RE:RE:RE:Q3-21 Financial ResultsLargo Inc. has added a new press release to its website:
Largo Reports Third Quarter 2021 Financial Results with Net Income of $9.2 Million; Advances to Implement Largo’s Complementary Value Propositions
All amounts expressed are in U.S. dollars, denominated by “$”. Q3 2021 and Other Significant Highlights
- Net income of $9.2 million, a 261% increase over Q3 2020; Basic earnings per share of $0.14
- Revenues of $53.9 million, 96% higher than Q3 2020; Revenues per lb sold1 of $9.10, a 69% increase over Q3 2020
- Cash balance of $87.6 million exiting Q3 2021
- Battery Development Funding: Largo Clean Energy (“LCE”) selected to receive $4.2 million in funding from the U.S. Department of Energy (“DOE”) to scale up U.S.-based manufacturing of flow battery and long duration storage systems
- First Battery Sales Contract: On July 20, 2021, LCE entered into its first VCHARGE vanadium redox flow battery (“VRFB”) sales contract with Enel Green Power Espaa (“Enel”); LCE will deliver a 5 hour, 6.1 MWh VCHARGE system for a project in Spain and received a Notice to Proceed on July 30, 2021
- 2020 Sustainability Report Released: Significant progress made on environmental, social and governance priorities in furthering the Company and vanadium’s role in the global green economy
- Total V2O5 equivalent sales of 2,685 tonnes, a 16% increase over Q3 2020
- Production of 3,260 tonnes (7.2 million lbs2) of V2O5, a 5% increase over Q3 2020
- Cash operating costs excluding royalties1 of $3.53 per lb of V2O5 vs. $3.14 per lb in Q3 2020
- Solid Vanadium Demand: Average Fastmarkets European V2O5 price of approximately $9.40 per lb in Q3 2021, a 76% increase over the average in Q3 2020
- Corporate Name Change and Rebrand: In line with the Company’s Board approved strategy to vertically integrate is foundational mining business and growing energy storage division, Largo announced that it has changed its name from Largo Resources Ltd. to Largo Inc.
- Pre-Feasibility Study Results Released: On November 3rd, 2021, the Company announced its technical report results outlining a significant expansion of V2O5 production and reserves supported by new cash flow generation from titanium dioxide (“TiO2”) pigment co-product sales. The result is a 20-year mine life and a $2.0 Billion after-tax NPV7% for the Maracs Menchen Mine
- 2021 Production and Sales Guidance: Production guidance of 11,400 to 11,800 tonnes of V2O5 equivalent; Sales guidance of 11,200 to 11,800 tonnes of V2O5
- UPDATED: The Company will host a webcast and conference call for its Q3 2021 results on Thursday, November 11th at 10:00 a.m. ET
TORONTO--(BUSINESS WIRE)-- Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces its third quarter 2021 financial results highlighted by revenues of $53.9 million and net income of $9.2 million. The Company recently announced results of a pre-feasibility study which forecasts materially increased profitability through enhanced access to vanadium and achieved important milestones in the development of its vanadium-based energy