07:19 AM EDT, 03/31/2025 (MT Newswires) -- Largo (LGO.TO) late on Friday reported that its fourth-quarter net loss narrowed as revenues fell.

Net loss was US$13 million, or or a loss of US$0.19 per share, narrowing from a loss of US$13.3 million, or a loss of US$13.3 million.

Revenues came in at US$24.3 million, down from US$44.2 million.

Adjusted EBITDA grew to US$2.3 million from US$793,000.

The company mined 476,742 tonnes of ore, up from 473,958 tonnes. It produced 1,775 tonnes of vanadium pentoxide, down from 2,768 tonnes.

Largo has also implemented initiatives to address operational challenges, enhance productivity and strengthen cost controls.

Among the initiatives, the company has initiated a turnaround program with its mining contractor to resolve reliability and availability issues that affected mining throughput rates in late 2024 and early 2025.

Optimization of pit access and streamlining material handling processes; crushing, milling and kiln operations; and downstream processing plant efficiencies are underway.

Largo is also working with geotechnical experts to optimize mining practices, including improved blasting techniques and pit infrastructure upgrades. It has also mechanized and automated some aspects of ore processing and tailings management.

As a result of Largo's cost reduction initiatives, operating costs in the fourth quarter have been reduced by 30% from the year-ago quarter. It is also exploring financing alternatives such as refinancing debt and securing additional capital through new debt facilities.

The company cited market conditions, including a 21% decline in vanadium prices since Dec. 31, 2023, and an elevated cost environment as reasons for the initiatives.