Latest news with #vanadium
National Post
12-08-2025
- Business
- National Post
Largo Reports Q2 2025 Financial Results; Delivering Cost Reductions and Efficiency Improvements Aiming to Offset Current Vanadium Price Weakness
Article content All amounts expressed are in U.S. dollars, denominated by '$'. Article content Revenues of $26.1 million ($25.4 million from vanadium sales and $0.7 million from ilmenite sales) in Q2 2025 vs. revenues of $28.6 million ($26.2 million from vanadium sales and $2.3 million from ilmenite sales) in Q2 2024 Revenues per lb sold 3 of V 2 O 5 equivalent of $6.39 in Q2 2025 vs. $6.46 in Q2 2024 Operating costs of $30.1 million in Q2 2025, a 17% improvement over $36.4 million in Q2 2024 Adjusted cash operating costs excluding royalties per pound sold 3 of $3.18 in Q2 2025, a 24% improvement over the $4.20 per lb sold in Q2 2024 Mining operations adjusted EBITDA 3 of $2.7 million in Q2 2025 vs. $0.9 million in Q2 2024 Net loss of $5.8 million (including $4.8 million in non-recurring items) in Q2 2025, a 60% improvement over the net loss of $14.5 million (including $8.5 million in non-recurring items) in Q2 2024 Basic loss per share of $0.09 in Q2 2025 vs. basic loss per share of $0.23 in Q2 2024 Production of 2,256 tonnes (5.0 million lbs 1) of V 2 O 5 in Q2 2025 vs. 2,689 tonnes in Q2 2024 V 2 O 5 equivalent sales of 1,807 tonnes (inclusive of 123 tonnes of purchased material) in Q2 2025 vs. 1,841 tonnes (inclusive of 128 tonnes of purchased material) sold in Q2 2024 The Company produced 8,149 tonnes of ilmenite concentrate in Q2 2025 vs. 8,625 tonnes in Q2 2024 and sold 6,024 tonnes vs. 12,261 tonnes Storion Energy LLC ('Storion') signs strategic supply agreement with TerraFlow Energy LLC to supply vanadium electrolyte and battery stacks; Storion secures electrolyte lease for 48 MWh flow battery project in Texas, supported by Largo Physical Vanadium Corp.'s unique electrolyte leasing model The Company entered into a secured loan by way of a promissory note with ARG International AG for a principal amount of $6 million (CAD$8.25 million) (the 'Note'); The Note is secured against the Company's equity interest in Largo Physical Vanadium Corp., in which the Company holds a 65.7% majority stake; The Note has a term of six months, an annualized interest rate of 15% and includes a 1% arrangement fee Published the Company's 7th annual sustainability report, Critical Vanadium Supply, highlighting the management of key risks, opportunities, impacts, and outcomes at the Maracás Menchen Mine vanadium-titanium operations in Brazil Article content Vanadium Market Update 2 Article content Vanadium prices remain under pressure in Europe and China, due to continued low demand in the steel and infrastructure sector and an oversupply from Chinese and Russian producers The monthly average U.S. ferrovanadium ('FeV') price has increased approximately 15% year-over-year to $14.70 per lb V in July 2025 and are holding approximately 7% higher than at the start of 2025; This continues to be supported by increased buying interest amid geopolitical tensions and policy shifts that have tightened supply dynamics The average benchmark price per pound of V 2 O 5 in Europe was $5.13 in Q2 2025, a 13% decrease from the average of $5.93 seen in Q2 2024 The average benchmark price per kg of FeV in Europe was $24.37 in Q2 2025, a 9% decrease from the average of $26.83 seen in Q2 2024 As of August 12, 2025, the average benchmark FeV price per lb V was $14.70 in the U.S. (or approximately $30.86 per kg FeV), and as of August 8, 2025, the average benchmark price per pound of V₂O₅ was $5.23 in Europe Article content On July 30, 2025, Executive Order 14323 was issued by the United States government, increasing tariffs on imports from Brazil from 10% to 50%, effective August 6, 2025 As a result, the Company is evaluating the potential commercial impact on its vanadium product sales to U.S. customers, including high-purity and ferrovanadium products We remain committed to supporting the U.S. aerospace, defense, and steel sectors that rely on our high-quality vanadium for essential applications Largo remains as one of the few global vanadium producers capable of meeting the quality and reliability standards required by these industries and the Company deeply values its longstanding partnerships with U.S. customers Commercial adjustments, including a reassessment of the Company's U.S. customer strategy, may be necessary if the current tariff regime remains in place Article content TORONTO — Largo Inc. (' Largo ' or the ' Company ') (TSX: LGO) (NASDAQ: LGO) today released financial results for the three months and six ended June 30, 2025. The Company reported quarterly vanadium pentoxide (' V 2 O 5 ') equivalent sales of 1,807 tonnes at an adjusted cash operating cost excluding royalties per pound 5 sold of $3.18. Article content Daniel Tellechea, Director and Interim CEO of Largo commented: 'In Q2 2025, we continued to make meaningful progress in realigning our operations and cost structure, delivering a 17% reduction in total operating costs year-over-year. These improvements reflect the impact of our disciplined cost containment measures and operational stabilization efforts at the Maracás Menchen Mine.' He continued: 'While vanadium market conditions remain subdued, we are taking proactive steps to strengthen our liquidity position. The $6 million secured loan provides near-term working capital support, and we continue to evaluate a range of options to enhance financial flexibility as we navigate this environment.' He concluded: 'With production steadily normalizing and additional cost efficiencies being realized, we remain focused on optimizing performance and positioning Largo to respond effectively to both market recovery and evolving trade dynamics in key jurisdictions.' Financial and Operating Results – Highlights (thousands of U.S. dollars, except as otherwise stated) Three months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues 26,117 28,559 54,352 70,746 Operating costs (30,057) (36,379) (72,534) (86,086) Net loss (5,752) (14,483) (14,957) (27,489) Basic earnings (loss) per share (0.09) (0.23) (0.23) (0.43) Adjusted EBITDA 3 34 (833) (2,740) (3,258) Mining operations adjusted EBITDA 3 2,656 900 1,959 1,150 Cash provided before working capital items 2,151 2,732 (6,341) (456) Cash operating costs excl. royalties 3 ($/lb) 4.63 5.97 5.64 6.06 Adjusted cash operating costs excl. royalties 3 ($/lb) 3.18 4.20 3.55 4.88 Cash 5,616 35,811 5,616 35,811 Debt 95,073 84,727 95,073 84,727 Total mined – dry basis (tonnes) 4,261,626 3,216,930 8,194,868 6,460,422 Total ore mined (tonnes) 485,687 568,588 932,301 1,172,819 Effective grade 4 of ore mined (%) 0.51 0.69 0.46 0.61 V 2 O 5 equivalent produced (tonnes) 2,256 2,689 3,553 4,418 V 2 O 5 equivalent sales (tonnes) 1,807 1,841 3,873 4,606 Ilmenite concentrate produced (tonnes) 8,149 8,625 14,311 18,188 Key Highlights The Company reported a net loss of $5.8 million for Q2 2025, which represents a 60% improvement compared to the net loss of $14.5 million for Q2 2024. This is the lowest net loss the Company has recorded since Q1 2023 and is primarily a reduction in operating costs and expenses and offset by an increase in foreign exchange gain for the quarter. Operating costs improved to $30.1 million in Q2 2025 from $36.4 million in Q2 2024, which was primarily driven by a 26% reduction in direct mine and production costs, which also reflects a 9% decrease in vanadium sold and the positive impact of the Company's previously announced initiatives to reduce production costs and improve productivity at the Maracás Menchen Mine. The Company expects to continue seeing the benefits of these initiatives in its financial results going forward. Adjusted cash operating costs excluding royalties 3 reduced by 24% to $3.18 per lb sold in Q2 2025 over Q2 2024 ($4.20 per lb sold) primarily due to the positive results of the Company's operational turnaround plan and cost optimization initiatives previously announced, which includes the strengthening cost management through rigorous monitoring and control processes to ensure operating expenses remain within targeted budget levels. This is evidenced in the improved global recovery 5 rates seen in Q2 2025 (84.9%), an increase of 14.3% from the 74.3% achieved in Q2 2024 and 9.1% higher than the 77.8% achieved in Q1 2025. Professional, consulting and management fees of 1.8 million in Q2 2025 decreased from Q2 2024 by 34%, which was primarily attributable to the Company's focus on reducing costs, including reduced insurance costs at Corporate, as well as minimal activity at Largo Clean Energy Corp. ('LCE') during the quarter. Technology start-up costs in Q2 2025 also decreased from Q2 2024 by 66% to $0.2 million, which is primarily attributable to a decrease in activities at LCE. The foreign exchange gain in Q2 2025 of $4.7 million (Q2 2024 – loss of $4.1 million) is primarily attributable to a weakening of the U.S. dollar against the Brazilian real. The U.S dollar to Brazilian real exchange rate decreased by approximately 5% for Q2 2025 in comparison to Q1 2025. Subsequent to Q2 2025, production and sales were 856 tonnes and 852 tonnes of V 2 O 5 equivalent, respectively, in July 2025, with 4,309 tonnes of ilmenite concentrate being produced during this period and 1,903 dry tonnes of ilmenite being sold. The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025 and 2024 and its management's discussion and analysis (' MD&A ') for the three and six months ended June 30, 2025 which are available on our website at or on the Company's respective profiles at and Article content About Largo Article content 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. Article content Largo is also strategically invested in the long-duration 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. Article content 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 Article content This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations; the expected use of proceeds of the Facility and their expected impact on the Company's liquidity position and ability to improve its operations; the Company's transition from turnaround execution to steady-state operations; the Company's ability to meet its set targets for the year; and the extent of capital and operating expenditures. Article content 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 prices 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 or relating to Largo Clean Energy, especially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; 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; that the Company's current plans for ilmenite can be achieved; 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; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; Article content 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; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Article content 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. Article content Trademarks are owned by Largo Inc. Article content Non-GAAP Measures Article content The Company uses certain non-GAAP measures in its press release, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Article content Revenues Per Pound Article content The Company's press release refers to revenues per pound sold, V 2 O 5 revenues per pound of V 2 O 5 sold, V 2 O 3 revenues per pound of V 2 O 3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company. Article content These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. Article content The following table provides a reconciliation of revenues per pound sold, V 2 O 5 revenues per pound of V 2 O 5 sold, V 2 O 3 revenues per pound of V 2 O 3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 23 as per the Q1 2025 unaudited condensed interim consolidated financial statements. Article content Three months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues – V 2 O 5 produced i $ 8,151 $ 12,733 $ 20,284 $ 34,291 V 2 O 5 sold – produced (000s lb) 1,310 2,024 3,429 5,137 V 2 O 5 revenues per pound of V 2 O 5 sold – produced ($/lb) $ 6.22 $ 6.29 $ 5.92 $ 6.68 Revenues – V 2 O 5 purchased i $ — $ — $ — $ 988 V 2 O 5 sold – purchased (000s lb) — — — 176 V 2 O 5 revenues per pound of V 2 O 5 sold – purchased ($/lb) $ — $ — $ — $ 5.61 Revenues – V 2 O 5 i $ 8,151 $ 12,733 $ 20,284 $ 35,279 V 2 O 5 sold (000s lb) 1,310 2,024 3,429 5,313 V 2 O 5 revenues per pound of V 2 O 5 sold ($/lb) $ 6.22 $ 6.29 $ 5.92 $ 6.64 Revenues – V 2 O 3 produced i $ 1,435 $ 735 $ 2,731 $ 6,938 V 2 O 3 sold – produced (000s lb) 173 82 338 750 V 2 O 3 revenues per pound of V 2 O 3 sold – produced ($/lb) $ 8.29 $ 8.96 $ 8.08 $ 9.25 Revenues – FeV produced i $ 13,880 $ 10,910 $ 25,592 $ 23,159 FeV sold – produced (000s kg) 667 512 1,241 1,081 FeV revenues per kg of FeV sold – produced ($/kg) $ 20.81 $ 21.31 $ 20.62 $ 21.42 Revenues – FeV purchased i $ 1,978 $ 1,832 $ 4,334 $ 2,952 FeV sold – purchased (000s kg) 81 87 186 138 FeV revenues per kg of FeV sold – purchased ($/kg) $ 24.42 $ 21.06 $ 23.30 $ 21.39 Revenues – FeV i $ 15,858 $ 12,742 $ 29,926 $ 26,111 FeV sold (000s kg) 748 599 1,427 1,219 FeV revenues per kg of FeV sold ($/kg) $ 21.20 $ 21.27 $ 20.97 $ 21.42 Revenues 1 $ 25,444 $ 26,210 $ 52,941 $ 68,328 V 2 O 5 equivalent sold (000s lb) 3,984 4,058 8,539 10,154 Revenues per pound sold ($/lb) $ 6.39 $ 6.46 $ 6.20 $ 6.73 Article content As per note 19 of the Company's Q2 2025 unaudited condensed interim consolidated financial statements. Article content Cash Operating Costs Excluding Royalties Per Pound Article content The Company's press release refers to cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency. Article content Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. Article content Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Article content Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products. Article content Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine. Article content Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS. Article content The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q1 2025 unaudited condensed interim consolidated financial statements. Article content Three months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Operating costs i $ 30,057 $ 36,379 $ 72,534 $ 86,086 Professional, consulting and management fees ii 441 476 976 938 Other general and administrative expenses iii 210 306 389 585 Less: ilmenite costs and write-down i (1,876 ) (1,042 ) (4,096 ) (1,089 ) Less: conversion costs i (2,545 ) (2,018 ) (5,536 ) (4,041 ) Less: product acquisition costs i (1,978 ) (1,310 ) (4,335 ) (3,360 ) Less: distribution costs i (1,957 ) (1,724 ) (3,534 ) (3,542 ) Less: inventory write-down iv 10 (912 ) 11 (466 ) Less: depreciation and amortization expense i (4,086 ) (5,396 ) (9,548 ) (13,473 ) Cash operating costs $ 18,276 $ 24,357 $ 46,861 $ 61,236 Less: royalties i (1,097 ) (1,814 ) (2,169 ) (3,487 ) Cash operating costs excluding royalties $ 17,179 $ 22,543 $ 44,692 $ 57,749 Less: vanadium inventory write-down v (5,371 ) (6,688 ) (16,577 ) (11,214 ) Adjusted cash operating costs excluding royalties 11,808 15,855 $ 28,115 $ 46,535 Produced V 2 O 5 sold (000s lb) 3,713 3,776 7,919 9,529 Cash operating costs per pound ($/lb) $ 4.92 $ 6.45 $ 5.92 $ 6.43 Cash operating costs excluding royalties per pound ($/lb) $ 4.63 $ 5.97 $ 5.64 $ 6.06 Adjusted cash operating costs excluding royalties per pound ($/lb) $ 3.18 $ 4.20 $ 3.55 $ 4.88 Article content As per note 20 of the Company's Q2 2025 unaudited condensed interim consolidated financial statements. As per the Mine properties segment in note 16 of the Company's Q2 2025 unaudited condensed interim consolidated financial statements. As per the Mine properties segment in note 16 less the increase in legal provisions of $0.2 million (for the six months ended June 30, 2025) as noted in the 'other general and administrative expenses' of the Company's Q2 2025 management's discussion and analysis. As per note 5 of the Company's Q2 2025 unaudited condensed interim consolidated financial statements for ilmenite finished products and warehouse supplies, and including a write-down of vanadium purchased products of $nil (Q2 2025) and $0.01 million (for the six months ended June 30, 2025) (write-down reversal of $0.3 million in Q2 2024 and $nil for the six months ended June 30, 2024). As per note 5 of the Company's Q2 2025 unaudited condensed interim consolidated financial statements for vanadium finished products, excluding amounts in note 4 above for vanadium purchased products. Article content EBITDA and Adjusted EBITDA Article content The Company's press release refers to earnings before interest, tax, depreciation and amortization, or 'EBITDA', and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Article content Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities. Article content EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently. Article content The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2025 unaudited condensed interim consolidated financial statements. Article content Three months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss $ (5,752 ) $ (14,483 ) $ (14,957 ) $ (27,489 ) Foreign exchange gain (loss) (4,745 ) 4,132 (10,536 ) 5,043 Share-based payments 102 118 212 408 Finance costs 2,951 2,805 5,102 4,617 Interest income (56 ) (870 ) (177 ) (1,176 ) Income tax expense (recovery) 18 (2,890 ) 68 (2,868 ) Deferred income tax recovery (1,605 ) (4,342 ) (4,271 ) (9,671 ) Depreciation i 4,307 6,168 9,990 14,892 EBITDA $ (4,780 ) $ (9,362 ) $ (14,569 ) $ (16,244 ) Inventory write-down ii 5,011 7,600 16,591 11,680 Write-down of vanadium assets 46 329 313 215 Movement in legal provisions iii (243 ) 481 104 972 Gain on disposal of interest in subsidiary — — (5,179 ) — Adjusted EBITDA $ 34 $ (833 ) $ (2,740 ) $ (3,258 ) Less: Clean Energy Adjusted EBITDA 2,455 1,527 4,233 4,011 Less: LPV Adjusted EBITDA 167 206 466 397 Mining Operations Adjusted EBITDA $ 2,656 $ 900 $ 1,959 $ 1,150 Article content As per the consolidated statements of cash flows of the Company's Q2 2025 unaudited condensed interim consolidated financial statements. As per note 5 of the Company's Q2 2025 unaudited condensed interim consolidated financial statements. As per the 'non-recurring items' section on page 7 of the Company's Q2 2025 management's discussion and analysis. Article content Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs. Article content 2 Article content Fastmarkets Metal Bulletin. Article content The cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, Adjusted EBITDA, Mining operations adjusted EBITDA, revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the 'Non-GAAP Measures' section of this press release. Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period. Article content Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery. Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Article content
National Post
11-08-2025
- Business
- National Post
Largo Announces $6 Million Secured Loan to Support Working Capital
Article content All dollar amounts expressed are in U.S. dollars unless otherwise indicated. TORONTO — Largo Inc. (' Largo ' or the ' Company ') (TSX: LGO) (NASDAQ: LGO) today announces that it has entered into a secured loan by way of a promissory note with ARG International AG for a principal amount of $6 million (CAD$8.25 million) (the ' Note '). The Note is expected to provide near-term working capital support as the Company transitions from turnaround execution to steady-state operations amidst continued pressure from low vanadium prices. Article content The Note is secured against the Company's equity interest in Largo Physical Vanadium Corp. (TSX.V:VAND, OTCQX: VANAF), in which the Company holds a 65.7% majority stake. The Note has a term of six months, bears interest at an annualized rate of 15%, and includes a 1% arrangement fee. Proceeds from the Note are intended to strengthen the Company's liquidity position and provide flexibility to continue execution on its plan to improve operations during a sustained weakness in vanadium prices. Article content Daniel Tellechea, Interim CEO of Largo stated: 'This loan strengthens our working capital position at a time when our operations have stabilized but market pricing conditions remain challenging. We've made meaningful progress on production and cost efficiencies, and this facility is expected to provide some flexibility to manage through current price pressures while continuing to focus on meeting our set targets for the year.' An early warning report will be electronically filed on and made available under the Company's respective profiles at and A copy of the early warning report can also be obtained by contacting the Company's Investor Relations contact at the information provided below. Article content 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. Article content Largo is also strategically invested in the long-duration 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. Article content 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 Article content This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; Article content the effect of tariffs or trade restrictions on the Company's sales and other business; Article content costs of future activities and operations; the expected use of proceeds of the Facility and their expected impact on the Company's liquidity position and ability to improve its operations; the Company's transition from turnaround execution to steady-state operations; the Company's ability to meet its set targets for the year; and the extent of capital and operating expenditures. Article content 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 prices 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 or relating to Largo Clean Energy, especially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; 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; that the Company's current plans for ilmenite can be achieved; 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; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; Article content 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; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Article content 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. Article content Article content Article content Article content Contacts Article content For further information, please contact: Article content
Yahoo
01-08-2025
- Business
- Yahoo
CleanTech Engages Senergy for Digital Marketing
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2025) - CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) ("CleanTech" or the "Company") announces that it has retained Senergy Communications Capital Inc. ("Senergy") to provide digital media and marketing services. Senergy is a digital marketing firm that will assist with on-line communications and strategies with the goal of increasing awareness of the Company and its projects. The nature and platform of the promotional activity will be digital marketing and advertising, influencer marketing, native advertising in Germany and media program management and coordination. In consideration for these services, the Company has agreed to pay Senergy a one-time upfront fee of $75,000 plus GST for a two-week campaign commencing August 11, 2025, and ending August 25, 2025. Aleem Fidai of Unit 228, 1122 Mainland St., Vancouver, BC, is the founder and chief executive officer of Senergy and may be contacted at 778-772-6740 or aleem@ To the Company's knowledge, neither Senergy nor Mr. Fidai has any interest, directly or indirectly, in the Company or its securities or any right or intent to acquire such an interest. About CleanTech Vanadium Mining Corp. CleanTech is an exploration-stage mining company focused on vanadium and critical mineral resources. The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States. Further information on CleanTech can be found at CLEANTECH VANADIUM MINING CORP. ON BEHALF OF THE BOARD John LeeChief Executive Officer For more information about CleanTech, please contact: Suite 1008 – 409 Granville StreetVancouver, BC V6C 1T2Phone: 1.877.664.2535Email: info@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
30-07-2025
- Business
- Yahoo
Royalty Management Holding Corporation's Expanded Sampling Program Showcases Significantly Larger Than Expected Presence of Economically Viable Titanium, Vanadium and Rare Earth Elements Within the Deposits Controlled at T.R. Mining
T.R. Mining, a portfolio company of Royalty Management, has previously demonstrated high concentrations of iron ore, titanium and vanadium, coupled with an export permit through an affiliated company Expanded sampling program performed by the Company shows the presence of other rare earth elements that can be monetized alongside the other valuable elements FISHERS, INDIANA - July 30, 2025 (NEWMEDIAWIRE) - Royalty Management Holding Corporation (Nasdaq: RMCO) ("Royalty Management" "RMCO", or the "Company"), a forward leaning royalty company building shareholder value by acquiring and developing high value assets in a variety of resource-driven and emerging technology industries, is pleased to announce that the Company has conducted an expanded sampling program at its T.R. Mining & Equipment portfolio holding company that demonstrates the existence of additional valuable elements within the special exclusive prospecting lease located in Jamaica and containing 213 million tons of raw feedstock. Original resource assessment identified iron ore, titanium, and vanadium and the primary valuable elements within this area controlled by T.R. Mining, but an expanded sampling program and analysis performed on the black sand indicates the existence of valuable rare earth elements as well, which are used in a variety of critical applications, primarily for the production of rare earth magnets, which powers everything from electric vehicles and wind turbines to defense equipment, data centers and high-tech consumer electronics. Thomas Sauve, Chief Executive Officer of the Company, commented, "With this expanded sampling program and analysis performed of the resource at T.R. Mining, we have identified meaningfully high concentrations of core materials along with additional high-value rare earth and critical minerals that we can extract. Most importantly, we are confident based on the analysis and concentration, coupled with the simple mining method, that this project will showcase some of the lowest cost titanium, magnetite, and vanadium feedstock sources available in the marketplace. T.R. Mining's prior resource assessment report identified attractive quantities of iron ore, which can be sold as magnetite, titanium, and vanadium elements. With this additional analysis, we can now add rare earth elements to the list of valuable minerals contained within T.R. Mining's controlled area." Tom continued, "With our mining permit underway, our plan is to soon start hiring and employing local personnel in Jamaica to help separate the valuable iron ore from the rest of the raw feedstock, which in of itself represents nearly half of the resource at this site, and from there separate the other high-value elements such as titanium, vanadium, and now the identified presence of rare earth elements as additional products we can concentrate and sell to refiners. For every sale of products out of T.R. Mining's licensed area, Royalty Management will receive a royalty for our investment in the company. Through our offtake partner and their refining technology, we have the ability to maximize the value out of this resource, for both our Company and for the country of Jamaica, by being able to monetize greatly more products that exist within this permit." Through its investment in T.R. Mining & Equipment Ltd., the Company holds a royalty on minerals extracted from the permitted site in the amount of 10% of the sales of rare earth and other elements from T.R. Mining. Royalty Management is working closely with its consultants and management of T.R. Mining to complete the mining permit and start production at this site for resource extraction and sales, thereby providing valuable employment opportunities for Jamaica. Royalty Management intends to conduct additional testing of the resource to further define the concentrations and extent of the elements of interest within this controlled area as part of its permit package. About Royalty Management Holding Corporation Royalty Management Holding Corporation (NASDAQ: RMCO) is a royalty company building shareholder value to benefit both its shareholders and communities by acquiring and developing high value assets in a variety of market environments. The model is to acquire and structure cash flow streams around assets that can support the communities by monetizing the current existing cash flow streams while identifying transitionary cash flow from the assets for the future. For more information visit Forward-Looking Statements This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering. No assurance can be given that the matters discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those that will be set forth in the "Risk Factors" section of the Company's filings with the SEC. The information contained in this release is as of the date first set forth above. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Royalty Management Holding Corporation Contact: Thomas SauveChief Executive 245-2465 SOURCE: Royalty Management Holding Corporation View the original release on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-07-2025
- Business
- Yahoo
Thor Energy to divest 75% of non-core US uranium claims to Metals One
Thor Energy has entered a term sheet with Metals One for the sale of a 75% interest in its US subsidiaries holding non-core uranium and vanadium projects in the US states of Colorado and Utah. The transaction includes an exclusivity fee and potential share issuance upon completion. Under the terms of the transaction, Metals One will acquire a significant interest in Thor Energy's subsidiaries, Standard Minerals and Cisco Minerals, which hold uranium claims in the US. An exclusivity fee of £100,000 is payable to Thor, with a further £1m in shares to be issued upon completion of due diligence and a share purchase agreement (SPA). The agreement also provides Metals One with a 12-month option to purchase the remaining 25% interest in the subsidiaries. The purchase price for this additional stake will be determined by mutual agreement or independent valuation. The parties aim to finalise the SPA by 31 August 2025. The SPA will include standard warranties and representations for such transactions. The sale is contingent upon Metals One's satisfaction with due diligence and the receipt of necessary regulatory approvals for the change of control of the projects. Thor Energy has invested approximately £1.6m in the exploration and development of these US-based uranium assets. However, the company has shifted its focus to the HY-Range natural hydrogen and helium project in South Australia, leading to the decision to monetise its uranium project interests through this sale. Thor Energy CEO and managing director Andrew Hume said: 'I am delighted to announce today the term sheet executed with Metals One PLC, which is building a significant US uranium portfolio. 'We welcome Metals One's in-country operational expertise to help drive these projects forward, whilst we remain focused on our project portfolio and notably our HY-Range natural hydrogen and helium project in South Australia. I look forward to working with the management of Metals One to help achieve our mutually beneficial exploration and development goals.' "Thor Energy to divest 75% of non-core US uranium claims to Metals One" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
