Largo Inc. provided an update on its operational turnaround plans, reporting improved production rates for both vanadium pentoxide (V2O5) and ilmenite concentrate in May 2025. V2O5 production reached 835 tonnes, a 75% increase compared to April 2025, while ilmenite concentrate production was 3,025 tonnes, a 65% increase.
The company attributed these improvements to initiatives such as increased access to key mining areas, enhanced plant stability, and optimized operational parameters. Largo maintains a positive outlook for June 2025 production and expects to achieve its full-year V2O5 production guidance range of 9,500 to 11,500 tonnes.
However, Largo also disclosed receiving a default notice on June 9, 2025, from a counterparty for failure to deliver 900 tonnes of V2O5 at the scheduled time. The same counterparty also alleged that some previously delivered V2O5 failed to meet agreed-upon specifications, and the company is reviewing the notice and assessing its options.
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