1. Healthcare

THE ONLY ‘PURE-PLAY’ PRODUCER OF VANADIUM
CORPORATE
PRESENTATION
Feb 2015
TSXV: LGO
www.largoresources.com
Largo (TSX-V: LGO) is a growing strategic mineral company with
projects in Brazil and Canada. The immediate goal of the company is
to ramp-up production at its Vanadio de Maracás Menchen Mine.
Largo's Maracás Menchen Mine boasts the highest grade
vanadium deposit yet discovered and is expected to be a low cost
producer. With an off-take in place with commodities giant
Glencore, Largo is well positioned to become a leading producer of
vanadium globally and is expected to generate substantial cashflows. Vanadium is primarily used as an alloy to strengthen steel
and reduce its weight. Vanadium enhanced steels are used in a vast
and growing range of products that are used and encountered every
day; including, rebar, automobiles, transport infrastructure etc.
Proven Management. With a compound annual growth rate of over
6% for the past several years (Roskill, 2013), vanadium is a
bourgeoning commodity which lacks opportunities for investment
in the wider Essential Steel Alloy market place. As Production
trends in the steel industry now demand increasingly stronger and
lighter products for advanced applications, the use of vanadium is
expected to continue this growth over the medium and long term.
Largo is a leader in Vanadium and also has interests in a portfolio of
other projects, including: a 100% interest. Largo (TSX-V: LGO) is a
growing strategic mineral company with projects in Brazil and
Canada. The immediate goal of the Company is to ramp-up
production at its Vanadio de Maracás Menchen Mine. Largo's
Maracás Menchen Mine boasts the highest grade vanadium
deposit yet discovered and is expected to be a low cost producer.
With an off-take in place with commodities giant Glencore, Largo is
well positioned to become a leading producer of vanadium globally
and is expected to generate substantial cash-flows. Vanadium is
primarily used as an alloy to strengthen steel and reduce its weight.
Vanadium High Grade. Low Cost enhanced steels are used in a
vast and growing range of products that are used and encountered
every day; including, rebar, automobiles, transport infrastructure
etc. Exploration. Chromite. PGMs. With a compound annual
growth rate of over 6% for the past several years (Roskill, 2013),
vanadium is a bourgeoning commodity which lacks opportunities
for investment in the wider market place. Strong Partners. As
trends in the steel industry now demand increasingly stronger and
lighter products for advanced applications, the use of vanadium is
expected to continue this growth over the medium and long term.
Largo also has interests in a portfolio of other projects, including: a
100% interest. Largo (TSX-V: LGO) is a growing strategic mineral
Forward Looking Statements
The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform
Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performance
and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with
respect to the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of
estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and
development activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations;
environmental risks; and title disputes or claims. Generally, forward-looking statements and forward-looking information can be identified by the
use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,”
“forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,”, “projects” or variations of such words and phrases or state that certain
actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur” or “be achieved.” Forward-looking statements and
forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking
information, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the mining industry;
delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international
operations; actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be
refined; and fluctuating metal prices and currency exchange rates. Although management of the Company has attempted to identify important
factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated or intended. 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. Accordingly, readers
should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update
any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable
securities laws.
Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves
and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms “measured,” “indicated” and “inferred” mineral resources. United States investors are advised that
while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not
recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are
cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United
States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
TSXV: LGO
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Project Highlights
Maracás Menchen Mine
 Vanadium Project in Brazil
 Highest grade/quality; lowest cost project
 Vanadium demand growth 6% CAGR
 Ramping up production
 Commercial shipments ongoing
 Glencore Off-take: 100% Take-or-Pay
TSXV: LGO
3
Production
 Production commenced mid August, 2014
 First shipment under off-take made in September, 2014
 Commercial shipments ongoing on weekly basis
 Shipments of total 2.5 million lbs (1,140 tonnes) have
concluded (as at Jan 15)
 All material produced has been within specifications
Construction
Maracás Milestones
 Construction of plant completed within 2.5% of budget
April, 2014
 Construction completed within 3 months of schedule
despite 5 month delay of critical equipment
2016
Full capacity
Ramp-up
2015
Commissioning
First Production, Aug 2014
Finance
 Extension of covenants and amortization of debt facility
announced in late Q3, 2014
 $30 million private placement concluded in October 2014
Exploration
2014
 New discovery of chromite and PGMs identified in 2014
 Drilling underway in 2015 with results anticipated shortly
TSXV: LGO
Construction
2013
2012
Project financing
4
14,000
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Tonnes V2O5
12,000
10,000
8,000
6,000
4,000
2,000
0
2015
Cost/lb
2015 Production Guidance
2016
Maracás Menchen Mine
Production High Range
Production Low Range
Annual Avg. Cost (/Lb)
Year End Cost (/Lb)
Average Production
(High/Low Range)
Production
High Range
Production
Low Range
Operating
Costs (/Lb)
Year End Exit Cost
(/Lb)
2015
7,850 tonnes
~17.3 million lbs
8,350 tonnes
~18.4 million lbs
7,350 tonnes
~17.3 million lbs
$4.15
$3.21
2016
11,000 tonnes
~24.3 million lbs
12,366 tonnes
~27.3 million lbs
9,364 tonnes
~21.2 million lbs
$3.40
$2.60
TSXV: LGO
(i) Reported operating costs for the Maracas Mine include all royalties, SG&A, sales commissions but excludes CAPEX. The operating costs reported are on a non-GAAP basis. Operating costs reflected are based on the
average of the high/low production rates and on a CDN/US dollar exchange rate of 1.27.
(ii) Production numbers for 2016 assume completion of an expansion of the existing facilities by June 2016 which would result in increased production capacity beginning in June 2016. a total CAPEX of approximately
CDN$50.0 million will be required over the course of 2015-2016 to expand the facilities beyond the 9,634 tonnes nameplate capacity. Should the Company choose not to move forward with the expansion, and
assuming the restructuring or extension of the debt facilities is achieved as described below, CDN$18.2 million in planned CAPEX is expected to be required during 2015-2016
5
Steel’s Strongest Alloy
About Vanadium
 Vanadium is the most used alloy to strengthen steel
 Makes steel stronger, lighter and more wear resistant
 Small amounts of vanadium added to steel significantly
increases tensile strength
 Vanadium can be easily added during the steel making
process
 Can be used alone or in combination with other alloys
Demand Drivers
2lbs Vanadium + 1 Tonne of Steel = 2x Strength
 Trends in global construction require the use of highstrength steels in buildings, bridges and tunnels
 Emissions and safety guidelines will require increasing
use of high-strength steels in the automotive sector
 Developments in the airline sector use increasing
amounts of aluminum-vanadium-titanium alloys in the
construction of aircraft
TSXV: LGO
Source: vanitec.org/Roskill, 2013
6
Uses of Vanadium
Vanadium in Steel
Steel Alloy
91%
Titanium Alloy
Steel is the largest
end-use for vanadium
Chemical Catalyst
Other
Uses of Vanadium in Steels
48%
TSXV: LGO
Source: Roskill, 2013
High Strength Low
Alloy Steels (HSLA)
are the leading market
for vanadium in the
steel industry
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Vanadium is Everywhere
Rebar for
construction
Buildings, bridges,
tunnels
Automotive parts
Aviation and
aerospace
Power lines and
power pylons
Pipelines
Railway lines, railway
cars, cargo containers
Chemical plants, oil
refineries, offshoreplatforms
High strength steel
structures
Various tools and dies
Missiles and defense
Ships
Heavy-wear mechanical
parts
TSXV: LGO
Source: Vanitec
Construction machinery
and equipment
Vanadium
applications are
growing…
8
Growth Example: Automobiles
Growth in Consumption of High-Strength Steels in Automobiles %
TSXV: LGO
Source: Roskill, 2013
9
Growth Example: China
 The Chinese government implemented Code for
Design and Concrete Structures in 2010 and 2011.
 This policy seeks to gradually eliminate the use
of low strength bars by the end of 2015
 Specifically implements an increase in Vanadium
content in steel rebar.
 The output of hot rolled ribbed steels (rebar)
accounts for 1/4 of steel production in China.
Why use vanadium in rebar?
 Vanadium alloyed high-strength rebars have
significantly higher resistance to seismic events
like earthquakes
Result of 4.2 magnitude earthquake on
structures with Low Strength-Rebar
(Global Steel 2013, Ernest&Younge)
TSXV: LGO (Gan Yong，Dong Han “Proceedings of International Seminar on Production and Application of HIgh Strength Seismic Grade Rebar Containing Vanadium”)
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Total Tonnes by Region (V2O5 Equiv.)
China’s Projected Impact on Supply
120,000
100,000
China
Projected Impact of China’s
2013 Rebar Standards
80,000
60,000
China
40,000
Europe
North
America
Japan
20,000
Actual Consumption 2010
0
0
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.1
% of Vanadium Used per Tonne of Steel by Region
TSXV: LGO
Source: Les Ford Vanadium and Steel presentation, PDAC 2010
Source: Roskill 2013
11
Tonnes V2O5 Equiv
Supply is Concentrated
of Global Supply
Other
8,000
Total Supply
TSXV: LGO
Source: Roskill, 2013
127,000 Tonnes (V2O5 Equiv)
Total Demand
136,000 Tonnes (V2O5 Equiv)
*Tonnage calculated in V2O5 Equivalent
12
Global Production by Method
Largo is the only ‘Pure-Play’ producer of vanadium
Global Production by Method & Cost
100%
$7.00
$6.00
$ Cost of Production
80%
70%
$5.00
60%
50%
$4.00
40%
$3.00
30%
20%
$2.00
10%
0%
$1.00
Co-product (slag)
production
% of Global Production
TSXV: LGO
Primary Production
% of Global Production (by Method)
90%
Secondary Production
$ Cost of Production per Lb V2O5 Equiv
NTD: Prices calculated into V2O5 Equiv
Source: Roskill 2013; TTP Squared/Atlantic, Vanadium Market Outlook
Source: Forecast adjusted based on company information & industry experts
13
Vanadium Historical Pricing
11 Year Vanadium Pricing (per lb V2O5)
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
$ Price V2O5
Historical floor at $5.00 per lb
TSXV: LGO
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Location Highlights
Maracás Location Highlights
 Government and local support
 Arid climate and suitable topography
 Management with experience in region
 Strong tax incentive program
 Local familiarity with mining
 Excellent infrastructure in place
TSXV: LGO
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Maracás Project Highlights
Production currently ramping up
12 month target to full capacity
All material produced has met specifications
Expansion plan in place to increase capacity
Glencore off-take agreement is in place for 6 years
100% of material produced
Take-or-pay agreement based on floating (spot) price
Shipments successfully completed on a weekly basis
First Production, Aug 2014
since September 2014
Resource




 Tier 1 asset – highest grade/quality deposit in the world
 Low levels of contaminants
 Large resource base with potential for significant growth
Location
Off-Take
Production








TSXV: LGO
Located in Bahia, Brazil
Ideal climate and topography for mining
Management with regional experience
Strong tax and government incentives
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Concessions and Mineralization
= Campbell Pit (first 12 Years)
Maracás concessions
and strike length
TSXV: LGO
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Mineral Resources
+2 Times Industry Average Grade
Contained within
Campbell Pit
24.6 Million Tonnes
30.4 Million Tonnes
TSXV: LGO
Satellite Deposits
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Cost Advantage
Highest Grade/Quality Vanadium Deposit in the World
Ore V2O5%
Higher head-grade
and higher iron
content
Concentrate
V2O5%
Concentrate has
much higher V2O5
Concentrate
SiO2%
Concentrate has fewer
contaminants like silica
0.0%
Maracas
TSXV: LGO
1.0 %
Australian
2.0%
3.0%
4.0 %
Low Cost Production
South African
*Average grade comparisons compiled by Les Ford, presentation March 8, 2011
19
Campbell Pit Cross Section
TSXV: LGO
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Simple, Low Cost Mining
150 meters
Magnetite
(ore)
Gabbro (waste)
Mining operations in 2014
TSXV: LGO
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12 Month Ramp-up Target
Full Capacity
9,364 tonnes
Month 1-12 Total: approx. 5,500 tonnes (12.1 million lbs) V2O5
110
100
% Plant Capacity
90
July 2015
80
70
60
Commercial production
target range
January 2015
50
40
Commercial shipments commenced
30
Production commenced August 2014
20
10
0
1
2
3
4
Ramp-up target capacity
5
6
7
8
9
10
11
12
13-24
Month
Ramp-up capacity range
TSXV: LGO
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2015 Objectives
 Continue to ramp up production capacity to
meet Phase 1 annual target capacity in Q3
 Focus on production/operating expense
optimization
 Begin the process to increase the production
capacity beyond the nameplate Phase 1
capacity
Tonnes V2O5
14,000
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
12,000
10,000
8,000
6,000
4,000
2,000
0
2015
2015
2016(ii)
Cost/lb
2015 Production Guidance
2016
Production High Range
Production Low Range
Annual Avg. Cost (/Lb)
Year End Cost (/Lb)
Average Production
(High/Low Range)
Production
High Range
Production
Low Range
Operating
Costs (/Lb)(i)
Year End Exit Cost
(/Lb) (i)
7,850 tonnes
~17.3 million lbs
8,350 tonnes
~18.4 million lbs
7,350 tonnes
~17.3 million lbs
$4.15
$3.21
11,000 tonnes
~24.3 million lbs
12,366 tonnes
~27.3 million lbs
9,364 tonnes
~21.2 million lbs
$3.40
$2.60
TSXV: LGO
(i) Reported operating costs for the Maracas Mine include all royalties, SG&A, sales commissions but excludes CAPEX. The operating costs reported are on a non-GAAP basis. Operating costs reflected are based
on the average of the high/low production rates and on a CDN/US dollar exchange rate of 1.27.
(ii) Production numbers for 2016 assume completion of an expansion of the existing facilities by June 2016 which would result in increased production capacity beginning in June 2016. a total CAPEX of
approximately CDN$50.0 million will be required over the course of 2015-2016 to expand the facilities beyond the 9,634 tonnes nameplate capacity. Should the Company choose not to move forward with the
expansion, and assuming the restructuring or extension of the debt facilities is achieved as described below, CDN$18.2 million in planned CAPEX is expected to be required during 2015-2016
23
Process Flow Sheet
Proven, industry tested process
TSXV: LGO
24
Strong Management
Significant Experience Operating Mining Facilities
Mark Brennan
President & CEO
25+ years experience in capital markets
Michael Mutchler
Chief Operating Officer
20+ years mining engineering experience operating
and managing mines
Les Ford
SVP & Technical Director,
Brazil
Vanadium expert. 40+ years experience
building/operating vanadium facilities globally
Kurt Menchen
President of Operations,
Brazil
30+ years mining engineering experience operating
mines in Brazil
Andy Campbell
VP Exploration
30+ years of mining exploration experience
Casper Groenewald
Deputy Technical
Director
20+ years metallurgical engineering experience
including 5+ in vanadium processing
Paulo Misk
General Manager
28+ years mining engineering experience operating
mines in Brazil
Ernest Cleave
Chief Financial Officer
10+ years experience in financial management
Andrew Hancharyk
Chief Legal Officer
20+ years experience in corporate Law
TSXV: LGO
25
Maracás Environment
Project as at December 11, 2013
TSXV: LGO
26
The Ford Facility at Maracás
Project as at February 20, 2013
TSXV: LGO
27
Recent Photos
Crushing System
Milling System
Roasting System (Kiln/Cooler)
TSXV: LGO
28
Corporate Structure
Stock symbol:
LGO – TSX-V
Share price (Jan 30, 2015):
$1.20
Shares issued (Basic):
109 million
Market Cap
C$131 million
52-week High/Low:
$3.60 / $.84
Management &
Institutions:
75%
Warrants & Options (Basic):
30 million
Project Finance Deal of the Year Awards - March 2013
Shareholders & Project Partners
Institutional Shareholders
Arias Resource Capital - 28%
Project Partners
Glencore International
Mackenzie Investments - 14.6%
100% 6 yr take-or-pay off-take for Maracas
Eton Park Capital Management - 10.1%
Business Development Bank of Brazil
Ashmore Investment Management - 10.1%
Bank Itau, Votorantim, Bradesco
TSXV: LGO
29
Investment Summary
Early Stage Producer
With Tier-1 Asset

Ramping up production

Commercial shipments ongoing

High grade, low cost production project

Only ‘pure-play’ exposure to vanadium

Commodity with strong growth profile

Management with significant operational
expertise
Substantially de-risked flagship project with near term cash flow
TSXV: LGO
30
Projectas
asat
atFebruary
November
19,
2013
Project
December
20,
26,
2013
2013
TSXV: LGO
31
Darcie Ladd
Corporate Development
[email protected]
416-861-9406
Mark Brennan
President and CEO
[email protected]
LARGORESOURCES.COM
416-861-9797
Largo Resources
LargoResources1
largoresources
Largo Resources
TSXV: LGO
32
Appendix
 Board of Directors
 PGM/Chrome Potential
 Secondary Projects
 Maracás Mining Process
 Currais Novos
 Northern Dancer
 Campo Alegre de Lourdes
TSXV: LGO
33
Appendix: Strong Board
Mark Brennan
Director
Largo Resources President & CEO
Dirk Donath
Director
Managing director Aimaira Capital
Management
Alberto Arias
Director
Founder & President Arias Resource Capital
David Brace
Director
CEO of Karmin Exploration. Formerly with Aur
Resources
Wayne Egan
Director
Partner at Weir Foulds LLP
Alex Monteiro
Director
Partner at CALT Ltd.
TSXV: LGO
34
Potential Chrome/PGM Discovery

Potential new discovery of chrome and PGMs
located North of current mine area

Chromite layers trace 3km strike with at least
two zones of chromite layers 20 to 25 metres
wide at surface with fine-grained sulphides
that potentially contain platinum

Exploration program underway, initial results
pending
 Chromite and PGMs are often associated in ultramafic rocks like the ones discovered near the Maracas
Menchen Mine
 This discovery potentially resembles deposits like
those in the Bushveld region of South Africa which
produces a significant amount of the world’s chrome,
PGMs and vanadium
TSXV: LGO
35
Secondary Projects
Currais Novos
Campo Alegre
Northern Dancer
Region:
Brazil
Region:
Brazil
Region:
Yukon, Canada
Metal:
Tungsten
Metal:
V, Ti, Fe
Metal:
Tungsten
Stage:
Care & Maintenance
Stage:
Exploration
Stage:
PEA Complete
Blue sky potential to add value
TSXV: LGO
36
Appendix: Currais Novos

Historical production district

Significant production from 1940s to 1970s
(approx 8% of global supply)

Numerous potential acquisitions in
immediate vicinity – both underground and
tailings

Provides significant expansion potential

Preliminary exploration underway with goal
of defining additional resources
Operational History:
TSXV: LGO

Production Commenced December 2011

Plant optimization continued through 2012

Production suspended due to severe
regional drought in 2013
37
Appendix: Campo Alegre Project
Mineral Resources (non-NI 43-101)

133 Million Tonnes Grading 50% Fe, 21% TiO2, 0.75%
V2O5*
Development Milestones
TSXV: LGO

100% owned iron, titanium, and vanadium
deposit - seven concessions covering 9,274.66
hectares

Purchased in 2009 for USD $250,000.00 from
Bahia State Mining Development Agency
(CBPM)

Preliminary metallurgical testwork completed in
2011 suggested potential for titanium dioxide
(TiO2) project
* Historical resource provided by CBPM (Bahia State Mining Development Agency)
38
Appendix: Northern Dancer Project
Mineral Resources
 223.4 MT grading 0.102% WO3 and
0.029% Mo (M&I)
 Higher-grade tungsten and molybdenum
zone: 60.3 MT of 0.14% WO3 and 0.045% Mo
(M&I)
 201.2 MT grading 0.09% WO3 and
0.024% Mo (I)
Development Milestones
 PEA complete
 Discussions with off-take partners and
JV partner
TSXV: LGO
39
Appendix: Northern Dancer PEA
Strategic asset for long
term supply of tungsten

Low Cash cost producer: US $116 per MTU

49 year mine life

Pre-production capital costs: $645 million

Cumulative cash flow US$4.8 billion

Average annual production of 833,000 MTU
tungsten (18.3 million pounds) and 5,959,000
pounds molybdenum over initial 23 years
Tungsten
(per MTU)
Attractive economics at
current tungsten prices
TSXV: LGO
Moly
(US$ per lb)
IRR (%)
NPV @ 8%
(US$ millions)
$275
$17.50
20.0
918
$300
$17.50
22.2
1,110
$325
$17.50
24.4
1,302
$350
$17.50
26.5
1,494
$365
$17.50
27.8
1,769
* The PEA is preliminary in nature, and includes inferred resources that are too speculative geologically to have economic considerations applied to them.
There is no certainty that the PEA will be realized.
40