QEM Appoints New CEO as It Secures $2.05M in Strongly Supported Placement

• Revenues of $24.3 million in This fall 2024 vs. $44.2 million in This fall 2023; Revenues per pound bought ¹ of $5.70 in This fall 2024 vs. $7.69 in This fall 2023; As well as, the Firm obtained $13.6 million associated to the supply of 1,200 tonnes as a part of its vanadium stock provide settlement
• Working prices of $30.2 million in This fall 2024, 30% beneath This fall 2023; Adjusted money working prices excluding royalties per pound ¹ of $3.05 in This fall 2024, 39% beneath This fall 2023, reflecting the success in value discount measures all through 2024
• Adjusted EBITDA ¹ improved by 195% in This fall 2024 to $2.3 million and mining operations adjusted EBITDA ¹ improved by 27% to $4.5 million from $3.5 million in This fall 2023, regardless of the adverse affect of the upkeep shutdown in This fall 2024
• Internet lack of $13.0 million in This fall 2024, which included $2.4 million in non-recurring objects vs. internet lack of $13.3 million in This fall 2023, which included $5.9 million in non-recurring objects; Fundamental loss per share of $0.19 in This fall 2024 vs. primary loss per share of $0.21 in This fall 2023
• Revenues of $124.9 million in 2024, 37% beneath 2023; Revenues per pound bought ¹ of $6.40 in 2024 vs. $8.66 in 2023; As well as, the Firm obtained $13.6 million associated to the supply of 1,200 tonnes as a part of its vanadium stock provide settlement
• Working prices of $145.8 million in 2024, 17% beneath 2023; Adjusted money working prices excluding royalties per pound ¹ of $4.05 in 2024, 22% decrease than 2023, reflecting the corporate’s value discount efforts all through 2024
• Adjusted EBITDA¹ was a lack of $2.1 million in comparison with constructive adjusted EBITDA ¹ of $11.9 million in 2023
• Internet lack of $50.6 million in 2024, which included $18.7 million in non-recurring objects vs. internet lack of $32.4 million in 2023, which included $9.6 million in non-recurring objects; Fundamental loss per share of $0.78 in 2024 vs. primary loss per share of $0.51 in 2023
• V ₂ O ₅ manufacturing of 1,775 tonnes in This fall 2024 vs. 2,768 tonnes in This fall 2023; Annual V ₂ O ₅ manufacturing of 9,264 tonnes in 2024 vs. 9,681 tonnes in 2023; Throughout the Firm’s revised 2024 manufacturing steering vary of 9,000 – 11,000 tonnes
• Annual and This fall 2024 manufacturing was impacted by two kiln upkeep shutdowns throughout the 12 months—one in Q1 2024 as per the Firm’s common schedule, and one other superior from Q1 2025 into This fall 2024 to mitigate potential manufacturing disruptions usually related to the early-year wet season
• Quarterly gross sales of three,033 tonnes of V ₂ O ₅ equal (inclusive of 8 tonnes of bought materials and 1,200 tonnes associated to the Firm’s vanadium stock provide settlement) in This fall 2024, a 16% enhance over the two,605 tonnes in bought This fall 2023
• Annual V ₂ O ₅ equal gross sales of 9,600 (inclusive of 415 tonnes of bought materials and 1,200 tonnes associated to its vanadium stock provide settlement) tonnes in 2024 vs. 10,396 tonnes in 2023; Throughout the Firm’s annual 2024 gross sales steering of 8,700 – 10,700 tonnes
• The Firm produced 10,292 tonnes of ilmenite focus in This fall 2024 and 44,863 tonnes in 2024; Quarterly ilmenite focus bought of 10,570 tonnes in This fall 2024 and 42,916 tonnes bought in 2024

Vanadium Market Replace

• Vanadium costs continued to face downward stress in European and Chinese language markets, primarily pushed by lowered demand from the metal and infrastructure sectors and chronic oversupply from Chinese language and Russian producers; In This fall 2024, the common benchmark value for V₂O₅ in Europe was $5.34 per pound, representing a 17% lower in comparison with This fall 2023
• U.S. ferrovanadium pricing has skilled latest enhancements, with costs rising 9% for the reason that begin of 2025, primarily pushed by shopping for curiosity amid latest geopolitical developments and coverage shifts impacting provide dynamics
• As of March 20, 2025, the common benchmark ferrovanadium value per pound of V was $15.25 within the U.S. and as of March 21, 2025, the common benchmark value per pound of V₂O₅ was $5.13 in Europe

Largo Inc. (” Largo ” or the ” Firm “) ( TSX: LGO ) ( NASDAQ: LGO ) right now reported monetary and operational outcomes for the three and twelve months ended December 31, 2024. Amid difficult market circumstances and declining vanadium costs, the Firm has elevated its give attention to operational enhancements, additional value reductions, and productiveness enhancements at its Maracás Menchen Mine. The Firm achieved annual vanadium pentoxide (” V₂O₅ “) equal gross sales of 9,600 tonnes, with adjusted money working prices excluding royalties per pound¹ bought bettering considerably to $3.04 in This fall 2024 down from $5.04 in This fall 2023.

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Largo Reviews This fall and Full Yr 2024 Monetary Outcomes; Declares Operational Turnaround Plan and Further Price Optimization Initiatives

Daniel Tellechea, Interim CEO and Director of Largo, acknowledged: “We acknowledge the numerous operational and market challenges Largo has encountered and are taking decisive steps to reposition the Firm. Whereas our value discount initiatives have already delivered measurable outcomes—equivalent to a 30% discount in working prices in This fall 2024 in comparison with the prior 12 months—we proceed to face manufacturing challenges and near-term monetary pressures that require centered motion.” He continued: “As a part of our operational turnaround technique, we have applied numerous vital initiatives in latest months to additional improve productiveness and strengthen value controls. With the appointment of Gordon Babcock and Luis Rendón as Co-Chief Working Officers in February 2025, we have additional intensified our give attention to execution and effectivity throughout the enterprise. Below their management, our workforce is actively figuring out and appearing on further alternatives to enhance operational efficiency.”

He concluded: “We’re additionally prioritizing efforts to bolster our liquidity place and are pursuing a variety of strategic and refinancing choices to assist ongoing operations. Driving a profitable turnaround stays a company-wide precedence, and we stay centered on taking the steps wanted to assist strengthen Largo’s operational and monetary basis for the long run.”

Monetary and Working Outcomes – Highlights

Key Highlights

• Throughout 2024, the Firm acknowledged revenues of $118.5 million (2023 – $198.6 million) from the gross sales of 8,400 tonnes of V ₂ O ₅ equal (2023 – 10,396 tonnes) in addition to revenues from ilmenite gross sales of $6.4 million (2023 – $nil).
• The Firm recorded a internet lack of $50.6 million in 2024 in contrast with a internet lack of $32.4 million in 2023, largely pushed by a 37% lower in revenues. This was partially offset by a lower in sure bills, most notably a 17% lower in working prices, in addition to a 29% lower in skilled consulting and administration charges, a 54% lower basically and administrative bills and a forty five% lower in expertise start-up prices.
• In 2024, the Firm’s working prices decreased by 17% to $30.2 million in 2024 in comparison with 43.2 million in 2023. The lower in working prices in 2024 was largely pushed by a 34% lower in direct mine and manufacturing prices. This lower displays the 19% lower in vanadium bought in 2024, in addition to the affect of the Firm’s beforehand introduced initiatives to cut back manufacturing prices and enhance productiveness. Additional, shared mining and manufacturing prices as much as the milling course of are allotted between vanadium and ilmenite, which reduces the quantity acknowledged in direct mine and manufacturing prices for vanadium.
• Adjusted money working prices excluding royalties per pound ¹ , which excludes the affect of stock write-downs for produced merchandise of $2.5 million for This fall 2024 (This fall 2023 – $nil), was $3.05 per lb, in contrast with $5.04 for This fall 2023. The lower in unit prices seen in This fall 2024 in contrast with This fall 2023 can also be largely as a result of affect of the Firm’s beforehand introduced initiatives to cut back manufacturing prices and enhance productiveness, together with lowering haulage distances, lowering the variety of contractors and a complete evaluation of all contracts. The Firm expects to proceed seeing the advantages of those initiatives in its monetary outcomes going ahead.
• For 2024, whole skilled, consulting, and administration charges decreased by 29% in comparison with 2023, whereas different basic and administrative bills declined by 54%. These reductions replicate the Firm’s continued emphasis on value self-discipline, decreased exercise and headcount at LCE following the initiation of the strategic evaluation, and an expense restoration of $1.8 million primarily associated to decrease authorized provisions. Moreover, expertise start-up prices decreased by 45% in 2024 in contrast with 2023 primarily as a result of a lower in actions at Largo Clear Vitality Corp. (” LCE “) in 2024 because the set up of its battery challenge nears conclusion.
• Subsequent to This fall 2024, manufacturing in January 2025 was 392 tonnes of V ₂ O ₅ equal with 503 tonnes produced in February 2025. Manufacturing in January and February 2025 was impacted by quickly mining lower-grade ore zones based on the mine sequencing plan, lowered mining gear availability, and operational changes following the kiln refractory alternative accomplished in This fall 2024. V ₂ O ₅ equal gross sales have been 687 tonnes in January 2025, with 551 tonnes bought in February 2025.
• Subsequent to This fall 2024, ilmenite focus manufacturing was 2,897 tonnes of in January 2025 and 1,477 tonnes in February 2025 with gross sales of 4,397 tonnes in January 2025 and a pair of,255 tonnes in February 2025.

The knowledge offered inside this launch ought to be learn together with Largo’s annual consolidated monetary statements for the years ended December 31, 2024 and 2023 and its administration’s dialogue and evaluation for the 12 months ended December 31, 2024 which can be found on our web site at www.largoinc.com or on the Firm’s respective profiles at www.sedarplus.com and www.sec.gov .

Operational Turnaround and Price Optimization Technique

In latest months, the Firm has applied a number of vital initiatives aimed toward addressing operational challenges, enhancing productiveness, and strengthening value controls. Following the appointment of Gordon Babcock and Luis Rendón as Co-Chief Working Officers in February 2025, Largo has additional elevated its give attention to operational execution and efficiencies. Below their management, the workforce is actively figuring out further areas for enchancment and implementing focused enhancements to drive elevated efficiency. Efficiently executing the Firm’s operational turnaround stays a prime precedence and would require the collective efforts of all the workforce.

Key actions underway and priorities forward embody:

• The Firm has initiated a turnaround program with its mining contractor, together with a basic working fleet overhaul and gear refurbishments, to resolve reliability and availability points that impacted mining throughput charges in late 2024 and early 2025
  • Enhancements in drilling effectivity and ore manufacturing charges have already been noticed as of early March 2025
• Ongoing optimization of pit entry and streamlining materials dealing with processes to assist extra constant throughput and operational stability
• Working with geotechnical consultants to optimize mining practices, together with improved blasting methods, fleet utilization, and pit infrastructure upgrades
• Introducing mechanized and automatic options in ore processing and tailings administration, aimed toward enhancing effectivity and lowering operational bottlenecks
• Optimizing crushing, milling and kiln operations in addition to downstream processing plant efficiencies by improved processes, upkeep schedules and operational changes designed to extend productiveness
• Strengthening value administration by rigorous monitoring and management processes to make sure working bills stay inside focused price range ranges

The Firm acknowledges that whereas its ongoing operational turnaround is a vital step ahead, further measures are wanted to completely deal with the Firm’s broader monetary headwinds. Market circumstances, together with a 21% decline in vanadium costs since December 31, 2023, and an elevated value setting, have affected money flows and monetary forecasts. In response, the Firm has taken decisive actions to strengthen its monetary place, together with ongoing value reductions, operational efficiencies, and liquidity administration. Because of its value discount initiatives, the Firm has acknowledged a 30% discount in working prices in This fall 2024 vs. This fall 2023. The Firm can also be actively working to enhance its liquidity to assist long-term targets, together with exploring financing options equivalent to refinancing present debt and securing further capital by new debt amenities.

The Firm will proceed to observe its progress and supply updates as wanted. At the moment, it would keep its annual steering ranges for 2025 and can reassess as operational enhancements advance. Ought to any materials modifications to steering be essential, the Firm will replace the market accordingly.

About Largo

Largo is a globally acknowledged provider of high-quality vanadium and ilmenite merchandise, sourced from its world-class Maracás Menchen Mine in Brazil. As one of many world’s largest main vanadium producers, Largo produces vital supplies that empower international industries, together with metal, aerospace, protection, chemical, and vitality storage sectors. The Firm is dedicated to operational excellence and sustainability, leveraging its vertical integration to make sure dependable provide and high quality for its prospects.

Largo can also be strategically invested within the long-duration vitality storage sector by its 50% possession of Storion Vitality, a three way partnership with Stryten Vitality centered on scalable home electrolyte manufacturing for utility-scale vanadium move battery long-duration vitality storage options within the U.S.

Largo’s widespread shares commerce on the Nasdaq Inventory Market and on the Toronto Inventory Change below the image “LGO”. For extra data on the Firm, please go to www.largoinc.com .

Cautionary Assertion Relating to Ahead-looking Info:

This press launch accommodates “forward-looking data” and “forward-looking statements” inside the that means of relevant Canadian and United States securities laws. Ahead‐wanting data on this press launch consists of, however just isn’t restricted to, statements with respect to the timing and quantity of estimated future manufacturing and gross sales; the long run value of commodities; prices of future actions and operations, together with, with out limitation, the impact of inflation and change charges; the impact of unexpected gear upkeep or repairs on manufacturing; the power to supply excessive purity V2O5 and V2O3 based on buyer specs; the extent of capital and working expenditures; the power of the Firm to make enhancements on its present short-term mine plan; and the affect of world delays and associated value will increase on the Firm’s international provide chain and future gross sales of vanadium merchandise.

The next are a number of the assumptions upon which forward-looking data is predicated: that basic enterprise and financial circumstances is not going to change in a fabric hostile method; demand for, and steady or bettering value of V2O5 and different vanadium merchandise, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a well timed method; that the Firm is not going to expertise any materials accident, labour dispute or failure of plant or gear or different materials disruption within the Firm’s operations on the Maracás Menchen Mine or regarding Largo Clear Vitality, specifically in respect of the set up and commissioning of the EGPE challenge; the provision of financing for operations and improvement; the provision of funding for future capital expenditures; the power to exchange present funding on phrases passable to the Firm; the power to mitigate the affect of heavy rainfall; the reliability of manufacturing, together with, with out limitation, entry to large ore, the Firm’s capacity to obtain gear, providers and working provides in enough portions and on a well timed foundation; that the estimates of the sources and reserves on the Maracás Menchen Mine are inside affordable bounds of accuracy (together with with respect to dimension, grade and restoration and the operational and value assumptions on which such estimates are primarily based); the accuracy of the Firm’s mine plan on the Maracás Menchen Mine; that the Firm’s present plans for ilmenite could be achieved; the Firm’s capacity to guard and develop its expertise; the Firm’s capacity to keep up its IP; the competitiveness of the Firm’s product in an evolving market; the Firm’s capacity to draw and retain expert personnel and administrators; the power of administration to execute strategic targets;   that the Firm will enter into agreements for the gross sales of vanadium, ilmenite and TiO2 merchandise on beneficial phrases and for the sale of considerably all of its annual manufacturing capability; and receipt of regulatory and governmental approvals, permits and renewals in a well timed method.

Ahead-looking statements could be recognized by means of forward-looking terminology equivalent to “plans”, “expects” or “doesn’t anticipate”, “is predicted”, “price range”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate”, or “believes”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “may”, “would”, “would possibly” or “will likely be taken”, “happen” or “be achieved”, though not all forward-looking statements embody these phrases or phrases. As well as, any statements that discuss with expectations, intentions, projections, steering, potential or different characterizations of future occasions or circumstances comprise forward-looking data. Ahead-looking statements are usually not historic details nor assurances of future efficiency however as a substitute symbolize administration’s expectations, estimates and projections concerning future occasions or circumstances. Ahead-looking statements are primarily based on our opinions, estimates and assumptions that we thought-about applicable and affordable as of the date such data is acknowledged, topic to recognized and unknown dangers, uncertainties and different elements that will trigger the precise outcomes, stage of exercise, efficiency or achievements of Largo to be materially totally different from these expressed or implied by such forward-looking statements, together with however not restricted to these dangers described within the annual data type of Largo and in its public paperwork filed on www.sedarplus.ca and out there on www.sec.gov every so often. Ahead-looking statements are primarily based on the opinions and estimates of administration as of the date such statements are made. Though administration of Largo has tried to establish necessary elements that might trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There could be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements. Largo doesn’t undertake to replace any forward-looking statements, besides in accordance with relevant securities legal guidelines. Readers also needs to evaluation the dangers and uncertainties sections of Largo’s annual and interim MD&A which additionally apply.

Logos are owned by Largo Inc.

Non-GAAP ³ Measures

The Firm makes use of sure non-GAAP measures on this press launch, that are described within the following part. Non-GAAP monetary measures and non-GAAP ratios are usually not standardized monetary measures below IFRS, the Firm’s GAAP, and won’t be corresponding to comparable monetary measures disclosed by different issuers. These measures are supposed to supply further data and shouldn’t be thought-about in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. Administration believes that non-GAAP monetary measures, when supplementing measures decided in accordance with IFRS, present traders with an improved capacity to guage the underlying efficiency of the Firm.

Revenues Per Pound Bought

This press launch refers to revenues per pound bought, V ₂ O ₅ revenues per pound of V ₂ O ₅ bought, V ₂ O ₃ revenues per pound of V ₂ O ₃ bought and FeV revenues per kg of FeV bought, that are non-GAAP monetary measures which can be used to supply traders with details about a key measure utilized by administration to observe efficiency of the Firm.

These measures, together with money working prices, are thought-about to be key indicators of the Firm’s capacity to generate working earnings and money move from its Maracás Menchen Mine and gross sales actions. These measures differ from measures decided in accordance with IFRS, and are usually not essentially indicative of internet earnings or money move from working actions as decided below IFRS.

The next desk gives a reconciliation of revenues per pound bought, V ₂ O ₅ revenues per pound of V ₂ O ₅ bought, V ₂ O ₃ revenues per pound of V ₂ O ₃ bought and FeV revenues per kg of FeV bought to revenues and the income data introduced in observe 19 as per the 2024 annual consolidated monetary statements.

1. Yr ended as per observe 23 of the Firm’s 2024 annual consolidated monetary statements.
   Three months ended calculated as the quantity per observe 23 much less the corresponding quantity disclosed for the nine-month interval in observe 19 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.

Money Working Prices Excluding Royalties and Adjusted Money Working Prices Excluding Royalties

This press launch refers to money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound, that are non-GAAP ratios primarily based on money working prices, money working prices excluding royalties and adjusted money working prices excluding royalties, that are non-GAAP monetary measures, as a way to present traders with details about a key measure utilized by administration to observe efficiency. This data is used to evaluate how properly the Maracás Menchen Mine is performing in comparison with its plan and prior durations, and to additionally to evaluate its total effectiveness and effectivity.

Money working prices consists of mine web site working prices equivalent to mining prices, plant and upkeep prices, sustainability prices, mine and plant administration prices, royalties and gross sales, basic and administrative prices (all for the Mine properties phase), however excludes depreciation and amortization, share-based funds, overseas change features or losses, commissions, reclamation, capital expenditures and exploration and analysis prices. Working prices not attributable to the Mine properties phase are additionally excluded, together with conversion prices, product acquisition prices, distribution prices and stock write-downs.

Money working prices excluding royalties is calculated as money working prices much less royalties. Adjusted money working prices excluding royalties is calculated as money working prices excluding royalties much less write-downs of produced merchandise.

Money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound are obtained by dividing money working prices, money working prices excluding royalties and adjusted money working prices excluding royalties, respectively, by the kilos of vanadium equal bought that have been produced by the Maracás Menchen Mine.

Money working prices, money working prices excluding royalties, adjusted money working prices excluding royalties, money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound, together with revenues, are thought-about to be key indicators of the Firm’s capacity to generate working earnings and money move from its Maracás Menchen Mine. These measures differ from measures decided in accordance with IFRS, and are usually not essentially indicative of internet earnings or money move from working actions as decided below IFRS.

The next desk gives a reconciliation of money working prices, money working prices excluding royalties, adjusted money working prices excluding royalties, money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound for the Maracás Menchen Mine to working prices as per the 2024 annual consolidated monetary statements.

1. Yr ended as per observe 24 of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity per observe 24 much less the corresponding quantity disclosed for the nine-month interval in observe 20 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
2. Yr ended as per the Mine properties phase in observe 19 of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity for the Firm’s Mine properties phase in observe 19 of the Firm’s 2024 annual consolidated monetary statements much less the corresponding quantity disclosed for the Mine properties phase for the nine-month interval in observe 16 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
3. Yr ended as per the Mine properties phase in observe 19 much less the lower in authorized provisions of $1,967 as famous within the “different basic and administrative bills” part on web page 7 of the Firm’s year-end 2024 administration’s dialogue and evaluation.
     Three months ended calculated as the quantity for the Firm’s Mine properties phase in observe 19 much less the lower in authorized provisions of $1,967, much less the corresponding quantity disclosed for the Mine properties phase for the nine-month interval in observe 16 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
4. Yr ended as per observe 5 of the Firm’s 2024 annual consolidated monetary statements for warehouse supplies.
     Three months ended calculated as the quantity per above much less the corresponding quantity disclosed for the nine-month interval in observe 5 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
5. Yr ended as per observe 5 of the Firm’s 2024 annual consolidated monetary statements for vanadium completed merchandise.
     Three months ended calculated as the quantity per above much less the corresponding quantity disclosed for the nine-month interval in observe 5 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.

EBITDA and Adjusted EBITDA

This press launch refers to earnings earlier than curiosity, tax, depreciation and amortization, or “EBITDA”, and adjusted EBITDA, that are non-GAAP monetary measures, as a way to present traders with details about key measures utilized by administration to observe efficiency. EBITDA is used as an indicator of the Firm’s capacity to generate liquidity by producing working money move to fund working capital wants, service debt obligations, and fund capital expenditures.

Adjusted EBITDA removes the impact of stock write-downs, impairment expenses (together with write-downs of vanadium property), insurance coverage proceeds obtained, actions in authorized provisions, non-recurring worker settlements and different expense changes which can be thought-about to be non-recurring for the Firm. The Firm believes that by excluding these quantities, which aren’t indicative of the efficiency of the core enterprise and don’t essentially replicate the underlying working outcomes for the durations introduced, it would help analysts, traders and different stakeholders of the Firm in higher understanding the Firm’s capacity to generate liquidity from its core enterprise actions.

EBITDA and adjusted EBITDA are supposed to supply further data to analysts, traders and different stakeholders of the Firm and don’t have any standardized definition below IFRS. These measures shouldn’t be thought-about in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. These measures exclude the affect of depreciation, prices of financing actions and taxes, and the results of modifications in working working capital balances, and due to this fact are usually not essentially indicative of working revenue or money move from working actions as decided below IFRS. Different corporations could calculate EBITDA and adjusted EBITDA in a different way.

The next desk gives a reconciliation of EBITDA and adjusted EBITDA to internet revenue (loss) as per the 2024   annual consolidated monetary statements.

1. Yr ended as per the consolidated statements of money flows of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity per the consolidated statements of money flows much less the corresponding quantity disclosed for the nine-month interval within the consolidated statements of money flows of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
2. Yr ended as per observe 5 of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity per observe 5 of the Firm’s 2024 annual consolidated monetary statements much less the corresponding quantity disclosed for the nine-month interval in observe 5 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
3. Yr ended as per observe 6 of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity per observe 6 of the Firm’s 2024 annual consolidated monetary assertion much less the corresponding quantity disclosed for the nine-month interval in observe 6 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
4. As per the “non-recurring objects” part on web page 7 of the Firm’s year-end 2024 administration’s dialogue and evaluation.

1. Yr ended as per observe 19 of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity per observe 19 of the Firm’s 2024 annual consolidated monetary statements much less the corresponding quantity disclosed for the nine-month interval in observe 16 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.
2. Included in depreciation quantity proven in desk above.
3. Yr ended as per observe 6 of the Firm’s 2024 annual consolidated monetary statements.
     Three months ended calculated as the quantity per observe 6 of the Firm’s 2024 annual consolidated monetary statements much less the corresponding quantity disclosed for the nine-month interval in observe 6 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.

1. Yr ended as per observe 19.
2. Three months ended calculated as the quantity per observe 19 much less the corresponding quantity disclosed for the nine-month interval in observe 16 of the Firm’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2024 and 2023.

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For additional data, please contact:

Investor Relations
Alex Guthrie
Director, Investor Relations
+1.416.861.9778
aguthrie@largoinc.com