The future looks bad Q1-23 Direct mine and production costs = (US$28.4M)
vs
Q1-22 Direct mine and production costs = (US$17.6M)
An increase of 61% in Direct mine & production costs year over year? No mining company can survive such an increase.
The future looks bleak:
"The Company has adjusted its annual 2023 V2O5 equivalent production guidance to 9,000 – 11,000 tonnes from 11,000 – 12,000 tonnes, its annual 2023 V2O5 equivalent sales guidance to 8,700 – 10,700 tonnes from 10,300 – 11,300 tonnes and its cash operating cost excluding royalties per lb sold guidance to $4.85 – 5.65 from $4.85 – 5.25" and they try to support the Clean Energy pillar on top of everything?
With the benchmark V2O5 price currently retreating, Q2-23 looks bleak with
Production expected to be down
Sales Volume expected to be down
Costs expected to be up, and
V2O5 prices expected to be down
But fear no more as the "genius" Paul Vollant has just been promoted to "Chief Commercial Officer in order to oversee all sales and strategic business development efforts related to the commodity division of the Company. His promotion reflects an unwavering commitment and support of the Company's sales efforts to date, including the establishment and oversight of Largo's sales and trading department".
God save us all!