Margins revisited The chart shows the V2O5 price (EU), Largo's operating cash costs and total cash costs.
Total cash costs had been reported by Largo up until Dec. 2021. At that point in time they were ~$1 higher than operating cash costs. I extended the chart by sticking to the $1 difference although one can safely expect it to expand over time. In any event total costs (not shown in the chart) are higher than total cash costs as the latter exclude non-cash items. Also, keep in mind Largo's average selling price for its V2O5 is lower than the EU price.
What the chart clearly demonstrates: Costs went up at a much higher rate than the Vanadium price destroying Largo's margins.