[Ferro-Alloys.com] Largo Announces Copper Mineralization Studies Across its Maracás Menchen Vanadium Deposits; Extends US$6 Million Secured Loan

Largo has initiated studies on disseminated copper mineralization based on the results of internal metallurgical test work, which indicate that copper recovery using conventional flotation methods may be possible as a byproduct of its existing operations.

• Largo's current geological database presents a geological structure favorable to the disseminated mineralization of copper and platinum group metals, associated with vanadium and titanium ore in all deposits of the Maracás Menchen complex.

• Encouraging results in copper recovery occurred as a consequence of metallurgical studies evaluating ways to produce PGMs (platinum, palladium), and gold as byproducts at Largo's Maracás Menchen mine.

• Preliminary tests indicate a positive response of the copper-rich mineralized material to conventional flotation processes, producing copper concentrates.

• Largo is evaluating using part of its existing ilmenite flotation infrastructure to reduce capital costs and timeline for execution.

• Previous technical reports have not considered the economic impact of potential recovery of copper, PGMs or gold which are now regarded as critical minerals, many of which are trading at near record high prices.

• Largo extended its promissory note with ARG International AG in principal amount of US$6 million until February 2027 under the same terms announced in our August 11, 2025 press release plus an extension fee of 1%.

All dollar amounts expressed are in U.S. dollars

Largo Inc. is pleased to announce that it has initiated geological studies to assess the continuity of copper mineralization at the Maracás Menchen Complex, based on prior drilling and sampling data, as well as preliminary flotation recovery test results. These internal tests, originally conducted to evaluate the recovery of platinum group metals (“PGMs”), showed promising results suggesting the potential for copper recovery as a byproduct during the processing of vanadium and titanium.

In March 2024, the Company reported the PGMs results obtained through drilling and systematic sampling of the tailings ponds at the Maracás Menchen Project. These results indicated the presence of PGMs, prompting Largo to initiate additional studies to evaluate the recovery of these metals as byproducts of its primary vanadium and titanium operations. The recent internal flotation study of PGMs conducted in the fourth quarter of 2025 showed positive results regarding copper grades in the final concentrate.

Preliminary internal analysis done by the geologists and geometallurgists at Largo Vanádio Maracás correlates copper grades with the non-magnetic particles of the vanadium ore. As such, the magnetic separation stage of Largo's vanadium process may be concentrating copper in the non-magnetic fraction, which is subsequently fed into the ilmenite flotation plant.

Our management team has been conducting various metallurgical tests to assess the recoverability of copper using conventional flotation processes and has obtained favorable initial results for copper. The PGM grades from these flotation tests are still pending as platinum and palladium assays take longer to process in certified external laboratories.

Mr. Alberto Arias, co-CEO of Largo, stated: "The preliminary copper recovery results from the Maracás Menchen mine, developed internally, are encouraging and align with our strategy to recover as many byproducts as possible from our current operations to enhance the long-term competitiveness of our primary vanadium business, in response to the current low vanadium prices. With the copper recovery opportunity and the current record copper prices, copper may be significantly more valuable per ton of feedstock to the ilmenite flotation plant than the value derived from ilmenite itself. Our objective is to recover both copper and titanium in the flotation plant. We are also examining the behavior of PGMs in a copper flotation process, which we believe could impact copper concentrates and potentially make PGM production an important additional economic contribution for Largo.”

Mr. Daniel Tellechea, co-CEO of Largo, continued: “Our team is currently working on reviewing the database as part of a re-evaluation and re-analysis program of previous exploration work related to copper, along with a focused infill drilling initiative aimed at gaining a deeper understanding of the copper grade distribution in deposits to the north and south of the Campbell Pit. We expect to provide updates on this initiative and other exploration progress as our efforts continue.”

Previous Drilling and Sampling Results

A review of the current database for the Maracás Menchen deposits comprises 351 drill holes and 1,063 samples, with copper grades ranging from 0.1% to 1.5% Cu and an average grade of 0.153% Cu. This average grade corresponds to a cumulative drill core length of 14,358 metres. The table 1 presents the copper grade distribution by deposits.

Table 1: Copper Grade Distribution by Maracás Menchen Deposits

Note: statistics calculated on samples above a 0.10% Cu cutoff, to highlight Cu-anomalous intervals and reduce the influence of background values.

A detailed review of the geological database indicates that copper mineralization is disseminated throughout the mafic–ultramafic rocks of the Rio Jacaré sill, which hosts the Maracás Menchen deposits (Figure 1). Further studies will be required to better define zones of higher-grade mineralization and to assess the continuity of copper grades.

Largo’s geologic team is currently conducting a similar review of its deposit database for PGMs and gold. We plan to provide updates on this along with the pending results of multi-element assays of our non-magnetic tailings ponds which contain residues accumulated from 12 years of the continuous operations of the Maracás Menchen mine.

Geology Sampling, QA/QC, and Analytical Procedures

The sample preparation and analytical work was carried out at the SGS-Geosol and ALS Global facility, which are ISO/IEC 17025-accredited laboratories. All sample results during the period have been monitored through a QA/QC program that includes the insertion of certified standards, blanks, and pulp and reject duplicate samples.

Copper concentrate samples derived from internal flotation testing were submitted to an independent external laboratory for analytical verification of internally generated results.

About Largo

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.

Largo is also 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. The Company also holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada and 100% interest in the Currais Novos Tungsten Tailing Project near Natale Brazil. Preliminary economic assessments were completed for each asset in 2011.

• [Editor:tianyawei]