Largo cuts 2026 vanadium production outlook to 9,500–10,500 tonnes

Largo (NASDAQ:LGO) reported third-quarter 2026 vanadium pentoxide production of 2,093 tonnes, down 20.6% year over year, as the company began producing copper, gold, platinum and palladium as vanadium by-products.

Vanadium sales increased 0.5% to 2,428 tonnes, while nine-month production rose 22.9% to 7,609 tonnes and sales increased 14.8% to 7,223 tonnes.

"V₂O₅ production at 2,093 tonnes in Q3 2026 reflected our previously announced strategy to reduce inventories and prioritize production of higher-margin products while keeping V₂O₅ sales stable at 2,428 tonnes," said Largo Executive Chairman and Co-Chief Executive Officer Alberto Arias.

The company produced 108 tonnes of copper, 289 ounces of gold, 166 ounces of platinum and 291 ounces of palladium contained in polymetallic concentrates, while suspending ilmenite production to use its flotation infrastructure for the new metals.

Largo reduced its 2026 vanadium production guidance to 9,500–10,500 tonnes from 10,500–12,000 tonnes, maintained sales guidance of 7,500–9,500 tonnes and increased adjusted cash operating cost guidance to $5.00–$6.00 per pound before by-product credits.

The company also signed a definitive restructuring agreement with Banco Santander (Brasil), bringing agreements with three commercial banks to approximately 58.4% of senior bank debt, under a framework with final maturity in March 2030.

Largo operates the Maracás Menchen Mine in Brazil, producing vanadium products used in steel manufacturing, energy storage and other industrial applications, while developing additional revenue from copper, gold and platinum group metal concentrates.