Largo Inc (FRA:LR8)

Q3 2024 Largo Inc Earnings Call Transcript

Nov 14, 2024 / 03:00 PM GMT

Release Date Price: €2 (+6.27%)

Transcript

Key Points

Positve

Largo Inc (LGO) achieved its highest quarterly vanadium production in seven quarters, with a 42% increase from the previous year.
Operating costs were reduced by 31%, maintaining a competitive position within the vanadium sector.
A new vanadium supply agreement is expected to unlock approximately $23.5 million of additional liquidity.
The company reported a 67% increase in mineral reserves and a 64% increase in mineral resources, extending mine life to 2054.
Largo Inc (LGO) is implementing a refreshed sales strategy to optimize inventory and strengthen customer relationships.

Negative

Revenues were impacted by lower vanadium prices and reduced sales volumes, with a net loss of $10.1 million for Q3.
The average benchmark price per pound of vanadium decreased significantly from the previous year.
Q4 production is expected to be lower due to maintenance, resulting in higher operating costs.
The company continues to face significant headwinds in the vanadium market, particularly in Asia and Europe.
Largo Clean Energy's battery storage project has not yet been completed, and no revenue has been recognized from it.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LGO.TO - Largo Inc
Q3 2024 Largo Inc Earnings Call
Nov 14, 2024 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day. And thank you for standing by. Welcome to Largo's third quarter, 2024 financial results conference call at this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session.

I would now like to hand the conference over to your speaker today. Alex Guthrie, Director of Investor Relations. Please go ahead.

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Unidentified_2 [2]
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Thank you operator and thanks to everyone who has joined us for Largo's third quarter financial results conference call our Q3 2024 financial statements related M DNA and

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