6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2024

Commission File Number: 001-40333

LARGO INC.

(Translation of registrant's name into English)

1 First Canadian Place,
100 King Street West, Suite 1600

Toronto, Ontario M5X 1G5

Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐              Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Exhibit Index

Exhibit No.	Description of Exhibit
99.1	Unaudited Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2024 and 2023
99.2	Management's Discussion and Analysis for the three months ended March 31, 2024
99.3	Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4	Form 52-109F2 Certification of Interim Filings Full Certificate - CFO

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 15, 2024
LARGO INC.
By:	/s/ Ernest Cleave
Name:	Ernest Cleave
Title:	Chief Financial Officer

EX-99.1

Largo Inc.

Unaudited Condensed Interim Consolidated Financial Statements

For the Three Months Ended March 31, 2024 and 2023

(Expressed in thousands / 000's of U.S. dollars)

Table of Contents

Unaudited Condensed Interim Consolidated Statements of Financial Position		1
Unaudited Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)		2
Unaudited Condensed Interim Consolidated Statements of Changes in Equity		3
Unaudited Condensed Interim Consolidated Statements of Cash Flows		4
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
1)	Nature of operations and liquidity	5
2)	Statement of compliance	5
3)	Basis of preparation, material accounting policies, and future accounting changes	6
4)	Amounts receivable	7
5)	Inventory	7
6)	Other intangible assets	7
7)	Mine properties, plant and equipment	8
8)	Accounts payable and accrued liabilities	9
9)	Debt	10
10)	Issued capital	10
11)	Equity reserves	11
12)	Earnings (loss) per share	12
13)	Taxes	12
14)	Related party transactions	12
15)	Segmented disclosure	13
16)	Commitments and contingencies	15
17)	Financial instruments	16
18)	Revenues	18
19)	Expenses	19
20)	Subsequent events	19

Largo Inc.

Expressed in thousands / 000's of U.S. dollars

Unaudited Condensed Interim Consolidated Statements of Financial Position

			As at
			March 31,			December 31,
	Notes		2024			2023
Assets
Cash		$	45,656		$	42,714
Restricted cash			717			712
Amounts receivable	4		15,108			25,598
Inventory	5		48,307			61,565
Prepaid expenses			5,672			6,534
Total Current Assets			115,460			137,123
Other intangible assets	6		5,834			6,153
Mine properties, plant and equipment	7		208,204			212,176
Vanadium assets			18,788			18,674
Deferred income tax asset	13(b)		12,643			7,495
Total Non-current Assets			245,469			244,498
Total Assets		$	360,929		$	381,621
Liabilities
Current portion of lease liability		$	604		$	600
Accounts payable and accrued liabilities	8		30,378			31,439
Deferred revenue			2,813			3,553
Debt	9		3,750			-
Current portion of provisions			7,140			6,863
Total Current Liabilities			44,685			42,455
Lease liability			783			925
Non-current accounts payable and accrued liabilities	8		547			724
Long term debt	9		71,250			75,000
Provisions			6,265			6,718
Total Non-current Liabilities			78,845			83,367
Total Liabilities			123,530			125,822
Equity
Issued capital	10		412,295			412,295
Equity reserves	11		11,678			12,200
Accumulated other comprehensive loss			(103,884	)		(98,200	)
Deficit			(89,798	)		(77,643	)
Equity attributable to owners of the Company			230,291			248,652
Non-controlling Interest			7,108			7,147
Total Equity			237,399			255,799
Total Liabilities and Equity		$	360,929		$	381,621
Commitments and contingencies	7, 16
Subsequent events	20

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023	1
--The accompanying notes form an integral part of the consolidated financial statements--

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Unaudited Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

			Three Months ended
			March 31,
	Notes		2024			2023
Revenues	18	$	42,187		$	57,421
Expenses
Operating costs	19		(49,707	)		(45,931	)
Professional, consulting and management fees			(4,214	)		(5,539	)
Foreign exchange (loss) gain			(911	)		417
Other general and administrative expenses			(2,607	)		(3,273	)
Share-based payments	11		(290	)		1,342
Finance costs	19		(1,812	)		(1,426	)
Interest income			306			712
Technology start-up costs			(736	)		(2,769	)
Write-down reversal of vanadium assets			114			-
Exploration and evaluation costs			(643	)		(239	)
			(60,500	)		(56,706	)
Net income (loss) before tax		$	(18,313	)	$	715
Income tax expense	13(a)		(22	)		(333	)
Deferred income tax recovery (expense)	13(a)		5,329			(1,589	)
Net loss		$	(13,006	)	$	(1,207	)
Other comprehensive income (loss)
Items that subsequently will be reclassified to operations:
Unrealized (loss) gain on foreign currency translation			(5,684	)		4,881
Comprehensive income (loss)		$	(18,690	)	$	3,674
Net loss attributable to:
Owners of the Company		$	(12,967	)	$	(1,238	)
Non-controlling interests		$	(39	)	$	31
		$	(13,006	)	$	(1,207	)
Comprehensive income (loss) attributable to:
Owners of the Company		$	(18,651	)	$	3,643
Non-controlling interests		$	(39	)	$	31
		$	(18,690	)	$	3,674
Basic loss per Common Share	12	$	(0.20	)	$	(0.02	)
Diluted loss per Common Share	12	$	(0.20	)	$	(0.02	)
Weighted Average Number of Shares Outstanding (in 000's)
- Basic	12		64,051			64,006
- Diluted	12		64,051			64,006

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023	2
--The accompanying notes form an integral part of the consolidated financial statements--

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares

Unaudited Condensed Interim Consolidated Statements of Changes in Equity

					Attributable to owners of the Company
			Issued		Equity			Accumulated Other						Non-controlling			Shareholders'
	Shares		Capital		Reserves			Comprehensive Loss			Deficit			interest			Equity
Balance at December 31, 2022	64,006	$	411,646	$	14,138		$	(112,165	)	$	(48,227	)	$	9,162		$	274,554
Share-based payments	-		-		(1,821	)		-			479			-			(1,342	)
Exercise of restricted share units	25		311		(311	)		-			-			-			-
Currency translation adjustment	-		-		-			4,881			-			-			4,881
Net income (loss) for the period	-		-		-			-			(1,238	)		31			(1,207	)
Balance at March 31, 2023	64,031	$	411,957	$	12,006		$	(107,284	)	$	(48,986	)	$	9,193		$	276,886
Balance at December 31, 2023	64,051	$	412,295	$	12,200		$	(98,200	)	$	(77,643	)	$	7,147		$	255,799
Share-based payments	-		-		22			-			268			-			290
Expiry of stock options	-		-		(544	)		-			544			-			-
Currency translation adjustment	-		-		-			(5,684	)		-			-			(5,684	)
Net loss for the period	-		-		-			-			(12,967	)		(39	)		(13,006	)
Balance at March 31, 2024	64,051	$	412,295	$	11,678		$	(103,884	)	$	(89,798	)	$	7,108		$	237,399

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023	3
--The accompanying notes form an integral part of the consolidated financial statements--

Largo Inc.

Expressed in thousands / 000's of U.S. dollars

Unaudited Condensed Interim Consolidated Statements of Cash Flows

			Three Months ended
			March 31,
	Notes		2024			2023
Operating Activities
Net loss for the period		$	(13,006	)	$	(1,207)
Depreciation			8,724			8,044
Share-based payments	11		290			(1,342	)
Unrealized foreign exchange loss			639			19
Finance costs	19		1,812			1,426
Interest income			(306	)		(712	)
Write down reversal of vanadium assets			(114	)		-
Income tax expense	13(a)		22			333
Deferred income tax (recovery) expense	13(a)		(5,329	)		1,589
Cash (Used) Provided Before Working Capital Items			(7,268	)		8,150
Change in amounts receivable			10,228			(12,523	)
Change in inventory			12,000			6,798
Change in prepaid expenses			746			4,412
Changes in accounts payable and provisions			(140	)		(2,452	)
Change in deferred revenue			(740	)		568
Net Cash Provided by Operating Activities			14,826			4,953
Financing Activities
Receipt of debt	9		-			25,000
Interest paid			(1,520	)		-
Interest received			299			712
Lease payments			(149	)		(143	)
Change in restricted cash			(5	)		(264	)
Net Cash (Used in) Provided by Financing Activities			(1,375	)		25,305
Investing Activities
Intangible assets			-			(90	)
Mine properties, plant and equipment			(10,196	)		(14,726	)
Purchase of vanadium assets			-			(8,590	)
Net Cash Used in Investing Activities			(10,196	)		(23,406	)
Effect of foreign exchange on cash			(313	)		252
Net Change in Cash			2,942			7,104
Cash position - beginning of the period			42,714			54,471
Cash Position - end of the period		$	45,656		$	61,575

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023	4
--The accompanying notes form an integral part of the consolidated financial statements--

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

1)Nature of operations and liquidity

Largo Inc. ("the Company") is a producer and supplier of high-quality vanadium products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine located in Brazil. The Company is also focused on the ramp up of its ilmenite concentrate plant and is undertaking a strategic evaluation of its U.S.-based clean energy business, including its vanadium redox flow battery technology ("VRFB"). While the Company's Maracás Menchen Mine is producing vanadium products, future changes in market conditions and feasibility estimates could result in the Company's mineral resources not being economically recoverable.

The Company is a corporation governed by the Business Corporations Act (Ontario) and domiciled in Canada whose shares are listed on the Toronto Stock Exchange ("TSX") and on the Nasdaq Stock Market ("Nasdaq"). The head office, principal address and records office of the Company are located at 100 King Street West, Suite 1600, Toronto, Ontario, Canada M5X 1G5.

The Company has experienced declining operating results and cash flows over the course of the last year as a result of declining vanadium prices and increased costs. Since December 31, 2023, vanadium prices have declined by over 10%, which has a significant impact on the Company's forecasts. The Company has implemented changes to address underlying operating issues and has recently announced a number of initiatives at its Maracás Menchen Mine that the Company believes will reduce its operating costs and are required in order to generate positive cash flows from operating activities at current vanadium prices. Based on the information currently available and prevailing market conditions, these measures are expected to result in the Company's Maracás Menchen Mine continuing to operate at normal levels.

The Company has recently secured a 90- day working capital debt facility for up to $8,000 (note 20) and an inventory financing facility for up to $10,000 (note 20) and continues to actively pursue additional financing options to increase its liquidity and capital resources. In addition, the Company continues to evaluate strategic alternatives with respect to its Largo Clean Energy business, which may include the disposition of all or an interest in this business. There can be no assurance that the Company will be successful in achieving additional funding on terms acceptable to the Company, or at all, or be able to successfully implement strategic alternatives.

If the Company does not achieve expected vanadium and ilmenite sales volumes and prices or does not continue to operate at expected levels, the Company may have to implement alternative plans to ensure that it will have sufficient liquidity for the twelve-month period ending March 31, 2025 from continuing operations. These alternatives may impact future operating and financial performance.

These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis. The going concern basis of presentation assumes the Company will continue in operation for the foreseeable future and can realize its assets and discharge its liabilities in the normal course of business. 

2)Statement of compliance

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting.

The unaudited condensed interim consolidated financial statements were approved by the Board of Directors of the Company on May 9, 2024.

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 5

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

3)Basis of preparation, material accounting policies, and future accounting changes

The basis of presentation, and accounting policies and methods of their application in these unaudited condensed interim consolidated financial statements, including comparatives, are consistent with those used in the Company's audited annual consolidated financial statements for the year ended December 31, 2023 and should be read in conjunction with those statements.

These unaudited condensed interim consolidated financial statements are presented in thousands of U.S. dollars, unless otherwise noted. References to the symbol "C$" or "CAD" mean the Canadian dollar, references to the symbol "EUR" mean the Euro and references to the symbol "R$" or "BRL" mean the Brazilian real, the official currency of Brazil.

a)Critical judgements and estimation uncertainties

The preparation of unaudited condensed interim consolidated financial statements requires the Company's management to make judgments, estimates and assumptions about the carrying amount of its assets and liabilities that are not readily apparent from other sources. These estimates and assumptions are disclosed in note 3(d) of the Company's audited annual consolidated financial statements for the year ended December 31, 2023. There have been no significant changes to the areas of estimation and judgment during the three months ended March 31, 2024.

b)Material accounting policies

These unaudited condensed interim consolidated financial statements, including comparatives, have been prepared following the same accounting policies and methods of computation as the audited annual consolidated financial statements for the year ended December 31, 2023, with the exception of an additional accounting policy as included below.

Amendments to IAS 1, Presentation of Financial Statements, IAS 21, The Effects of Changes in Foreign Exchange Rates and IFRS 16, Leases, became effective on January 1, 2024 with no impact on the Company's unaudited condensed interim consolidated financial statements.

Assets and liabilities held for sale and discontinued operations

Non-current assets and disposal groups are classified as held for sale if their carrying value will be recovered principally through a sale transaction rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset or disposal group and the sale expected to be completed within one year from the date of the classification.

Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal ("FVLCD"). If the FVLCD is lower than the carrying amount, an impairment loss is recognized in the consolidated statements of income (loss) and comprehensive income (loss). Non-current assets are not depreciated once classified as held for sale and assets and liabilities classified as held for sale are presented separately as current items in the consolidated statements of financial position. 

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 6

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

4)Amounts receivable

		March 31,		December 31,
		2024		2023
Trade receivables	$	10,574	$	19,080
Current taxes recoverable - Brazil		4,416		5,348
Current taxes recoverable - Other		89		1,142
Other receivables		29		28
Total	$	15,108	$	25,598

5)Inventory

		March 31,		December 31,
		2024		2023
Finished products - Vanadium	$	30,946	$	43,582
Finished products - Ilmenite		1,479		672
Work-in-process		140		1,802
Stockpiles		2,441		1,328
Warehouse materials		13,301		14,181
Total	$	48,307	$	61,565

During the three months ended March 31, 2024, the Company recognized a net realizable value write-down of $4,185 for vanadium finished products (three months ended March 31, 2023 - $nil) and reversals of previously recognized net realizable value write-downs of $71 for ilmenite finished products (three months ended March 31, 2023 - $nil) and $34 for warehouse materials (three months ended March 31, 2023 - $nil). As inventory is sold, previously recorded net realizable value write-downs are reclassified from inventory write-down to direct mine and production costs or product acquisition costs as appropriate (note 19).

During the three months ended March 31, 2024, the Company recognized a net realizable value write-down of $nil for battery components (three months ended March 31, 2023 - $107), with the write-down included in technology start-up costs. The value of battery components inventory at March 31, 2024 and December 31, 2023 was $nil.

6)Other intangible assets

At March 31, 2024, the remaining estimated useful life of patents held by the Company was 6.75 years (December 31, 2023 - 7 years). At March 31, 2024, the remaining estimated useful life of capitalized software costs was 3.75 years (December 31, 2023 - 4 years).

		Intellectual
		Property		Software		Total
Cost
Balance at December 31, 2022	$	4,366	$	4,041	$	8,407
Additions		-		166		166
Balance at December 31, 2023	$	4,366	$	4,207	$	8,573
Balance at March 31, 2024	$	4,366	$	4,207	$	8,573

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 7

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

		Intellectual
		Property		Software		Total
Accumulated Depreciation
Balance at December 31, 2022	$	873	$	271	$	1,144
Depreciation		437		839		1,276
Balance at December 31, 2023	$	1,310	$	1,110	$	2,420
Depreciation		109		210		319
Balance at March 31, 2024	$	1,419	$	1,320	$	2,739
Net Book Value
At December 31, 2023	$	3,056	$	3,097	$	6,153
At March 31, 2024	$	2,947	$	2,887	$	5,834

7)Mine properties, plant and equipment

At March 31, 2024 and December 31, 2023, the Company's economic interest in the Maracás Menchen Mine totaled 99.94%. The remaining 0.06% economic interest is held by Companhia Baiana de Pesquisa Mineral ("CBPM") owned by the state of Bahia. CBPM retains a 3% net smelter royalty ("NSR") in the Maracás Menchen Mine. The property is also subject to a royalty of 2% on certain operating costs under the Brazilian Mining Act. Under a separate agreement, a third party receives a 2% NSR in the Maracás Menchen Mine.

On March 12, 2024, the Company and Stryten Energy LLC ("Stryten") (together the "Parties") signed a non- binding letter of intent to establish a new venture, owned equally by each of the Parties, that would combine the Company's wholly owned subsidiary, Largo Clean Energy Corp., with Stryten's vanadium redox flow battery business.

At March 31, 2024, the Company performed an assessment in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, and concluded that at that date, neither the Largo Clean Energy segment (refer to note 15), nor any of the non-current assets contained within that segment, met the criteria to be classified as held for sale. This includes other intangible assets (intellectual property) with a carrying amount of $2,947 (refer to note 6) and mine properties, plant and equipment with a carrying amount of $6,231. Significant judgment was applied in considering the non-binding nature of the agreement and the status of discussions at March 31, 2024 and in concluding that at March 31, 2024, the proposed transaction was not considered to be highly probable of being concluded within one year.

		Building and						Buildings,
		Computer					Mine	Plant and			Construction
		Equipment			Vehicles		Properties	Equipment			In Progress				Total
Cost
Balance at December 31, 2022	$	6,388		$	321	$	106,455	$	180,303		$	29,424		$	322,891
Additions		175			-		25,501		6,329			21,423			53,428
Credits received		(555	)		-		-		-			-			(555	)
Disposals		(370	)		-		-		(2,326	)		-			(2,696	)
Reclassifications		-			-		-		41,902			(41,902	)		-
Effects of changes in foreign
exchange rates		51			25		7,138		13,853			2,826			23,893
Balance at December 31, 2023	$	5,689		$	346	$	139,094	$	240,061		$	11,771		$	396,961

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 8

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

	Building and										Buildings,
		Computer						Mine			Plant and			Construction
		Equipment			Vehicles			Properties			Equipment			In Progress			Total
Additions		-			-			4,489			2,010			3,349			9,848
Disposals		(8	)		-			-			-			-			(8	)
Reclassifications		-			-			-			3,457			(3,457	)		-
Effects of changes in foreign
exchange rates		(17	)		(11	)		(3,578	)		(7,320	)		(364	)		(11,290	)
Balance at March 31, 2024	$	5,664		$	335		$	140,005		$	238,208		$	11,299		$	395,511
Accumulated Depreciation
Balance at December 31, 2022	$	1,575		$	265		$	38,746		$	107,068		$	-		$	147,654
Depreciation		1,324			13			8,473			18,801			-			28,611
Disposals		(370	)		-			-			(2,326	)		-			(2,696	)
Effects of changes in foreign
exchange rates		(74	)		20			2,515			8,755			-			11,216
Balance at December 31, 2023	$	2,455		$	298		$	49,734		$	132,298		$	-		$	184,785
Depreciation		130			3			3,881			3,887			-			7,901
Disposals		(8	)		-			-			-			-			(8	)
Effects of changes in foreign
exchange rates		(10	)		(9	)		(1,277	)		(4,075	)		-			(5,371	)
Balance at March 31, 2024	$	2,567		$	292		$	52,338		$	132,110		$	-		$	187,307
Net Book Value
At December 31, 2023	$	3,234		$	48		$	89,360		$	107,763		$	11,771		$	212,176
At March 31, 2024	$	3,097		$	43		$	87,667		$	106,098		$	11,299		$	208,204

Of the additions noted above, $9,801 related to the Mine Properties segment (year ended December 31, 2023 − $47,519) and $31 related to Largo Clean Energy (year ended December 31, 2023 − $85).

8)Accounts payable and accrued liabilities

		March 31,		December 31,
		2024		2023
Accounts payable	$	22,895	$	25,314
Accrued liabilities		5,693		4,531
Accrued financial costs		1,691		1,543
Other taxes		646		775
Total	$	30,925	$	32,163
Current	$	30,378	$	31,439
Non-current		547		724
Total	$	30,925	$	32,163

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 9

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

9)Debt

						March 31,			December 31,
						2024			2023
Total debt					$	75,000		$	75,000
				Cash flows
		December 31,							March 31,
		2023		Proceeds		Repayment			2024
Total debt	$	75,000	$	-	$	-		$	75,000
Total liabilities from financing activities	$	75,000	$	-	$	-		$	75,000
				Cash flows
		December 31,							December 31,
		2022		Proceeds		Repayment			2023
Total debt	$	40,000	$	70,000	$	(35,000	)	$	75,000

Credit facilities

In October 2022, the Company secured an additional debt facility of $20,000 with a bank in Brazil. Following an amendment finalized in June 2023, the facility is for three years, with the principal due for repayment at maturity. In addition to a fee of 0.80%, accrued interest at a rate of 8.51% p.a. is to be paid every six months.

In January 2023, and amended in June 2023, the Company secured a three-year debt facility of $10,000, bearing interest at 8.51% p.a. and an initial fee of 0.80%. The principal is due for repayment at maturity, with interest payments due semi-annually.

In September 2023, the Company secured a new $15,000 debt facility with a bank in Brazil and repaid in full an existing $15,000 facility. This new facility is for three years, with four equal principal repayments due semi- annually after a grace period of 540 days. Accrued interest at a rate of 8.75% p.a. is to be paid every six months.

In October 2023, the Company secured a three-year debt facility of $20,000, bearing interest at 8.95% p.a. Interest payments are due quarterly with 50% of the principal to be repaid in October 2025 and 50% to be repaid in October 2026. This new facility was used to repay in full an existing $20,000 facility.

In December 2023, the Company secured a two-year debt facility of $10,000, with the principal due for repayment at maturity. In addition to a fee of 0.85%, accrued interest at a rate of 10.45% p.a. is to be paid at maturity.

10)Issued capital

a)Authorized

Unlimited common shares without par value. 

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 10

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

b)Issued

	Three months ended			Year ended
	March 31, 2024			December 31, 2023
	Number of			Number of
	Shares		Cost	Shares		Cost
Balance, beginning of the period	64,051	$	412,295	64,006	$	411,646
Exercise of restricted share units (note 11)	-		-	45		649
Balance, end of the period	64,051	$	412,295	64,051	$	412,295

11)Equity reserves

During the three months ended March 31, 2024, the Company recognized a net share-based payment expense recovery related to the vesting and forfeiture of stock options and RSUs granted to the Company's directors, officers, employees and consultants of $290 (three months ended March 31, 2023 - expense recovery of $1,342). The total share-based payment amount was charged to operations.

	RSUs							Options								Warrants
								Weighted								Weighted
								average								average
								exercise								exercise						Total
	Number			Value		Number			price			Value		Number			price		Value			value
December 31, 2022	200		$	1,440		1,008		C$	12.55		$	5,899		342		C$	13.00	$	6,799		$	14,138
Granted1	230			891		424			6.60			901		-			-		-			1,792
Exercised	(63	)		(649	)	-			-			-		-			-		-			(649	)
Expired	-			-		(29	)		(24.00	)		(365	)	-			-		-			(365	)
Forfeited	(150	)		(852	)	(513	)		(11.26	)		(1,786	)	(14	)		-		(78	)		(2,716	)
December 31, 2023	217		$	830		890		C$	10.08		$	4,649		328		C$	13.00	$	6,721		$	12,200
Granted1	-			190		-			-			177		-			-		-			367
Expired	-			-		(32	)		(30.40	)		(544	)	-			-		-			(544	)
Forfeited	(10	)		(41	)	(78	)		(9.07	)		(304	)	-			-		-			(345	)
March 31, 2024	207		$	979		780		C$	9.35		$	3,978		328		C$	13.00	$	6,721		$	11,678

1.Value includes amounts relating to all outstanding grants.

a)RSUs

During the year ended December 31, 2023, the Company granted 230 RSUs to officers and employees of the Company. These RSUs vest over time, with one-third vesting during each of the years 2024, 2025 and 2026.

b)Stock options

				Weighted		Weighted		Weighted
				average		average		average
		No.	No.	remaining		exercise	grant date
Range of prices		outstanding	exercisable	life (years)		price	share price
C$	5.71 - 10.00	588	297	3.1	C$	6.75	C$	6.75
	15.01- 20.00	192	139	2.5		17.33		17.33
		780	436		C$	9.35

The remaining weighted average contractual life of options outstanding at March 31, 2024 was 3.0 years (December 31, 2023 - 3.1 years). 

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 11

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

c)Warrants

								Expected	Risk-free
No.	No.	Grant	Expiry	Exercise		Expected	Expected	dividend	Interest
outstanding	exercisable	Date	Date		price	volatility	life (years)	yield	rate
328	328	12/07/20	12/08/25	C$	13.00	88%	5.00	0%	0%
328	328			C$	13.00

12)Earnings (loss) per share

The total number of shares issuable from options, warrants and RSUs that are excluded from the computation of diluted earnings (loss) per share because their effect would be anti-dilutive was 1,315 for the three months ended March 31, 2024 (three months ended March 31, 2023 - 1,061).

13)Taxes

a)Tax recovery (expense)

		Three months ended
		March 31,			March 31,
		2024			2023
Income tax expense	$	(22	)	$	(333	)
Deferred income tax recovery (expense)		5,329			(1,589	)
Total	$	5,307		$	(1,922	)

b)Changes in deferred tax assets and liabilities

		March 31,			December 31,
		2024			2023
Deferred income tax asset	$	12,643		$	7,495
Net deferred income tax asset	$	12,643		$	7,495
		Three months
		ended			Year ended
		March 31,			December 31,
		2024			2023
Net deferred income tax asset, beginning of the period	$	7,495		$	4,596
Deferred income tax recovery		5,329			2,786
Effect of foreign exchange		(181	)		113
Net deferred income tax asset, end of the period	$	12,643		$	7,495

14)Related party transactions

In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company. Their remuneration was as follows:

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 12

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

		Three months ended
		March 31,		March 31,
		2024		2023
Short-term benefits	$	531	$	1,090
Share-based payments		132		129
Total	$	663	$	1,219

Refer to note 16 for additional commitments with management.

15)Segmented disclosure

The Company has six operating segments: sales & trading, mine properties, corporate, exploration and evaluation properties ("E&E properties") (included as part of inter-segment transactions & other), Largo Clean Energy and Largo Physical Vanadium. Corporate includes the corporate team that provides administrative, technical, financial and other support to all of the Company's business units, as well as being part of the Company's sales structure.

																	Inter-
											Largo			Largo			segment
		Sales &			Mine						Clean			Physical		transactions
		trading		properties			Corporate				Energy			Vanadium			& other			Total
Three months ended March 31, 2024
Revenues	$	34,803		$	21,700		$	15,269		$	-		$	-		$	(29,585	)	$	42,187
Operating costs		(29,514	)		(34,681	)		(14,783	)		-			-			29,271			(49,707	)
Professional,
consulting and																	(2) 1
management fees		(420	)		(462	)		(1,862	)		(1,322	)		(146	)					(4,214	)
Foreign exchange loss		(13	)		(868	)		(16	)		(12	)		(2	)		-			(911	)
Other general and
administrative																	(137) 1
expenses		(177	)		(770	)		(619	)		(859	)		(45	)					(2,607	)
Share-based payments		-			-			(290	)		-			-			-			(290	)
Finance costs		(5	)		(1,922	)		156			(11	)		(21	)		(9) 1			(1,812	)
Interest income		14			102			183			-			7			-			306
Technology start-up
costs		-			-			-			(736	)		-			-			(736	)
Write down reversal of
vanadium assets		-			-			-			-			114			-			114
Exploration and																	(1) 2
evaluation costs		-			(642	)		-			-			-						(643	)
		(30,115	)		(39,243	)		(17,231	)		(2,940	)		(93	)		29,122			(60,500	)
Net income (loss)
before tax		4,688			(17,543	)		(1,962	)		(2,940	)		(93	)		(463	)		(18,313	)
Income tax expense		(22	)		-			-			-			-			-			(22	)
Deferred income tax
recovery (expense)		-			5,498			(169	)		-			-			-			5,329
Net income (loss)	$	4,666		$	(12,045	)	$	(2,131	)	$	(2,940	)	$	(93	)	$	(463	)	$	(13,006	)

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 13

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

												Inter-
								Largo		Largo		segment
		Sales &		Mine				Clean		Physical	transactions
		trading	properties		Corporate			Energy		Vanadium		& other		Total
Revenues
(after inter-segment
eliminations)		34,803		7,169		215		-		-		-		42,187
At March 31, 2024
Total non-current
assets	$	10	$	191,607	$	20,358	$	9,178	$	19,622	$	4,694	$	245,469
Total assets	$	44,787	$	272,066	$	60,548	$	11,266	$	21,149	$	(48,887) 3	$	360,929
Total liabilities	$	18,061	$	113,578	$	42,236	$	5,822	$	425	$	(56,592) 4	$	123,530

1.Amounts relating to Largo Titânio Ltda. and Largo Tech Ltda., which are not an operating segment.

2.Amount relating to E&E properties.

3.Inter-segment transaction elimination of $(53,880) partially offset by Largo Titânio Ltda. and Largo Tech Ltda. total assets of $4,991 and E&E properties total assets of $2.

4.Inter-segment transaction elimination of $(56,676) partially offset by Largo Titânio Ltda. and Largo Tech Ltda. total liabilities of $84.

																	Inter-
											Largo			Largo			segment
		Sales &			Mine						Clean			Physical		transactions
		trading			properties			Corporate			Energy			Vanadium			& other			Total
Three months ended March 31, 2023
Revenues	$	50,434		$	38,582		$	38,771		$	-		$	-		$	(70,366	)	$	57,421
Operating costs		(47,927	)		(34,189	)		(37,656	)		-			-			73,841			(45,931	)
Professional,
consulting and
management fees		(446	)		(844	)		(1,687	)		(2,402	)		(160	)		-			(5,539	)
Foreign exchange gain
(loss)		54			252			87			(9	)		33			-			417
Other general and
administrative																	(104) 1
expenses		(173	)		(428	)		(1,216	)		(1,432	)		80						(3,273	)
Share-based payments		-			-			1,342			-			-			-			1,342
Finance costs		(9	)		(1,397	)		(4	)		(14	)		(1	)		(1) 1			(1,426	)
Interest income		1			517			194			-			-			-			712
Technology start-up																	(1) 1
costs		-			-			-			(2,768	)		-						(2,769	)
Exploration and																	(2) 2
evaluation costs		-			(237	)		-			-			-						(239	)
		(48,500	)		(36,326	)		(38,940	)		(6,625	)		(48	)		73,733			(56,706	)
Net income (loss) before
tax		1,934			2,256			(169	)		(6,625	)		(48	)		3,367			715
Income tax expense		(266	)		(67	)		-			-			-			-			(333	)
Deferred income tax
expense		(157	)		(1,056	)		(376	)		-			-			-			(1,589	)
Net income (loss)	$	1,511		$	1,133		$	(545	)	$	(6,625	)	$	(48	)	$	3,367		$	(1,207	)

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 14

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

												Inter-
								Largo		Largo		segment
		Sales &		Mine				Clean		Physical	transactions
		trading		properties		Corporate		Energy		Vanadium		& other		Total
Revenues
(after inter-segment
eliminations)	$	48,857	$	7,075	$	1,489	$	-	$	-	$	-	$	57,421
At December 31, 2023
Total non-current
assets	$	696	$	189,651	$	20,903	$	8,895	$	19,508	$	4,845	$	244,498
Total assets	$	55,443	$	291,410	$	77,683	$	13,203	$	21,221	$	(77,339) 3	$	381,621
Total liabilities	$	33,513	$	115,072	$	56,347	$	5,689	$	383	$	(85,182) 4	$	125,822

1.Amounts relating to Largo Titânio Ltda. and Largo Tech Ltda., which are not an operating segment.

2.Amount relating to E&E properties.

3.Inter-segment transaction elimination of $(82,231) partially offset by Largo Titânio Ltda. and Largo Tech Ltda. total assets of $4,890 and E&E properties total assets of $2.

4.Inter-segment transaction elimination of $(85,301) partially offset by Largo Titânio Ltda. and Largo Tech Ltda. total liabilities of $119.

16)Commitments and contingencies

At March 31, 2024, the Company was party to certain management and consulting contracts. Minimum commitments under the agreements are approximately $1,799 and all payable within one year. These contracts also require that additional payments of up to approximately $2,698 be made upon the occurrence of certain events such as change of control. As the triggering event has not occurred, the contingent payments have not been reflected in these consolidated financial statements.

In 2021, the Company signed a 10-year exclusive off-take agreement with a third party for the purchase of all standard and high purity grade vanadium products they produce. The first delivery occurred in December 2023 and the Company is committed to the purchase of 360 tonnes of V²O⁵ in 2024, with the Company having a right of first refusal over additional amounts.

The Company's Largo Clean Energy business is required to pay a royalty of $120 per kilowatt capacity of a licensed product until such time as the licensed patents expire or are abandoned, and $60 per kilowatt thereafter. Refer to note 7 for details of the royalties payable at the Maracás Menchen Mine.

The Company is committed to a minimum amount of rental payments under five leases of office space which expire between May 31, 2024 and May 1, 2027. Minimum rental commitments remaining under the leases are approximately $203, including $116 due within one year.

At the Company's Maracás Menchen Mine and at Largo Clean Energy, the Company has entered into purchase order contracts with remaining amounts due related to goods not received or services not rendered as of March 31, 2024 of $7,303.

The Company, through its subsidiaries, is party to legal proceedings in the ordinary course of its operations related to legally binding agreements with various third parties under supply contracts and consulting agreements. During the year ended December 31, 2022, the Company received a ruling regarding one such proceeding in Brazil. This relates to a supply agreement for the Maracás Menchen Mine which was filed with the courts in October 2014. The ruling requires the Company to pay amounts due, plus interest and legal fees. At March 31, 2024, the Company recognized a provision of R$31,480 ($6,301) in the current portion of provisions (December 31, 2023 - $6,012). The Company is awaiting a further ruling from a higher court in Brazil regarding interest and other payment terms. At March 31, 2024, the Company recognized a total provision of $6,734 for legal proceedings (December 31, 2023 - $6,447), including a provision of $433 (December 31, 2023 - $435) for labour matters. 

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 15

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

The outcome of these proceedings remains dependent on the final judgment. Management does not expect the outcome of any of the remaining proceedings to have a materially adverse effect on the results of the Company's financial position or results of operations.

17)Financial instruments

Financial assets and financial liabilities at March 31, 2024 and December 31, 2023 were as follows:

		March 31,		December 31,
		2024		2023
Cash	$	45,656	$	42,714
Restricted cash		717		712
Trade and other receivables		10,603		19,108
Accounts payable and accrued liabilities (including non-current)		30,925		32,163
Total debt		75,000		75,000

Restricted cash refers to cash amounts the Company was required to place on deposit. Refer to the liquidity risk discussion below regarding liabilities.

The Company's risk exposures and the impact on the Company's financial instruments are summarized below. There have been no changes in the risks, objectives, policies and procedures from the previous year.

a)Fair value

IFRS requires that the Company disclose information about the fair value of its financial assets and liabilities. Fair value estimates are made based on relevant market information and information about the financial instrument.

These estimates are subjective in nature and involve uncertainties in significant matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates.

The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly such as those derived from prices.

•Level 3 inputs are unobservable inputs for the asset or liability.

The carrying amounts for trade receivables, amounts receivable and accounts payable and accrued liabilities in the unaudited condensed interim consolidated statements of financial position approximate fair values because of the limited term of these instruments. Cash and restricted cash are classified as FVTPL and included in level 1. The debt facilities were secured at interest rates consistent with the rates seen at March 31, 2024, and without any debt issuance costs and thus the carrying amount of debt approximates fair value.

There have been no changes in the classification of financial instruments in the fair value hierarchy since December 31, 2023. The Company does not have any financial instruments measured using Level 3 inputs. The Company does not offset financial assets with financial liabilities and there were no transfers between Level 1 and Level 2 input financial instruments.

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 16

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

b)Credit risk

The Company's maximum amount of credit risk is attributable to cash, restricted cash and amounts receivable.

The Company minimizes its credit risk with respect to cash by placing its funds on deposit with the highest rated banks in Canada, Ireland, the U.S. and Brazil. Financial instruments included in amounts receivable consist primarily of receivables from unrelated companies. Sales to customers outside of Brazil are protected either by the Company's credit insurance policies, which establishes credit limits for each customer, or by the Company requiring letters of credit or up-front payment prior to delivery occurring.

Of the total trade receivables balance of $10,574, $2,027 relates to customers in Brazil, which are not covered by the Company's credit insurance policies. The ratings for these companies range from AA to AAA. The Company applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.

To measure expected credit losses, trade receivables are grouped based on risk characteristics and due dates. At March 31, 2024, no amounts are past due and in the three months ended March 31, 2024, the Company has not experienced any credit losses. At March 31, 2024, the loss allowance for trade receivables was determined to be $nil (December 31, 2023 - $nil). There have been no write offs of trade receivables.

c)Liquidity risk

The following table details the Company's expected remaining contractual cash flow requirements at March 31, 2024 for its financial liabilities with agreed repayment periods.

		Less than		6 months
		6 months		to 1 year		1 to 3 years		Over 3 years
Accounts payable and accrued
liabilities (note 8)	$	30,378	$	-	$	547	$	-
Debt (note 9)		-		3,750		71,250		-
Purchase commitments		8,247		957		74		13
Total	$	38,625	$	4,707	$	71,871	$	13

The Company's principal sources of liquidity are its cash flows from operating activities and cash of $45,656 (December 31, 2023 - $42,714). Refer to note 16 for other commitments and contingencies.

d)Market risk

Interest rate risk

The Company's interest rate exposure is limited to that portion of its debt that is subject to floating interest rates. At March 31, 2024, the Company had no debt that is subject to floating interest rates and does not have any exposure to floating interest rates.

Foreign currency risk

At March 31, 2024, the Company's outstanding debt is 100% denominated in U.S. dollars (December 31, 2023 - 100% U.S. dollar denominated).

The impact of fluctuations in foreign currency on cash and debt relates primarily to fluctuations between the U.S. dollar, the Canadian dollar, the Brazilian real and the Euro. At March 31, 2024, the Company's U.S. dollar functional currency entities had cash denominated in Canadian dollars and Euros, and the Company's Brazilian real functional currency entities had cash and debt denominated in U.S. dollars.

A 5% change in the value of the Canadian dollar and the Euro relative to the U.S. dollar would affect the value of these cash balances at March 31, 2024 by approximately $113. A 5% change in the value of the

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 17

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

Brazilian real relative to the U.S. dollar would affect the value of Brazilian real cash balances by approximately $6.

Price risk

The Company does not have any financial instruments with significant exposure to price risk.

18)Revenues

		Three months ended
		March 31,		March 31,
		2024		2023
V2O5 revenues
Produced products	$	21,558	$	34,526
Purchased products		988		2,528
		22,546		37,054
V2O3 revenues
Produced products	$	6,203	$	1,483
Purchased products		-		1,155
		6,203		2,638
FeV revenues
Produced products	$	12,249	$	17,428
Purchased products		1,120		301
		13,369		17,729
Vanadium sales from contracts with customers	$	42,118	$	57,421
Ilmenite sales from contracts with customers		69		-
	$	42,187	$	57,421

In the three months ended March 31, 2024, the Company's revenues were from transactions with multiple customers, including two customers who each represented more than 10% of revenues. Total revenues with each of these two customers were $12,360 (included in the Sales & trading segment) and $4,751 (included across both the Sales & trading and Mine properties segments).

The Company's V²O³ revenues were predominantly from transactions with one customer, with V²O⁵ revenues including four customers who each represented more than 10% of V²O⁵ revenues and FeV revenues including three customers who each represented more than 10% of FeV revenues.

In the three months ended March 31, 2023, the Company's revenues include transactions with two customers who each represented more than 10% of revenues. Total revenues with each of these two customers were $13,820 (included in the Sales & trading segment) and $7,939 (included across both the Sales & trading and Mine properties segments). The Company's V²O³ revenues in that period were predominantly from one customer, with V²O⁵ revenues including four customers who each represented more than 10% of V²O⁵ revenues and FeV revenues including three customers who each represented more than 10% of FeV revenues. 

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 18

Largo Inc.

Expressed in thousands / 000's of U.S. dollars and shares (except per share information)

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

19)Expenses

		Three months ended
		March 31,		March 31,
		2024		2023
Operating costs:
Direct mine and production costs	$	29,939	$	28,419
Conversion costs		2,023		1,918
Product acquisition costs		2,050		4,178
Royalties		1,673		2,445
Distribution costs		1,818		1,447
Inventory write-down (note 5)		4,080		-
Depreciation and amortization		8,077		7,251
Iron ore costs		-		273
Ilmenite costs		47		-
	$	49,707	$	45,931
Finance costs:
Interest expense and fees	$	1,717	$	1,351
Interest on lease liabilities		11		14
Accretion		84		61
	$	1,812	$	1,426

20)Subsequent events

In May 2024, the Company secured a working capital debt facility with a bank in Brazil for a total limit of $8,000. Drawdowns on the facility are repayable in 90 days together with accrued interest at a rate of 8.25% p.a., with renewals subject to approval by the bank. On May 10, 2024, the Company received $7,813 from this facility.

On May 15, 2024, the Company received a tax refund in Brazil of of R$18,005 ($3,500).

On May 15, 2024, the Company signed a binding term sheet for up to $10,000 in inventory financing. Under the terms of this facility, which shall have a minimum duration of 12 months, the Company will use its vanadium finished products inventory to secure drawdowns of up to $10,000 for a maximum period of 90 days. Amounts repaid will include a commission fee of 1%, interest at an expected rate of the U.S. Secured Overnight Financing Rate ("SOFR") plus 2.5% and other direct costs.

Unaudited Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2024 and 2023 19

EX-99.2

Management's Discussion and Analysis

For The Three Months Ended March 31, 2024

Table of contents

To Our Shareholders	1
The Company	1
Q1 2024 Highlights	1
Significant Events and Transactions Subsequent to Q1 2024	1
Q1 2024 Summary	2
Selected Quarterly Information	8
2024 Guidance	8
Operations	9
Financial Instruments	11
Liquidity And Capital Resources	11
Outstanding Share Data	12
Transactions With Related Parties	13
Commitments And Contingencies	13
Disclosure Controls And Procedures And Internal Controls Over Financial Reporting	14
Significant Accounting Judgments, Estimates And Assumptions	14
Changes In Accounting Policies	15
Non-GAAP Measures	15
Risks And Uncertainties	18
Cautionary Statement Regarding Forward-Looking Information	18
Additional Information	24

To Our Shareholders

The following Management's Discussion and Analysis ("MD&A") relates to the financial condition and results of operations of Largo Inc. ("we", "our", "us", "Largo", or the "Company") for the quarter ended March 31, 2024 ("Q1 2024") and should be read in conjunction with (i) the unaudited condensed interim consolidated financial statements and related notes for the same period, (ii) the audited annual consolidated financial statements and related notes for the year ended December 31, 2023 and (iii) the MD&A for the year ended December 31, 2023. Note references in the following discussion refer to the note disclosures contained in the Q1 2024 unaudited condensed interim consolidated financial statements. References in the following discussion to "Q1 2023" refer to the quarter ended March 31, 2023.

The financial statements and related notes of Largo have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to a going concern. Certain non-GAAP measures are discussed in this MD&A, which are clearly disclosed as such. Additional information about the Company has been filed electronically through SEDAR+ and is available online under the Company's profile at www.sedarplus.ca and www.sec.gov.

This MD&A reports the Company's activities through May 15, 2024, unless otherwise indicated. References to "the date of this MD&A" mean May 15, 2024. Except as otherwise set out herein, all amounts expressed herein are in thousands of U.S. dollars, denominated by "$". The Company's shares, options, units and warrants are expressed in thousands. Prices are not expressed in thousands. References to the symbol "C$" mean the Canadian dollar and references to the symbol "R$" mean the Brazilian real.

Mr. Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission), is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this MD&A.

The Company

Largo is a Canadian based company that is one of the world's leading high-quality vanadium suppliers with its VPURE^TM and VPURE+^TM products, which are sourced from the Company's Maracás Menchen Mine in Brazil. The Company is also focused on the ramp up of its ilmenite concentrate plant and is undertaking a strategic evaluation of its U.S.-based clean energy business, including its vanadium redox flow battery technology ("VRFB"). The Company's strategic business plan is centered around maintaining its position as a leading vanadium supplier with a growth strategy to support a low-carbon future.

The Company is organized and exists under the Business Corporations Act (Ontario) and its common shares are listed on the Toronto Stock Exchange under the symbol "LGO" and on the Nasdaq Stock Market under the symbol "LGO".

Q1 2024 Highlights

•The Company recorded net loss before tax of $18,313 for Q1 2024 and a net loss of $13,006.

•The Company's Maracás Menchen Mine produced 1,729 tonnes of vanadium pentoxide ("V₂O₅") equivalent in Q1 2024 and had sales of 2,765 tonnes of V₂O₅ equivalent (including 156 tonnes of purchased products).

•On March 18, 2024, the Company announced that it and Stryten Energy LLC ("Stryten") (together the "Parties") had signed a non-binding letter of intent to establish a new venture, owned equally by each of the Parties, that would combine the Company's wholly owned subsidiary, Largo Clean Energy Corp., with Stryten's vanadium redox flow battery business. The Parties will use reasonable efforts to negotiate toward the execution, subject to the Parties agreement in their sole discretion, of definitive transaction agreements. Discussions and evaluations of potential structures are continuing.

Significant Events and Transactions Subsequent to Q1 2024

•In May 2024, the Company secured a working capital debt facility with a bank in Brazil for a total limit of $8,000. Drawdowns on the facility are repayable in 90 days together with accrued interest at a rate of 8.25% p.a., with renewals subject to approval by the bank. On May 10, 2024, the Company received $7,813 from this facility.

•On May 15, 2024, the Company received a tax refund in Brazil of of R$18,005 ($3,500).

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    1

•On May 15, 2024, the Company signed a binding term sheet for up to $10,000 in inventory financing. Under the terms of this facility, which shall have a minimum duration of 12 months, the Company will use its vanadium finished products inventory to secure drawdowns of up to $10,000 for a maximum period of 90 days. Amounts repaid will include a commission fee of 1%, interest at an expected rate of the U.S. Secured Overnight Financing Rate ("SOFR") plus 2.5% and other direct costs.

Q1 2024 Summary

Financial

		Three months ended
		March 31,			March 31,
		2024			2023			Movement
Revenues	$	42,187		$	57,421		$	(15,234	)	(27%)
Operating costs		(49,707	)		(45,931	)		(3,776	)	8%
Direct mine and production costs		(29,939	)		(28,419	)		(1,520	)	5%
Professional, consulting and management fees		(4,214	)		(5,539	)		1,325		(24%)
Foreign exchange (loss) gains		(911	)		417			(1,328	)	(318%)
Other general and administrative expenses		(2,607	)		(3,273	)		666		(20%)
Share-based payments		(290	)		1,342			(1,632	)	(122%)
Finance costs		(1,812	)		(1,426	)		(386	)	27%
Interest income		306			712			(406	)	(57%)
Technology start-up costs		(736	)		(2,769	)		2,033		(73%)
Write down of vanadium assets		114			-			114		100%
Exploration and evaluation costs		(643	)		(239	)		(404	)	169%
		(60,500	)		(56,706	)		(3,794	)	7%
Net income (loss) before tax	$	(18,313	)	$	715		$	(19,028	)	(2,661%)
Income tax expense		(22	)		(333	)		311		(93%)
Deferred income tax recovery (expense)		5,329			(1,589	)		6,918		(435%)
Net loss	$	(13,006	)	$	(1,207	)	$	(11,799	)	978%
Unrealized (loss) gain on foreign currency translation		(5,684	)		4,881			(10,565	)	(216%)
Comprehensive income (loss)	$	(18,690	)	$	3,674		$	(22,364	)	(609%)
Basic loss per share (note 12)	$	(0.20	)	$	(0.02	)	$	(0.18	)	900%
Diluted loss per share (note 12)	$	(0.20	)	$	(0.02	)	$	(0.18	)	900%
Adjusted EBITDA1	$	(3,626	)	$	9,592		$	(13,218	)	(138%)
Cash (used) provided before working capital items	$	(7,268	)	$	8,150		$	(15,418	)	(189%)
Net cash provided by operating activities		14,826			4,953			9,873		199%
Net cash (used in) provided by financing activities		(1,375	)		25,305			(26,680	)	(105%)
Net cash used in investing activities		(10,196	)		(23,406	)		13,210		(56%)
Net change in cash	$	2,942		$	7,104		$	(4,162	)	(59%)

1.Adjusted EBITDA is a non-GAAP financial measure with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this MD&A.

The movements in the discussion below refer to those shown in the previous table.

•The Company recorded a net loss of $13,006 in Q1 2024, compared with a net loss of $1,207 in Q1 2023. This movement was primarily due to a 27% decrease in revenues and a 8% increase in operating costs, partially offset by a 24% decrease in professional, consulting and management fees and a 73% decrease in technology start-up costs.

Commercial

•In Q1 2024, the Company sold 2,765 tonnes of V₂O₅ equivalent (Q1 2023 - 2,849 tonnes), including 156 tonnes of purchased products (Q1 2023 - 245 tonnes). This is within the Q1 2024 guidance range of 2,300 to 2,800 tonnes of V₂O₅ equivalent. Produced V₂O₅ equivalent sold narrowly increased, with 5,753 (000s lb) sold in Q1 2024, as compared with 5,741 (000s lb) sold in Q1 2023. 

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    2

•In Q1 2024, the Company also sold 513 tonnes of ilmenite, which missed the Q1 2024 guidance range of 8,500 to 10,500 tonnes of ilmenite due to operational and administrative delays. The Company expects ilmenite sales to increase together with production in the coming quarters.

•The Company delivered both standard grade and high purity V₂O₅, as well as vanadium trioxide ("V₂O₃") and ferrovanadium ("FeV") to customers globally. The Company's sales are geographically diversified, with approximately 40% of deliveries occurring in Europe, 30% in North America and the remainder in South America and Asia.

•The Company continues to actively manage its logistics and supply chain operations to provide premium products and service to its customers. There were no significant logistical challenges during the quarter.

•The average benchmark prices per lb of V₂O₅ in Europe and the average benchmark prices per kg of FeV in Europe were as follows:

				March 31,		March 31,
				2024		2023	Movement
V2O5 Europe (per lb)	-	Three months ended	$	6.44	$	10.39	(38)%
	-	As at	$	6.25	$	10.13	(38)%
FeV Europe (per kg)	-	Three months ended	$	27.96	$	39.46	(29)%
	-	As at	$	27.05	$	38.50	(30)%

•Spot demand in Q1 2024 was soft, primarily due to adverse conditions in the Chinese and European steel industries. However, strong demand from the aerospace sector continued. Demand in the energy storage market is anticipated to increase in future quarters, specifically in China. The Company maintained a strong focus on developing new markets for its high purity products during the period.

•In 2021, the Company signed a 10-year exclusive off-take agreement with a third party for the purchase of all standard and high purity grade vanadium products they produce. The first delivery occurred in December 2023 and the Company is committed to the purchase of 360 tonnes of V₂O₅ in 2024.

•Largo Physical Vanadium Corp. ("LPV") has deployed its available capital and is focused on marketing and strategic initiatives to establish its business model.

•Subsequent to Q1 2024, sales in April 2024 were 757 tonnes of V₂O₅ equivalent and 8,363 dry tonnes of ilmenite.

•During Q1 2024, the Company recognized revenues from vanadium sales of $42,118 (Q1 2023 - $57,421) from sales of 2,765 tonnes of V₂O₅ equivalent (Q1 2023 - 2,849 tonnes). Of the total revenues, $34,803 is related to the Sales & trading segment, $7,169 is related to the Mine properties segment and $215 is related to the Corporate segment (after the elimination of inter-segment transactions).

			Three months ended
			March 31,		March 31,
			2024		2023
V2O5 revenues per pound of V2O5 sold1, 2
	-  Produced material	$	6.93	$	9.09
	-  Purchased material	$	5.61	$	8.18
	- Total	$	6.85	$	9.02
V2O3 revenues per pound of V2O3 sold1, 2
	- Produced material	$	9.29	$	11.07
	- Purchased material	$	- $	$	13.13
	- Total	$	9.29	$	11.83

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    3

			Three months ended
			March 31,		March 31,
			2024		2023
FeV revenues per kg of FeV sold1, 2
	- Produced material	$	21.53	$	30.68
	- Purchased material	$	21.96	$	30.10
	- Total	$	21.56	$	30.67
Revenues per pound sold1, 2		$	6.91	$	9.14

1.V₂O₅ revenues per pound of V₂O₅ sold, V₂O₃ revenues per pound of V₂O₃ sold, FeV revenues per kg of FeV sold and revenues per pound sold are non-GAAP ratios with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non- GAAP Measures" section of this MD&A.

2.Calculated based on the quantity sold during the stated period.

Costs

•Operating costs of $49,707 in Q1 2024 (Q1 2023 - $45,931) include direct mine and production costs of $29,939 (Q1 2023 - $28,419), conversion costs of $2,023 (Q1 2023 - $1,918), product acquisition costs of $2,050 (Q1 2023 - $4,178), royalties of $1,673 (Q1 2023 - $2,445), distribution costs of $1,818 (Q1 2023 - $1,447), inventory write-down of $4,080 (Q1 2023 - $nil), depreciation and amortization of $8,077 (Q1 2023 - $7,251), iron ore costs of $nil (Q1 2023 - $273) and ilmenite costs of $47 (Q1 2023 - $nil).

•The increase seen in direct mine and production costs in Q1 2024 as compared with Q1 2023 reflects the impact of the scheduled plant shutdown in Q1 2024 and the associated lower global recoveries and higher costs as the plant resumed operations. During the shutdown, the kiln refractory was replaced and annual maintenance activities were performed in the crushing, milling, ilmenite, leaching and chemical sections of the plant. The inventory write-down of $4,080 includes a write-down of vanadium finished products of $4,185 (including a write-down reversal of purchased products of $341), partially offset by a reversal of previously recognized write-downs of $71 for ilmenite finished products and $34 for warehouse materials. Of the total operating costs, $33,744 is related to the Sales & trading segment, $15,687 is related to the Mine properties segment and $276 is related to the Corporate segment (after the elimination of inter-segment transactions).

		Three months ended
		March 31,		March 31,
		2024		2023
Cash operating costs per pound1	$	6.41	$	5.58
Cash operating costs excluding royalties per pound1	$	6.12	$	5.15

1.Cash operating costs per pound and cash operating costs excluding royalties per pound are non-GAAP ratios with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this MD&A.

•Cash operating costs excluding royalties per pound¹ were $6.12 per lb in Q1 2024, compared with $5.15 for Q1 2023. The increase seen in Q1 2024 compared with Q1 2023 is largely due to the reasons noted above for operating costs, including a write-down of produced vanadium products of $4,526. Increased quantities of ore mined and lower grades also impacted the financial performance. The Company is actively working to achieve operational stability and operating norms in order to better manage its unit costs. The Company has implemented a number of initiatives with the goal of reducing production costs and improving productivity, including reducing haulage distances, reducing the number of contractors and a comprehensive review of all contracts. Produced V²O⁵ equivalent sold narrowly increased as compared with Q1 2023, with 5,753 (000s lb) sold in Q1 2024, as compared with 5,741 (000s lb) sold in Q1 2023.

•Professional, consulting and management fees in Q1 2024 decreased from Q1 2023 by 24%. The decrease is primarily due to reduced activity and headcount at LCE as a result of the initiation of the strategic review. Of the total professional, consulting and management fee expense in Q1 2024, $420 related to the Sales & trading segment (Q1 2023 - $446), $462 related to the Mine properties segment (Q1 2023 - $844), $1,862 related to Corporate (Q1 2023 - $1,687), $1,322 related to Largo Clean Energy (Q1 2023 - $2,402) and $146 related to Largo Physical Vanadium (Q1 2023 - $160).

________________________________________________________

1The cash operating costs per pound and cash operating costs excluding royalties per pound reported are on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this MDA.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    4

•Other general and administrative expenses in Q1 2024 decreased from Q1 2023 by 20%. The decrease is primarily attributable to reduced activity at LCE as a result of the initiation of the strategic review. The increase seen in the Mine properties segment is primarily due to an increase in legal provisions of $491. Of the total other general and administrative expenses in Q1 2024, $177 related to the Sales & trading segment (Q1 2023 - $173), $770 related to the Mine properties segment (Q1 2023 - $428), $619 related to Corporate (Q1 2023 - $1,216), $859 related to Largo Clean Energy (Q1 2023 - $1,432) and $45 related to Largo Physical Vanadium (Q1 2023 - $80).

•Share-based payments in Q1 2024 increased by 122% from an expense recovery in Q1 2023 to an expense of $290. The increase was attributable to the Q1 2023 reversal of share-based payment expenditures on forfeited unvested stock options and restricted share units. The total in Q1 2024 was related to the Corporate segment (Q1 2023 - recovery of $1,216).

•Finance costs in Q1 2024 increased from Q1 2023 by 27% (or $386), which is primarily attributable to increased interest rates on the Company's debt in Q1 2024 as compared with Q1 2023.

•Technology start-up costs in Q1 2024 decreased from Q1 2023 by 73%. This is primarily attributable to a write down of battery components inventory in Q1 2023 of $107 and a decrease in activities at LCE in Q1 2024 as the installation of its battery project nears conclusion.

•Comprehensive loss for Q1 2024 decreased from Q1 2023 by 609% after an increase in the unrealized loss on foreign currency translation of 216%. The unrealized loss on foreign currency translation in Q1 2024 is primarily due to a strengthening of the Brazilian real against the U.S. dollar by approximately 3% since December 31, 2023.

•Comprehensive loss for Q1 2024 decreased from Q1 2023 by 609% primarily due an increase in net loss of 978% and a decrease in the unrealized gain on foreign currency translation of 216%. The unrealized loss on foreign currency translation in Q1 2024 is primarily due to a weakening of the Brazilian Real against the U.S. Dollar by approximately 3% since December 31, 2023.

Non-recurring Items

•During Q1 2024, the Company recognized a net realizable value write-down of $4,185 for vanadium finished products (Q1 2023 - $nil), a net realizable value write-down reversal of $71 for ilmenite finished products (Q1 2023 - $nil) and a reversal of $34 for warehouse materials (Q1 2023 - $nil). The total inventory write- down of $4,080 (Q1 2023 - $nil) is included in operating costs (note 19).

•During Q1 2024, the Company recognized a write down reversal of vanadium assets of $114 (Q1 2023 - $nil).

•During Q1 2024, the Company recognized an increase in provisions in other general and administrative expenses of $491 (Q1 2023 - $119).

Cash Flows

•In Q1 2024, cash provided by operating activities was $14,826, compared with $4,953 in Q1 2023. This movement is primarily due to a net increase in working capital items of $25,291, partially offset by a decrease in cash provided before working capital items of $15,418. The net movement in working capital items is largely driven by movements in amounts receivable and inventory.

•Cash used in financing activities in Q1 2024 was $1,375, compared with cash provided by financing activities in Q1 2023 of $25,305. The movement is primarily due to the receipt of debt in Q1 2023 of $25,000.

•Cash used in investing activities in Q1 2024 of $10,196 is a decrease from the $23,406 seen in Q1 2023. This is primarily due to capital expenditures for the ilmenite project and purchases of vanadium assets in Q1 2023.

•The net change in cash in Q1 2024 was an increase of $2,942, compared with an increase of $7,104 in Q1 2023.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    5

Net income reconciliation

			Q1 2024
Total V2O5 equivalent sold	000s lbs		6,096	A
	tonnes1		2,765
Produced V2O5 equivalent sold	000s lbs		5,753	B
	tonnes1		2,610
Revenues per pound sold2	$/lb	$	6.91	C
Cash operating costs per pound3	$/lb	$	6.41	D

1.Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.

2.Revenues per pound sold is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this MD&A.

3.Cash operating costs per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this MD&A.

Q1 2024
			A x C
Revenues - vanadium		$   42,118	2,765 tonnes of V2O5 equivalent sold (Q1 2023 - 2,849 tonnes), with revenues per pound sold of $6.91 (Q1 2023 - $9.14)
Revenues - ilmenite		69	Note 18
			B x D
			Global recovery of 70.5% (Q1 2023 -
Cash operating costs		(36,879)	83.0%), impact of increased mining costs
			and cost increases for critical consumables
Other operating costs
Conversion costs (costs incurred in converting V2O5 to FeV recognized on sale of FeV)	(2,023)		Note 19 569 tonnes of produced FeV sold
Product acquisition costs (costs incurred in purchasing products from 3rd parties recognized on sale of products)	(2,050)		Note 19 156 tonnes of V2O5 equivalent of purchased products sold, compared with 245 tonnes in Q1 2023 with a cost of $4,178
Distribution costs	(1,818)		Note 19
Depreciation	(8,077)		Note 19
Inventory write-down (expense) reversal	446
Movement in legal provisions	(491)		Included in "other general and administrative expenses"
Ilmenite costs	(47)		Note 19
Iron ore costs	-		Note 19
		(14,060)
Commercial & Corporate costs
Professional, consulting and management fees	(2,282)
Other general and administrative expenses	(796)		Note 15 (Sales & trading plus Corporate)
Share-based payments	(290)
		(3,368)

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    6

Q1 2024
LCE	(2,917)	Note 15 (excluding finance costs, foreign
		exchange and interest income)
LPV	(191)	Note 15 (excluding finance costs, foreign
		exchange and interest income)
Titanium project	(139)	Note 15 - "other"
Foreign exchange loss	(911)
Finance costs	(1,812)
Interest income	306
Write-down reversal of vanadium assets	114
Exploration and evaluation costs	(643)
Net income (loss) before tax	(18,313)
Income tax expense	(22)
Deferred income tax recovery	5,329
Net loss	$(13,006)

Note references in the table above refer to the note disclosures contained in the Q1 2024 unaudited condensed interim consolidated financial statements.

Operations

•V₂O₅ equivalent production in Q1 2024 was 18% lower than the 2,111 tonnes produced in Q1 2023 and 38% lower than the 2,768 tonnes produced in Q4 2023. Production in January 2024 was 582 tonnes, with 276 tonnes produced in February and 871 tonnes produced in March, for a total of 1,729 tonnes of V₂O₅ equivalent produced. The lower production in Q1 2024 is due to the scheduled plant shutdown, during which the kiln refractory was replaced and annual maintenance activities were performed in the crushing, milling, ilmenite, leaching and chemical sections of the plant.

•Production quantities and non-GAAP unit cost measures are summarized in the following table:

		Production	Average Quarterly	Cash operating costs
	Production	Pounds	V2O5 price2	excluding royalties
Period	Tonnes	Equivalent1	$/lb	per pound3 $/lb
Q1 2024	1,729	3,811,788	$6.44	$6.12
Q4 2023	2,768	6,102,388	$6.46	$5.44
Q3 2023	2,163	4,768,593	$8.03	$5.44
Q2 2023	2,639	5,817,992	$8.46	$5.18
Q1 2023	2,111	4,653,953	$10.39	$5.15
Q4 2022	2,004	4,418,058	$8.25	$5.15
Q3 2022	2,906	6,406,626	$8.23	$4.86
Q2 2022	3,084	6,799,048	$11.08	$4.23

1.Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.

2.Average benchmark price per lb of V₂O₅ in Europe for the stated period.

3.Cash operating costs excluding royalties per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this MD&A.

•The global recovery achieved in Q1 2024 was 70.5%, a decrease of 15.1% from the 83.0% achieved in Q1 2023 and 11.2% lower than the 79.4% achieved in Q4 2023. The global recovery in January 2024 was 71.1%, with 72.0% achieved in February and 70.1% achieved in March. The global recovery was impacted by lower V₂O₅ grades in the processed ore.

•In accordance with the mine plan, the Company mined and processed disseminated ore during Q1 2024, with lower magnetic grades. This impacted the crushing and milling recoveries, and the higher silica content of this ore impacted the kiln recovery. This resulted in the lower global recovery achieved in Q1 2024 of 70.5%.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    7

•In Q1 2024, the Company produced 847 V₂O₅ equivalent tonnes of high purity products, including 650 tonnes of high purity V₂O₅ and 197 tonnes of high purity V₂O₃ (V₂O₅ equivalent). This represented 49% of the total quarterly production, in-line with production in Q1 2023.

•The total ore mined in Q1 2024 was 604,231 tonnes, an increase of 27% from Q4 2023 and 77% higher than the 341,967 tonnes mined in Q1 2023. The effective grade of ore mined in Q1 2024 was 0.53%, down from the 0.81% seen in Q4 2023 and the 0.81% seen in Q1 2023.

•The Company produced 9,563 tonnes of ilmenite concentrate in Q1 2024, an increase of 6.6% from Q4 2023. The production of ilmenite was 5,100 tonnes in January, 2,000 tonnes in February and 2,463 tonnes in March. The total production of 9,563 tonnes was just below the Company's guidance for Q1 2024 of 10,000 to 12,000 tonnes of ilmenite concentrate.

•Actions were taken to increase crushing availability and crushing output levels increased as compared with 2023. Total ore crushed in Q1 2024 was 11% higher than in Q4 2023 and 50% higher than in Q1 2023.

•Subsequent to Q1 2024, production in April 2024 was 753 tonnes of V₂O₅ equivalent (including 159 V₂O₅ equivalent tonnes of high purity products) and 2,374 tonnes of ilmenite concentrate.

Selected Quarterly Information

Summary financial information for the eight quarters ended March 31, 2024, in accordance with IFRS (in thousands of U.S. dollars, except for basic earnings (loss) per share and diluted earnings (loss) per share):

							Basic (Loss)			Diluted (Loss)
				Net (Loss)			Earnings per			Earnings per					Non-current
Period		Revenue		Income			Share			Share			Total Assets		Liabilities
Q1 2024	$	42,187	$	(13,006	)	$	(0.20	)	$	(0.20	)	$	360,929	$	78,845
Q4 2023		44,170		(13,301	)		(0.21	)		(0.21	)		381,621		83,367
Q3 2023		43,983		(11,884	)		(0.19	)		(0.19	)		372,246		63,264
Q2 2023		53,110		(5,966	)		(0.09	)		(0.09	)		393,319		54,582
Q1 2023		57,421		(1,207	)		(0.02	)		(0.02	)		382,444		62,168
Q4 2022		47,501		(15,636	)		(0.24	)		(0.24	)		355,750		42,223
Q3 2022		54,258		(2,601	)		(0.04	)		(0.04	)		347,569		6,187
Q2 2022		84,804		17,965			0.28			0.28			358,739		6,700

For Q1 2024, the Company recorded a net loss of $13,006, compared with a net loss of $1,207 for Q1 2023. This movement was primarily attributable to a 27% decrease in revenues. The decrease in total assets in Q1 2024 is primarily due to decreases in amounts receivable and inventory.

The higher revenues and resulting net income seen in Q2 2022 is primarily due to the highest average quarterly V₂O₅ price per pound as seen in the table on the previous page, as well as sales of 3,291 tonnes of V₂O₅ equivalent (2,765 tonnes of V₂O₅ equivalent in Q1 2024).

2024 Guidance

The Company has committed a significant proportion of its monthly production in 2024 to sales of its VPURE+^TM and VPURE^TM products, as well as FeV produced from VPURE^TM.

The Company's Maracás Menchen Mine continued operations during Q1 2024. Although there have been some challenges with production instability and ore availability, there continues to be no significant impact on the Company's production or on the shipment of products out of Maracás. To date, there continues to be no significant disruption to the Company's supply chain for its operations and the level of critical consumables continues to be at normal levels.

The Company continues to monitor ongoing geopolitical uncertainties the impact that these may have on the Company's operations, sales and guidance for 2024. Ongoing developments may significantly change the guidance and forecasts presented and will, if and when necessary, update its guidance accordingly. Refer to the Company's Annual Information Form for the year ended December 31, 2023 for the full discussion of the Company's Risks and Uncertainties. The Company's 2024 guidance is presented on a "business as usual" basis.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    8

		2024 Guidance
Annual V2O5 equivalent production	tonnes	9,000 - 11,000
Annual V2O5 equivalent sales1	tonnes	8,700 - 10,700
Cash operating costs excluding royalties per pound2	$/lb	4.50 - 5.50
Annual ilmenite concentrate production	tonnes	73,000 - 85,000
Annual ilmenite concentrate sales	tonnes	60,000 - 67,000
Vanadium distribution costs	$	6,000 - 8,000
Ilmenite concentrate distribution costs	$	2,000 - 4,000
Corporate and Sales & trading administrative costs3	$	7,500 - 8,500
LCE operational costs4	$	7,000 - 9,000
Capital expenditures - components		12,800 - 14,800
Sustaining capital expenditures (excluding capitalized stripping costs)	$
Capitalized stripping costs	$	14,600 - 16,600
Ilmenite concentration plant capital expenditure	$	1,000 - 2,000

Vanadium	Q2		Q3		Q4		2023
	Low	High	Low	High	Low	High	Low	High
Production (tonnes V2O5)	2,400	2,900	2,550	3,050	2,350	2,850	9,000	11,000
Sales1 (tonnes V2O5)	2,100	2,600	2,100	2,600	2,200	2,700	8,700	10,700
Cash op. costs excl. royalties2 ($/lb)	4.50	5.50	4.50	5.50	4.50	5.50	4.50	5.50
Ilmenite	Q2		Q3		Q4		2023
Concentrate	Low	High	Low	High	Low	High	Low	High
Production (tonnes)	18,000	21,000	21,000	24,000	24,000	28,000	73,000	85,000
Sales (tonnes)	9,500	11,500	19,500	21,000	22,500	24,000	60,000	67,000

1.Annual sales guidance does not include purchased products.

2.Cash operating costs excluding royalties per pound is a non-GAAP ratio with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Measures" section of this MD&A.

3.Consists of the total of professional, consulting and management fees and other general and administrative expenses for the Corporate and Sales & Trading segments.

4.Consists of the total of professional, consulting and management fees, other general and administrative expenses and technology start-up costs for the LCE segment.

Operations

Maracás Menchen Mine

Recent Developments

Expenditures of $9,848 were capitalized to mine properties, plant and equipment during Q1 2024 (year ended December 31, 2023 - $53,428), including $4,798 of capitalized waste stripping costs (2023 - $24,404).

The production of 1,729 tonnes of V²O⁵ equivalent in Q1 2024 was 18% lower than the 2,111 tonnes of V²O⁵ equivalent produced in Q1 2023, primarily due to the scheduled shutdown for the kiln refractory replacement and plant maintenance, as well as the impact of lower grades (effective grade mined and effective grade of ore milled) and the lower global recovery. In Q1 2024, 604,231 tonnes of ore were mined with an effective grade of 0.53% of V²O⁵. The ore mined in Q1 2024 was 77% higher than in Q1 2023. The Company produced 74,986 tonnes of concentrate with an effective grade of 2.90%.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    9

	Q1 2024	Q1 2023
Total Ore Mined (tonnes)	604,231	341,967
Ore Grade Mined - Effective Grade1 (%)	0.53	0.81
Total Mined - Dry Basis (tonnes)	3,243,492	3,523,656
Total Ore Milled (tonnes)	274,383	220,660
Effective Grade of Ore Milled (%)	0.82	1.08
Concentrate Produced (tonnes)	74,986	78,695
Grade of Concentrate (%)	2.90	2.99
Contained V2O5 (tonnes)	2,173	2,349
Crushing Recovery (%)	92.6	98.2
Milling Recovery (%)	96.8	98.3
Kiln Recovery (%)	85.3	91.6
Leaching Recovery (%)	98.7	99.5
Chemical Plant Recovery (%)	93.4	94.5
Global Recovery2 (%)	70.5	83.0
V2O5 Equivalent Produced (Flake + Powder) (tonnes)	1,729	2,111
High Purity V2O5 Equivalent Produced (tonnes)	847	1,041

1.Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V²O⁵ in the magnetic concentrate.

2.Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.

Exploration Developments

During Q1 2024, the Company completed the exploratory drilling schedule for 2024. 7,700 metres of diamond drilling is planned, together with 2,200 soil samples in three different concessions in order to satisfy the requirements of the Agência Nacional de Mineração ("ANM") to maintain them in good standing.

The Campbell Pit geological model was updated in Q1 2024 and delivered to the mine planning team. This model will continue to be updated quarterly and will assist with mine planning activities. A new drill rig was purchased and is expected to start operating during Q3 2024. This drill rig will operate inside the mine to produce information for the Campbell Pit's short term geological model and to provide further detail to the mine planning team.

Exploration Outlook

The Company is planning for approximately 7,700 metres of exploration drilling in 2024. Efforts will focus on concessions that require work to maintain them in good standing. This drilling campaign started in April 2024.

Largo Clean Energy

Recent Developments

LCE continued to make progress on the delivery of the Enel Green Power España ("EGPE") contract. The VCHARGE vanadium redox flow battery ("VRFB") deployment was validated to operate on test conditions according to EGPE specifications and LCE test procedures. The second phase of hot commissioning is expected to be completed in Q3 2024 following the replacement of the inverters and transformers.

In Q1 2024, the Company continued with its review of strategic alternatives for LCE to evaluate opportunities to maximize its unique value proposition in the energy storage sector. As part of this process, the Company announced that it had signed a non-binding letter of intent with Stryten to establish a new venture, owned equally by each of the Parties, that would combine LCE with Stryten's VRFB business. The Parties will use reasonable efforts to negotiate toward the execution, subject to the Parties agreement in their sole discretion, of definitive transaction agreements. This proposed transaction remains subject to, among other conditions, negotiation of definitive agreements, completion of due diligence by both parties and receipt of any required Board and regulatory approvals. There can be no assurance that this proposed transaction will be completed, nor can there be any assurance, if this proposed transaction is completed, that the potential benefits of this proposed transaction will be realized. Discussions and evaluations of potential structures are continuing.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    10

Campo Alegre de Lourdes

Recent Developments

The Company decided to postpone the planned 3,000 metres of exploration drilling from 2024 to 2025. Efforts will focus on the central area where the best magnetic intercepts were detected during the 2023 drilling campaign.

A geometallurgical program is being performed using the samples collected from the drilling campaign in the central area.

Financial Instruments

Financial assets and financial liabilities at March 31, 2024 and December 31, 2023 were as follows:

		March 31,		December 31,
		2024		2023
Cash	$	45,656	$	42,714
Restricted cash		717		712
Trade and other receivables		10,603		19,108
Accounts payable and accrued liabilities (including non-current)		30,925		32,163
Debt		75,000		75,000

The Company's risk exposures and the impact on the Company's financial instruments are summarized in note 17. There have been no changes in the risks, objectives, policies and procedures from the previous year.

Liquidity and Capital Resources

The Company's continuance as a going concern is dependent on its ability to maintain profitable levels of operations.

At December 31, 2023, the benchmark price per lb of V₂O₅ was between $5.75 and $7.30. This decreased to a range of between $5.50 and $7.00 at March 31, 2024, with an average of approximately $6.44 for Q1 2024, compared with approximately $6.46 for Q4 2023 and $10.39 for Q1 2023.

The average European benchmark price per lb of V₂O₅ was approximately $5.87 and the average European benchmark price per kg of FeV was approximately $26.09 for April 2024. At the date of the MD&A, the market price of V₂O₅ was in a range of $5.50 to $6.23 per lb and the market price of FeV was in a range of $$26.35 to $ 27.15 per kg.

The adequacy of the Company's capital structure is assessed on an ongoing basis and adjusted as necessary after taking into consideration the Company's strategy, vanadium prices, economic conditions and associated risks. To maintain or adjust its capital structure, the Company may adjust capital expenditures, issue new common shares or take on new debt. At March 31, 2024, the Company's debt balance was $75,000.

The Company has experienced declining operating results and cash flows over the course of the last year as a result of declining vanadium prices and increased costs. Since December 31, 2023, vanadium prices have declined by over 10%, which has a significant impact on the Company's forecasts. The Company has implemented changes to address underlying operating issues and has recently announced a number of initiatives at its Maracás Menchen Mine that the Company believes will reduce its operating costs and are required in order to generate positive cash flows from operating activities at current vanadium prices.

Based on the information currently available and prevailing market conditions, these measures are expected to result in the Company's Maracás Menchen Mine continuing to operate at normal levels.

The Company has recently secured a 90-day working capital debt facility for up to $8,000 (note 20) and an inventory financing facility for up to $10,000 (note 20) and continues to actively pursue additional financing options to increase its liquidity and capital resources. In addition, the Company continues to evaluate strategic alternatives with respect to its Largo Clean Energy business, which may include the disposition of all or an interest in this business. There can be no assurance that the Company will be successful in achieving additional funding on terms acceptable to the Company, or at all, or be able to successfully implement strategic alternatives. 

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    11

If the Company does not achieve expected vanadium and ilmenite sales volumes and prices or does not continue to operate at expected levels, the Company may have to implement alternative plans to ensure that it will have sufficient liquidity for the twelve-month period ending March 31, 2025 from continuing operations. These alternatives may impact future operating and financial performance.

Credit facilities

In October 2022, the Company secured an additional debt facility of $20,000 with a bank in Brazil. Following an amendment finalized in June 2023, the facility is for three years, with the principal due for repayment at maturity. In addition to a fee of 0.80%, accrued interest at a rate of 8.51% p.a. is to be paid every six months.

In January 2023, and amended in June 2023, the Company secured a three-year debt facility of $10,000, bearing interest at 8.51% p.a. and an initial fee of 0.80%. The principal is due for repayment at maturity, with interest payments due semi-annually.

In September 2023, the Company secured a new $15,000 debt facility with a bank in Brazil and repaid in full an existing $15,000 facility. This new facility is for three years, with four equal principal repayments due semi- annually after a grace period of 540 days. Accrued interest at a rate of 8.75% p.a. is to be paid every six months.

In October 2023, the Company secured a three-year debt facility of $20,000, bearing interest at 8.95% p.a. Interest payments are due quarterly with 50% of the principal to be repaid in October 2025 and 50% to be repaid in October 2026. This new facility was used to repay in full an existing $20,000 facility.

In December 2023, the Company secured a two-year debt facility of $10,000, with the principal due for repayment at maturity. In addition to a fee of 0.85%, accrued interest at a rate of 10.45% p.a. is to be paid at maturity.

Capital resources

At March 31, 2024, the Company had an accumulated deficit of $89,798 since inception (December 31, 2023 - $77,643) and had a net working capital surplus of $70,775 (December 31, 2023 - $94,668) (defined as current assets less current liabilities). At March 31, 2024, the total amount due within 12 months on the Company's debt was $3,750 (December 31, 2023 - $nil).

The following table details the Company's expected remaining contractual cash flow requirements at March 31, 2024 for its liabilities and commitments with agreed repayment periods. The amounts presented are based on the undiscounted cash flows and therefore, may not equate to the carrying amounts on the consolidated statement of financial position.

		Less than		6 months
		6 months		to 1 year		1 to 3 years		Over 3 years
Accounts payable and accrued liabilities	$	30,378	$	-	$	547	$	-
Debt		-		3,750		71,250		-
Operating and purchase commitments		8,247		957		74		13
	$	38,625	$	4,707	$	71,871	$	13

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Company's principal sources of liquidity are its cash flow from operating activities and cash of $45,656 (December 31, 2023 - $42,714). Refer to note 16 for other commitments and contingencies. As a consequence of vanadium price fluctuations in recent years, a risk may exist that the Company will not have sufficient liquidity to meet its obligations as they come due.

Outstanding Share Data

(Exercise prices presented in this section are in Canadian dollars and not in thousands).

At March 31, 2024, there were 64,051 common shares of the Company outstanding. At the date of this MD&A, there were 64,072 common shares of the Company outstanding.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    12

At March 31, 2024, under the share compensation plan of the Company, 207 RSUs were outstanding and 780 stock options were outstanding with exercise prices ranging from C$5.71 to C$19.52 and expiry dates ranging between March 24, 2025 and May 18, 2028. If exercised, the Company would receive proceeds of C$7,296. The weighted average exercise price of the stock options outstanding is C$9.35.

As of the date of this MD&A, 176 RSUs and 752 stock options were outstanding with stock option exercise prices ranging from C$5.71 to C$19.52 and expiry dates ranging between March 24, 2025 and May 18, 2028.

At March 31, 2024, 328 common share purchase warrants were outstanding with an exercise price of C$13.00 and expiring on December 8, 2025. If these warrants were exercised, the Company would receive proceeds of C$4,264.

As of the date of this MD&A, 328 common share purchase warrants were outstanding with an exercise price of C$13.00 and expiring on December 8, 2025.

Transactions with Related Parties

The Q1 2024 unaudited condensed interim consolidated financial statements include the financial statements of the Company and its subsidiaries. There have been no changes in the Company's ownership interests in its subsidiaries since December 31, 2023. The Company had transactions with related parties during Q1 2024. Refer to note 14.

Additional information regarding the compensation of officers and directors of the Company is disclosed in the Company's management information circular, which is available under the Company's profile at www.sedarplus.ca and www.sec.gov.

Commitments and Contingencies

At March 31, 2024, the Company was party to certain management and consulting contracts. Minimum commitments under the agreements are approximately $1,799 and all payable within one year. These contracts also require that additional payments of up to approximately $2,698 be made upon the occurrence of certain events such as change of control. As the triggering event has not occurred, the contingent payments have not been reflected in these consolidated financial statements.

In 2021, the Company signed a 10-year exclusive off-take agreement with a third party for the purchase of all standard and high purity grade vanadium products they produce. The first delivery occurred in December 2023 and the Company is committed to the purchase of 360 tonnes of V²O⁵ in 2024, with the Company having a right of first refusal over additional amounts.

LCE is required to pay a royalty of $120 per kilowatt capacity of a licensed product until such time as the licensed patents expire or are abandoned, and $60 per kilowatt thereafter. Refer to note 7 for details of the royalties payable at the Maracás Menchen Mine.

The Company is committed to a minimum amount of rental payments under five leases of office space which expire between May 31, 2024 and May 1, 2027. Minimum rental commitments remaining under the leases are approximately $203, including $116 due within one year.

At the Company's Maracás Menchen Mine and at LCE, the Company has entered into purchase order contracts with remaining amounts due related to goods not received or services not rendered at March 31, 2024 of $7,303.

The Company, through its subsidiaries, is party to legal proceedings in the ordinary course of its operations related to legally binding agreements with various third parties under supply contracts and consulting agreements. During the year ended December 31, 2022, the Company received a ruling regarding one such proceeding in Brazil. This relates to a supply agreement for the Maracás Menchen Mine which was filed with the courts in October 2014. The ruling requires the Company to pay amounts due, plus interest and legal fees. At March 31, 2024, the Company recognized a provision of R$31,480 ($6,301) in the current portion of provisions (December 31, 2023 - $6,012). The Company is awaiting a further ruling from a higher court in Brazil regarding interest and other payment terms. At March 31, 2024, the Company recognized a total provision of $6,734 for legal proceedings (December 31, 2023 - $6,447), including a provision of $433 (December 31, 2023 - $435) for labour matters.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    13

The outcome of these proceedings remains dependent on the final judgment. Management does not expect the outcome of any of the remaining proceedings to have a materially adverse effect on the results of the Company's financial position or results of operations.

Disclosure Controls and Procedures and Internal Controls Over Financial Reporting

Disclosure Controls and Procedures

The Company's disclosure controls and procedures ("DC&P") are designed to provide reasonable assurance that all relevant information is communicated to management to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of the Company's DC&P, as defined under the rules of the Canadian Securities Administration, was conducted at December 31, 2023 under the supervision of the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") and with the participation of management. Based on the results of that evaluation, the CEO and CFO concluded that the Company's DC&P were effective as at December 31, 2023 providing reasonable assurance that the information required to be disclosed in the Company's annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported in accordance with securities legislation.

Since the December 31, 2023 evaluation, there have been no material changes to the Company's DC&P.

Internal Control over Financial Reporting

Internal control over financial reporting ("ICFR") is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. ICFR should include those policies and procedures that establish the following:

•maintenance of records in reasonable detail, that accurately and fairly reflect the transactions and dispositions of assets;

•reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with applicable IFRS;

•receipts and expenditures are only being made in accordance with authorizations of management or the board of directors; and

•reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial instruments.

The Company's management, under supervision of the CEO and CFO, assessed the effectiveness of the Company's ICFR based on the criteria established in Internal Control - Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission and concluded that at December 31, 2023, the Company's ICFR was effective.

Limitations of Disclosure Controls and Procedures and Internal Control over Financial Reporting

The Company's management, including the CEO and CFO, believe that due to inherent limitations, any DC&P or ICFR, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that any design will not succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. Additionally, management is required to use judgment in evaluating DC&P and ICFR.

Significant Accounting Judgments, Estimates and Assumptions

The preparation of the unaudited condensed interim consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These unaudited condensed interim consolidated financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the unaudited condensed interim consolidated financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised, and the revision affects both current and future periods.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    14

Significant areas requiring the use of estimates and assumptions relate to the determination of mineral reserve estimates and the impact on stripping costs, useful lives of mine properties, plant and equipment, impairment analysis of non-financial assets, estimates of the timing of outlays for asset retirement obligations and the determination of functional currencies. Other significant areas include the assessment of the existence of any material uncertainties that cast significant doubt about the Company's ability to continue as a going concern, the valuation of mine properties, plant and equipment properties, the assessment of whether any assets met the criteria to be classified as held for sale, estimates of provisions for environmental rehabilitation, current and deferred taxes and contingencies. Refer to note 3(d) of the annual consolidated financial statements for the year ended December 31, 2023 for a detailed description of these areas of significant judgment, estimates and assumptions. Actual results could differ from those estimates.

Changes in Accounting Policies

The basis of presentation, and accounting policies and methods of their application in the Q1 2024 unaudited condensed interim consolidated financial statements are consistent with those used in the Company's annual consolidated financial statements for the year ended December 31, 2023, except for any changes as disclosed in note 3.

Non-GAAP²Measures

The Company uses certain non-GAAP measures in its MD&A, which are described in the following section. Non- GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-IFRS financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.

Revenues Per Pound

The Company's MD&A refers to revenues per pound sold, V²O⁵ revenues per pound of V²O⁵ sold, V²O³ revenues per pound of V²O³ sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company.

These measures, along with cash operating costs, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.

The following table provides a reconciliation of revenues per pound sold, V²O⁵ revenues per pound of V²O⁵ sold, V²O³ revenues per pound of V²O³ sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 18 as per the Q1 2024 unaudited condensed interim consolidated financial statements.

		Three months ended
		March 31,		March 31,
		2024		2023
Revenues - V2O5 produced1	$	21,558	$	34,526
V2O5 sold - produced (000s lb)		3,113		3,798
V2O5 revenues per pound of V2O5 sold - produced ($/lb)	$	6.93	$	9.09

_________________________________________________________
2GAAP - Generally Accepted Accounting Principles.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    15

		Three months ended
		March 31,		March 31,
		2024		2023
Revenues - V2O5 purchased1	$	988	$	2,528
V2O5 sold - purchased (000s lb)		176		309
V2O5 revenues per pound of V2O5 sold - purchased ($/lb)	$	5.61	$	8.18
Revenues - V2O51	$	22,546	$	37,054
V2O5 sold (000s lb)		3,289		4,107
V2O5 revenues per pound of V2O5 sold ($/lb)	$	6.85	$	9.02
Revenues - V2O3 produced1	$	6,203	$	1,483
V2O3 sold - produced (000s lb)		668		134
V2O3 revenues per pound of V2O3 sold - produced ($/lb)	$	9.29	$	11.07
Revenues - V2O3 purchased1	$	-	$	1,155
V2O3 sold - purchased (000s lb)		-		88
V2O3 revenues per pound of V2O3 sold - purchased ($/lb)	$	-	$	13.13
Revenues - V2O31	$	6,203	$	2,637
V2O3 sold (000s lb)		668		223
V2O3 revenues per pound of V2O3 sold ($/lb)	$	9.29	$	11.83
Revenues - FeV produced1	$	12,249	$	17,428
FeV sold - produced (000s kg)		569		568
FeV revenues per kg of FeV sold - produced ($/kg)	$	21.53	$	30.68
Revenues - FeV purchased1	$	1,120	$	301
FeV sold - purchased (000s kg)		51		10
FeV revenues per kg of FeV sold - purchased ($/kg)	$	21.96	$	30.10
Revenues - FeV1	$	13,369	$	17,730
FeV sold (000s kg)		620		578
FeV revenues per kg of FeV sold ($/kg)	$	21.56	$	30.67
Revenues1	$	42,118	$	57,421
V2O5 equivalent sold (000s lb)		6,096		6,281
Revenues per pound sold ($/lb)	$	6.91	$	9.14

1.As per note 18.

Cash Operating Costs and Cash Operating Costs Excluding Royalties

The Company's MD&A refers to cash operating costs per pound and cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs and cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency.

Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    16

Cash operating costs excluding royalties is calculated as cash operating costs less royalties.

Cash operating costs per pound and cash operating costs excluding royalties per pound are obtained by dividing cash operating costs and cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine.

Cash operating costs, cash operating costs excluding royalties, cash operating costs per pound and cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.

The following table provides a reconciliation of cash operating costs and cash operating costs excluding royalties, cash operating costs per pound and cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the Q1 2024 unaudited condensed interim consolidated financial statements.

		Three months ended
		March 31,			March 31,
		2024			2023
Operating costs1	$	49,707		$	45,931
Professional, consulting and management fees2		462			844
Other general and administrative expenses3		279			309
Less: ilmenite costs1		(47	)		-
Less: iron ore costs1		-			(273	)
Less: conversion costs1		(2,023	)		(1,918	)
Less: product acquisition costs1		(2,050	)		(4,178	)
Less: distribution costs1		(1,818	)		(1,447	)
Less: inventory write-down4		446			-
Less: depreciation and amortization expense1		(8,077	)		(7,251	)
Cash operating costs		36,879			32,017
Less: royalties1		(1,673	)		(2,445	)
Cash operating costs excluding royalties		35,206			29,572
Produced V2O5 sold (000s lb)		5,753			5,741
Cash operating costs per pound ($/lb)	$	6.41		$	5.58
Cash operating costs excluding royalties per pound ($/lb)	$	6.12		$	5.15

1.As per note 19.

2.As per the Mine properties segment in note 15.

3.As per the Mine properties segment in note 15 less the increase in legal provisions of $491 (for Q1 2024) as noted in the "other general and administrative expenses" section on page 6 of this MD&A.

4.As per note 5 for ilmenite finished products and warehouse supplies, and including a write-down of vanadium purchased products of $(341).

EBITDA and Adjusted EBITDA

The Company's MD&A refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    17

EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently.

The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the Q1 2024 unaudited condensed interim consolidated financial statements.

		Three months ended
		March 31,			March 31,
		2024			2023
Net loss	$	(13,006	)	$	(1,207	)
Finance costs		1,812			1,426
Interest income		(306	)		(712	)
Income tax expense		22			333
Deferred income tax recovery (expense)		(5,329	)		1,589
Depreciation1		8,724			8,044
EBITDA	$	(8,083	)	$	9,473
Inventory write-down2		4,080			-
Write-down reversal of vanadium assets		(114	)		-
Movement in legal provisions3		491			119
Adjusted EBITDA	$	(3,626	)	$	9,592

1.As per the consolidated statements of cash flows.

2.As per note 5.

3.As per the "non-recurring items" section on page 5 of this MD&A.

Risks and Uncertainties

The Company is subject to various business, financial and operational risks that could materially adversely affect the Company's future business, operations and financial condition. These risks could cause such future business, operations and financial condition to differ materially from the forward-looking statements and information contained in this MD&A and as described in the Cautionary Statement Regarding Forward-Looking Information found in this MD&A.

The Company's business activities expose it to significant risks due to the nature of mining, development and exploration activities, as well as due to the nature of its VRFB business. The ability to manage these risks is a key component of the Company's business strategy. Management is forward looking in its assessment of risks. Identification of key risks occurs in the course of business activities, pursuing approved strategies and as part of the execution of risk oversight responsibilities at the management and Board of Directors' level.

For a full discussion of the Company's Risks and Uncertainties, please refer to the Annual Information Form for the year ended December 31, 2023, which is filed on www.sedarplus.ca and www.sec.gov.

Cautionary Statement Regarding Forward-Looking Information

The information presented in this MD&A contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities laws concerning the Company's projects, capital, anticipated financial performance, business prospects and strategies and other general matters. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this MD&A, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the Annual Information Form of the Company and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    18

Trademarks are owned by Largo Inc.

Forward-looking information in this MD&A includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations; the extent of capital and operating expenditures; the timing and cost related to the commissioning and ramp-up of the ilmenite plant, eventual production from the ilmenite plant, the ability to sell ilmenite, V₂O₅ or other vanadium commodities on a profitable basis; the ability to produce V₂O₅ or V₂O₃ according to customer specifications, provisional acceptance of the VRFB technology, the commissioning of the EGPE project in 2024, the continuing and increasing demand in particular sectors and markets for vanadium products, the impact of plant upgrades on operating costs and production stability, the ability of drilling campaigns to improve mine planning and the results of the re-assay program on measured and indicated resource estimates. Forward-looking information in this MD&A also includes, but is not limited to, statements with respect to the Company's ability to build, finance and operate a profitable VRFB business, the projected timing and cost of the completion of the EGPE project; increase in demand in the energy storage market; the commissioning and ramp-up of the ilmenite plant; the Company's ability to protect and develop its technology, the Company's ability to maintain its intellectual property, the Company's ability to market, sell and fulfill orders for its VCHARGE battery system on specification and at a competitive price, the Company's ability to secure the required resources to build its VCHARGE battery, the adoption of VFRB technology generally in the market and the success of LPV's strategic initiatives.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V²O⁵, other vanadium commodities, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine or relating to LCE, specifically in respect of the installation of the EGPE project; the availability of financing for operations and development; the ability of the Company to meet repayment obligations of existing debt facilities on the current schedule; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the ability to mitigate the impact of heavy rainfall and the accuracy of the Company's short to mid- term mine plan; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the competitiveness of the Company's VRFB technology; the ability to obtain funding through government grants and awards for the green energy sector, the accuracy of cost estimates and assumptions for future variations of the VCHARGE battery system design; that the Company's current plans for ilmenite, titanium dioxide pigment and VRFBs can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's sales and trading arrangements will not be affected by the evolving sanctions against Russia; the Company's ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risks and uncertainties including, without limitation: volatility in prices of, and demand for, V₂O₅, ilmenite, titanium dioxide and other vanadium commodities; risks inherent in mineral exploration and development; uncertainties associated with estimating mineral resources; uncertainties related to title to the Company's mineral projects; the risks inherent with the introduction and reliance on recently developed VRFB technology; revocation of government approvals; tightening of the credit markets, global economic uncertainty and counterparty risk; failure of plant, equipment or processes to operate as anticipated; unexpected operational events and delays; competition for, among other things, capital and skilled personnel; geological, technical and drilling problems; fluctuations in foreign exchange or interest rates and stock market volatility; rising costs of labour and equipment; risks associated with political and/or economic instability in Brazil, including, without limitation, negative views of the mining industry; compliance with applicable sanctions regimes; inherent uncertainties involved in the legal dispute resolution process, including in foreign jurisdictions; changes in income tax and other laws of foreign jurisdictions; and other factors discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2023 which is filed on www.sedarplus.ca and www.sec.gov, and any additional risks as included in "Risks and Uncertainties" above. Assumptions relating to the potential mineralization of the Maracás Menchen Mine are discussed in the Technical Report of the Maracás Menchen Mine, which is filed on www.sedarplus.ca and www.sec.gov. Statements relating to mineral resources are also forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future. There is no certainty that it will be commercially viable to produce any portion of the mineral resources.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    19

The forward-looking information is presented in this MD&A for the purpose of assisting investors in understanding the Company's plans, objectives and expectations in making an investment decision and may not be appropriate for other purposes. This forward-looking information is expressly qualified in its entirety by this cautionary statement. Forward-looking information contained in this MD&A or documents incorporated herein by reference are made as of the date hereof or the date of the document incorporated herein by reference, as applicable, and are accordingly subject to change after such date. The Company disclaims any obligation to update any such forward-looking information to reflect events or circumstances after the date of such information, or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

Certain terms appearing in the following table are defined previously in this MD&A. This table contains the material forward-looking statements made by the Company in this MD&A, the assumptions made by the Company in making those statements and the risk factors associated with those assumptions.

Forward-looking	Assumptions	Risk Factors
Statements
The Q1 2024 unaudited condensed interim consolidated financial statements were prepared on a going concern basis. The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.	The Company has assumed that it will be able to continue in operation for the foreseeable future and will be able to discharge its liabilities and commitments in the normal course of business, as it anticipates that it will address working capital and other shortfalls through positive cash flow from operations.	The Company's continuance as a going concern is dependent on its ability to maintain profitable levels of operations. The adequacy of the Company's capital structure is assessed on an ongoing basis and adjusted as necessary after taking into consideration the Company's strategy, vanadium prices, economic conditions and associated risks. To maintain or adjust its capital structure, the Company may adjust capital expenditures, issue new common shares or take on new debt. At the date of this MD&A, the Company's debt balance was $75,000. Refer to note 9.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    20

Forward-looking	Assumptions	Risk Factors
Statements
Production volumes are expected to achieve the nameplate capacity of 1,100 tonnes per month during 2024. 2024 Production Guidance: 9,000 - 11,000 tonnes	The Company assumes that consistent production levels will achieve at least a level of 1,000 tonnes per month in 2024 during normal operation.	The Company prepares future production estimates with respect to existing operations. Actual production and costs may vary from the estimates for a variety of reasons such as estimates of grade, tonnage, dilution and metallurgical and other characteristics of the ore varying from the actual ore mined, revisions to mine plans, risks and hazards associated with mining, adverse weather conditions, unexpected labour shortages or strikes, equipment or design failures and other interruptions in production. Production costs may also be affected by increased mining costs, variations in predicted grades of the deposits, increases in level of ore impurities, labour costs, raw material costs, inflation and fluctuations in currency exchange rates. Failure to achieve production targets or cost estimates could have a material adverse impact on the Company's sales, profitability, cash flow and overall financial performance. In the event that the Company obtains debt financing, repayment terms associated with such financing will likely be based, among other things, on production schedule estimates. Any failure to meet such timelines or to produce amounts forecasted may constitute defaults under such debt financing, which could result in the Company having to repay loans.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    21

Forward-looking	Assumptions	Risk Factors
Statements
2024 Costs Guidance: Cash operating costs excluding royalties per pound $4.50 - $5.50	The Company assumes that its current estimation of future operating costs is accurate, as it is largely based on the current cost profile of operations at the Maracás Menchen Mine.	Capital and operating cost estimates made by management with respect to future projects, or current operations in the early stages of production are estimates which are in turn based, among other things, on interpretation of geological data, feasibility studies, anticipated climactic conditions and other information. Any or all of the above could affect the accuracy of the estimates including unanticipated changes in grade and tonnage to be mined and processed; incorrect data on which engineering assumptions are made; unanticipated transportation costs; accuracy of equipment and construction cost estimates; difficulty or failure to meet scheduled construction completion dates, facility or equipment commissioning dates, or metal production dates; poor or unsatisfactory construction quality resulting in failure to meet completion, commissioning or production dates; increased expenditures required as a failure to meet completion, commissioning or production dates; capital overrun related to the completion of any construction phase including capital overrun associated with demobilization of construction workers and contractors; labour negotiations; unanticipated costs relating to the commencement of operations, ramp up and production sustainment; changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting and restrictions on production quotas or exportation of the Company's products; and change in commodity input costs and quantities).

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    22

Forward-looking	Assumptions	Risk Factors
Statements
Sustaining capital expenditures of approximately $12,800 to $14,800 are estimated in 2024 to sustain the operational capacity to achieve the stated production guidance (excluding capitalized waste stripping costs).	Management assumes that its current estimation of capital expenditures is accurate, as based on operational estimates produced and current experience with operations.	Capital and operating costs estimates made by management with respect to future projects, or current operations in production, or not yet in the production phase are estimates which are in turn based, among other things, on interpretation of geological data, feasibility studies, anticipated climactic conditions and other information. Any or all of these can affect the accuracy of the estimates including unanticipated changes in grade and tonnage to be mined and processed; incorrect data on which engineering assumptions are made; unanticipated transportation costs; accuracy of equipment and construction cost estimates; difficulty or failure to meet scheduled construction completion dates, facility or equipment commissioning dates, or metal production dates; poor or unsatisfactory construction quality resulting in failure to meet completion, commissioning or production dates; increased expenditures required as a failure to meet completion, commissioning or production dates; capital overrun related to the completion of any construction phase including capital overrun associated with demobilization of construction workers and contractors; labour negotiations; unanticipated costs relating to the commencement of operations, ramp up and production sustainment; changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting and restrictions on production quotas or exportation of the Company's products; and change in commodity input costs and quantities).

Forward-looking statements and forward looking information are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward looking information, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations; actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; fluctuating metal prices and currency exchange rates.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.

Investors are advised that NI 43-101 requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    23

A Note for US Investors Regarding Estimates of Measured, Indicated and Inferred Mineral Resources and Proven and Probable Mineral Reserves

This MD&A uses the terms "Mineral Reserve", "Proven Mineral Reserve", "Probable Mineral Reserve", "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource", which are Canadian mining terms as defined in and required to be disclosed in accordance with NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves ("CIM Standards"), adopted by the CIM Council, as amended. Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the "SEC") adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act. These amendments became effective February 25, 2019 (the "SEC Modernization Rules") with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards, as required under NI 43-101.

United States investors are cautioned that while the above terms are "substantially similar" to the corresponding CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Reserves or Mineral Resources that the Company may report as "Proven Mineral Reserves", "Probable Mineral Reserves", "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

United States investors are also cautioned that while the SEC now recognizes "Indicated Mineral Resources" and "Inferred Mineral Resources", investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any "Indicated Mineral Resources" or "Inferred Mineral Resources" that the Company reports are or will be economically or legally mineable. Further, "Inferred Mineral Resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the "Inferred Mineral Resources" exist. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

Accordingly, information contained in this MD&A and the documents incorporated by reference herein containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

Additional Information

Additional information relating to the Company, including the Company's most recent Annual Information Form, is available on SEDAR+ at www.sedarplus.ca. 

Management's Discussion and Analysis for the Three Months Ended March 31, 2024    24

EX-99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Daniel Tellechea, Chief Executive Officer of LARGO INC., certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of LARGO INC. (the "issuer") for the interim period ended March 31, 2024.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2ICFR - material weakness relating to design: N/A

5.3Limitation on scope of design: N/A

- 2 -

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on January 1, 2024 and ended on March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: May 15, 2024

     (s)"Daniel Tellechea"         

Daniel Tellechea
Chief Executive Officer

EX-99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Ernest Cleave, Chief Financial Officer of LARGO INC., certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of LARGO INC. (the "issuer") for the interim period ended March 31, 2024.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2ICFR - material weakness relating to design: N/A

5.3Limitation on scope of design: N/A

- 2 -

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on January 1, 2024 and ended on March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: May 15, 2024

     (s)"Ernest Cleave"         

Ernest Cleave

Chief Financial Officer