Largo Inc., the world’s largest primary vanadium producer, announced that the Company and its Brazilian operating subsidiary, Largo Vanádio de Maracás S.A., have entered into a binding term sheet with Banco do Brasil S.A., Banco BTG Pactual S.A., Banco Bradesco S.A., Banco Santander (Brasil) S.A., and Caixa Econômica Federal to restructure approximately US$82.2 million of outstanding debt, extending the final maturity to March 2030.

Under the proposed revised terms, principal payments will be subject to a six-month grace period, followed by 36 months of quarterly principal amortization, while interest will be payable monthly.

The Restructuring provides Largo with additional time to execute its operational plans and unlock incremental value from its existing operations at the Maracás Menchen Mine. In particular, the Company is focused on ramping up copper-PGM concentrate production and progressing toward first commercial sales, as well as preparing for the first shipment of high-purity vanadium pentoxide to the U.S. Defense Logistics Agency under the US$60 million first order announced in July 2026.

Mr. Alberto Arias, Executive Chairman and Co-Chief Executive Officer of Largo, commented: “We appreciate the constructive engagement and continued support of Banco do Brasil, BTG Pactual, Bradesco, Santander, and Caixa Econômica Federal.”

Mr. James Bannantine, Co-Chief Executive Officer of Largo, added: “The extension of our debt maturities from September 2026 to March 2030 gives the Company greater runway as we focus on improving operational performance and cash generation at the Company. We are focused on tariff-free high-purity vanadium sales, including to the Defense Logistic Agency, increasing revenues from the sale of copper, gold, platinum and palladium by-products and increasing operating efficiencies across the whole organization. Our priority now is to execute against these operational initiatives and build sustainable momentum across the business.”

The Restructuring remains subject to the negotiation and execution of definitive documentation satisfactory to the parties including settling the interest rate, documenting the collateral package to be provided by Largo and LVMSA and satisfaction of customary closing conditions.