Largo Resources Reports Strong Second Quarter 2019 Production Results

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11/07/2019 08:30
Q2 2019 V2O5 production of 2,515 tonnes, an increase of 20% over Q1 2019 and 2% over Q2 2018
• Record monthly V2O5 production of 926 tonnes achieved in June
• Successful start to expansion project ramp-up; Commissioning and ramp-up expected to conclude in Q3 2019
• Global V2O5 recovery rate of 79.1% in Q2 2019; Second quarter of strong global recoveries in 2019
• Q2 2019 financial results conference call: Wednesday, August 14th, 2019 at 11:30 a.m. EDT

TORONTO, July 10, 2019 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce second quarter 2019 production results from its Maracás Menchen Mine with 2,515 tonnes of vanadium pentoxide ("V2O5") produced at an average global recovery rate1 of 79.1%.

Total production in Q2 2019 from the Maracás Menchen Mine was 2,515 tonnes of V2O5 representing an increase of 20% over Q1 2019 and a 2% increase over Q2 2018. In addition, the Company achieved a new monthly V2O5 production record of 926 tonnes in June as a result of greater operational stability at the plant in addition to the optimization of the new and existing deammoniators as part of the commissioning and ramp-up phase of the Company's expansion project. Lower V2O5 production of 755 tonnes in April was impacted by the restart of operations following the kiln refractory replacement which was completed on March 31, 2019.

Global V2O5 recovery1 rates averaged 79.1% during the quarter are in line with Q2 2018 and demonstrate another strong quarter of global recoveries1 for the Company.

The expansion project to increase production capacity at the Maracás Menchen Mine by 25% from 800 tonnes of V2O5 per month to 1,000 tonnes continues to advance successfully. The Company plans to install an additional ball mill in August and expects to finalize the commissioning and ramp-up phase in Q3 2019, reaching the new nameplate capacity of 1,000 tonnes of V2O5 per month in Q4 2019.

A summary of Q2 2019 production results from the Maracás Menchen Mine is presented below:

Maracás Menchen Mine Production Q2 2019 Q1 2019 Q2 2018
Global recovery1 (%) 79.1% 80.0% 79.2%
Concentrate produced (tonnes) 102,320 86,673 85,639
Grade of concentrate (% V2O5) 3.30% 3.32% 3.37%
Contained V2O5 (tonnes) 3,380 2,874 2,889
V2O5 flake produced (flake + powder) (tonnes) 2,515 2,099 2,458
V2O5 produced (equivalent pounds)2 5,544,619 4,627,497 5,418,956

Mark Smith, Chief Executive Officer of Largo, stated: "I am very pleased with the operational performance demonstrated in Q2 2019 highlighted by another quarter of strong global recoveries1 and a new monthly production record achieved in June. He continued: "With additional production being realized as a result of the expansion project ramp-up, we look forward to finalizing the installation of the new ball mill and completing the commissioning and ramp-up phase of the expansion project in Q3 2019 to reach the new nameplate capacity of 1,000 tonnes of V2O5 per month in Q4 2019."

Conference Call
Largo Resources' management will host a conference call on Wednesday, August 14, 2019, at 11:30 a.m. EDT, to discuss second quarter 2019 operational and financial results.

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