12:05 PM EDT, 10/28/2024 (MT Newswires) -- Largo (LGO.TO, LGO) on Monday reported an increase in mineral reserves, mineral resources and mine life in its updated life of mine plan and pre-feasibility study on the Maracas Menchen vanadium-titanium operation in Brazil.

Total operating mine life increased 13 years to 2054, or a total of 31 years. The project has a post-tax net present value discounted at 7% of $1.1 billion. Post-tax life-of-mine cash flow is $3.8 billion.

The project has a total life-of-mine vanadium oxide equivalent production of 346,600 tonnes, ilmenite concentrate production of 7.7 million tonnes and titanium dioxide pigment production opportunity of 2.5 million tonnes.

Total proven and probable reserves increased from the 2021 technical report to 101 million tonnes grading 0.56% vanadium oxide, representing a 67% increase in total mineral reserves.

Measured and indicated resources also rose 64% to 104.8 million tonnes grading 0.62% vanadium oxide and 8.31% titanium dioxide.

Largo shares were last seen up $0.47 to $3.34 on the Toronto Stock Exchange.

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