07:40 AM EDT, 07/17/2024 (MT Newswires) -- Largo (LGO.TO) reported Wednesday a slight year-on-year increase in vanadium pentoxide production for the second quarter.

The company produced 2,689 tonnes of vanadium pentoxide, up from 2,639 tonnes produced a year ago.

Sales of vanadium pentoxide equivalent fell to 1,841 tonnes from 2,557 tonnes.

"Our second quarter results reflect the successful completion of planned maintenance and a return to expected production levels," Interim CEO and director Daniel Tellechea said. "Focusing on operational efficiencies remains essential as we work to maintain production targets for the second half of the year, which will support meeting our sales goals."

Ilmenite production slid to 8,625 tonnes from 9,563 tonnes in the previous quarter. Sales jumped to 12,261 tonnes from 513 tonnes.

"Additionally, our ongoing efforts to ramp up ilmenite production are key to diversifying our revenue streams, especially in the current environment of lower vanadium prices," Tellechea said. "By continuing to enhance our operational processes and address logistical challenges, we aim to ensure consistent production and reliable supply to our customers going forward."

Largo's share price climbed 8.7% yesterday to $2.75 on the TSX.