A whole bag of bad news covered up by the revenue number
- production guidance cut for the 2nd time in just 6 months, now -10% below initial 2022 guidance.
- cost gidance upped again, too to between +28% and +32% of initial 2022 cost guidance
- TiO2 plant delayed due to a blunder in the land acquisition process resulting in delayed permitting
- logistic issues to persist much longer than previously anticipated: Q1 report: "The Company does not expect the logistics situation to improve until mid-2022, at which point the Company anticipates being able to reduce its inventory in transit through increased sales." Now, however "the Company does not expect the logistics situation to improve until the end of 2022, at the earliest".
- half-way through the month of July, on 7/14, Largo issued a press release stating "The Company expects V2O5 production of 900 – 950 tonnes in July 2022". Shortly thereafter something must have gone wrong again since July 2022 production actually came in at "811 tonnes of V2O5". Operational issues all over the place highlighting their continued inability to execute.
- Steven Prince is no longer with the company. WHAT? They guy just joined a few months ago! Accordingly, the company "incurred increased compensation costs in Q2 2022 as a result of management turnover." WTF!?