Largo Resources announces the full repayment of its outstanding debt

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All amounts expressed are in US dollars, denominated by “$”

Largo Resources Ltd. (“Largo” or the “Company”) (TSX: LGO) (OTCQX: LGORF) is pleased to announce that it has prepaid all of its outstanding credit facilities in Brazil which were due to expire on March 12 and March 18, 2021, respectively.

The Company made the prepayment of $ 24.8 million in total principal between the dates of January 29 and February 3, 2021, plus accrued and unpaid interest and any exit charges that were paid at a rate lower than expected interest payable until the end of the due dates.

Paulo Misk, President and CEO of Largo, said: “Largo’s financial position remains strong following the full repayment of the Company’s outstanding credit facilities. After a successful year of transition in 2020, which consisted of integrating internal sales and trading while dealing with the impacts of the global COVID-19 pandemic, Largo has built its working capital to a normalized level and the Company therefore considered that the credit facilities were in excess of its liquidity needs. Positioned as the primary source of high quality vanadium with our VPURE ™ and VPURE + ™ products. ” He continued: “We expect 2021 to be an exceptional year for the company as we seek to meet our increased annual production and sales targets. In addition, vanadium prices continue to strengthen in all major markets thanks to strong demand and low inventories. that the rapidly growing renewable energy storage market is expected to significantly drive the growth of additional demand for vanadium redox batteries in the coming years. “

About Largo Resources

Largo Resources is a preferred producer and supplier of high quality vanadium to the industry. Largo can serve multiple applications in the vanadium market through the supply of its unmatched VPURE ™ and VPURE + ™ products, which originate from one of the highest grade vanadium deposits in the world at the company’s Maracás Menchen mine located at Brazil. Largo is also focused on advancing renewable energy storage solutions through Largo Clean Energy and its world-class VCHARGE ± vanadium redox flow battery technology. The Company’s common shares are listed on the Toronto Stock Exchange under the symbol “LGO”.

For more information on Largo and VPURE ™, please visit www.largoresources.com and www.largoVPURE.com.

For more information on Largo Clean Energy, please visit www.largocleanenergy.com.

Neither the Toronto Stock Exchange (nor its regulatory services provider) accepts responsibility for the adequacy or accuracy of this press release.

Forward-looking information:

This press release contains forward-looking information under Canadian securities laws, some of which may be considered “financial outlook” for the purposes of applying Canadian securities laws (“forward-looking statements”). . Forward-looking information contained in this press release includes, without limitation, statements regarding the timing and amount of estimated future production and sales; costs of future activities and operations; the extent of capital and operating expenditures; and the overall extent and impact of the COVID-19 pandemic in Brazil and globally. Forward-looking information contained in this press release also includes, but is not limited to, statements regarding our ability to create, finance and operate a VRFB business, our ability to protect and develop our technology, our ability to maintain our property intellectual, our ability to market and sell our VCHARGE ± battery system to specification and at a competitive price, our ability to secure the production resources required to build our VCHARGE ± batteryery system, and the adoption of VRFB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “expected”, “estimates” , “Forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or statements that certain actions, events or results “might”, ” could “,“ would ”,“ could ”or“ will be taken ”,“ occur ”or“ be achieved. ”All information in this press release, other than statements of current and historical fact, is forward-looking information Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by these forward-looking statements. statements, including, but not limited to, the risks described in Largo’s Annual Information Form and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date on which such statements are made. Although Largo’s management has attempted to identify material factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause the results to differ from those anticipated, estimated or planned. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements except in accordance with applicable securities laws. Readers should also consider the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210208005234/en/

Contacts

Investor Relations:
Alex guthrie
Senior Manager, External Relations
[email protected]
Phone. : +1 416-861-9797

Media inquiries:
Quarter crystal
Bullseye Corporate
[email protected]
Phone. : +1 647-529-6364


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