Largo Holds Vanadium Output Steady in 2025 as Tariffs Bite Sales and Copper-PGM Tests Open New Option
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An update from Largo Resources ( (TSE:LGO) ) is now available.
Largo reported 2025 V2O5 equivalent production of 9,150 tonnes, essentially flat year over year and within guidance, underpinned by improved plant stability and higher second-half output that allowed it to defer its annual kiln shutdown to mid-2026. Global V2O5 recovery improved to 80.1% from 76.4%, but annual vanadium sales slipped to 8,686 tonnes, pressured in the fourth quarter by new U.S. tariffs on Brazilian imports of high-purity vanadium, even as European V2O5 prices rose and ferrovanadium benchmarks softened amid weak Chinese and European steel demand. The company delivered 30,282 tonnes of ilmenite concentrate in line with guidance but has suspended its 2026 ilmenite production and sales outlook after larger-scale tests showed promising copper and precious metals grades in concentrates produced using its ilmenite flotation circuits, signaling a potential strategic shift toward copper and PGM concentrate production that could diversify revenues and partially offset vanadium market headwinds.
The most recent analyst rating on (TSE:LGO) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Largo Resources stock, see the TSE:LGO Stock Forecast page.
Spark’s Take on TSE:LGO Stock
According to Spark, TipRanks’ AI Analyst, TSE:LGO is a Neutral.
The score is primarily held back by weak financial performance, including ongoing losses and cash flow challenges. Technicals are moderately supportive with positive trend signals, but overbought momentum readings raise near-term risk. Valuation remains constrained by negative earnings and the absence of a dividend yield.
To see Spark’s full report on TSE:LGO stock, click here.
More about Largo Resources
Largo Inc. is a Toronto-based producer of vanadium pentoxide (V2O5) from its Maracás Menchen Mine in Brazil, supplying high-purity vanadium products primarily to steel and energy storage markets. The company also produces ilmenite concentrate and is exploring additional value streams from copper and precious metals concentrates, aiming to strengthen its position as a reliable Western supplier in the global vanadium market.
Average Trading Volume: 107,642
Technical Sentiment Signal: Sell
Current Market Cap: C$154M
Find detailed analytics on LGO stock on TipRanks’ Stock Analysis page.
