Largo Inc.

Good day and thank you for standing by. Welcome to Largo's fourth quarter and annual 2021 earnings webcasting conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. I would now like to hand the conference over to your speaker today, Mr. Alex Guthrie, Senior Manager of External Relations. Please go ahead.

Good morning, everyone. Thanks for joining our fourth quarter and annual 2021 earnings conference call. On the call today, Paulo Misk, our President and CEO, Ernest Cleave, our CFO, Paul Vallant, our VP of Commercial, and Stephen Prince, the President of our Clean Energy Division. To accompany the call, we've uploaded a supplemental webcast presentation, which is available on our website at LargoInc.com. Our 2021 financial statements, related MD&A, and most recent AIF are also available on the website, as well as CDAR and EDAR. Before continuing the call today, I would like to remind you that some of the information you will hear during today's discussion will consist of forward-looking statements, including, without limitation, those regarding future business outlook. In addition, non-GAAP financial measures and ratios, such as cash operating costs per pound, cash operating costs excluding royalties per pound, and revenues per pound sold, will also be discussed during today's conference call. These have no standard meaning under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Actual results discussed during today's call could differ material from those anticipated, and risk factors that could affect results are detailed in the company's latest AIF and other public filings, which are available on CDAR, EDGAR, and on the company's website. And lastly, market and industry data contained and incorporated by reference during this call concerning economic and industry trends is based upon good faith estimates of our management or is derived from information provided by industry sources. We believe that such market and industry data is accurate, and the sources from which it has been obtained are reliable. However, we cannot guarantee the accuracy of such information, and we have not independently verified the assumptions upon which projections of future trends are based. The agenda for our call this morning is as follows. Paul will provide an update on the company's value proposition and on its operational progress. Ernest will follow with an overview of the company's financial results. Paul will provide an update on the company's sales and trading, as well as an update on the Canadian market. And Stephen will close with a progress update from our Clean Energy Division. Finally, we'll open the call for questions. We kindly ask that you restrict your questions to two and then re-queue if you have additional questions to allow others the opportunity to participate. I'll now hand the call over to Paulo.

Thank you, Alex, and welcome to everyone that joined us on the call today. I'd like to spend a few minutes discussing Largo's value proposition represented through the two pillars of value creation. Firstly, to our business as a vanadium supplier, and secondly, to our battery business that is expected to serve the long-duration energy storage market. To focus on the vanadium supplier pillar, I want to emphasize a few important points. Largo is the world's largest primary vanadium producer and enjoys one of the lowest operating costs, which presents valuation upside potential to our investors. especially during periods of increasing vanadium prices. Largo will keep selling 100% of its vanadium production and will keep generating revenue from it, now and in the long run. We expect additive growth from humanite and titanium production over the next five years, which we anticipate will increase our top and bottom lines. Based on our latest technical report, the after-stack MCV of the Canadian and titanium product line is anticipated to be $2 billion over the life of mine timeframe, based on the average Canadian price of $8.20 per pound for standard-grade Canadian. As a reference, the current price of standard-grade Canadian today is $12.25 per pound.