Largo Inc Raises $5.7 Million in Registered Direct Offering

Largo Inc., a global supplier of vanadium and ilmenite products, has announced the successful closing of a registered direct offering, raising approximately US$5.7 million through the sale of 10,200,000 common shares at a price of US$0.56 per share. Each common share comes with a warrant to purchase an additional share at an exercise price of US$0.70, with the warrants being immediately exercisable upon issuance and expiring five years from issuance.

The funds raised will be used for working capital purposes, including the payment of trade creditors. This offering was facilitated by H.C. Wainwright & Co., which acted as the exclusive placement agent and received customary agency fees and broker warrants upon closing.

Notably, the company’s largest shareholder, Arias Resource Capital Fund IV LP, an affiliate of Alberto Arias, and the company’s Co-Chief Executive Officer, Jim Bannantine, participated in the offering by purchasing an aggregate of 2,499,999 common shares and 2,499,999 warrants. Their participation is considered a related party transaction under the Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). The company is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101, as neither the fair market value of the securities issued nor the consideration paid by either insider exceeded 25% of the company’s market capitalization.

The securities were offered pursuant to an effective shelf registration statement on Form F-3 (File No. 333-290163) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on September 19, 2025. The offering was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and accompanying prospectus describing the terms of the registered direct offering are available on the SEC's website.

Largo Inc. is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. The company's common shares trade on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol "LGO."