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Largo Resources: vanadium, ijzererts en titanium

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DeZwarteRidder
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Largo Resources Ltd. has added a new press release to its website:

Largo Resources Announces the Execution of its First Iron Ore Sales Contract
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce the first sale of iron ore from the Maracás Menchen Mine.
The Company finalized a sales contract for 14,000 tonnes of iron ore to a leading steel producer on March 12, 2021. Transport of the contracted material has commenced, and full delivery is expected by the end of March 2021. To date in 2021, the Company is currently producing iron ore at a rate that would result in the generation of approximately 500,000 tonnes per annum and has accumulated a total stockpile of approximately 2 million tonnes.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “Our first sale of iron ore was a key step in validating the commercial viability of this material. This sale also highlights the added benefits of our newly established internal sales division and capitalizes on the higher iron ore price environment. He continued: “It is also a diversification of sources of revenue for the Company as up until now, 100% of the Company’s revenues have been derived from the sale of vanadium products. Material mined from the Maracás Menchen Mine contains vanadium, iron ore and titanium. We will continue to explore the economic feasibility of extracting additional value from the Company’s mineral resource.”

About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
Haegen
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DeZwarteRidder schreef op 15 maart 2021 12:44:


Largo Resources Ltd. has added a new press release to its website:

Largo Resources Announces the Execution of its First Iron Ore Sales Contract
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce the first sale of iron ore from the Maracás Menchen Mine.
The Company finalized a sales contract for 14,000 tonnes of iron ore to a leading steel producer on March 12, 2021. Transport of the contracted material has commenced, and full delivery is expected by the end of March 2021. To date in 2021, the Company is currently producing iron ore at a rate that would result in the generation of approximately 500,000 tonnes per annum and has accumulated a total stockpile of approximately 2 million tonnes.


Largo komt enkele dagen voor het uitbrengen van de cijfers met de mededeling dat ze een lading ijzererts verkocht hebben van 14.000 ton en dat ze de komen vier jaar 500.000ton per jaar zullen kunnen produceren en leveren. Een ton ijzererts doet op dit moment circa $100 dus dit levert Largo $50,0M aan extra omzet per jaar op. Largo heeft over de eerste 9 maanden van 2020 een omzet behaald van $77,7M (heel 2019 $140,0M en heel 2018 $521,4M).

Met aantrekkende Vanadiumprijzen, extra inkomsten uit ijzererts en het starten met het produceren van VRFB’s wordt het aandeel Largo op zijn minst interessant om te volgen.
DeZwarteRidder
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TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORD) is pleased to announce that the Company’s Board of Directors (the “Board”) has approved the construction of a new ilmenite concentration plant.
Commercial production from the new plant is expected early in 2023 and the plant's capacity will be approximately 150,000 tonnes of ilmenite concentrate per annum. The Company started an ilmenite pilot plant in October 2019. Based on the promising results, the Board approved construction of a full-scale plant. The advanced engineering and construction of the ilmenite concentration plant is expected to cost approximately US$25.2 million with the majority of these costs being incurred in 2022. The Company is also further evaluating the potential to produce titanium dioxide pigment as a possible follow-on product.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “The approval of our new ilmenite concentration plant is another step to increase and diversify our revenues. As we work to complete this project, we will also continue to explore the feasibility of extracting additional value from the Company’s mineral resource.”

About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".
DeZwarteRidder
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Largo Resources Announces First Quarter 2021 Production and Sales Results; Strong Vanadium Market Fundamentals Continue
04.19.2021

V2O5 production of 1,986 tonnes (4.4 million lbs1) in Q1 2021 vs. 2,831 tonnes in Q1 2020; Lower production in Q1 2021 was largely a result of the planned shutdown associated with the Company’s cost-efficient nameplate capacity increase
Commissioning and ramp up of cost-efficient nameplate capacity increase to 1,100 tonnes of V2O5 per month to be completed by the end of Q2 2021
Global V2O5 recovery rate2 of 77.4% in Q1 2021, a 3% decrease over Q1 2020
Total V2O5 equivalent sales of 2,783 tonnes in Q1 2021, a 12% decrease over Q1 2020 mainly due to lower production during Q1 2021
Strong vanadium price increases with main indexes in Europe and U.S. up approximately 30% to 50% in Q1 2021 on the back of solid demand in all key regions
2021 production, sales and cost guidance maintained

TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) announces first quarter 2021 production and sales results from its Maracás Menchen Mine featuring quarterly production of 1,986 tonnes (4.4 million lbs1) of vanadium pentoxide (“V2O5”) and sales of 2,783 tonnes of V2O5 equivalent.
Largo Resources Announces First Quarter 2021 Production and Sales Results; Strong Vanadium Market Fundamentals Continue (Photo: Business Wire)

Largo Resources Announces First Quarter 2021 Production and Sales Results; Strong Vanadium Market Fundamentals Continue (Photo: Business Wire)

Paulo Misk, President and Chief Executive Officer for Largo, stated: "Production was largely impacted during the quarter as a result of the planned shutdown to complete the upgrades and improvements associated with the Company’s cost-efficient nameplate increase to 1,100 tonnes of V2O5 per month. The related work for this project concluded in January 2021 and we expect to reach the new nameplate capacity by the end of Q2 2021, following the required commissioning and ramp up phases." He continued: “Strong vanadium demand in the Company’s key regions has continued in Q1 2021 with solid volume increases in the steel and chemical sectors. This was highlighted by a more than 50% increase in Europe’s average V2O5 price per lb during Q1 2021 as quoted by Fastmarkets Metal Bulletin. As a result of the severe impacts of COVID-19 pandemic, vanadium demand from the aerospace sector continues to lag, but we expect a gradual recovery from Q3 2021 onwards. Overall vanadium demand is expected to remain solid throughout 2021 as stimulus packages linked to the COVID-19 economic recovery are implemented. A continuous focus on global carbon emission reduction will also support the increased use of vanadium in the traditional steel market as well as in the fast-growing long duration energy storage sector. Recent sales of large scale VRFB systems around the world is further confirming the adaptation of this technology and we remain extremely focused on developing our clean energy division to service to this market with our VCHARGE± battery.”
DeZwarteRidder
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Largo Resources Ltd. has added a new press release to its website:

Largo Resources Announces Solid First Quarter 2021 Financial Results with Net Income of $4.1 Million; Strategic Developments of Clean Energy Division Continue
All amounts expressed are in U.S. dollars, denominated by “$”.
Q1 2021 Highlights
• Net income of $4.1 million and basic earnings per share of $0.07
• Cash operating costs excluding royalties1 of $2.87 per lb V2O5 vs. $2.66 per lb in Q1 2020
• Revenues of $39.8 million, 4% lower than Q1 2020; Revenues per lb sold2 of $6.49, an 8% increase over Q1 2020
• Cash balance of $48.7 million exiting Q1 2021
• Production of 1,986 tonnes (4.4 million lbs 3 ) of V2O5 vs. 2,831 tonnes in Q1 2020; Lower production in Q1 2021 was largely due to the planned shutdown related to the Company’s nameplate capacity increase
• Total V2O5 equivalent sales of 2,783 tonnes, a 12% decrease over Q1 2020 as a result of lower production during Q1 2021
• Strong vanadium demand in all of the Company’s key geographies in Q1 2021; Main indexes in Europe and U.S. increased approximately 30% to 50% on the back of solid demand and low inventory levels
• Q1 2021 results conference call: Thursday, May 13th, 2021 at 11:00 a.m. ET
Largo Clean Energy Strategic Developments
• Secured 1.4 gigawatt hour (“GWh”) nameplate capacity stack manufacturing facility and product development center: The Company secured a location for its product development and stack manufacturing center in Massachusetts, U.S. This location will act as the global headquarters of the Company’s clean energy division
• Electrolyte, electrolyte tank and stack container manufacturing center approved: The Company approved a location for its electrolyte production and manufacturing of its containerized VCHARGE± vanadium redox flow battery (“VRFB”) systems in New Hampshire, U.S.
• Strengthening of the executive team: The Company announced the appointment of energy executive Salvatore Minopoli as Vice President of Operations of Largo Clean Energy to focus on the overall commercial deployment of its VCHARGE± system. Hiring of additional personnel to support the achievement of anticipated timelines and targets continues
• Secured the advisory services of energy industry experts: The Company entered into an agreement for the strategic advisory services of Dr. Jeffrey Chamberlain and Dr. Bart Riley to provide advice to the Company’s board of directors on accelerating the development of its clean energy division
Other Significant Highlights
• Nasdaq Stock Market LLC (“Nasdaq”) listing: The Company’s common shares commenced trading on the Nasdaq at the open of market trading on April 19, 2021 under the symbol “LGO”
• Appointment of Ian Robertson to the Company’s Board of Directors: Founder and former CEO of Algonquin Power & Utilities Corp.
• First iron ore sales contract: The Company finalized a sales contract for 14,000 tonnes of iron ore to a leading steel producer on March 12, 2021. Transport of the contracted material has been completed, with full delivery and recognition of the sale in April 2021
• Construction of a new ilmenite concentration plant in 2022: The Company’s Board approved a $25 million ilmenite concentration plant expected to begin production in early 2023 with a capacity of approximately 150,000 tonnes per annum to supply this high demand market
• Working capital financing facility: The Company secured and drew down a $15.0 million working capital financing facility with a bank in Brazil. This facility is due to be repaid as a lump sum in one year together with accrued interest at a rate of 2.28% per annum
Haegen
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Integrated vanadium producer Largo Resources (TSX: LGO; OTCQB: LGORF) is charting a course towards capturing 3% or about 1,400 megawatt-hours of the long-duration energy storage battery market by 2025, company executives said during the company’s first ‘battery day’ presentation this week. Largo, which had spun out Largo Clean Energy in December 2020 to provide long-duration vanadium redox flow battery systems for the renewable energy storage market, expects the market’s total installed storage capacity to total about 49,000 MWh by 2025 – worth an estimated $16 billion. The company intends to capture value in a rapidly expanding market.

A recent Wood Mackenzie report found global energy storage deployment surged 62% in 2020, with five gigawatt, or nine-gigawatt hours, of new capacity added. This brought the total energy storage market to more than 27 GWh. WoodMac expects the global market to grow 27-fold by 2030. “The long-duration energy storage battery market has reached an inflexion point with the advent of the new green economy,” said Largo CEO Paulo Misk during the battery day event. The firm’s vanadium batteries were lower cost and lasted longer than rival solutions, such as lithium-ion battery energy storage. “Largo brings the missing piece to the puzzle, which is to provide stable, low-cost VRFB technology to market,” said Misk.

The vanadium for the batteries comes from Largo’s 17,690-hectare Maracás Menchen mine in the east-central state of Bahia, in Brazil. Misk expects the company’s vertically integrated approach to result in a 30 to 40% reduced cost of deploying VRFBs than traditional vendors.

While vanadium battery technology is not new, it is widely viewed as an up-and-coming industrial solution for renewable energy providers looking to scale up. The technology essentially works by shuttling vanadium electrons between their different valence states.

It is considered as a superior solution for applications with long-duration discharge requirements of six hours or more. “That is where VRFBs really come into their own,” said Misk.

Largo Clean Energy expects to harvest three revenue streams from the VRFB business, capturing potential margins of 110% over the conventional vanadium mining and marketing model.

The first revenue is taken during the initial capital outlay to install a VRFB facility. The second is a recurring revenue stream from the lease of vanadium electrolyte for use in the facility over the 25-year-plus life; the third comes from the net present value inherent in the vanadium the company recovers from the facility upon shutdown. Largo Clean Energy is commercialising VRFB technology previously owned by VionX Energy, a firm involved in the renewable energy storage market since 2002. “The patented VRFB technology and proprietary vanadium electrolyte processing system can deliver cost-competitive performance over its life cycle with nominal degradation. In general, the VRFB is intrinsically safe with no fire risk from thermal runaway,” said Misk. Additionally, the contained vanadium electrolyte can be recycled for reuse in other VRFB installations at the end of the battery life. “Over time we expect to build a portfolio of electrolyte rental assets which will potentially attract very high yields,” said Misk.

Largo provided an example in which the equivalent vanadium pentoxide value of its battery was $12.39 compared with the current market prices at $7.50-8/ per lb. This means that selling vanadium through its battery business provides a potential 50 to 60% upside relative to current vanadium prices.

“We view Largo’s integrated lease model as a significant opportunity to capture incremental value from the company’s low-cost vanadium production while also potentially helping to grow the vanadium redox flow battery market opportunity,” analyst Andrew Wong said in a research note. “Overall, we see the potential for a valuation re-rate if Largo is able to execute on the ambitious growth plans and prove the long-term viability of the integrated lease business model to generate steady and sustainable cash flows,” Wong said. Largo anticipates capital spending of $4.8 million in 2021, $3.4 million in 2022, and a total of $35 million through 2025. Capital requirements are relatively low due to simplicity of the manufacturing process. Largo has also identified ways to reduce costs of its V-Charge batteries, and expects a 40 to 50% reduction in system costs through system engineering. “This should flow into Largo’s margin as product pricing is not based on system cost,” said Wong.
DeZwarteRidder
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Largo Enters into its First Battery Sales Contract with Enel Green Power España for a VCHARGE± System
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce that Largo Clean Energy Corp. (“LCE”) has entered into its first VCHARGE± vanadium redox flow battery (“VRFB”) system sales contract with Enel Green Power España (“EGPE”). Under the contract, LCE is obligated to deliver a 5 hour 6.1 MWh VCHARGE± system for a project in Spain with expected commissioning in Q4 2022, subject to receipt of notice to proceed from EGPE within the next 180 days.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “We are excited to have been selected by Enel Green Power España as the preferred energy storage solution partner on this project. Integrating Largo’s leading high purity vanadium production with the disruptive capabilities of our VCHARGE± system, including superior performance, long life, optimal cost structure and proven durability, should position Largo as an emerging leader in the VRFB industry.” He continued: “The world is in need of clean and safe long-duration energy storage and we believe our VCHARGE± system can be a significant part of this solution going forward. We look forward to the successful deployment of this system.”
Ian Robertson, Chair of the Clean Energy Committee of the Board of Directors of Largo, added: “We are enthused that this sales contract with a world-class customer represents commercial validation of the LCE energy storage system and are confident that the technical and commercial competitiveness of the LCE proposition will continue to be proven through future sales.”
Haegen
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Largo Resources Announces Second Quarter 2021 Production And Sales Results; Positive Vanadium Demand Expected To Continue In H2 2021

V2O5 production of 3,070 tonnes (6.8 million lbs1)in Q2 2021, a 20% increase over Q2 2020 and 55% above Q1 2021
Total V2O5 equivalent sales of 3,027 tonnes in Q2 2021 vs. 1,018 tonnes in Q2 2020
Global V2O5 recovery rate2 of 79.9% in Q2 2021 vs. 80.8% in Q2 2020
Commissioning of vanadium trioxide (“V2O3”) processing plant initiated
2021 production, sales and cost guidance maintained
Strong vanadium demand continues: Tight vanadium availability coupled with strong demand has led to continued price increases since the start of 2021
Entered into first battery sales contract with Enel Green Power España (“EGPE”) for a VCHARGE± system: One of the largest vanadium redox flow battery (“VRFB”) deployments in Europe Advanced discussions with additional energy storage customers ongoing
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) announces quarterly production of 3,070 tonnes (6.8 million lbs1) of vanadium pentoxide (“V2O5”) and sales of 3,027 tonnes of V2O5 equivalent from its Maracás Menchen Mine in Q2 2021.

Paulo Misk, President and Chief Executive Officer of Largo, stated: “I am very encouraged by the ongoing development of our clean energy division as highlighted by the recent signing of our first milestone battery sales contract with a world-class partner, EGPE. We believe this further validates the Company’s innovative value proposition for energy storage customers and underpins a significant growth opportunity for Largo.” He continued: “In Q2 2021, the Company concluded the commissioning and ramp up activities associated with its kiln and cooler upgrades, including improvements of the mining, crushing and milling circuits to support a new nameplate production capacity of 1,100 tonnes of V2O5 per month. We expect to reach the new nameplate capacity in Q3 2021. Following these activities, global recoveries2 began to improve in Q2 2021 and the Company achieved 82.2% in June. Looking ahead, we expect to achieve our 2021 production and sales guidance through a rigorous operating and sales program during the remainder of the year.

“We are also pleased to report that commissioning of the Company’s V2O3 processing plant has begun and production is expected by the end of the third quarter. V2O3 is an important high purity material required in the manufacturing of master alloys, chemical products and electrolyte used in VRFBs. The addition of this product should increase the Company’s high purity market share as this sector gradually recovers and will support the development of our clean energy division with its use in the manufacturing of electrolyte.” He concluded: “Vanadium prices continued to edge higher in Q2 2021 following limited material availability and increased demand from the steel industry. During Q2 2021, the average European Fastmarkets Metalbulletin price per lb of V2O5 was US$8.19, representing an increase of 16% over Q1 2021 and 33% above the average price seen in Q2 2020. We expect vanadium prices to remain elevated and well above long-term averages throughout the second half of 2021.”

Q2 2021 Production Results

Total production from the Maracás Menchen Mine was 3,070 tonnes of V2O5 in Q2 2021, representing a 20% increase over Q2 2020 and a 55% increase over Q1 2021. V2O5 production was 1,092 tonnes in April, with 1,075 tonnes being produced in May and 903 tonnes in June. Lower production seen in June was largely due to a reduction in the total ore mined as a result of the Company’s transition to a new mining contractor. The full transition was completed in Q2 2021.

In Q2 2021, 340,734 tonnes of ore with an effective V2O5 grade3 of 1.15% were mined compared to 257,357 tonnes in Q2 2020 with an effective V2O5 grade3 of 1.20%. The Company also produced 98,372 tonnes of concentrate ore with an average V2O5 grade of 3.23% in Q2 2021 compared to 99,059 tonnes in Q2 2020 with an average V2O5 grade of 3.20%.

The Company achieved a global recovery2 of 79.9% in Q2 2021, being 1% lower than the 80.8% achieved in Q2 2020 and 3% higher than the 77.4% achieved in Q1 2021. The global recovery2 in April was 78.8%, with 78.5% achieved in May and 82.0% achieved in June. Global recoveries2 in April and May were largely impacted by the commissioning and ramp up activities associated with the kiln and cooler upgrades. These activities concluded in Q2 2021.

Clean Energy Division Update

During Q2 2021, Largo Clean Energy Corp. (“LCE”) remained focused on obtaining certification of its VCHARGE± VRFB system under UL1973 and UL9540 requirements to support expected 2022 project deployments. In addition, building modifications of its product development and stack manufacturing center are expected to commence shortly which will enable the installation and commissioning of stack manufacturing capacity and test equipment. The Company continues the hiring of additional personnel to support the achievement of its set targets and timelines.

On July 20, 2021, the Company announced that LCE entered into its first VCHARGE± VRFB system sales contract with EGPE. Under the contract, LCE is obligated to deliver a 5 hour 6.1 MWh VCHARGE± system for a project in Spain with expected commissioning in Q4 2022, subject to receipt of notice to proceed from EGPE within the next 180 days.

About Largo Resources

Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange and on the Nasdaq Stock Market under the symbol "LGO".

www.largoresources.com/English/news-a...

kpt Raketstart
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Beste ZwarteRidder/Haegen bedankt voor dit inzicht op Largo. De koers LGO lijkt gunstig te reageren op deze cijfers. Wel ging er een zeer aanzienlijke koersdaling aan vooraf. Het is wel ongeveer hetzelfde vaarwater als AMG, maar doet Largo ook aan fabricage legeringen en halffabrikaten of is het een puur mijnbouw bedrijf?
Haegen
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kpt Raketstart schreef op 21 juli 2021 14:22:


Beste ZwarteRidder/Haegen bedankt voor dit inzicht op Largo. De koers LGO lijkt gunstig te reageren op deze cijfers. Wel ging er een zeer aanzienlijke koersdaling aan vooraf. Het is wel ongeveer hetzelfde vaarwater als AMG, maar doet Largo ook aan fabricage legeringen en halffabrikaten of is het een puur mijnbouw bedrijf?


LGO is een primair mijnbedrijf en richt zich hoofdzakelijk op het ontginnen van vanadiumpentoxide (i.t.t. AMG dat ferrovanadium herwint uit gebruikte materialen) daarnaast begeeft LGO zich sinds kort (dit jaar) op de markt van de VRFB's (vanadium redox flow battery) als producent (deze activiteit heeft voor zover ik weet nog niet tot omzet geleid.
kpt Raketstart
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LGO is zover ik kan zien iets kleiner dan AMG en dus minder divers. Het koersverloop: -20% in een week valt precies samen met AMG (-13). De stijging van +13% in 2 dagen is denk ik ingegeven door dit gepubliceerde rapport en verbeterd beurssentiment. Dan ben ik benieuwd waar dit toe leidt.
Haegen
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DeZwarteRidder schreef op 21 juli 2021 17:44:


Vreemd genoeg hoor ik niks meer over ijzererts-leveranties.

Ik heb er een vraag over gesteld bij investor relations. Het antwoord zal ik posten.
Haegen
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Largo Resources Advances its Strategic Focus on Vanadium-Based Energy Storage Systems and Announces Solid Second Quarter 2021 Financial Results with Net Income of $8.4 million

All amounts expressed are in U.S. dollars, denominated by “$”.

Q2 2021 Highlights

At the Company’s investor-oriented virtual ‘Battery Day’ held on June 9, 2021, the Company discussed its transformational strategic shift to the production of vanadium based electrical energy storage systems. The Company believes that moving to vertically integrate its financially strong vanadium operations with its superior vanadium redox flow battery (“VRFB”) technology will present a higher value market opportunity for the Company’s vanadium products in the future and will also create a unique competitive advantage for Largo in the rapidly growing long duration energy storage market
Aligned with its commitment to the energy storage sector, Ian Robertson has been appointed as Co-Chair of the Board of the Company and as interim President of Largo Clean Energy Corp. (“LCE”)
LCE entered into its first VCHARGE± VRFB sales contract with Enel Green Power España (“EGPE”) and received notice to proceed on July 26, 2021
The Company reported net income of $8.4 million vs. a net loss of $7.0 million in Q2 2020
The Company recognized revenues of $54.3 million, 546% higher than Q2 2020
Cash provided before working capital items of $16.2 million vs. 1.0 million in Q2 2020
The Company exited Q2 2021 with a cash balance of $80.7 million
The Company will host a webcast and conference call for its Q2 2021 results on Wednesday, August 11th at 10:00 a.m. ET
Other Significant Highlights

Total V2O5 equivalent sales of 3,027 tonnes, a 197% increase over Q2 2020
Revenues per lb sold2 of $8.14, a 119% increase over Q2 2020
Cash operating costs excluding royalties1 of $3.39 per lb of V2O5 vs. $1.89 per lb in Q2 2020
Production of 3,070 tonnes (6.8 million lbs3) of V2O5, a 20% increase over Q2 2020 and 55% above Q1 2021
Vanadium demand in all of the Company’s key markets remained strong in Q2 2021: Average European V2O5 price per lb of $8.19, representing a 16% increase over Q1 2021 and 33% above Q2 2020
Commissioning of vanadium trioxide (“V2O3”) processing plant initiated
2021 production, sales, cash operating costs excluding royalties1 and capital expenditure guidance maintained
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces its second quarter 2021 financial results highlighted by revenues of $54.3 million and net income of $8.4 million.

Strategic Updates

During the second quarter, the Company hosted an investor-oriented virtual ‘Battery Day’ during which the Company discussed its transformational strategic shift to the production of vanadium based electrical energy storage systems. The Company believes that moving to vertically integrate its financially strong vanadium operations with its superior long duration energy storage technology will present a higher value market opportunity for the Company’s vanadium products in the future and will also create a unique competitive advantage for Largo in the rapidly growing long duration energy storage market.

Aligned with its belief in the opportunities expected to arise in the transition to VRFB production, the Company announced the appointment of Mr. Ian Robertson as Co-Chair of the Board of Directors of the Company and as Interim President of LCE. During the quarter, the Company continued to augment its strategic, commercial, technical and manufacturing teams including the appointment of Mr. Salvatore Minopoli as VP of LCE Operations.

During the quarter, LCE secured a facility in Massachusetts, U.S. for its global headquarters, including its product development and stack manufacturing centre, which is sufficiently sized to support a manufacturing capacity of energy systems representing up to 1.4 gigawatt hours of storage per year. The team moved into the office facility in May 2021 and building modifications are underway for the installation and commissioning of the stack manufacturing capacity and test equipment required to support the business plan.

On July 20, 2021, the Company announced that LCE had entered into its first VCHARGE± VRFB sales contract with EGPE and has now received notice to proceed for this installation. Under the contract, LCE is obligated to deliver a five hour, 6.1 MWh VCHARGE± system for a project in Spain with expected commissioning in Q4 2022.

With respect to continued VRFB deployments, LCE is focused on obtaining the required regulatory certification to support expected 2022 project sales, with certifications on track to be received by the end of Q4 2021. In addition, the Company is progressing with establishing the supply chain and resources required to deliver on the anticipated project deployment timelines and cost targets.

Ian Robertson, Co-Chair of Largo, stated: “During our Battery Day we confirmed our belief that vertically integrating our highly efficient vanadium production capacity with our superior vanadium based energy storage technology will present a more financially and societally valuable proposition for the Company. I am pleased with the recently announced milestone energy storage system sales contract with a world-class partner and remain confident that it represents validation of the transformational opportunity to generate substantial long-term value for the Company. Looking ahead, we see the planned change in our name to “Largo Inc.” as evidence of the Company’s confidence in the significant opportunity that exists for Largo to profitably participate in the growing long duration energy storage market. We expect to proceed with the Company’s name change and extensive rebrand in late Q3 2021.”

Paulo Misk, President and Chief Executive Officer for Largo, stated: “Continued momentum across all key markets resulted in increased vanadium demand and strong revenue growth for the Company in Q2 2021. This has led to a substantial increase in revenues per lb2 sold of 119% over Q2 2020 and contributed to healthy cash flow generation, building upon our solid cash position. Following the additional debt funding obtained in Q2 2021 of $15 million, the Company exited the quarter with a cash balance of $80.7 million. We will continue to capitalize on the strong demand in the vanadium markets we serve with the goal of improving profit margins going forward.”
Haegen
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DeZwarteRidder schreef op 21 juli 2021 17:44:


Vreemd genoeg hoor ik niks meer over ijzererts-leveranties.


Geen reactie tot vandaag in de conference call. In het kort.

Het ijzererts bevatte een tweetal extra elementen (verontreinigingen) titanium en sodium (Na) en met name het laatste element blijkt moelijk te verkopen zijn binnen Largo's (Chinezen) bestaande netwerk.

Misschien kan iemand met een meer scheikundige achtergrond hierop reageren. Overigens heeft de CEO P. Misk goede hoop het ijzererts alsnog te kunnen slijten.

Willy B.
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Joop213 schreef op 21 september 2021 13:27:


Bijkoop moment?


Ik ga toch nog even afwachten wat de impact van Evergrande op het aandeel gaat zijn.
Vanadium wordt in de bouw gebruikt en China is een erg grote afnemer bij Largo.

Ik heb interesse maar ga het nog even uitkijken.
Aandachtige lezer
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Largo doet mij weer denken uit de gelijknamige boef uit de James Bondfilm Thunderball.
DeZwarteRidder
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Largo Resources Ltd. has added a new press release to its website:

Largo Resources Provides Operational Update; Reports Strong V2O5 Production of 3,260 Tonnes in Q3 2021
All amounts expressed are in U.S. dollars, denominated by “$”.
• V2O5 production of 3,260 tonnes (7.2 million pounds1) in Q3 2021, a 5% increase over Q3 2020 and 6% above Q2 2021
• Total V2O5 equivalent sales of 2,685 tonnes in Q3 2021, a 16% increase over Q3 2020 and 11% below Q2 2021 due to logistical challenges
• Largo Clean Energy (“LCE”) selected to receive $4.2 million in funding from the Department of Energy (“DOE”) to scale up U.S.-based manufacturing of flow battery and long duration storage systems; Receipt of funding is subject to the completion of the award negotiation with the DOE
• On July 30, 2021, LCE received a notice to proceed (“NTP”) on its previously announced sales contract with Enel Green Power España (“Enel”) for the delivery of a 5 hour 6.1 MWh VCHARGE± system located in Spain
• Revised 2021 production and sales guidance: Production guidance lowered to 11,400 to 11,800 tonnes of V2O5 equivalent from 12,000 to 12,500 tonnes; Sales guidance lowered to 11,200 to 11,800 tonnes of V2O5 equivalent from 12,250 to 12,750 tonnes
• Demand in all of the Company’s key vanadium markets remained strong in Q3 2021: Average Fastmarkets European V2O5 price of approximately $9.40 per lb in Q3 2021, a 76% increase over the average in Q3 2020
TORONTO--(BUSINESS WIRE)-- Largo Resources Ltd. ("Largo" or the "Company") (TSX:LGO) (NASDAQ:LGO) announces quarterly production of 3,260 tonnes (7.1 million lbs1) of vanadium pentoxide (“V2O5”) and sales of 2,685 tonnes of V2O5 equivalent from its Maracás Menchen Mine in Q3 2021.
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