Largo Inc (LGO)

[Bullsprig57]

Largo Resources Reports Solid Q1 2020 Results with Net Income of $5.7 Million and Maintains Strong Liquidity Position
T.LGO | 1 day ago
All financial figures are in Canadian dollars unless otherwise stated.

Q1 2020 Highlights

Net income of $5.7 million and basic earnings per share of $0.01
Cash operating costs excluding royalties1 of US$2.79($3.69) per lb of V2O5, a decrease of 18% over Q1 2019
Production of 2,831 tonnes (6.2 million pounds2) of V2O5, a 35% increase over Q1 2019
V2O5 sales of 3,170 tonnes, a 51% increase over Q1 2019
Revenues of $58.2 million (after a positive re-measurement of trade receivables / payables of $2.4 million on vanadium sales from a contract with a customer of $55.8 million), an increase of 31% over Q1 2019
Cash balance of $206.1 million exiting Q1 2020
Commercial independence: Over 85% committed on annual guided sales for 2020
COVID-19 Update: The Maracás Menchen Mine continued operations during Q1 2020 and the Company is maintaining it's 2020 guidance on a "business as usual" basis
Q1 2020 operational and financial results conference call: Wednesday, May 13th, 2020 at 10:00 a.m. EST