Largo Inc.

Cautionary Statement Regarding Forward-looking Information:

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information in this press release may include, but is not limited to, the ability of the Company to continue as a going concern; the anticipated benefits of the Company's debt-restructuring, cost-reduction, inventory-management, operating efficiency and working-capital initiatives and its expectations related thereto; the Company's ability to service its indebtedness and meet its financial obligations as they become due; the Company's ability to maintain sufficient liquidity and generate sufficient cash flows from operations; the Company's ability to enter into inventory financing, customer prepayment and offtake arrangements on acceptable terms, including the anticipated amounts, timing and terms of such arrangements; the expected impact of supplier and contractor renegotiations and other cost-reduction measures; the Company's ability to execute its production, inventory and commercial plans; expected 2026 vanadium and copper-PGM concentrate production; 2026 production guidance; the anticipated sales mix for 2027; customer demand and sales volumes; the timing and quantity of deliveries under the U.S. Defense Logistics Agency delivery order, including the completion and expected timing of subsequent shipments; the Company's ability to fulfill contractual requirements and meet applicable technical and quality specifications; the Company's ability to expand copper-PGM concentrate production and sales; the potential increase in the proportion of high-purity vanadium production and the anticipated effects of the optimized production mix on overall production, realized pricing, margins and cash flows; the potential expansion of copper-PGM concentrate production capacity during 2027 and its anticipated costs and economic benefits; expected improvements in recovery, concentrate grades and realized pricing from additional flotation equipment; the potential recovery of metals from accumulated tailings and other available feed material; the potential recovery of ilmenite and resumption of ilmenite production, supported by customer interest; the completion and expected timing of definitive debt-restructuring agreements with the remaining members of the Company's Brazilian commercial bank lender group; and the expected timing and amount of cash proceeds from copper-PGM concentrate sales.

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 or improving prices of, V₂O₅ and other vanadium products; that existing U.S. tariffs, exemptions and tariff classifications applicable to the Company's vanadium products will not change in a manner materially adverse to the Company; the continued validity and effectiveness of applicable regulatory approvals relating to copper-PGM concentrate production; the suitability of existing mineral feed and processing infrastructure for copper-PGM concentrate production; achievement of expected recoveries and product specifications; that customers and other counterparties will perform their obligations under applicable sales arrangements; that the Company will be able to process previously mined stockpiles as planned; that supplier and contractor negotiations, debt restructuring and other cost-reduction initiatives will achieve the expected benefits; that the Company will not experience any material accident, labour dispute, failure of plant or equipment or other material disruption at the Maracás Menchen Mine; the availability of financing for operations and development; the Company's ability to make required principal and interest payments and meet its other financial obligations as they become due; the Company's ability to fund operations; the availability and cost of equipment, services and operating supplies, including diesel and sulfuric acid; the reliability of production; the accuracy of the Company's mine plan at the Maracás Menchen Mine; that the Company will be able to enter into agreements for the sale of vanadium and copper-PGM concentrate on acceptable terms; uncertainty regarding future sales volumes and customer demand; the availability of financing for proposed capital expenditures; the timely installation and commissioning of additional processing equipment within anticipated budgets; receipt of any additional required regulatory approvals and permits; the availability, suitability and recoverable metal content of tailings and other feed material; the accuracy of relevant mineral resource estimates; that metallurgical test results and engineering studies will support the contemplated recovery processes and production expansion at commercial scale; sufficient customer demand and realized pricing to support the anticipated benefits of the revised product mix; and the ability of management to execute the Company's strategic goals.

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 www.sedarplus.ca and available on www.sec.gov 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.

Trademarks are owned by Largo Inc.