Largo : October Corporate Presentation

This corporate presentation should be read in conjunction with the Largo Inc. ("Largo" or the "Company") public disclosure filings available on its issuer profile at www.sedarplus.ca and www.sec.gov from time to time. Largo has not authorized anyone to provide prospective investors with additional or different information. Largo is not offering to sell shares or other securities in any jurisdiction where the offer or sale of such securities is not permitted. Except as otherwise specifically stated, Mr. Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission), is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed the technical information in this presentation.

Market and Industry Data

This corporate presentation of Largo includes market and industry data and forecasts that were obtained from third-party sources, industry publications and publicly available information. Third-party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. Although management believes it to be reliable, management has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources.

Forward-Looking Statements

This presentation contains forward-looking information under applicable securities legislation ("forward-looking information"), some of which may be considered "financial outlook" for the purposes of applicable securities legislation. Forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",

"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or

statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information.

Forward‐looking information contained in this presentation includes, but is not limited to, statements with respect to to the timing and amount of estimated future production and sales; costs of future activities and operations; expansion of vanadium production, and related impacts on cash flow; the successful vertical integration of the Company; the Company's aspirations to become a leading vanadium focused company; providing low-carbon products, materials and solutions; access to Largo Physical Vanadium Corp. ("LPV"); the strategic review of Largo Clean Energy ("LCE"); implementing operational efficiencies; increasing production rates; cost reduction initiatives; focusing on new markets; enhancing environmental, social, and corporate governance (ESG) performance and disclosures; improving ratings in mining peer group; the demand for Largo's products; the growth vanadium redox flow batteries ("VRFBs") in China; the global outlook for vanadium; operations at the Maracás Menchen Mine; the expected mine life of the Maracás Menchen Mine; operations and the expected production at the Largo's ilmenite concentration plant in Brazil; expected benefits from LPV; expected long-term shareholder value; access to low-cost vanadium; the useful life of VRFBs; the recycling of VRFBs; the scalability of VRFB; the environmental impact of VRFBs; leasing of vanadium electrolyte; and the availability of federal, state and local government subsidies.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable price of V2O5, other vanadium commodities iron ore, ilmenite and titanium dioxide pigment; receipt of any required regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine and the geological, operational and price assumptions on which these are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); that LCE will enter into agreements for the sale and long-term maintenance of its VRFB products on favourable terms and at a sufficient volume to be profitable; the benefit of LPV to LCE's VRFB business and the vanadium market generally; the competitiveness of Largo's VRFB technology; the extent of capital and operating expenditures; Largo's ability to attract and retain skilled personnel and directors; the ability of Largo's management to execute strategic goals; that we, or a strategic partner, will be able to build, finance and operate a vanadium VRFB business; that Largo will be able to protect and develop its technology and maintain it intellectual property; that Largo, or a strategic partner, will be able to market, sell and deliver its VCHARGE battery system on specification and at a competitive price; that Largo's current plans for iron ore, ilmenite, titanium dioxide pigment and VRFBs can be achieved; that Largo, will be able to secure the required production resources to build our VRFBs on specification and at a competitive price point; potential partners and customers in commercial and & industrial markets; and that VRFB technology will generally be adopted in the long

term energy storage sector. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and www.sec.gov from time to time. Such risks and uncertainties include, without limitation: the ability to obtain, in a timely manner, all necessary regulatory, stock exchange, shareholder and other third-party approvals to consummate any transactions contemplated by a strategic review of LCE; the risk of any disruptions to the Largo's business and operations; competition; conflicts in eastern Europe and the Middle East; the imposition of sanctions on the Company; changes in interest rates, inflation, foreign exchange rates, and the other risks involved in the long-term battery storage industry and capital markets. Forward-looking information are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Forward-looking information should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company cautions readers not to place undue reliance on forward-looking information, as forward-looking statements involve significant risks and uncertainties. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply.

Forward-Looking Financial Information

This presentation contains forward-looking information that constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable securities laws, such information is being provided to demonstrate the anticipated financial prospects of Largo and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information ("FOFI") and financial outlooks. FOFI and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above. Such assumptions also include, without limitation: sales volumes (including pilots, demos and commercial sales); expected financing proceeds; the price of vanadium; the electrolyte vanadium content; the annual vanadium fee paid to LPV; the average project life; and the vanadium fee paid up- front by customers. Largo's actual financial position and results of operations may differ materially from management's current expectations and, as a result, its revenue and profitability may differ materially from the revenue and profitability profiles provided in this presentation. Consequently, all of the FOFI or financial outlook are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments expected by the Company will be realized or, even if substantially realized, that they will have expected consequences to, or effect on, Largo. FOFI or statements of financial outlook about Largo's prospective cash flows, expected returns and the components thereof, are subject to the same assumptions, risk factors, limitations and qualifications as set forth in this presentation. Such information is presented for illustrative purposes only and may not be an indication of our actual financial position or results of operations.

Non-IFRS Measures

This presentation contains a financial measure that is not calculated pursuant to International Financial Reporting Standards ("IFRS"), cash operating costs per pound and cash operating costs excluding royalties per pound. Management believes that these non-IFRS financial measure, when supplementing measures determined in accordance with IFRS, provides readers with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Cash operating costs per pound and cash operating costs excluding royalties per pound are obtained by dividing cash operating costs and cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine.

Trademarks are owned by Largo Inc.

All amounts expressed are in U.S. dollars, denominated by "$".

ENERGIZING A SUSTAINBLE FUTURE

We believe Largo is a force for good in the world, applying our creativity and drive to develop responsible products that meet the needs of tomorrow.

Our

Mission

Our mission is to be the leading vanadium focused company by providing the world low-carbon solutions, creating value through our unique products, our responsible business practices and the commitment of our talented team

Product Mix

(2023e, sales guidance)

Low Carbon Future with Vanadium

We are committed to being a global leader in providing the products, materials, and solutions for a low-carbon future

Production

(tonnes, V2O5 eq.)

2022

2021

2020

2019

9,000 10,000 11,000 12,000

Commercial Office

Dublin, IE

Corporate Office

Toronto, ON

Commercial Office

Zug, CH

Largo Clean Energy

Wilmington, MA

Commercial Office

McClean, VA

Brazilian Office

Salvador, BA

Maracás Menchen Mine

Maracás, BA

Leading

Vanadium

Supplier

• Primary vanadium mine producing ~7% of global supply
• High-gradevanadium resource: Campbell Pit
• One of only two large- scale high purity vanadium producers
• Diversification of products from the same mining stream with ilmenite production

Patented

VRFB

Technology

• Patent protected vanadium battery technology1 for long duration energy storage
• U.S.-basedbattery stack manufacturing facility
• Access to Largo Physical Vanadium
• Strategic evaluation underway to evaluate opportunities to maximize value

Focus on

Execution

• Implementing operational efficiencies
• Focus on increasing production rates
• Cost reduction initiatives to maximize margins
• Strong focus on developing new markets for Largo's high purity products

Sustainability Performance

• Enhanced ESG performance and disclosures
• Improved ratings and top quartile placement in mining peer group
• Strengthened ESG governance and policies
• Emphasis on environmental compliance

The opportunity to

leverage Largo's

competitive differentiators may drive value for shareholders in the long term

CLIMATE FOCUS WITH VANADIUM

Vanadium is a key transition metal used in greener steel and energy storage applications.

High Efficiency

Aerospace

Vanadium

Low Carbon Batteries

Steel

Global decarbonization efforts are expected to drive additional vanadium demand.

Global push for the utilization of lower carbon steel

v

Micro alloyed steel using vanadium reduces 0.38% of the global fossil carbon footprint.

Integration of clean energy with VRFBs

VRFBs producevapproximately

31 kg less CO2eq per MWh of electricity discharged compared to lithium-ion

ROBUST DEMAND FOR OUR PRODUCTS

Driven by global decarbonization targets.

Vanadium

The Green Metal

Supporting the new, low-carbon economy

Demand for vanadium is expected to increase as the world accelerates the transition to a low- carbon future

Demand for low-carbon technology is expected to require

+173%

more vanadium production by 20501

VRFBs

The Right Choice for LDES

Large and growing TAM for long duration energy storage as more low-cost renewable energy is generated

VRFB deployments could total approx. 2 GWh or around 10% of global vanadium output in 2023

VRFBs could drive material demand growth in the medium term

+14%

CAGR to 2030

New Economy

Use Cases

Growth in new economy use cases is expected to drive additional global demand for vanadium

Vanadium-based cathodes, vanadium-based anodes and vanadium-coated'smart-glass'

With the rise of new economy use cases,

vanadium demand is

expected to increase despite no new near- term supply.

VRFB CASE STUDY

Recent announcements from China indicate the potential for VRFB deployments of approximately

180 GWh

to be deployed in China by 2030, requiring about 1.4 million tonnes of V2O5, or 100% of current vanadium supply through 2028

Historical Vanadium Supply/Demand Balance

• A structural supply deficit developed following the permanent closure of a secondary vanadium producer in South Africa
• The deficit persisted due to a difficulty to bring new vanadium production to market and supply inelasticity of by-product production
• Largo's Maracás Menchen Mine is the only new primary vanadium mine brought online in over ~30 years

$/lb V2O5

$35

$30

$25

$20

$15

$10

$5

$0

• 2018 demand shock following the implementation of China's new vanadium standard rebar regulations and a lack of supply response correlated with a sharp rise in vanadium price
• Vanadium supply is dominated by Chinese production derived as by-product of blast furnace steel production driven by use of lower quality iron ore
• Lower iron ore prices disincentivizes additional Chinese vanadium production

KT V

180

160

140

120

100

80

60

40

20

0

2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 2031e 2032e

• Vanadium demand is expected to increase due to a greater allocation of vanadium units for energy storage applications, increased high purity sector demand, and continuing investments in infrastructure
• Estimates from Project Blue do not consider the explosive growth in Chinese VRFB deployments expected over the coming years

PROUD HISTORY AS A RESPONSIBLE

VANADIUM SUPPLIER Maracás Menchen Mine, Bahia State, Brazil

One of the world's highest-grade primary

vanadium mines.

• The Maracás Menchen Mine Campbell Pit boasts one of the highest- grade vanadium resources in the world (Campbell Pit)
• Responsibly run mining operation aligned with ESG principles

Industry preferred high-quality vanadium product line:

PRICE

PREMIUMS

COMMODITY

Vanadium

MARACÁS MENCHEN MINE ESTIMATED TOTAL MINE LIFE1

20 Years

CAMPBELL PIT V2O5 MAGNETIC CONCENTRATE1

3.09%

10,436t 2014

Diversification of revenues from the sale of ilmenite concentrate.

ILMENITE CONCENTRATION PLANT