07:51 AM EDT, 06/25/2025 (MT Newswires) -- Largo (LGO.TO) reported Wednesday a month-over-month increase in vanadium pentoxide and ilmenite concentrate in May at the Maracas Menchen mine in Brazil.

A statement noted vanadium pentoxide production jumped 75% to 835 tonnes while ilmenite concentrate production climbed 65% to 3,025 tonnes.

Largo attributed the production increase to its previously announced operational turnaround plans, including gaining access to the 200-level area of disseminated ore, sourcing additional ore feed from the 110 and 120 levels, and production drilling activities.

"We are encouraged by the improved production results achieved in May, which represent an important step forward in our operational turnaround," interim CEO Daniel Tellechea said. "The progress made to date, particularly the increased access to key mining areas and enhanced plant stability, suggests that May may represent an inflection point for our operational turnaround progress."

The company said it has commenced the reprocessing of its existing non-magnetic tailings ponds to produce vanadium and ilmenite. It also plans to enhance the existing vanadium recovery process to extract more vanadium.

Largo said it expects to achieve its 2025 production guidance of 9,500 to 11,500 tonnes of vanadium pentoxide.

Meanwhile, Largo said it is reviewing a default notice from a counterparty over alleged delivery issues. The company said it is assessing available options.

LGO fell 3% and nearer to 52 week lows on the TSX yesterday.