Largo wins US$125 million vanadium contract

• Largo (NASDAQ:LGO) secured a five-year U.S. Defense Logistics Agency contract worth up to $125 million.
• The agreement covers up to 2,876 metric tonnes of high-purity vanadium pentoxide for the U.S. National Defense Stockpile.
• Largo said pricing will follow firm-fixed per pound rates tied to 2026 benchmarks with 10% annual escalation.

Largo (NASDAQ:LGO) received a five-year Indefinite Delivery, Indefinite Quantity contract from the U.S. Defense Logistics Agency to supply up to 2,876 metric tonnes of high-purity vanadium pentoxide valued at up to $125 million.

The award comes as governments continue securing critical mineral supply chains, compared with prior procurement cycles that were smaller and more irregular.

Largo said the contract uses firm-fixed pricing per pound tied to 2026 benchmark indexes with an annual escalation rate of 10%.

The company reported production of 9,150 tonnes of V₂O₅ equivalent in 2025 and guided 10,500–12,000 tonnes for 2026, with Q1 2026 output of 2,616 tonnes.

The company said delivery orders will be issued under the agreement over time rather than as a single shipment schedule.

Largo continues to position its production around vanadium supply for industrial and defense-related applications across global markets.