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Largo Reviews Third Quarter 2023 Monetary Outcomes; Proclaims First Business Cargo of Ilmenite as By-Product of its Vanadium Operations in Brazil (Picture: Enterprise Wire)
Q3 2023 and Different Highlights
- Revenues of $44.0 million vs. revenues of $54.3 million in Q3 2022; Decline pushed by decrease vanadium costs and decrease vanadium gross sales volumes; Revenues per lb offered 3 of V 2 O 5 equal of $8.34 vs. $8.80 in Q3 2022
- Working prices of $42.5 million vs. $45.6 million in Q3 2022; Money working prices excluding royalties 1 per pound offered of $5.44 vs. 4.86 per lb offered in Q3 2022
- Internet lack of $11.9 million vs. internet lack of $2.6 million in Q3 2022; Fundamental loss per share of $0.19 vs. fundamental loss per share of $0.04 in Q3 2022
- Money used earlier than working capital objects of $4.4 million vs. money offered earlier than working capital objects of $4.3 million in Q3 2022
- Money steadiness of $39.5 million, internet working capital surplus of $91.0 million and debt of $65.0 million exiting Q3 2023
- V 2 O 5 equal gross sales of two,385 tonnes (inclusive of 256 tonnes of bought materials) vs. 2,796 tonnes (inclusive of 351 tonnes of bought materials) offered in Q3 2022
- Manufacturing of two,163 tonnes (4.8 million lbs 1 ) of V 2 O 5 vs. 2.906 tonnes in Q3 2022
- Largo Clear Vitality’s (“LCE”) 6 megawatt-hour (“MWh”) vanadium redox movement battery (“VRFB”) deployment for Enel Inexperienced Energy España (“EGPE”) was validated to function on check situations in response to EGPE specs and LCE check procedures in October
- The Firm efficiently commissioned and is within the strategy of ramping up manufacturing of its new ilmenite focus plant with preliminary manufacturing of 350 tonnes in August and 700 tonnes in September; The primary industrial cargo of ilmenite is in progress and may contribute to the Firm’s revenues in This fall 2023 as a by-product of its vanadium operations
- Q3 2023 outcomes convention name: Thursday, November ninth at 1:00 p.m. ET
Vanadium Market Replace 2
- The typical benchmark worth per lb of V 2 O 5 in Europe was $8.03, a 2.5% lower from the typical of $8.23 seen in Q3 2022
- Vanadium spot demand was gentle in Q3 2023, primarily attributable to adversarial situations within the Chinese language and European metal industries. Nonetheless, robust demand development from the aerospace and power storage sectors continued
Daniel Tellechea, Director and Interim CEO of Largo commented: “Q3 2023 was a difficult quarter for Largo, primarily because of the tragic accident that occurred on the Firm’s chemical plant in July in addition to technical delays in commissioning our new crushing plant. The accident on the chemical plant resulted in a capability bottleneck within the evaporator part of the plant, which resulted in decrease general manufacturing charges of vanadium in July and August. In early September, our working crew recommissioned the evaporator circuit, which is now working at its unique capability. A delay in ramp up of the brand new magnetic separation crushing plant additionally quickly impacted vanadium manufacturing in Q3 2023. The brand new crushing plant was designed to offset the affect of decrease mined vanadium grades, as per the Firm’s mine plan. The working crew is within the strategy of resolving these points, and we’re happy to report that the crushing plant exceeded 1,000 tonnes of contained V 2 O 5 in October, regardless of extra crushing plant enhancements scheduled to be applied in November and December.”
He continued: “It’s our precedence to proceed to optimize our operations, cut back prices, and obtain manufacturing and gross sales targets safely. In mild of this, we preserve our steerage for 2023. Moreover, additional measures are being applied to enhance the group’s efficiency, together with optimizing operational efficiencies by way of the implementation of the brand new crushing system, concentrating on rising manufacturing of excessive purity vanadium, restructuring gear upkeep processes to additional cut back prices, and ramping up ilmenite manufacturing beginning within the fourth quarter of 2023 to diversify revenues. We’re starting to see a notable discount in key consumable prices, equivalent to sodium carbonate, in addition to ongoing overhead price reductions by way of a discount of the variety of contractors on the mine by way of effectivity enchancment packages and additional reductions within the headcount at LCE. The Firm considers these ongoing initiatives to be a vitally essential measures to counter the present lower in vanadium costs.”
He concluded: “Throughout this previous yr, we now have additionally made a number of important investments which are mandatory for the sustainability of our operations in a decrease vanadium worth atmosphere. Amongst these investments are an elevated waste rock pre-stripping and aggressive infill drilling program to optimize manufacturing within the years to come back. Our crew has efficiently constructed and commissioned an ilmenite plant to diversify future revenues as a by-product of the vanadium mine, constructed a brand new magnetic separation crushing plant for the aim of mining lower-grade materials with out lowering manufacturing ranges, and delivered the Firm’s first vanadium battery to EGPE, our European power storage buyer. A considerable funding has been made in LCE, which isn’t but producing important revenues, however continues to devour money. With our present strategic overview course of in place, Largo expects to optimize the worth proposition of LCE and take part in one of the important macrotrends, the clear power transition with vanadium as a important materials. With these investments, we consider that Largo is on the trail to a brighter future.”
Monetary and Working Outcomes – Highlights
|
(1000’s of U.S. {dollars}, besides as in any other case said) |
Three months ended |
9 months ended |
||
|
Sept. 30, 2023 |
Sept. 30, 2022 |
Sept. 30, 2023 |
Sept. 30, 2022 |
|
|
Revenues |
43,983 |
54,258 |
154,514 |
181,750 |
|
Working prices |
(42,580) |
(45,602) |
(131,540) |
(125,264) |
|
Internet earnings (loss) |
(11,884) |
(2,601) |
(19,057) |
13,410 |
|
Fundamental earnings (loss) per share |
(0.19) |
(0.04) |
(0.30) |
0.21 |
|
Money (used) offered earlier than working capital objects |
(4,360) |
4,328 |
7,631 |
35,479 |
|
Money working prices excl. royalties 3 ($/lb) |
5.44 |
4.86 |
5.25 |
4.37 |
|
Money |
39,572 |
62,713 |
39,572 |
62,713 |
|
Debt |
65,000 |
15,000 |
65,000 |
15,000 |
|
Whole mined – dry foundation (tonnes) |
6,406,626 |
4,178,185 |
11,373,683 |
7,780,061 |
|
Whole ore mined (tonnes) |
447,165 |
351,450 |
1,279,024 |
1,033,375 |
|
Efficient grade 4 of ore milled (%) |
0.94 |
1.28 |
1.04 |
1.32 |
|
V 2 O 5 equal produced (tonnes) |
2,163 |
2,906 |
6,913 |
8,432 |
Q3 2023 Notes
- The lower in working prices in Q3 2023 is essentially attributable to decrease general gross sales within the interval, which features a discount within the sale of bought merchandise and decrease royalties attributable to decrease gross sales.
- V 2 O 5 equal manufacturing of two,163 tonnes in Q3 2023 decreased from 2,639 tonnes produced in Q2 2023. Manufacturing in July 2023 was 644 tonnes, with 775 tonnes produced in August and 744 tonnes produced in September, for a complete of two,163 tonnes of V 2 O 5 equal produced. July and August manufacturing had been negatively impacted because of the chemical plant working at restricted capability because of the accident within the evaporation part of the plant in July 2023. As well as, September manufacturing was negatively impacted by low availability of the crushing circuit, mixed with the deliberate decrease vanadium grade of ore mined. V 2 O 5 manufacturing in October continued to enhance with 866 tonnes produced.
- The Firm is actively working to attain increased ranges of operational stability to raised handle its prices which have elevated due partially to decrease grades of ore mined as in contrast with prior quarters. The decrease grade of ore mined in Q3 2023 was in response to plan, representing a 27% lower year-over-year. The Firm is actively working in the direction of rising the provision of its new crushing system to offset lowers grades of ore mined and attain manufacturing of 1,000 tonnes of V 2 O 5 per thirty days in future months.
- Whole mined (dry foundation) of 6.4 million tonnes elevated by 53% and whole ore mined of 447,165 tonnes was 27% increased than Q3 2022, respectively. Elevated mining charges and better mining prices impacted the Firm’s monetary efficiency in Q3 2023.
- As a part of its ongoing mitigation efforts, the Firm is targeted on lowering its fastened price construction by way of contract renegotiations and an optimization of key operational areas, together with mining, upkeep, gear rental and consumables.
- The commissioning and ramp up of the ilmenite plant commenced in Q3 2023 with manufacturing of 350 tonnes in August and 700 tonnes in September. The Firm expects the ramp as much as conclude in Q2 2024 with income expectations in This fall 2023.
- Exploration and analysis prices of $2.3 million elevated by $1.8 million from Q3 2022. This was pushed by infill drilling and geological mannequin work on the Maracás Menchen Mine and diamond drilling at Campo Alegre de Lourdes to help the upkeep of the Firm’s mineral rights. Throughout Q3 2023, the Firm accomplished roughly 9,100 metres of diamond drilling within the close to mine deep drilling and exploration program. Within the 9 months ended September 30, 2023, roughly 19,100 metres of diamond drillholes have been accomplished in Campo Alegre de Lourdes and Maracas targets. A re-assay program started in Q2 2023 to carry out chemical evaluation on beforehand interpreted outcomes. The main focus of this program is to extend measured and indicated assets. Roughly 5,000 samples had been ready and despatched to the exterior laboratory for evaluation in Q3 2023.
The data offered inside this launch must be learn along with Largo’s unaudited condensed interim consolidated monetary statements for the three and 9 months ended September 30, 2023 and 2022 and its administration’s dialogue and evaluation (“MD&A”) for the three and 9 months ended September 30, 2023 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 .
About Largo
Largo is a globally acknowledged vanadium firm identified for its high-quality VPURE™ and VPURE+™ merchandise, sourced from its Maracás Menchen Mine in Brazil. The Firm is at present centered on implementing an ilmenite focus plant and is enterprise a strategic analysis of its U.S.-based clear power enterprise, together with its superior VCHARGE vanadium battery expertise to maximise the worth of the group. Largo’s strategic marketing strategy facilities on sustaining its place as a number one vanadium provider with a development technique to help a low-carbon future.
Largo’s widespread shares commerce on the Nasdaq Inventory Market and on the Toronto Inventory Alternate beneath 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” throughout the which means of relevant Canadian and United States securities laws. Ahead-looking data on this press launch consists of, however isn’t restricted to, statements with respect to the timing and quantity of estimated future manufacturing and gross sales; the longer term worth of commodities; prices of future actions and operations, together with, with out limitation, reaching operational stability and managing unit prices; and the anticipated completion of the ilmenite plan ramp up in This fall 2023.
The next are a few of the assumptions upon which forward-looking data relies: that basic enterprise and financial situations is not going to change in a fabric adversarial method; demand for, and secure or bettering worth of V 2 O 5 , 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 referring to Largo Clear Vitality; the provision of financing for operations and growth; 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 skill to acquire gear, companies and working provides in adequate portions and on a well timed foundation; that the estimates of the assets 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 worth assumptions on which such estimates are primarily based); the accuracy of the Firm’s mine plan on the Maracás Menchen Mine, the competitiveness of the Firm’s vanadium redox movement battery (” VRFB “) expertise; the power to acquire funding by way of authorities grants and awards for the Inexperienced Vitality sector, the accuracy of price estimates and assumptions on future variations of VCHARGE battery system design, that the Firm’s present plans for ilmenite and VRFBs could be achieved; the Firm’s “two-pillar” enterprise technique will probably be profitable; the Firm’s gross sales and buying and selling preparations is not going to be affected by the evolving sanctions in opposition to Russia; and the Firm’s skill to draw and retain expert personnel and administrators; the power of administration to execute strategic objectives.
Ahead-looking statements could be recognized by way of forward-looking terminology equivalent to “plans”, “expects” or “doesn’t count on”, “is anticipated”, “finances”, “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”, “might”, “would”, “may” or “will probably be taken”, “happen” or “be achieved”. All data contained on this information launch, apart from statements of present and historic truth, is ahead wanting data. Ahead-looking statements are topic to identified and unknown dangers, uncertainties and different elements which will trigger the precise outcomes, degree of exercise, efficiency or achievements of Largo to be materially completely 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 obtainable on www.sec.gov sometimes. 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 determine essential elements that would 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 meant. There could be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’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 must also overview the dangers and uncertainties sections of Largo’s annual and interim MD&A which additionally apply.
Logos are owned by Largo Inc.
Non-GAAP 5 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 usually are not standardized monetary measures beneath IFRS, the Firm’s GAAP, and won’t be similar to comparable monetary measures disclosed by different issuers. These measures are meant to supply extra data and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS.
Revenues Per Pound
This press launch refers to revenues per pound offered, a non-GAAP efficiency measure that’s used to supply buyers with details about a key measure utilized by administration to observe efficiency of the Firm.
This measure, together with money working prices and whole money prices, is taken into account to be one of many key indicators of the Firm’s skill to generate working earnings and money movement from its Maracás Menchen Mine and gross sales actions. This revenues per pound measure doesn’t have any standardized which means prescribed by IFRS and differs from measures decided in accordance with IFRS. This measure is meant to supply extra data and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. This measure isn’t essentially indicative of internet earnings or money movement from working actions as decided beneath IFRS.
The next desk offers a reconciliation of this measure per pound offered to revenues as per the Q3 2022 unaudited condensed interim consolidated monetary statements.
|
Three months ended |
9 months ended |
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|
September 30, 2023 |
September 30, 2022 |
September 30, 2023 |
September 30, 2022 |
|||||||||
|
Revenues – V 2 O 5 produced 1 |
$ |
25,268 |
$ |
30,831 |
$ |
90,352 |
$ |
98,621 |
||||
|
V 2 O 5 offered – produced (000s lb) |
3,017 |
3,745 |
9,898 |
10,824 |
||||||||
|
V 2 O 5 revenues per pound of V 2 O 5 offered – produced ($/lb) |
$ |
8.38 |
$ |
8.23 |
$ |
9.13 |
$ |
9.11 |
||||
|
Revenues – V 2 O 5 bought 1 |
$ |
2,066 |
$ |
1,655 |
$ |
7,531 |
$ |
3,184 |
||||
|
V 2 O 5 offered – bought (000s lb) |
309 |
207 |
1,014 |
339 |
||||||||
|
V 2 O 5 revenues per pound of V 2 O 5 offered – bought ($/lb) |
$ |
6.69 |
$ |
8.00 |
$ |
7,43 |
$ |
9.39 |
||||
|
Revenues – V 2 O 5 1 |
$ |
27,334 |
$ |
32,486 |
$ |
97,883 |
$ |
101,805 |
||||
|
V 2 O 5 offered (000s lb) |
3,326 |
3,952 |
10,912 |
11,163 |
||||||||
|
V 2 O 5 revenues per pound of V 2 O 5 offered ($/lb) |
$ |
8.22 |
$ |
8.22 |
$ |
8.97 |
$ |
9.12 |
||||
|
Revenues – V 2 O 3 produced 1 |
$ |
3,734 |
$ |
3,798 |
$ |
7,575 |
$ |
3,798 |
||||
|
V 2 O 3 offered – produced (000s lb) |
308 |
308 |
619 |
308 |
||||||||
|
V 2 O 3 revenues per pound of V 2 O 3 offered – produced ($/lb) |
$ |
12.12 |
$ |
12.33 |
$ |
12.24 |
$ |
12.33 |
||||
|
Revenues – V 2 O 3 bought 1 |
$ |
— |
$ |
482 |
$ |
1,155 |
$ |
482 |
||||
|
V 2 O 3 offered – bought (000s lb) |
— |
43 |
88 |
43 |
||||||||
|
V 2 O 3 revenues per pound of V 2 O 3 offered – bought ($/lb) |
$ |
— |
$ |
11.21 |
$ |
13.13 |
$ |
11.21 |
||||
|
Revenues – V 2 O 3 1 |
$ |
3,734 |
$ |
4,280 |
$ |
8,730 |
$ |
4,280 |
||||
|
V 2 O 3 offered (000s lb) |
308 |
350 |
707 |
350 |
||||||||
|
V 2 O 3 revenues per pound of V 2 O 3 offered ($/lb) |
$ |
12.12 |
$ |
12.23 |
$ |
12.35 |
$ |
12.23 |
||||
|
Revenues – FeV produced 1 |
$ |
11,750 |
$ |
12,756 |
$ |
46,408 |
$ |
54,667 |
||||
|
FeV offered – produced (000s kg) |
444 |
394 |
1,591 |
1,576 |
||||||||
|
FeV revenues per kg of FeV offered – produced ($/kg) |
$ |
26.46 |
$ |
32.38 |
$ |
29.17 |
$ |
34.69 |
||||
|
Revenues – FeV bought 1 |
$ |
1,058 |
$ |
4,736 |
$ |
1,386 |
$ |
20,998 |
||||
|
FeV offered – bought (000s kg) |
39 |
159 |
50 |
516 |
||||||||
|
FeV revenues per kg of FeV offered – bought ($/kg) |
$ |
27.13 |
$ |
29.79 |
$ |
27.72 |
$ |
40.69 |
||||
|
Revenues – FeV 1 |
$ |
12,808 |
$ |
17,492 |
$ |
47,794 |
$ |
75,665 |
||||
|
FeV offered (000s kg) |
483 |
553 |
1,641 |
2,092 |
||||||||
|
FeV revenues per kg of FeV offered ($/kg) |
$ |
26.52 |
$ |
31.63 |
$ |
29,12 |
$ |
36.17 |
||||
|
Revenues 1 |
$ |
43,876 |
$ |
54,258 |
$ |
154,407 |
$ |
181,750 |
||||
|
V 2 O 5 equal offered (000s lb) |
5,259 |
6,164 |
17,177 |
18,340 |
||||||||
|
Revenues per pound offered ($/lb) |
$ |
8.34 |
$ |
8.80 |
$ |
8.99 |
$ |
9.91 |
||||
| 1. As per observe 18 of the Firm’s Q3 2023 unaudited condensed interim consolidated monetary statements. | ||||||||||||
Money Working Prices Per Pound
The Firm’s MD&A refers to money working prices per pound and money working prices excluding royalties per pound, that are non-GAAP ratios primarily based on money working prices and money working prices excluding royalties, that are non-GAAP monetary measures, with a purpose to present buyers with details about a key measure utilized by administration to observe efficiency. This data is used to evaluate how effectively the Maracás Menchen Mine is performing in comparison with plan and prior intervals, and likewise to evaluate its general effectiveness and effectivity.
Money working prices consists of mine website 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 trade positive factors 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. Money working prices per pound and money working prices excluding royalties per pound are obtained by dividing money working prices and money working prices excluding royalties, respectively, by the kilos of vanadium equal offered that had been produced by the Maracás Menchen Mine. Money working prices, money working prices excluding royalties, money working prices per pound and money working prices excluding royalties per pound, together with revenues, are thought of to be key indicators of the Firm’s skill to generate working earnings and money movement from its Maracás Menchen Mine. These measures differ from measures decided in accordance with IFRS, and usually are not essentially indicative of internet earnings or money movement from working actions as decided beneath IFRS.
The next desk offers a reconciliation of money working prices and money working prices excluding royalties, money working prices per pound and money working prices excluding royalties per pound for the Maracás Menchen Mine to working prices as per the Q3 2023 unaudited condensed interim consolidated monetary statements.
|
Three months ended |
9 months ended |
|||||||||||||||
|
September 30, 2023 |
September 30, 2022 |
September 30, 2023 |
September 30, 2022 |
|||||||||||||
|
Working prices i |
$ |
42,580 |
$ |
45,602 |
$ |
131,540 |
$ |
125,264 |
||||||||
|
Skilled, consulting and administration charges ii |
747 |
1,181 |
2,215 |
3,784 |
||||||||||||
|
Different basic and administrative bills iii |
408 |
383 |
1,032 |
859 |
||||||||||||
|
Much less: iron ore prices i |
(145 |
) |
(200 |
) |
(638 |
) |
(637 |
) |
||||||||
|
Much less: conversion prices i |
(1,413 |
) |
(1,655 |
) |
(5,551 |
) |
(5,839 |
) |
||||||||
|
Much less: product acquisition prices i |
(5,449 |
) |
(7,248 |
) |
(13,380 |
) |
(20,651 |
) |
||||||||
|
Much less: distribution prices i |
(2,202 |
) |
(2,581 |
) |
(6,174 |
) |
(6,887 |
) |
||||||||
|
Much less: stock write-down iv |
(978 |
) |
(1,655 |
) |
(1,661 |
) |
(1,655 |
) |
||||||||
|
Much less: depreciation and amortization expense i |
(6,003 |
) |
(5,111 |
) |
(19,456 |
) |
(14,923 |
) |
||||||||
|
Money working prices |
27,545 |
28,716 |
87,927 |
79,315 |
||||||||||||
|
Much less: royalties 1 |
(2,024 |
) |
(2,497 |
) |
(6,919 |
) |
(8,264 |
) |
||||||||
|
Money working prices excluding royalties |
25,521 |
26,219 |
81,008 |
71,050 |
||||||||||||
|
Produced V 2 O 5 offered (000s lb) |
4,693 |
5,390 |
15,434 |
16,272 |
||||||||||||
|
Money working prices per pound ($/lb) |
$ |
5.87 |
$ |
5.33 |
$ |
5.70 |
$ |
4.87 |
||||||||
|
Money working prices excluding royalties per pound ($/lb) |
$ |
5.44 |
$ |
4.86 |
$ |
5.25 |
$ |
4.37 |
||||||||
|
i. As per observe 19 of the Firm’s Q3 2023 unaudited condensed interim consolidated monetary statements. |
||||||||||||||||
|
ii. As per the Mine properties phase in observe 15 of the Firm’s Q3 2023 unaudited condensed interim consolidated monetary statements. |
||||||||||||||||
|
iii. As per the Mine properties phase in observe 15 of the Firm’s Q3 2023 unaudited condensed interim consolidated monetary statements much less the rise in authorized provisions of $0.4 million (Q3 2023) and $0.8 million (9 months ended September 30, 2023) as famous within the “different basic and administrative bills” part on web page 6 of the Firm’s Q3 2023 administration dialogue and evaluation. |
||||||||||||||||
|
iv. As per notes 5 and 19 of the Firm’s Q3 2023 unaudited condensed interim consolidated monetary statements for bought completed merchandise. |
||||||||||||||||
____________________________
1 Conversion of tonnes to kilos, 1 tonne = 2,204.62 kilos or lbs.
2 Fastmarkets Metallic Bulletin.
3 The money working prices excluding royalties and revenues per pound per pound offered are reported on a non-GAAP foundation. Consult with the “Non-GAAP Measures” part of this press launch. Revenues per pound offered are calculated primarily based on the amount of V2O5 offered throughout the said interval.
4 Efficient grade represents the share of magnetic materials mined multiplied by the share of V2O5 within the magnetic focus
5 GAAP – Usually Accepted Accounting Ideas
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Investor Relations
Alex Guthrie
Senior Supervisor, Exterior Relations
+1.416.861.9778
aguthrie@largoinc.com