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Last C$0.82 CAD
Change Today -0.04 / -4.65%
Volume 106.3K
LGO On Other Exchanges
As of 3:49 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

largo resources ltd (LGO) Snapshot

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08/5/14 - C$3.60
52 Week Low
04/24/15 - C$0.77
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largo resources ltd (LGO) Details

Largo Resources Ltd. is engaged in the acquisition, mining, exploration, and development of mineral properties in Brazil and Canada. It primarily explores for vanadium, tungsten, and molybdenum. The company principally holds a 99.7% interest in the Maracás vanadium project covering approximately 28,587 hectares located in Bahia State, Brazil. It also owns 100% interests in other projects comprising the Currais Novos Tungsten Tailings project and the Campo Alegre de Lourdes iron-vanadium project in Brazil; and the Northern Dancer tungsten-molybdenum property in the Yukon Territory, Canada. The company is headquartered in Toronto, Canada.

largo resources ltd (LGO) Top Compensated Officers

Chief Financial Officer
Total Annual Compensation: C$50.0K
Senior Vice President and Technical Director ...
Total Annual Compensation: C$215.7K
Vice President of Exploration
Total Annual Compensation: C$200.4K
Total Annual Compensation: C$336.0K
Compensation as of Fiscal Year 2013.

largo resources ltd (LGO) Key Developments

Largo Provides Production Update at its Maracas Menchen Mine

Largo Resources Ltd. provide an update on production at its Maracas Menchen Mine. During the month of March, production rates and recoveries at the Project stabilized and increased significantly, including at the leaching system. Several new records were achieved for overall production rates during March including a new record for production in a single day of 21 tonnes, or approximately 81% of design capacity. Recovery rates at the milling, kiln and leaching systems have each met and surpassed design targets over several days in March and daily production rates were at or above 19 tonnes (at or above approximately 72% capacity), for a total of 14 days in March. Also during the month of March the Company celebrated the conclusion of shipments totaling 2,000 tonnes of material under its offtake agreement since deliveries commenced in September, 2014.

Largo Resources Ltd. Provides Corporate Update in Respect of its Maracás Menchen Mine Project

Largo Resources Ltd. provided corporate update in respect of Maracás Menchen Mine Project. The company continues to optimize operations at the Project as part of its ramp-up to commercial production. The company continues to expect to achieve Phase 1 nameplate capacity of 9,634 tonnes per annum during the third quarter of 2015. In connection with this process, Largo has identified certain additional capital expenditures which will be required to be made over 2015. These expenditures will include the enhancement of the availability and recoveries of the leaching system and will accommodate future expansion. As a result of these additional expenditures and existing working capital requirements from the current ramp-up, Largo anticipates that it will require additional funds from financing activities of approximately CAD 20.0 million in 2015. The expected capital requirements could change depending on vanadium prices and production results over this period. Included in the expected 2015 capital requirements are certain payments required to be made under its current debt facility (the "Facility"), one of which is required to be made on March 15, 2015. The company anticipates that it will also require additional financing over the course of 2016 of approximately CAD 30.0 million to fund its debt servicing requirements (after restructuring the existing Facility) and certain other payments. The company is currently negotiating a short term debt facility (the "Bridge Loan") with potential investors to fund Project and debt servicing requirements under the Facility until May 2015. In the absence of the Bridge Loan or other agreement with the lenders under the Facility, the company would have insufficient cash to meet its obligations. The company will require additional capital by May 2015. The company anticipates that it will be seeking additional financing to coincide with amendments to the Facility that are currently being negotiated. It is anticipated that the lenders under the Facility will require additional equity capital as a condition to the contemplated amendment of the Facility.

Largo Resources Ltd. Announces Executive Changes, Effective from April 1, 2015

Largo Resources Ltd. announced that Mr. Mark A. Smith will become the President and Chief Executive Officer of Largo effective from April 1, 2015. Mr. Smith will succeed Mr. Mark Brennan who will be retiring as the company's President and Chief Executive Officer effective the same date. Following his retirement, Mr. Brennan will continue to be engaged by the company as a consultant for a period of a year to provide assistance with the transition and in order to help conclude the amendments to the facility. Mr. Smith is currently Executive Chairman of NioCorp and from 2008-2012, Mr. Smith was the President and CEO of Molycorp Inc.


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