About the Maracás Menchen Mine

The Maracás Menchen Mine boasts one of the highest-grade vanadium resources in the world and Largo is one of the lowest-cost primary producers of vanadium in the world. The Maracás Menchen Mine property totals 17,690 hectares and is located in the eastern Bahia State of Brazil. The mine is roughly 250 km southwest of Salvador (capital of Bahia) and 813 km northeast of Brasilia (capital of Brazil). The Maracás Menchen Mine has excellent access by road from Salvador to the mine via 405 km of paved secondary road from the main costal highway in Bahia and via a direct project access road of about 50 km west of the town of Maracas.

US$3.20 - 3.40/lb V2O5

Cash operating cost excluding royalties for 2022

12,000 - 12,750 tonnes

Annual V2O5 production guidance for 2022

12,000 - 12,750 tonnes

Annual V2O5 sales guidance for 2022

The Maracás Menchen Mine

Ownership 99.94%
2022 V2O5 production guidance 12,000 - 12,750 tonnes
Location Bahia State, Brazil
2022 cash operating cost guidance US$3.20 – 3.40/lb V2O5
Commodity Vanadium
2022 V2O5 sales guidance 12,000 - 12,750 tonnes
Mining Type Open pit
Reserve life 20 years*
Products
  • VPURE™ Flake
  • VPURE+™ Flake
  • VPURE+™ Powder
Number of employees 379
Ownership 99.94%
Location Bahia State, Brazil
Commodity Vanadium
Mining Type Open pit
Products
  • VPURE™ Flake
  • VPURE+™ Flake
  • VPURE+™ Powder
Number of employees 379
2021 V2O5 production guidance 11,400 - 11,800 tonnes
2021 V2O5 sales guidance 11,200 - 11,800 tonnes
2021 cash operating cost guidance US$3.10 – 3.30/lb V2O5
Reserve life 20 years (Campbell Pit)*

*Maracas Menchen Project, Bahia, Brazil, Independent Technical Report - An Updated Life Of Mine Plan (“LOMP”) For Campbell Pit and Pre-Feasibility Study for Gan And Nan Deposits. December 16th, 2021 (effective date October 10th, 2021).

Map Pin Maracas Map

Campbell Pit Reserves and Resources

Extracting additional value from the Maracás Menchen Mine

Ilmenite Concentration Plant + TiO2 Pigment Processing Plant Construction (2022-2023).

Phase One considers an ilmenite concentration plant with a capacity to produce 150,000 tonnes of ilmenite concentrate per year from the Campbell Pit non-magnetic concentrate as previously approved by the Company’s Board of Directors (see press release dated March 18, 2021). Concurrent with this approval, the Company will invest $25.2 million in 2022 to construct the ilmenite concentration plant with production expected to commence in 2023. The majority of the ilmenite concentrate will be fed through the Company’s new TiO2 pigment chemical processing plant which is to be constructed in Camaçari, Brazil in 2022 and 2023. The TiO2 pigment chemical processing plant is expected to produce 30,000 tonnes of TiO2 pigment per year beginning in 2024 with a total investment of $96.4 million ($50.7 million in 2022 and $45.7 million in 2023). The Company anticipates that the Total investment for Phase 1 will be $121.6 million and will generate an average production of 140,000 tonnes of ilmenite concentrate (from 2023 to 2025) and 30,000 tonnes of TiO2 pigment per year (from 2024 to 2025). The ilmenite concentrate production is expected to supply all necessary feedstock for the TiO2 pigment chemical processing plant with any surplus being sold in the open market . The Company’s annual V2O5 equivalent production capacity of 13,200 tonnes will remain unchanged during this period.

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