Largo Inc. (NASDAQ: LGO)

Largo Inc. is a Canadian natural resource company that produces vanadium pentoxide and ilmenite from its Maracás Menchen Mine in Brazil. The company also participates in the energy storage sector through its fifty percent ownership of Storion Energy a joint venture focused on vanadium flow battery technology. Its primary operations center on mining processing and sale of vanadium and titanium bearing products.

Largo Inc. generates revenue mainly from the sale of vanadium products including vanadium pentoxide V2O5 and ferrovanadium FeV as well as ilmenite concentrate. In 2024 vanadium product sales accounted for ninety four point nine percent of total revenue with V2O5 contributing fifty eight point six percent and FeV contributing forty one point four percent of gross revenue. Ilmenite sales provide additional revenue and are expected to grow as the company ramps up its ilmenite plant.

Largo Inc. holds a strong position as one of the world's largest primary vanadium producers and is recognized as a low cost producer due to the favorable ore body at Maracás Menchen Mine. The company benefits from vertical integration control over mining processing and sales and from its stake in Storion Energy which positions it in the growing long duration energy storage market. Competitors include other vanadium producers and larger diversified mining companies that may have greater financial resources.

The company serves steel manufacturers aerospace and defense firms chemical producers and energy storage developers. A notable specific customer is Enel Green Power España to which Largo supplies vanadium flow battery systems. Its vanadium products are sold to customers worldwide supporting industries that require high strength steel and high purity vanadium.