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Largo Resources Ltd.


Largo Resources Ltd. is a growing strategic mineral company with projects in Brazil and Canada. The immediate goal of the company is to to ramp up production at its Vanadio de Maracás Menchen mine. Largo also has interests in a portfolio of other projects, including a 100% interest in the Currais Novos tungsten tailings project in Brazil, which the company continues to develop; a 100% interest in the Campo Alegre de Lourdes iron-vanadium project in Brazil; and a 100% interest in the Northern Dancer tungsten-molybdenum property in the Yukon Territory, Canada.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Robert Baylis (12/8/14) "One of the three major tungsten projects in the Yukon is Largo Resources Ltd.'s Northern Dancer project. . .Largo is concentrating on its vanadium assets in Brazil and would probably bring the tungsten operation in Brazil back into production before it starts any further development on Northern Dancer." More >

Luisa Moreno, Euro Pacific Canada (10/17/14) "Largo Resources Ltd. announced that the TSX Venture Exchange has approved a consolidation of its common shares on a 1:10 basis, starting today. . .the company expects revenues to be higher than operating costs by December 2014, once it reaches ~60% production capacity. . .our 12-month target price after the 1:10 share consolidation is $4.50/share (before consolidation $0.45/share)."

Luisa Moreno, Euro Pacific Canada (9/30/14) "Largo Resources Inc. announced a CA$30M non-brokered private placement. . .of up to 107.14M units at a price of CA$0.28 per unit. . .the net proceeds of the offering will be used to fund working capital at the company's Maracas Menchen vanadium mine in Brazil and for general corporate purposes. . .we had anticipated that Largo would need additional financing to support working capital. However, it is positive that Largo has been able to start producing vanadium pentoxide at market specification, is delivering product to its off-taker and is ramping up production with relatively no major incidents to date."

Joseph Gallucci, Dundee Capital Markets (9/29/14) "Largo Resources Ltd. completed its first shipment of vanadium at its Maracás mine at the beginning of September representing a significant milestone for the company. The Maracás operation positions Largo to benefit from improving vanadium fundamentals with healthy free-cash flows and sustainably wide EBITDA margins while the project continues to be derisked as it ramps up and production levels increase. We are reiterating our Buy rating."

Joseph Gallucci, Dundee Capital Markets (9/3/14) "Largo Resources Ltd. made its first shipment of V205 from its Maracás mine on September 2, 2014, after commencing commercial production on August 2, 2014. Production rates have stabilized at 8–12 tpd. . .40% of the 9,600 tpa phase 1 design capacity. . .if the current pace continues, the company is poised to meet its guidance of full nameplate commercial production within the first 12 months of operation. Maracás has the potential to be the world's lowest-cost primary source of vanadium. We estimate Largo will have an 18.3% free cash flow yield in the first 10 years of operation and 11.3% life of mine."

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Alessandro Bruno, Investor Intel (8/22/14) "Largo Resources Ltd. completed the first production of vanadium pentoxide at the Maracas vanadium project. . .the start of production at Maracas marks a period of substantial growth for the company. It is remarkable, given the current financing climate in the mining sector. . .not only will Maracas be the lowest-cost and highest vanadium-content mine in the world, it may also be the one with the lowest risk."

Joseph Gallucci, Dundee Capital Markets (8/11/14) "Largo Resources Ltd. commenced production at its Maracás vanadium mine in the Bahia state of northern Brazil on Aug. 5, 2014. . .the Maracás operation positions the company to benefit from improving vanadium fundamentals with healthy free cash flows and sustainably wide EBITDA margins while derisking of the project continues as the mine ramps up and production levels increase. Based on the reasons we highlight above, we are initiating coverage on Largo with a Buy rating and a $0.50/share target price."

Teresa Matich, Resource Investing News (8/5/14) "Largo Resources Ltd.'s first vanadium pentoxide material was produced at Maracas on August 2. Test work has indicated that the material is up to snuff in terms of Largo's six-year offtake agreement with Glencore. . . It’s thus easy to see why Glencore wanted to get its hands on the entirety of Maracas’ initial production, and investors will no doubt take comfort in knowing that a buyer has already been secured for all production from the mine. . .there is a skilled management and technical team behind Largo and Maracas."

Luisa Moreno, Euro Pacific Canada (8/5/14) "Largo Resources Ltd. produced its first vanadium pentoxide (V2O5) material at the Maracás vanadium project on Aug. 2, 2014. The company also conducted test work at its on-site laboratory indicating that the material is expected to meet all required specifications for its off-take agreement with Glencore International AG. . .Largo's Maracás project is arguably the most advanced vanadium project in the world with the highest-grade vanadium deposit and is expected to be one of the world's lowest-cost producers of vanadium products. . .we believe it will likely become a takeover target."

Itinerant, Seeking Alpha (7/30/14) "Commissioning at Largo Resources Ltd.'s world-class Maracas vanadium mine has been completed, and production is imminent. The market has only just started to appreciate the quality of the asset and the outstanding execution of the company bringing the mine into production; we estimate 150% upside if past performance can be maintained throughout ramp-up."

The Gold Report Interview with Paul Renken (7/28/14) "Largo Resources Ltd.'s large Maracás iron-vanadium project in Brazil is in the commercial ramp-up stage, but it also has a tailings retreatment project for tungsten in Brazil that has been put on care and maintenance because of a lack of water. Largo also has another large, low-grade tungsten deposit in Canada's Northwest Territories that has been sitting idle for a while. . .the Maracás ramp-up period will last a good 12 months. The company is just in the process of roasting its first ore. Full-scale commercial production will likely happen well into next year." More >

Luisa Moreno, Euro Pacific Canada (7/17/14) "Largo Resources Ltd. is our new Top Pick for 2014. . .the company's Maracás project is likely the most advanced new vanadium project in the world, with official production expected to start in Q1/15, well timed to capture the anticipated growth in demand. . .Largo also has the highest grade vanadium deposit in the world and is expected to become one of the world's lowest cost producers."

The Mining Report Interview with Luisa Moreno (7/8/14) "Some investors are looking more at more advanced projects like Largo Resources Ltd., which has a vanadium deposit that is close to reaching production." More >

The Gold Report Interview with Philip Richards (6/16/14) "Largo Resources Ltd. is about to commission a new vanadium production facility in Brazil, which will be a welcome addition to global supply. Vanadium pricing has been weak for some time. With restricted supply and a structural long-term upshift in demand, we expect vanadium pricing to improve over the next couple of years. Largo offers a cheap entry into vanadium. . .Largo's Maracas project is ramping up right now, and I expect it to be running at full production by the end of June. This company should be generating around $100M in annual cash flow by 2016, which makes Largo extremely cheap right now." More >

The Mining Report Interview with Mark Seddon (6/10/14) "Largo Resources Ltd. has quite a big project in the Yukon, just over the border with British Columbia, called Northern Dancer." More >

Luisa Moreno, Euro Pacific Canada (5/29/14) "Largo Resources Ltd.’s vanadium plant construction has been completed and the front end of the plant has been commissioned. . .the company has received significant support from the federal and local authorities in Brazil, evidenced by the scope of the inauguration ceremony for the new mine, which was attended by nearly 2,000 locals, including the governor of Bahia state and many municipal and high-ranked city officials. . .Largo’s Maracás project is likely the most advanced vanadium project in the world and with demand likely to outstrip supply in the near term, we believe that once the company reaches consistent production and further de-risks the project, it will likely become a takeover target."

Matthew Sheppard, Jacob Securities (5/16/14) "Largo Resources Ltd. announced this morning that it has started warming the kiln at its Maracas vanadium project in Brazil, which marks the final step of the commissioning stage. . .commercial production is anticipated in Q4/14, at which point the company will be generating revenue on its income statement. The first few years of production will be high grade/high output; margins are very robust, with vanadium trading around $5.70/lb and Largo forecasting average cash costs of $2.50/lb before byproducts."

Henry Lazenby, Mining Weekly (5/16/14) "Largo Resources Ltd. announced that it had concluded commissioning of its vanadium processing plant at the Maracas project in Bahia, Brazil, and that vanadium pentoxide production would start as soon as the kiln had reached its design temperature. . .the transition metal vanadium, which is mainly produced as a byproduct of iron ore mining has, in recent years, seen a steady rise in demand from the steel construction industry as building regulations, especially in China, increasingly call for improved strength and lighter construction materials. . .a January 2013 PEA for expanding the scope of the Maracas project had attached a $554M NPV at an 8% discount to the project, with a 26.3% internal rate of return."

Patrick Morton, RBC Capital Markets (3/18/14) "Largo Resources Ltd. continues to expect to achieve mechanical completion by the end of Q1/14 at its Maracás vanadium project. In our view, the commissioning of the kiln, a major component of the process plant flow sheet, is an important step in achieving this goal. . .project derisking could result in significant upside for shares. . .Maracás should become the highest grade vanadium mine in the world once production starts."

Luisa Moreno, Euro Pacific Canada (3/14/14) "We are initiating coverage on Largo Resources Ltd. . .the company's Maracás mine is the highest-grade vanadium deposit in the world. . .we believe that Largo's production timing is ideal because of favorable demand forecasts for the metal. Furthermore, given its high-quality deposit, we believe Largo has the potential to become a major low-cost producer of vanadium."

Matthew Sheppard, Jacob Securities (2/6/14) "We believe Largo Resources Ltd. is an excellent investment candidate. The company offers shareholders security as it is fully financed through to production. Furthermore, Largo has agreements in place for 100% of its commercial production."

The Metals Report Interview with Paul Renken (9/17/13) "Largo Resources Ltd. is definitely a vanadium play. It does have a pair of tungsten projects, one of which is a tailings retreatment project that's been put back on care and maintenance in Northern Brazil but also a large, undeveloped tungsten deposit called Northern Dancer in Canada. . .Glencore-Xstrata Plc recognized that Maracás is one of the highest-grade vanadium deposits in the world at 1.3% vanadium. The geology indicates there is an awful lot more vanadium potential along this particular trend and should pay dividends for a company like Glencore, which has the offtake of vanadium, for a long time." More >

The Metals Report Interview with Dave Forest (9/3/13) "A company like Largo Resources Ltd. in Brazil is probably in a good position. It is developing a magmatic iron-vanadium-titanium deposit, which, interestingly, also has some platinum group metals. This is a near-term producer in a geological terrain similar to that which has been proven around the world. That's a pretty interesting combination. And Brazil has a very well-developed mining sector, which means it also has pretty well-developed infrastructure, which adds to the economic viability of the project." More >

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