$	417,200	64,727	$	415,982

	RSUs					Options							Warrants
								Weighted							Weighted
								average							average
								exercise							exercise						Total
	Number			Value		Number		price			Value		Number		price			Value			value
December 31, 2020	226		$	1,329		588		C$ 8.27		$	3,207		8,366		C$ 4.88		$	16,755		$	21,291
Share-based payments	-			587		-		-			998		-		-			-			1,585
Granted	76			499		467		15.59			1,081		-		-			-			1,580
Exercised	(81	)		(842	)	(164	)	(4.68	)		(421	)	(6,527	)	(2.94	)		(5,344	)		(6,607	)
Expired	-			-		-		-			-		(7	)	(2.90	)		(5	)		(5	)
Forfeited	(5	)		(22	)	(2	)	(6.70	)		(8	)	-		-			-			(30	)
December 31, 2021	216		$	1,551		889		C$ 12.78		$	4,857		1,832		C$ 11.78		$	11,406		$	17,814
Share-based payments	-			224		-		-			548		-		-			-			772
Granted	-			-		54		11.22			43		-		-			-			43
Exercised	(96	)		(1,094	)	-		-			-		(10	)	(11.50	)		(34	)		(1,128	)
Forfeited	(1	)		(5	)	-		-			-		-		-			-			(5	)
March 31, 2022	119		$	$676		943		C$ 12.68		$	5,448		1,822		C$ 11.78		$	11,372		$	17,496

			Three Months ended
			March 31,
	Notes		2022			2021
Operating Activities
Net income (loss) for the period		$	(1,954	)	$	4,144
Adjustment for Non-cash Items
Depreciation			4,723			5,367
Share-based payments	12		810			372
Unrealized foreign exchange (gain) loss			(589	)		2,308
Finance costs	20		177			291
Interest income			(184	)		(54	)
Income tax expense	14(a)		602			321
Deferred income tax expense (recovery)	14(a)		2,166			(18	)
Cash Provided Before Working Capital Items			5,751			12,731
Change in amounts receivable			386			(3,149	)
Change in inventory			(12,299	)		(2,892	)
Change in prepaid expenses			746			(303	)
Change in accounts payable and accrued liabilities			(234	)		(2,597	)
Change in deferred revenue			1,600			(2,079	)
Net Cash (Used in) Provided by Operating Activities			(4,050	)		1,711
Financing Activities
Repayment of debt	10		-			(24,788	)
Interest received			184			54
Finance lease payments	8		(139	)		-
Change in restricted cash			-			(146	)
Sale of non-controlling interest			250			-
Issuance of common shares	12		90			2,460
Net Cash Provided by (Used in) Financing Activities			385			(22,420	)
Investing Activities
Mine properties, plant and equipment			(3,295	)		(9,075	)
Intangible assets			(973	)		-
Net Cash Used in Investing Activities			(4,268	)		(9,075	)
Effect of foreign exchange on cash			2,537			(668	)
Net Change in Cash			(5,396	)		(30,452	)
Cash position - beginning of the period			83,790			79,145
Cash Position - end of the period		$	78,394		$	48,693

		March 31,		December 31,
		2022		2021
Trade receivables	$	23,953	$	22,144
Current taxes recoverable - Brazil		948		1,154
Current taxes recoverable - Other		389		358
Other receivables		33		28
Total	$	25,323	$	23,684

		March 31,		December 31,
		2022		2021
Finished products	$	47,093	$	32,069
Work-in-process		829		967
Stockpiles		346		593
Warehouse materials		14,390		11,693
Total	$	62,658	$	45,322

			Weighted	Weighted	Weighted
			average	average	average
	No.	No.	remaining	exercise	grant date
Range of prices	outstanding	exercisable	life (years)	price	share price
C$ 6.70 - 10.00	362	263	3.0	C$ 6.70	C$ 6.70
10.01 - 15.00	354	-	1.5	13.46	13.46
15.01 - 20.00	166	84	4.1	18.69	18.69
20.01 - 25.00	29	29	1.4	24.00	24.00
30.01 - 30.40	32	32	1.8	30.40	30.40
	943	408		C$ 12.68

							Expected	Risk-free
No.	No.	Grant	Expiry	Exercise	Expected	Expected	dividend	Interest
outstanding	exercisable	Date	Date	price	volatility	life (years)	yield	rate
339	339	12/01/17	12/01/22	C$ 11.50	93%	5.00	0%	2%
1,142	1,142	12/13/17	12/13/22	C$ 11.50	93%	5.00	0%	2%
341	341	12/07/20	12/08/25	C$ 13.00	88%	5.00	0%	0%
1,822	1,822			C$ 11.78

		Three months
		ended			Year ended
		March 31,			December 31,
		2022			2021
Net deferred income tax asset, beginning of the period	$	3,343		$	7,178
Deferred income tax expense		(2,166	)		(3,758	)
Effect of foreign exchange		(125	)		(77	)
Net deferred income tax asset, end of the period	$	1,052		$	3,343

		March 31,			December 31,
		2022			2021
Deferred income tax asset	$	2,646		$	3,343
Deferred income tax liability		(1,594	)		-
Net deferred income tax asset	$	1,052		$	3,343

																	Inter-
											Largo			Largo			segment
		Sales &			Mine						Clean			Physical			transactions
		trading			properties			Corporate			Energy			Vanadium			& other			Total
Three months ended
March 31, 2022
Revenues	$	34,150		$	36,866		$	31,028		$	-		$	-		$	(59,356	)	$	42,688

Operating costs		(31,948	)		(26,813	)		(29,891	)		-			-			59,694			(28,958	)
Professional, consulting and management fees		(493	)		(1,036	)		(1,890	)		(2,313	)		(184	)		-			(5,916	)
Foreign exchange (loss) gain		(26	)		(1,707	)		280			(3	)		(11	)		-			(1,467	)
Other general and administrative expenses		(111	)		(267	)		(418	)		(843	)		(15	)		(1) ¹			(1,655	)
Share-based payments		-			-			(810	)		-			-			-			(810	)
Finance costs		(6	)		(149	)		(3	)		(18	)		-			(1) ¹			(177	)
Interest income		-			144			40			-			-			-			184
Technology start-up costs		-			-			-			(2,836	)		-			(134) ¹			(2,970	)
Exploration and evaluation costs		-			(103	)		-			-			-			(2) ²			(105	)
		(32,584	)		(29,931	)		(32,692	)		(6,013	)		(210	)		59,556			(41,874	)
Net income (loss) before tax		1,566			6,935			(1,664	)		(6,013	)		(210	)		200			814
Income tax expense		(146	)		(456	)		-			-			-			-			(602	)
Deferred income tax expense		(47	)		(1,848	)		(271	)		-			-			-			(2,166	)
Net income (loss)	$	1,373		$	4,631		$	(1,935	)	$	(6,013	)	$	(210	)	$	200		$	(1,954	)
At March 31, 2022
Total non-current assets	$	914		$	143,512		$	18,916		$	12,342		$	-		$	-		$	175,684
Total assets	$	69,345		$	228,796		$	106,027		$	23,310		$	485		$	(79,208)³		$	348,755
Total liabilities	$	51,248		$	41,412		$	28,475		$	6,227		$	189		$	(70,301)⁴		$	57,250

														Largo			Inter-
		Sales &			Mine						E&E			Clean			segment
		trading			properties			Corporate			properties			Energy			transactions			Total
Three months ended March 31, 2021
Revenues	$	35,000		$	24,484		$	21,005		$	-		$	-		$	(40,688	)	$	39,801

Operating costs		(29,992	)		(20,495	)		(19,941	)		-			-			42,256			(28,172	)
Professional, consulting and management fees		(366	)		(1,030	)		(1,414	)		-			(819	)		-			(3,629	)
Foreign exchange (loss) gain		(23	)		(1,911	)		179			-			(1	)		-			(1,756	)
Other general and administrative expenses		(73	)		(223	)		(398	)		-			(283	)		-			(977	)
Share-based payments		-			-			(372	)		-			-			-			(372	)
Finance costs		(6	)		(282	)		(3	)		-			-			-			(291	)
Interest income		-			24			30			-			-			-			54
Exploration and evaluation costs		-			(209	)		-			(2	)		-			-			(211	)
		(30,460	)		(24,126	)		(21,919	)		(2	)		(1,103	)		42,256			(35,354	)
Net income (loss) before tax		4,540			358			(914	)		(2	)		(1,103	)		1,568			4,447
Income tax expense		-			(321	)		-			-			-			-			(321	)
Deferred income tax recovery (expense)		-			253			(235	)		-			-			-			18
Net income (loss)	$	4,540		$	290		$	(1,149	)	$	(2	)	$	(1,103	)	$	1,568		$	4,144
At December 31, 2021
Total non-current assets	$	961		$	123,783		$	18,303		$	-		$	10,884		$	-		$	153,931
Total assets	$	56,631		$	191,086		$	111,703		$	2		$	18,084		$	(63,597	)	$	313,909
Total liabilities	$	39,907		$	34,604		$	21,467		$	-		$	6,488		$	(54,254	)	$	48,212

To Our Shareholders	1

The Company	1

Q1 2022 Highlights	1

Significant Events and Transactions Subsequent to Q1 2022	2

Q1 2022 Summary	2

Selected Quarterly Information	7

2022 Guidance	8

Operations	9

Financial Instruments	11

Liquidity And Capital Resources	12

Outstanding Share Data	13

Transactions With Related Parties	13

Commitments And Contingencies	13

Disclosure Controls And Procedures And Internal Controls Over Financial Reporting	14

Significant Accounting Judgments, Estimates And Assumptions	15

Changes In Accounting Policies	15

Non-GAAP Measures	15

Risks And Uncertainties	17

Cautionary Statement Regarding Forward-Looking Information	18

			Q1 2022
Total V²O⁵equivalent sold	000s lbs		4,921	A
	tonnes¹		2,232
Produced V²O⁵equivalent sold	000s lbs		4,747	B
	tonnes¹		2,153
Revenues per pound sold	$/lb	$	8.67	C
Cash operating costs per pound	$/lb	$	4.40	D

		Q1 2022
Revenues		$ 42,688	A x C 2,232 tonnes of V²O⁵equivalent sold (Q1 2021 - 2,783 tonnes), with revenues per pound sold of $8.67 (Q1 2021 - $6.49)

Cash operating costs		(20,889)	B x D Global recovery of 77.5% (Q1 2021 - 77.4%), residual impact of abnormal rainfall in Q4 2021, impact of shutdowns and cost increases for critical consumables, including HFO and diesel

Other operating costs
Conversion costs (costs incurred in converting V²O⁵ to FeV that are recognized on the sale of FeV)	(1,847)		Note 20 632 tonnes of FeV sold. Unit conversion costs are increasing due to aluminium price increases
Product acquisition costs (costs incurred in purchasing products from 3rd parties that are recognized on the sale of those products)	(1,550)		Note 20 79 tonnes of V²O⁵equivalent of purchased products sold, compared with 129 tonnes in Q1 2021 with a cost of $2,508
Distribution costs	(1,455)		Note 20
Depreciation	(4,305)		Note 20
Iron ore costs	(215)		Note 20
		(9,372)
Commercial & Corporate costs
Professional, consulting and management fees	(2,383)		Note 16 (Sales & trading plus Corporate) Increased insurance, legal, regulatory and
Other general and administrative expenses	(529)		compliance costs in Q1 2022 as a result of the Nasdaq listing and ongoing U.S. regulatory
Share-based payments	(810)		requirements
		(3,722)
Largo Clean Energy		(5,992)	Note 16 (excluding finance costs) 2022 guidance between $15,000 and $18,000
Largo Physical Vanadium		(199)	Note 16
Titanium project		(135)	Note 16 - "other"
Foreign exchange loss		(1,467)
Finance costs		(177)
Interest income		184
Exploration and evaluation costs		(105)

Net income before tax		814

Income tax expense		(602)
Deferred income tax expense		(2,166)

Net income (loss)		$ (1,954)

		Production		Average Quarterly		Cash operating costs
	Production	Pounds		V₂O₅price²		excluding royalties
Period	Tonnes	Equivalent¹		$/lb		per pound³$/lb
Q1 2022	2,442	5,383,682	$	10.72	$	3.97
Q4 2021	2,003	4,415,854	$	8.30	$	3.68
Q3 2021	3,260	7,187,061	$	9.40	$	3.53
Q2 2021	3,070	6,768,184	$	8.19	$	3.39
Q1 2021	1,986	4,378,375	$	7.09	$	2.87
Q4 2020	3,340	7,363,431	$	5.29	$	2.56
Q3 2020	3,092	6,816,685	$	5.33	$	3.14
Q2 2020	2,562	5,648,236	$	6.14	$	1.89⁴

							Basic (Loss)			Diluted (Loss)
				Net (Loss)			Earnings per			Earnings per					Non-current
Period		Revenue		Income			Share¹			Share¹			Total Assets		Liabilities
Q1 2022	$	42,688	$	(1,954	)	$	(0.03	)	$	(0.03	)	$	348,755	$	8,883
Q4 2021		50,326		789			0.01			0.01			313,909		6,544
Q3 2021		53,861		9,193			0.14			0.14			315,577		6,911
Q2 2021		54,292		8,445			0.13			0.13			318,276		8,259
Q1 2021		39,801		4,144			0.07			0.07			261,018		5,440
Q4 2020		42,254		6,881			0.12			0.11			297,806		6,295
Q3 2020		27,474		2,549			0.05			0.04			272,099		5,857
Q2 2020		8,350		(7,012	)		(0.12	)		(0.12	)		268,874		5,893

		2022 Guidance
Annual V₂O₅equivalent production	tonnes	11,600 - 12,400
Annual V₂O₅equivalent sales¹	tonnes	11,000 - 12,000

Cash operating costs excluding royalties per pound²	$/lb	3.90 - 4.30

Distribution costs	$	7,000 - 8,000
Corporate and Sales & trading administrative costs³	$	10,000 - 11,000
Largo Clean Energy expenditures⁴	$	15,000 - 18,000

Capital expenditures - components
Sustaining capital expenditures (excluding capitalized stripping costs)	$	9,000 - 10,000
Capitalized stripping costs	$	10,000 - 11,000
Ilmenite concentration plant capital expenditure	$	29,000 - 30,000
TiO₂processing plant capital expenditure	$	9,000 - 10,000
Carry-over capital expenditures	$	2,000 - 3,000
Largo Clean Energy capital expenditures	$	1,500 - 2,500

	Q1 2022	Q1 2021
Total Ore Mined (tonnes)	303,652	263,966
Ore Grade Mined - Effective Grade¹(%)	1.27	1.22
Effective Grade of Ore Milled (%)	1.26	1.26
Concentrate Produced (tonnes)	92,324	100,467
Grade of Concentrate (%)	3.21	3.21
Contained V²O⁵(tonnes)	2,961	3,223

	Q1 2022	Q1 2021
Crushing Recovery (%)	97.5	96.8
Milling Recovery (%)	95.8	97.1
Kiln Recovery (%)	88.5	88.9
Leaching Recovery (%)	97.8	97.1
Chemical Plant Recovery (%)	95.9	95.3
Global Recovery²(%)	77.5	77.4
V₂O₅Produced (Flake + Powder) (tonnes)	2,442	1,986