During 2025, Largo installed additional flotation cell circuits to raise ilmenite concentrate capacity from 42,000 tpa to 115,000 tpa and resumed the ilmenite circuit in November 2025. These upgrades supported a 67% year-over-year Q4 vanadium pentoxide output increase to 2,961 t and a 40% rise in ore mined to 665,953 t, with the effective grade improving to 0.53%.

A 50% U.S. import tariff on Brazilian products made high-purity vanadium uneconomical, cutting Q4 V2O5 sales by 21% to 2,396 t and triggering an inventory buildup of over 300 t in bonded warehouses. The disruption prompted a shift toward standard-grade material to fulfill previously delayed contracts.

Q4 revenues fell 8% to $22.3 m and full-year revenues declined 12% to $109.9 m, while revenue per pound of V2O5 equivalent reached $5.78 in Q4. Adjusted cash operating costs improved to $3.22/lb in Q4 (full year $3.32/lb), but Q4 adjusted EBITDA was negative $6.6 m and net loss totaled $17.2 m.

Benchmark V2O5 prices averaged $5.86/lb in Q4 and ferrovanadium averaged $23.85/kg, with both remaining under pressure from uneven demand. Largo is evaluating copper and precious group metals flotation tests using existing infrastructure and expects reduced U.S. tariffs to support a more constructive commercial outlook into 2026.