Largo Inc.

1. Amounts relating to Largo Physical Vanadium Corp., Largo Clean Energy Corp., Largo Titânio Ltda. and Largo Tech Ltda., which are not part of a separate operating segment.Amounts relating to Largo Physical Vanadium Corp.

**17) **Commitments and contingencies

At June 30, 2026, the Company was party to certain management and consulting contracts. Minimum commitments under the agreements are $2,636 and are all payable within one year. These contracts also require that additional payments of up to $3,084 be made upon a change of control. As the triggering event has not occurred, the contingent payments have not been reflected in these unaudited condensed interim consolidated financial statements.

The Company is committed to a minimum number of rental payments under four leases of office space which expire between July 30, 2026, and May 1, 2027. Minimum rental commitments remaining under the leases are approximately $52, including $37 due by year end.

At the Company's Maracás Menchen Mine, the Company has entered into purchase order contracts in respect of goods not yet received or services not yet rendered with an aggregate amount of $4,396 as of June 30, 2026.The purchase orders represent commitments to suppliers that have accepted the orders; however, the orders may be canceled, as needed, prior to delivery of the goods or performance of the services.

The Company is involved in various legal proceedings arising in the ordinary course of business. A provision is recognized when there is a present legal or constructive obligation resulting from past events, it is probable that an outflow of resources will be required, and the amount can be reliably estimated.

During 2026, the Company received a ruling in Brazil related to a legal proceeding concerning a supply agreement for the Maracás Menchen Mine. The ruling requires the Company to pay outstanding amounts, together with interest and legal fees. As at June 30, 2026 the provision balance is $3,460, classified as current.

As at June 30, 2026, the Company has recognized a total provision of $4,095 (December 31, 2025 - $3,741) in respect of ongoing litigation related to contractual disputes, including the matter described above. Based on legal advice, management considers it probable that these matters will result in a cash outflow. The provision represents management's best estimate of the expected settlement. The timing of the related cash outflows is uncertain but is expected to occur within the next 12 to 24 months. All legal provisions are reviewed monthly and adjusted for monetary changes as appropriate, based on advice from external legal counsel.

The Company provisions at June 30, 2026, and December 31, 2025, were as follows: