Largo Resources Announces Record Quarterly and Full Year 2020 Operational Results and Exceeds 2020 Sales Guidance; Provides 2021 Guidance
Wednesday, January 20, 2021, 7:00 AM ET
All amounts expressed are in U.S. dollars, denominated by "$"
Q4 and FY 2020 Production and Sales Highlights:
-- Record quarterly V2O5 production of 3,340 tonnes (7.4 million lbs1) in Q4 2020, an 11% increase over Q4 2019 -- Record annual V2O5 production of 11,825 tonnes (26.1 million lbs1) in 2020, an increase of 12% over 2019; Within 2020 V2O5 production guidance of 11,750 -- 12,250 tonnes -- Quarterly global V2O5 recovery4 of 80.6% in Q4 2020, a 4% increase over Q4 2019 -- Record annual global V2O5 recovery4 of 81.4% in 2020; a 4% increase over 2019 -- 2020 sales guidance exceeded: Total V2O5 equivalent sales of 10,260 tonnes in 2020, exceeding high-end V2O5 sales guidance by 260 tonnes -- Record quarterly sales of 3,751 tonnes of V2O5 equivalent in Q4 2020, a 31% increase over Q4 2019
2021 Guidance
-- V2O5 equivalent production of 12,000 -- 12,500 tonnes; V2O5 equivalent sales of 12,250 -- 12,750 tonnes; Cash operating cost excluding royalties2 of $3.10 -- 3.30/lb V2O5 sold; Total cash costs of $3.50 -- 3.70/lb V2O5 sold; Sustaining capital expenditures6 of $8.0 -- 10.0 million; Vanadium trioxide ("V2O3") processing plant expenditures of $7.0 -- 9.0 million -- Planned shutdown in January 2021: Implementation of kiln feed rate improvements to increase nameplate production capacity to 1,100 tonnes of V2O5 per month; Kiln and cooler refractory replacements; Planned preventative maintenance program -- The Company will strongly focus on the advancement of Largo Clean Energy and its VCHARGE+/- battery technology for the fast-growing renewable energy storage sector TORONTO--(BUSINESS WIRE)--January 20, 2021--
Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is very pleased to announce that it has achieved record quarterly and annual 2020 operational results at the Maracs Menchen Mine and has exceeded its 2020 annual sales guidance by 260 tonnes. Building upon the operational and sales accomplishments in 2020, management is confident in its ability to deliver on its production, sales and cost guidance in 2021. The Company is also heavily focused on the strategic development of Largo Clean Energy in 2021 to provide safe, grid-scale VRFBs to fast-growing renewable energy storage sector.
