Resolution notes

• Use Largo’s reported annual V₂O₅-equivalent production (tonnes) from its audited financials or official MD&A.

• Let L₂₀₂₄ = 2024 V₂O₅ eq production; L₂₀₂₇ = 2027.

• If L₂₀₂₇ ≥ 1.2 × L₂₀₂₄, resolve YES; otherwise NO.

• If Largo changes reporting units, convert to an equivalent V₂O₅ tonnage as best as possible from their disclosures.

  Resolution criteria

  Largo's 2024 V₂O₅ equivalent production was 9,681 tonnes. The market resolves YES if 2027 production reaches at least 11,617 tonnes (1.2 × 9,681). Resolution will use Largo's reported annual V₂O₅-equivalent production from audited financials or official MD&A filings. If reporting units change, convert to V₂O₅ tonnage equivalents using company disclosures. See Largo's investor relations page for official production reports.

  Background

  Largo achieved 3,072 tonnes of V₂O₅ equivalent production in Q3 2024, a 42% increase compared to Q3 2023. The company's 2024 life-of-mine plan includes installation of a second kiln in 2027, designed for a 20-tonne-per-hour feed rate to increase vanadium operations capacity. This expansion is a key component of Largo's growth strategy to increase production volumes over the coming years.

  Considerations

  Largo's production is subject to operational risks including weather disruptions (particularly heavy rainfall during December-January), equipment maintenance, and commodity price fluctuations. The company will be reliant on sustained high vanadium prices over the coming years, as well as normalized mining conditions, in order to fund its growth plans.