Mr. Daniel Tellechea reports

LARGO ANNOUNCES COPPER MINERALIZATION STUDIES ACROSS ITS MARACAS MENCHEN VANADIUM DEPOSITS; EXTENDS US$6 MILLION SECURED LOAN

Largo Inc. has initiated geological studies to assess the continuity of copper mineralization at the Maracas 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 Maracas 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 Vanadio Maracas 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.

The company's management team has been conducting various metallurgical tests to assess the recoverability of copper using conventional flotation processes and has obtained favourable 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.

Alberto Arias, co-chief executive officer of Largo, stated: "The preliminary copper recovery results from the Maracas 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 behaviour 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."

Daniel Tellechea, co-CEO of Largo, continued: "Our team is currently working on reviewing the database as part of a re-evaluation and reanalysis 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 Maracas Menchen deposits comprises 351 drill holes and 1,063 samples, with copper grades ranging from 0.1 per cent to 1.5 per cent Cu and an average grade of 0.153 per cent 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.

A detailed review of the geological database indicates that copper mineralization is disseminated throughout the mafic-ultramafic rocks of the Rio Jacare sill, which hosts the Maracas Menchen deposits. 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. The company plans to provide updates on this along with the pending results of multielement assays of its non-magnetic tailings ponds which contain residues accumulated from 12 years of the continuous operations of the Maracas Menchen mine.

Geology sampling, QA/QC (quality assurance/quality control) 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.

Disclaimer

It is important to emphasize that the studies completed to date are based on diamond drill core samples collected from drilling programs conducted by independent third party contractors and on chemical analyses performed by certified external laboratories. Preliminary geometallurgical results were obtained internally and are considered indicative in nature, reflecting improvements in the understanding of flotation processes currently in place.

This document does not disclose mineral resources or mineral reserves for copper or platinum group elements. The project includes vanadium and titanium mineralization for which scientific and technical information is set out in the National Instrument 43-101 technical report titled: "An Updated Life of Mine Plan (LOMP) for Gulcari A (Campbell Pit) and Pre-Feasibility Study for Gulcari A Norte (GAN), Novo Amparo (NAO), Novo Amparo Norte (NAN) and Sao Jose (SJO) Deposits," prepared by GE21 Consultoria Mineral Ltda. with an effective date of Jan. 30, 2024, filed in Canada on SEDAR+ and in the United States with the U.S. Securities and Exchange Commission on EDGAR under the company's profile.

Largo is initiating a new phase of studies aimed at evaluating additional commodities that may support a future update of mineral resources and mineral reserves in an independent technical report prepared in compliance with NI 43-101.

Review of technical information

Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), registered member (No. 0138) (Chilean Mining Commission), is the geology adviser and responsible for the geological management of the Maracas Menchen mine. Mr. Re is a qualified person as defined under National Instrument 43-101, and has reviewed and approved the scientific and technical information related to geology, drilling, sampling and analytical results in this press release. Information related to metallurgical testwork, process considerations and potential recoveries is based on the company's internal assessments, and is presented as forward-looking information.

About Largo Inc.

Largo is a globally recognized vanadium company known for its high-quality VPure and VPure+ products, sourced from its Maracas Menchen mine in Brazil. The company is currently focused on ramping up production of its ilmenite concentrate plant and is undertaking a strategic evaluation of its United States-based clean energy business, including its advanced VCharge vanadium battery technology to maximize the value of the organization. Largo's strategic business plan centres on maintaining its position as a leading vanadium supplier with a growth strategy to support a low-carbon future.

Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol LGO.

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