Largo reports Q3 production 2,163 tonnes of vanadium pentoxide equivalents

Largo announces quarterly production of 2,163 tonnes and sales of 2,385 tonnes of vanadium pentoxide equivalent, respectively, in Q3. Q3 highlights include: V2O5 production of 2,163 tonnes vs. 2,906 tonnes produced in Q3 2022, including 644 tonnes in July, 775 tonnes in August and 744 tonnes in September; Global V2O5 recovery rate3 of 76.9% in Q3 2023 vs. 80.7% in Q3 2022; V2O5 equivalent sales of 2,385 tonnes vs. 2,796 tonnes sold in Q3 2022; the average benchmark price per lb of V2O5 in Europe was $8.03, a 2.5% decrease from the average of $8.23 seen in Q3 2022; ramp up of its new ilmenite concentration plant continues with ilmenite concentrate production of 350 tonnes in August and 700 tonnes in September. Largo Clean Energy completed site acceptance testing of its Enel Green Power Espana 6.1 MWh vanadium redox flow battery deployment and submitted results to EGPE, with the expectation of completing the hot commissioning phase of the battery; Provisional acceptance is expected in Q4 2023. 2023 production, sales, cost and capital expenditures guidance remain unchanged. Daniel Tellechea, Interim CEO and Director of Largo, stated: “Despite production setbacks in the third quarter caused by the previously reported accident in our chemical plant and delays in the ramp of our new magnetic separator in the crushing plant, Largo remains steadfast in its commitment to rectifying operations in the Q4 and has maintained its production, cost and capex guidance for 2023.”