- Largo Inc. (LGO, Financial) reports Q1 2025 production of 1,297 tonnes of V2O5, a decrease from 1,729 tonnes in Q1 2024.
- The company updates its 2025 V2O5 production guidance to 8,500 - 10,500 tonnes, down from 9,500 - 11,500 tonnes.
- Total mined material increased by 21%, yet sales of V2O5 equivalent dropped by 26% compared to Q1 2024.
Largo Inc. (LGO) announced that its production of vanadium pentoxide (V2O5) equivalent for Q1 2025 totaled 1,297 tonnes, a reduction compared to 1,729 tonnes produced in the same period last year. Sales of V2O5 equivalent stood at 2,046 tonnes, marking a 26% decrease from 2,765 tonnes sold in Q1 2024.
The company has revised its annual V2O5 equivalent production guidance for 2025 to a range of 8,500 to 10,500 tonnes from the previous range of 9,500 to 11,500 tonnes. Similarly, the sales guidance has been adjusted to 6,500 to 8,500 tonnes, down from 7,500 to 9,500 tonnes.
Despite the production drop, operational improvements were noted with total mined material increasing by 21% to 3.93 million tonnes, and total waste moved up by 32% compared to the previous year. This follows the company's efforts to prioritize critical mine stripping activities and pushbacks at the Maracás Menchen Mine as part of its operational turnaround strategy.
Ilmenite production and sales guidance for 2025 remains unchanged. The company continues to work on securing new working capital facilities and refinancing its long-term debt to bolster its financial position amid current market conditions and operational challenges.
