Largo Inc. Declares Robust Q4 2025 Results While Reinforcing 2026 Vanadium Outlook

Largo Inc., the Toronto‑listed materials specialist, released its fourth‑quarter and full‑year 2025 operational and sales figures on February 5, 2026, accompanied by a forward‑looking guidance for 2026 and a detailed vanadium production forecast. The company’s numbers, drawn from its Maracs Menchen mine in Brazil, underscore a decisive turnaround in performance, a strategic emphasis on high‑grade vanadium, and a proactive stance toward the broader critical‑materials market.

Production Resurgence and Concentrate Yield

Largo’s total mined volume on a dry‑basis surged 22 % year‑on‑year, reaching 2,867,587 t in Q4 2025 versus 3,673,416 t in Q4 2024. On a ore‑basis, the company mined 665,953 t in the quarter, a 39 % drop from the prior year, yet the overall production trajectory remains upward, with a cumulative 2025 haul of 14,928,193 t against 13,949,665 t in 2024.

The concentrate output climbed to 129,565 t, an increase of 73 % from the previous quarter’s 75,051 t. Crucially, the grade of concentrate remained solid, at 2.82 % versus 2.73 % in Q4 2024, reflecting the mine’s consistent ore quality. Global recovery also improved, hitting 77.9 % in Q4 2025 compared with 76.4 % in the same period the year before, illustrating enhanced processing efficiency.

Vanadium Yield and Sales Momentum

The most compelling metric for Largo is its vanadium output. The company produced 2,961 t of V₂O₅ (flake + powder) in Q4 2025, up from 1,775 t in Q4 2024. On a dry‑basis, the 2025 total production of V₂O₅ stood at 9,150 t, a marginal decline from 9,264 t in 2024, yet the effective high‑purity V₂O₅ equivalent remained robust. The company reported 0 % high‑purity equivalent production in Q4 2025, a sharp contrast to 26 % in Q4 2024, indicating a shift toward lower‑grade product but a higher throughput.

V₂O₅ equivalent sales tell a different story: 2,396 t of V₂O₅ equivalent were sold in Q4 2025, a decline from 3,033 t in Q4 2024, yet the 2025 cumulative sales of 8,686 t versus 9,600 t in 2024 reveal a modest contraction. Despite the dip, the company maintains a significant sales pipeline, underpinned by long‑term contracts in the steel, aerospace, and chemical sectors.

2026 Outlook and Vanadium Guidance

Looking ahead, Largo is positioning itself to meet the escalating demand for vanadium in clean‑energy storage and high‑strength alloys. The company reiterated its 2026 guidance, projecting:

  • Higher ore grades driven by targeted drilling and selective mining.
  • Improved recovery rates through process optimization.
  • Increased V₂O₅ production to satisfy a growing customer base.

This outlook is delivered against a backdrop of heightened market interest in critical minerals, exemplified by the growing discourse around metals such as tungsten and strategic alloys. While the broader industry grapples with supply uncertainties, Largo’s focused mine development and proven technical performance provide a competitive edge.

Market Context and Investor Perception

Largo’s share price, trading at CAD 1.67 on February 4, 2026, reflects investor caution despite the company’s positive operational data. The stock’s 52‑week high of CAD 3.71 (October 13, 2025) and low of CAD 1.23 (December 17, 2025) illustrate significant volatility, compounded by a negative P/E ratio of ‑1.36, a clear sign of earnings pressure.

Nonetheless, the firm’s market capitalization of CAD 152.29 million indicates that investors are still evaluating Largo’s long‑term value proposition. The company’s strategic focus on renewable energy storage solutions, coupled with its global supply chain, positions it to capture a share of the burgeoning demand for vanadium‑based redox flow batteries.

Conclusion

Largo Inc. has delivered a compelling set of quarterly results that demonstrate operational resilience and an unwavering commitment to delivering vanadium at scale. While the company faces the inherent challenges of the metals & mining sector—price volatility, supply chain constraints, and regulatory scrutiny—the data suggest a firm on a path to solidifying its role as a key player in the critical‑materials landscape. Investors will no doubt keep a close eye on Largo’s ability to translate its production gains into sustainable profitability in the coming fiscal years.