11/14/2024

speaker
Operator
Conference Operator

Good day and thank you for standing by. Welcome to Largo's Third Quarter 2024 Financial Results 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, Alex Guthrie, Director of Investor Relations. Please go ahead.

speaker
Alex Guthrie
Director of Investor Relations

Thank you, Operator, and thanks to everyone who has joined us for Largo's Third Quarter Financial Results Conference Call. Our Q3 2024 financial statements related MD&A and most recent AIF are available on our website at LargoInc.com, as well as on CDAR Plus and EDGAR. Before we proceed, please note that some information discussed today will include forward-looking statements and non-IFRS measures. Please refer to the cautionary notes and non-GAAP section of the company's latest MD&A, financial statements, and AIF, which are all available online. Additionally, all figures mentioned are in the U.S. dollars unless otherwise stated. Today's speakers include Danielle Talicea, Interim CEO and Director, Celio Pereira, COO of Largo Brazil, David Harris, CFO, and Francesco D'Alessio, CCO and President of Largo Clean Energy. Following the prepared remarks, we will open the call to questions. Please limit your questions to and recue if you have further inquiries to allow everyone a chance to participate. I will now turn the call over to Danielle.

speaker
Danielle Talicea
Interim CEO and Director

Thank you, Alex, and good morning, everyone. Thank you for joining us today to discuss our third quarter results. In Q3, Largo continued to make positive strides on several fronts, and I am pleased to highlight a few areas where we are seeing real progress. First, we deliver our highest quarterly vanadium production in seven quarters, producing 3,072 tons, up 42% from Q3 last year. Additionally, we saw another strong quarter in ramp up our ilmenite production, contributing to our efforts in diversifying revenues at Largo. Largo's cost improvements have been equally important during the quarter. We reduced our operating costs by 31%, allowing us to maintain a competitive position within the vanadium sector. And as announced, our vanadium supply agreement which unlocks approximately 23.5 million of additional liquidity from our binarion inventories upon delivery. Now enable us to strategically manage our inventory while delivering, still meeting our ongoing future sales commitments. In terms of our commercial strategy, we have taken decisive steps to realign our sales approach to better navigate together challenging market environment. In September, Francesco D'Alessio was promoted to Chief Commercial Officer, bringing a wealth of industry experience and strategic vision to our sales leadership. With Francesco's expertise, we are implementing a refreshed sales strategy aimed at optimizing inventory, following stronger customer relationships, and positioning Largo as a trusted and related supplier in both the Manadian in the ilmenite markets. Looking forward, our recently announced technical report highlights update supports largo long-term potential with a 67% increase in mineral reserves and a 64% increase in mineral resources, extending our mine life to 2054. This strengthened resources base, paired with our production and cost initiatives, sets the stage for future value creation going forward. With that, I will hand it over to Sergio to discuss our operational progress in more detail.

Disclaimer

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