$LGO

Largo Inc.

CIK:0001400438|SEC Filings

Annual Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenues	$ 109,887	$ 124,920
Expenses
Operating costs	(132,640)	(145,818)
Professional, consulting and management fees	(12,500)	(16,304)
Foreign exchange gain (loss)	8,679	(12,517)
Other general and administrative expenses	(8,306)	(5,429)
Share-based payments	(2,289)	(1,321)
Finance costs	(13,143)	(9,460)
Interest income	283	1,523
Technology start-up costs	(714)	(3,392)
Recovery (write-down) of vanadium assets	294	(1,119)
Exploration and evaluation costs	(216)	(2,328)
Gain on disposal of interest in subsidiary	5,179	0
Share of net loss from investment in associate	(6,189)	0
Total Expenses	(161,562)	(196,165)
Net loss before tax	(51,675)	(71,245)
Income tax recovery	0	2,813
Deferred income tax (expense) recovery	(17,063)	17,867
Net loss	(68,738)	(50,565)
Items that subsequently will be reclassified to operations:
Unrealized gain (loss) on foreign currency translation	10,083	(35,327)
Other comprehensive loss	(58,655)	(85,892)
Net loss attributable to:
Owners of the Company	(68,509)	(49,828)
Non-controlling interests	(229)	(737)
Net loss	(68,738)	(50,565)
Comprehensive loss attributable to:
Owners of the Company	(58,426)	(85,155)
Non-controlling interests	(229)	(737)
Other comprehensive loss	$ (58,655)	$ (85,892)
Basic loss per Common Share	$ (1.01)	$ (0.78)
Diluted loss per Common Share	$ (1.01)	$ (0.78)
Weighted Average Number of Shares Outstanding (in 000's)
- Basic	67,833	64,088
- Diluted	67,833	64,088

Annual Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net loss for the year	$ (68,738)	$ (50,565)
Depreciation	21,995	28,675
Share-based payments	2,289	1,321
Unrealized foreign exchange (gain) loss	(10,079)	12,112
Finance costs	13,143	9,460
Interest income	(283)	(1,523)
Write-down of inventory	21,272	18,475
Derecognition of PPE	0	1,092
Write-down of vanadium assets	(294)	1,119
Income tax recovery	0	(2,813)
Deferred income tax expense (recovery)	17,063	(17,867)
Income tax refund (paid)	(181)	2,914
Gain on disposal of interest in subsidiary	(5,179)	0
Share of net loss from associate	6,189	0
Cash (Used) Provided Before Working Capital Items	(2,803)	2,400
Change in amounts receivable	(595)	14,095
Change in inventory	(15,707)	(5,845)
Revenues subject to refund	8,875	13,638
Inventory subject to return	(7,182)	(12,804)
Change in prepaid expenses	(1,067)	(278)
Changes in accounts payable and provisions	8,609	(383)
Change in deferred revenue	(352)	336
Net Cash (Used in) Provided by Operating Activities	(10,222)	11,159
Financing Activities
Receipt of debt	107,015	44,355
Repayment of debt	(92,229)	(27,075)
Interest and finance costs paid	(12,974)	(6,301)
Interest received	259	1,483
Lease payments	0	(600)
Change in restricted cash	148	182
Share and warrant issuance	21,675	0
Net Cash Provided by Financing Activities	23,894	12,044
Investing Activities
Mine properties, plant and equipment	(27,440)	(42,226)
Disposal of interest in subsidiary	1,000	0
Net Cash Used in Investing Activities	(26,440)	(42,226)
Effect of foreign exchange on cash	378	(1,585)
Net Change in Cash	(12,390)	(20,608)
Cash position - beginning of the year	22,106	42,714
Cash Position - end of the year	$ 9,716	$ 22,106

Annual Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash	$ 9,716	$ 22,106
Restricted cash	382	530
Amounts receivable	11,065	9,741
Inventory	49,511	47,538
Assets held for sale	0	7,613
Prepaid expenses	7,376	5,759
Total Current Assets	78,050	93,287
Other intangible assets	1,414	2,255
Inventory subject to return	19,986	12,804
Mine properties, plant and equipment	191,867	170,756
Vanadium assets	17,785	17,491
Deferred income tax asset	5,012	22,075
Investment in associate	4,641	0
Total Non-current Assets	240,705	225,381
Total Assets	318,755	318,668
Liabilities
Liabilities held for sale	0	962
Accounts payable and accrued liabilities	42,526	31,270
Deferred revenue	3,537	3,889
Debt	107,066	74,780
Current portion of provisions	804	3,358
Total Current Liabilities	153,933	114,259
Long-term debt	0	17,500
Provisions	5,773	2,043
Revenues subject to refund	22,513	13,638
Total Non-current Liabilities	28,286	33,181
Total Liabilities	182,219	147,440
Equity
Issued capital	423,284	412,988
Equity reserves	17,841	11,853
Accumulated other comprehensive loss	(123,444)	(133,527)
Deficit	(187,326)	(126,496)
Equity attributable to owners of the Company	130,355	164,818
Non-controlling Interest	6,181	6,410
Total Equity	136,536	171,228
Total Liabilities and Equity	$ 318,755	$ 318,668