Largo Restructures Debt and Begins Copper-PGM Concentrate Sales

Largo Restructures Debt and Begins Copper-PGM Concentrate Sales

Fiona Craig

Mon, September 14, 2026 at 4:29 PM GMT+3 2 min read

Largo Inc. (NASDAQ:LGO) announced a series of financing, operational and commercial updates, including a debt-restructuring agreement with Caixa Econômica Federal and its first sales of copper-platinum group metals concentrate.

The company also said its 2026 vanadium production is now expected to be at the lower end of its previously announced guidance range as it temporarily reduces mining activity and processes existing stockpiles.

Largo Completes Debt-Restructuring Agreement

Largo entered into a definitive debt-restructuring agreement with Caixa Econômica Federal on September 11, 2026, in line with the binding term sheet announced on August 20.

The company expects to enter into similar agreements with its remaining Brazilian bank lenders.

Separately, Largo extended the maturity of a $6.0 million promissory note with ARG International AG to February 2028 from February 2027. The extension is subject to a fee equal to 1% of the principal amount.

Vanadium Production Expected at Lower End of Guidance

Largo said it is temporarily reducing mining rates while processing accumulated stockpiles in an effort to lower inventory levels.

The company is also renegotiating agreements with suppliers and contractors as it addresses higher input costs, including diesel and sulfuric acid.

As a result of the operational changes, Largo expects 2026 vanadium production to be at the lower end of its existing guidance range.

Copper-PGM Sales Expected to Generate $4.7 Million

Largo has completed its first sales of copper-PGM concentrate through agreements with two trading companies and a European smelter.

The initial sales are expected to generate approximately $4.7 million in cash proceeds during September 2026.

Separately, the first shipment under Largo's contract with the US Defense Logistics Agency is expected to arrive at a US port in late September.

The company expects high-purity vanadium products to account for a larger proportion of its sales mix in 2027 than in 2026.

Commercial Leadership Changes

Largo also announced changes to its commercial department, with Jim Bannantine appointed to lead the function. Bannantine previously served as a contracting officer for the US Army Corps of Engineers.

Francesco D'Alessio is leaving Largo to take a chief executive position elsewhere.

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