Ilmenite EPS estimation A total capacity of 145,000T / year = ~12,000T / mth = 36,000T / Q.
Let’s assume that Largo will reach the full monthly production capacity of 12,000T right from January 2024. We are talking about 36,000T for each Q or a quarterly revenue of ~US$10M or a yearly revenue of ~US$40M in 2024.
If management can deliver ( a big "if") then an Ilmenite revenue of US$40M / year could easily increase Largo's annual EPS (before tax) by US$0.16 considering the fact, as a by-product of V2O5, the Ilmenite production costs should be very low.
| Scenario | Profit Margin | Annual Profit | EPS before tax |
| 1 | 75% | US$30M | US$0.47 |
| 2 | 50% | US$20M | US$0.31 |
| 3 | 25% | US$10M | US$0.16 |
| 4 | 10% | US$4.0M | US$0.06 |
Let's pray that management wake up and deliver 2024 as our come back year.