Largo Announces Third Quarter 2022 Production and Sales Results Highlighted by Record High Purity Vanadium Production, Completes Battery Stack Manufacturing for its 6.1 MWh VCHARGE VRFB Deployment in Spain

TORONTO - Largo Inc. ('Largo' or the 'Company') (TSX: LGO) (NASDAQ: LGO) today announces production of 2,906 tonnes (6.4 million lbs1) of vanadium pentoxide ('V2O5') equivalent and sales of 2,796 tonnes of V2O5 equivalent from its MaracasMenchen Mine in Q3 2022.

Paulo Misk, President and CEO of Largo, stated: 'Production of V2O5 in Q3 2022 was impacted by a refractory refurbishment and a mining contractor transition, while V2O5 equivalent sales were affected by shipping delays and lower spot demand. However, despite experiencing production impacts, the Company produced 962 tonnes of high purity material in the quarter to meet increased demand from this sector. The Company remains on track to meet its 2022 production and sales guidance range of 11,000 to 12,000 tonnes.' He continued: 'The construction of our ilmenite concentration plant continues to progress, with substantial portions of its foundation and framing structures delivered and erected. We also made considerable progress on the delivery of our EGPE VRFB deployment following the manufacturing of all required high-power battery stacks for the system. We look forward to providing additional updates as these projects continue to advance.'

He concluded: 'In October, we published our inaugural Climate Report aligned with the Taskforce for Climate-Related Financial Disclosures (TCFD). We believe being transparent about our approach to climate change is part of our vision to enable the planet's transition to a low carbon future and remain committed to delivering positive and sustainable benefits to all Largo stakeholders.'

About Largo

Largo has a long and successful history as one of the world's preferred vanadium companies through the supply of its VPURETM and VPURE+TM products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracas Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo's VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world's highest quality vanadium, Largo's strategic business plan is based on two pillars: 1.) vanadium production from its operations in Brazil and 2.) energy storage business in the U.S. to support a low carbon future through its clean energy division.

Cautionary Statement Regarding Forward-looking Information

This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates;; the effect of unforeseen equipment maintenance or repairs on production; timing and cost related to the build-out of the ilmenite plant; the extent of capital and operating expenditures; the impact of global delays and related price increases on the Company's global supply chain and future sales of vanadium products. Forward looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and successfully operate a VRFB business, our ability to protect and develop our technology, our ability to maintain our IP, the competitiveness of our product in an evolving market, our ability to market, sell and deliver our VCHARGE batteries on specification and at a competitive price, our ability to successfully deploy our VCHARGE batteries in foreign jurisdictions; the receipt of necessary governmental permits and approvals on a timely basis, our ability to secure the required production resources to build and deploy our VCHARGE batteries, and the adoption of VRFB technology generally in the market.

Forward-looking statements 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', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. All information contained in this news 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 that 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 such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, 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. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.

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