Largo Inc (LGO)

[Middleborder]

From

https://www.marketwatch.com/press-release/largo-resources-reports-first-quarter-2019-results-2019-05-14?mod=mw_quote_news
Mark Smith, Chief Executive Officer for Largo, stated: "The decline in the price of vanadium and the significant remeasurement of trade receivables under the Company's off-take agreement greatly impacted profitability this quarter. Despite continued pressure on vanadium prices, the operations team successfully completed the kiln refractory replacement ahead of schedule in addition to increasing global recoveries by 5% from the same quarter last year, setting a new quarterly record. Cash operating costs(2) for the quarter were 4% lower compared to the same quarter last year and I am very pleased with the team's ability to remain focused on cost discipline at the mine."

"The Company's exploration initiatives are progressing as planned with drilling at the Novo Amparo Norte and Novo Amparo deposits now complete and the commencement of drilling at the São Jose deposit. The Company's work on a new resource estimate for Novo Amparo Norte is now well advanced and we look forward to providing an update to the market towards the end of Q2 2019."

He concluded: "We are committed to implementing a comprehensive capital return program to return cash to our shareholders in the form of dividends and/or the repurchase of shares and/or warrants following the intended repayment of the Company's remaining debt balance of US29.1 million. We intend to communicate the details of the comprehensive capital return program at or before our Annual Meeting of Shareholders in June."