The following table shows the relationship between V2O5 prices, Sales prices and Largo’s EPS over the past 3 Qs and FY 2022:
US$
| Period | Avg Standard V2O5 Benchmark Price | Sales price per V2O5 equivalent pound | Sales over Benchmark Prices | EPS (Loss) |
| Q1-23 | $10.39 | $9.14 | ($1.25) | ($0.02) |
| Q2-23 | $8.46 | $9.42 | $0.96 | ($0.09) |
| Q3-23 | $8.03 | $8.34 | $0.31 | ($0.19) |
| 9-month | $8.96 | $8.99 | $0.03 | ($0.30) |
| E Q4-23 | Lower than Q3’s | ? | ? | ? |
| FY 2022 | $9.57 | $8.70 | ($0.87) | ($0.03) |
If 2022, with its (US$0.03) loss of per share,was a “challenging” 12 months then what will 2023 be considering the fact that the cumulative loss has already reached (US$0.30) per share after only 9 months of operations in addition to Vollant recent warning that “prices have further decreased over the past months and the short-term outlook seems challenging”? No mea culpa acknowledgement from the management team? No accountability? More performance-based incentives? More cheers for Largo's teflon leadership team while the company's market value is sinking fast?
Daniel Tellechea, Interim CEO and Director of Largo, stated: “For Largo, 2022 was a challenging year, which led to an underperformance on both production and cost metrics, particularly in Q4 2022 with the mining disruption caused by record rainfall at our mine, cost inflation of key raw materials and sizeable non-recurring expenditures.