Largo Inc. provided an update on the ongoing exploration program surrounding its Maracs Menchen Mine, including an initial phase of drilling conducted in 2023 and the further analysis of past exploration work completed at the Company's Campbell Pit and exploration targets located both north and south of the Campbell Pit. Largo is working to expand its knowledge and establish a correlation with the known mineralization intercepted to the north of the Campbell Pit where, in 2021, mineral reserves and resources were reported in the Company's current technical report at the Campbell Pit, Gulari A Norte and Novo Amparo Notre. Currently, the Company is exploring the potential for a 7 km trend of mineralization between the Campbell Pit and the satellite deposits (from south to north); Gulari A Norte, Novo Amparo, and NAN (collectively, the "Northern District").

Additionally, the Company is also working to understand and establish a correlation with theknown mineralization intercepted south of the Campbell Pit, which includes further analysis of exploration work performed on satellite deposits (from north to south): Gulari A Sul, Agua Branca, Jacar, Braga, Ilha Grande, and Rio de Contas (collectively, the "Southern District"). 2023 Drill Program In 2022 and 2023, the Company conducted a drill program in the Northern District consisting of 19 drill holes and 245 surface samples, 148 infill holes in the Campbell Pit and 33 holes in the Southern District (the "2023 Campaign"). The Company is also performing a comprehensive review of its existing exploration data in the Northern District, including, without limitation, 161 historical drill holes and 5,869 samples collected between 1981 and 2020.

The Company's 2023 Campaign in the Northern District includes 19 new diamond drill holes aimed at improving the Company's geological knowledge of the Campbell Pit and GAN and SJO deposits. Of those holes, six step-out holes were drilled between the Campbell Pit and GAN deposit with the aim of confirming the potential for continued mineralization. The Company believes the initial results for the six step-out holes provide greater confidence in the continuity of mineralization between the Campbell and GAN mineralized zones.

Assay results from the six step-out drill holes are provided, along with a plan view and cross-section of the drill holes. The company is in the process of analyzing its historical drill data and the remaining holes from its 2023 Campaign with results expected in first quarter 2024.