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 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 availability of financing for operations and development; the Company's ability to fund operations; the expected benefits of the environmental permit for the Gulçari A Norte ("GAN") pit and associated infrastructure; the Company's ability to develop and operate the GAN pit and related infrastructure in accordance with its mine plan; the expected role of GAN and other deposits in the sequencing of future mining operations at the Maracás Menchen Mine; the Company's ability to transition from the Campbell Pit to additional deposits over time; the expected mine life of the Maracás Menchen Mine; the Company's ability to advance and execute its long-term mine plan; the expected contribution of the GAN pit to operational continuity and mining flexibility; and the timing and completion of development activities associated with the GAN pit and related infrastructure.

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 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; the continued validity and effectiveness of applicable regulatory approvals and permits; the Company's ability to satisfy the conditions associated with such approvals and permits; the accuracy of relevant mineral resource and mineral reserve estimates; the availability of financing for proposed capital expenditures; the timely completion of development activities and infrastructure within anticipated budgets; 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.