Largo restructures debt and launches copper-PGM sales amid output cuts

Largo Inc. (NASDAQ: LGO) disclosed a series of financial, operational, and commercial updates, including a completed debt-restructuring agreement and new revenue from copper-platinum group metals concentrate sales.

The company executed a definitive debt-restructuring agreement with Caixa Econômica Federal on Sept. 11, 2026, consistent with a binding term sheet disclosed on Aug. 20, 2026. Similar agreements with remaining Brazilian bank lenders are expected to follow. Largo also extended the maturity of a $6.0 million promissory note with ARG International AG from February 2027 to February 2028, subject to a 1% extension fee on the principal amount.

On the operational side, Largo said 2026 vanadium production is now expected to come in at the lower end of its previously issued guidance range. The company is temporarily reducing mining rates and processing existing stockpiles to lower accumulated inventories, while renegotiating supplier and contractor agreements to address elevated input costs, including diesel and sulfuric acid.

Largo executed its first sales of copper-PGM concentrate 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.

The first shipment under Largo's U.S. Defense Logistics Agency contract is scheduled to arrive at a U.S. port in late September 2026. The company said high-purity vanadium products are expected to represent a larger share of its sales mix in 2027 compared with 2026.

Largo also announced a leadership change in its commercial department. Jim Bannantine, a former contracting officer for the U.S. Army Corps of Engineers, will lead the department. Francesco D'Alessio is departing the company to assume a chief executive role elsewhere.

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