Largo Inc Dossier
Qualitative Analysis
Business overview
Largo Inc. is a vertically integrated natural resource and battery energy storage system company. It is a globally recognized leader in the vanadium sector, operating as one of only two large-scale, high-purity vanadium suppliers worldwide. The company's core operations are centered at its world-class Maracás Menchen Mine in Bahia, Brazil, which produces high-quality vanadium products including vanadium pentoxide flakes, high-purity powder, and ferrovanadium. Largo has also diversified its product portfolio by ramping up production at its ilmenite concentrate plant, recovering ilmenite from non-magnetic tailings to meet industrial demand. Beyond mining, Largo is strategically positioned in the clean energy transition through its 37.4% ownership of Storion Energy, a joint venture focused on domestic electrolyte production for utility-scale vanadium redox flow batteries in the United States. Additionally, the company holds 100% interests in two key tungsten assets: the Northern Dancer property in Yukon, Canada, and the Currais Novos project in Brazil.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Implementation of a robust action plan across the open pit and industrial plant to stabilize and enhance throughput. Key actions include a greater focus on mining efficiency, enhanced mine fleet availability, strengthened contractor oversight, improved maintenance programs, and optimized drilling and blasting techniques.
Expected impact: Aims to stabilize and enhance throughput, supporting the 2026 production guidance of 10,500 to 12,000 tonnes of V2O5 equivalent.
Ramping up the ilmenite concentrate plant and advancing the installation of additional flotation cell circuits to increase ilmenite concentrate production capacity.
Expected impact: Aims to increase annual ilmenite concentrate production capacity to 115,000 tonnes from 42,000 tonnes, establishing a robust secondary byproduct revenue stream.
Formal evaluation of strategic alternatives to maximize the value of 100%-owned tungsten assets, specifically the Northern Dancer Tungsten-Molybdenum Project in Yukon, Canada, and the Currais Novos Tungsten Project in Rio Grande do Norte, Brazil.
Expected impact: Aims to unlock shareholder value from critical mineral assets while preserving management focus on core vanadium and ilmenite operations in Brazil.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Largo Clean Energy Corp. and Stryten Critical E-Storage LLC established Storion Energy, LLC (50/50 joint venture) to manufacture domestically sourced vanadium electrolyte and battery components in the U.S. This partnership integrates Largo's high-quality vanadium supply and Largo Physical Vanadium Corp.'s leasing model with Stryten's manufacturing expertise to accelerate the adoption of vanadium redox flow batteries (VRFB) in North America.
Terms: Joint venture closed effective January 31, 2025. Storion aims to deliver vanadium electrolyte at a competitive price of $0.02/kWh, leveraging a unique leasing model to effectively compete with the upfront capital costs of lithium-ion systems.