Vanadiumcorp Proclaims Grant Of Inventory Choices

Revenues of $28.2 million in Q1 2025 vs. 42.2 million in Q1 2024; Revenues per pound offered ¹ of $6.04 in Q1 2025 vs. $6.91 in Q1 2024; Decrease revenues are a results of continued downward stress in vanadium costs and decrease gross sales volumes
Working prices of $42.5 million in Q1 2025, 15% under Q1 2024
Adjusted money working prices excluding royalties per pound ¹ of $3.88 in Q1 2025, 27% under Q1 2024, regardless of mining decrease ore grades and decreased manufacturing charges
Web lack of $9.2 million in Q1 2025, which included $7.0 million in non-recurring gadgets vs. a web lack of $13.0 million in Q1 2024, which included $4.4 million in non-recurring gadgets
Primary loss per share of $0.14 in Q1 2025 vs. primary loss per share of $0.20 in Q1 2024
V ₂ O ₅ equal gross sales of two,046 tonnes (inclusive of 158 tonnes of bought materials) in Q1 2025 vs. 2,765 equal tonnes offered (inclusive of 156 tonnes of bought materials) in Q1 2024
V ₂ O ₅ manufacturing of 1,297 tonnes (2.8 million lbs ² ) in Q1 2025 vs. 1,729 tonnes produced in Q1 2024; Decrease manufacturing in Q1 2025 was primarily resulting from impacts from mining lower-grade ore zones required as half the Firm’s open pit mine sequencing, decreased gear availability on an expanded mine contractor fleet, and operational changes associated to the kiln refractory substitute accomplished in This autumn 2024, which required further changes in early 2025
The Firm produced 6,162 tonnes of ilmenite focus in Q1 2025 vs. 9,563 tonnes in Q1 2024, and offered 8,647 tonnes vs. 513 tonnes in Q1 2024
The Firm maintains its revised 2025 manufacturing, gross sales and price steering and expects a return to extra normalized manufacturing ranges over the rest of the yr as throughput will increase and operational turnaround initiatives progress

Vanadium Market Replace

Vanadium markets in Europe and China stay weak, pressured by low metal and infrastructure demand and oversupply from Chinese language and Russian producers, although aerospace demand is anticipated to choose up within the second half of 2025
U.S. ferrovanadium (“FeV”) costs are holding at ranges roughly 9% greater than initially of 2025, supported by elevated shopping for curiosity amid geopolitical tensions and coverage shifts which have tightened provide dynamics
The common benchmark worth per pound of V ₂ O ₅ in Europe was $5.26 in Q1 2025, a 18% lower from the typical of $6.44 seen in Q1 2024; The common benchmark worth per kg of FeV in Europe was $24.26 in Q1 2025, a 13% lower from the typical of $27.96 seen in Q1 2024
As of Might 8, 2025, the typical benchmark FeV worth per pound of V was $15.25 within the U.S. (or roughly $33.62 per kg FeV), and as of Might 9, 2025, the typical benchmark worth per pound of V₂O₅ was $5.20 in Europe

Largo Inc. (” Largo ” or the ” Firm “) ( TSX: LGO ) ( NASDAQ: LGO ) in the present day launched monetary outcomes for the three months ended March 31, 2025. The Firm reported quarterly vanadium pentoxide (” V ₂ O ₅ “) equal gross sales of two,046 tonnes at an adjusted money working value excluding royalties per pound ¹ offered of $3.88.

Daniel Tellechea, Interim CEO and Director of Largo, said: “Our first quarter outcomes replicate the affect of decrease manufacturing ranges, which constrained gross sales volumes, mixed with continued pricing stress within the vanadium market, all of which considerably affected our revenues and added stress to our money place. Regardless of this atmosphere, Largo achieved a 15% discount in general working prices in comparison with Q1 2024 in addition to a 27% discount in our adjusted money working prices excluding royalties ¹ , reflecting a continued concentrate on cost-control initiatives and operational effectivity enhancements. We proceed to actively advance our operational turnaround plan, implementing focused initiatives geared toward additional decreasing prices and enhancing productiveness at our Maracás Menchen Mine.”

He continued: “Following the completion of our Storion Power three way partnership transaction, Largo is healthier positioned to allocate sources and concentrate on strengthening core mining operations in Brazil, whereas sustaining a long-term view on the potential of lengthy length vitality storage options within the U.S. Trying forward, securing near-term financing options stays a precedence as we work to help our liquidity wants and guarantee Largo is positioned to navigate ongoing market uncertainty.”

Monetary and Working Outcomes – Highlights

Monetary figures expressed in 1000’s of U.S. {dollars}, besides as in any other case said	Three months ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues	28,235	42,187
Working prices	(42,477)	(49,707)
Web loss	(9,205)	(13,006)
Primary earnings (loss) per share	(0.14)	(0.20)
Adjusted EBITDA ¹	(2,774)	(2,425)
Mining operations adjusted EBITDA ¹	(697)	250
Money used earlier than working capital gadgets (working actions)	(8,492)	(3,188)
Money working prices excl. royalties ¹ ($/lb)	6.54	6.12
Adjusted money working prices excl. royalties ¹ ($/lb)	3.88	5.33
Money	8,445	45,656
Debt	92,115	75,000
Whole mined – dry foundation (tonnes)	3,933,242	3,243,492
Whole ore mined (tonnes)	446,614	604,231
Efficient grade ³ of ore milled (%)	0.53	0.82
V ₂ O ₅ equal manufacturing (tonnes)	1,297	1,729
V ₂ O ₅ equal gross sales (tonnes)	2,046	2,765
Ilmenite focus gross sales (tonnes)	8,647	513

Key Highlights

Throughout Q1 2025, the Firm acknowledged revenues of $27.5 million (Q1 2024 – $42.2 million) from the gross sales of two,046 tonnes of V ₂ O ₅ equal (Q1 2024 – 2,765 tonnes) in addition to revenues from ilmenite gross sales of $0.7 million (Q1 2024 – $0.07 million).
The Firm recorded a web lack of $9.2 million in Q1 2025 in contrast with a web lack of $13.0 million in Q1 2024. The advance was primarily because of the acquire on disposal of curiosity in subsidiary of $5.2 million and a 15% lower in working prices.
The Firm’s working prices decreased by 15% to $42.5 million in Q1 2025 in comparison with 49.7 million in Q1 2024. The lower in working prices in Q1 2025 was largely pushed by a 48% lower in direct mine and manufacturing prices, reflecting a 25% lower in vanadium offered in 2024, in addition to the affect of the Firm’s beforehand introduced initiatives to scale back manufacturing prices and enhance productiveness and the affect of stock write-downs within the present and prior intervals. The stock write-down in Q1 2025 features a write-down of produced vanadium completed merchandise of $11.2 million and a write-down reversal of warehouse supplies of $0.1 million.
Money working prices excluding royalties per pound ¹ have been $6.54 per lb in Q1 2025, in contrast with $6.12 for Q1 2024. The rise seen in Q1 2025 in contrast with Q1 2024 is basically due decrease gross sales volumes of in Q1 2025 and elevated stock write-downs. Mining in decrease grade ore zones additionally impacted the monetary efficiency. Moreover, decrease ore mined resulted in stoppages on the kiln and plant which additionally contributed to elevated prices in Q1 2025. The Firm continues to make progress with numerous initiatives as a part of its operational turnaround plan with the purpose of decreasing manufacturing prices and enhancing productiveness ( see press launch dated March 28, 2025 ).
Adjusted money working prices excluding royalties per pound ¹ , which excludes the affect of stock write-downs was $3.88 per lb offered in Q1 2025, in contrast with $5.33 for Q1 2024.
Skilled, consulting and administration charges, different normal and administrative bills, and expertise start-up prices in Q1 2025 decreased by 18%, 37%, and 82%, respectively, in comparison with Q1 2024, primarily resulting from decreased headcount and exercise at LCE.
On January 31, 2025 (the ” Closing Date “), the Firm and associates of Stryten Power LLC closed the beforehand disclosed transaction to determine Storion Power LLC (” Storion “). Storion has commenced operations and is working to qualify their electrolyte product with potential clients. As well as, 13 staff of Largo Clear Power Corp. (” LCE “) moved to Storion on the Closing Date, leading to a decreased headcount at LCE on the finish of Q1 2025.
Subsequent to Q1 2025, manufacturing and gross sales in have been 481 tonnes and 608 tonnes of V ₂ O ₅ equal, respectively, in April 2025, with 1,833 tonnes of ilmenite focus being produced throughout this era and 1,914 dry tonnes of ilmenite being offered.

The knowledge offered inside this launch ought to be learn along side Largo’s unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2025 and 2024 and its administration’s dialogue and evaluation for the three months ended March 31, 2025 which can be found on our web site at www.largoinc.com or on the Firm’s respective profiles at www.sedarplus.com and www.sec.gov .

About Largo

Largo is a globally acknowledged provider of high-quality vanadium and ilmenite merchandise, sourced from its world-class Maracás Menchen Mine in Brazil. As one of many world’s largest major vanadium producers, Largo produces vital supplies that empower world industries, together with metal, aerospace, protection, chemical, and vitality storage sectors. The Firm is dedicated to operational excellence and sustainability, leveraging its vertical integration to make sure dependable provide and high quality for its clients.

Largo can be strategically invested within the long-duration vitality storage sector via its 50% possession of Storion Power, a three way partnership with Stryten Power centered on scalable home electrolyte manufacturing for utility-scale vanadium circulation battery long-duration vitality storage options within the U.S.

Largo’s widespread shares commerce on the Nasdaq Inventory Market and on the Toronto Inventory Trade beneath the image “LGO”. For extra data on the Firm, please go to www.largoinc.com .

Cautionary Assertion Relating to Ahead-looking Data:

This press launch accommodates “forward-looking data” and “forward-looking statements” inside the that means of relevant Canadian and United States securities laws. Ahead‐trying data on this press launch consists of, however isn’t restricted to, statements with respect to the timing and quantity of estimated future manufacturing and gross sales; the longer term worth of commodities; prices of future actions and operations, together with, with out limitation, the impact of inflation and trade charges; the impact of unexpected gear upkeep or repairs on manufacturing; the power to supply excessive purity V2O5 and V2O3 in response to buyer specs; the extent of capital and working expenditures; the power of the Firm to make enhancements on its present short-term mine plan; and the affect of worldwide delays and associated worth will increase on the Firm’s world provide chain and future gross sales of vanadium merchandise.

The next are a few of the assumptions upon which forward-looking data relies: that normal enterprise and financial situations is not going to change in a fabric hostile method; demand for, and secure or enhancing worth of V2O5 and different vanadium merchandise, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a well timed method; that the Firm is not going to expertise any materials accident, labour dispute or failure of plant or gear or different materials disruption within the Firm’s operations on the Maracás Menchen Mine or regarding Largo Clear Power, specifically in respect of the set up and commissioning of the EGPE undertaking; the supply of financing for operations and growth; the supply of funding for future capital expenditures; the power to switch present funding on phrases passable to the Firm; the power to mitigate the affect of heavy rainfall; the reliability of manufacturing, together with, with out limitation, entry to large ore, the Firm’s potential to obtain gear, providers and working provides in enough portions and on a well timed foundation; that the estimates of the sources and reserves on the Maracás Menchen Mine are inside affordable bounds of accuracy (together with with respect to measurement, grade and restoration and the operational and worth assumptions on which such estimates are based mostly); the accuracy of the Firm’s mine plan on the Maracás Menchen Mine; that the Firm’s present plans for ilmenite will be achieved; the Firm’s potential to guard and develop its expertise; the Firm’s potential to take care of its IP; the competitiveness of the Firm’s product in an evolving market; the Firm’s potential to draw and retain expert personnel and administrators; the power of administration to execute strategic targets; that the Firm will enter into agreements for the gross sales of vanadium, ilmenite and TiO2 merchandise on beneficial phrases and for the sale of considerably all of its annual manufacturing capability; and receipt of regulatory and governmental approvals, permits and renewals in a well timed method.

Ahead-looking statements will be recognized by way of forward-looking terminology akin to “plans”, “expects” or “doesn’t count on”, “is anticipated”, “finances”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate”, or “believes”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “might”, “would”, “would possibly” or “can be taken”, “happen” or “be achieved”, though not all forward-looking statements embody these phrases or phrases. As well as, any statements that check with expectations, intentions, projections, steering, potential or different characterizations of future occasions or circumstances include forward-looking data. Ahead-looking statements aren’t historic information nor assurances of future efficiency however as an alternative signify administration’s expectations, estimates and projections concerning future occasions or circumstances. Ahead-looking statements are based mostly on our opinions, estimates and assumptions that we thought-about applicable and affordable as of the date such data is said, topic to recognized and unknown dangers, uncertainties and different elements which will trigger the precise outcomes, stage of exercise, efficiency or achievements of Largo to be materially completely different from these expressed or implied by such forward-looking statements, together with however not restricted to these dangers described within the annual data type of Largo and in its public paperwork filed on www.sedarplus.ca and obtainable on www.sec.gov now and again. Ahead-looking statements are based mostly on the opinions and estimates of administration as of the date such statements are made. Though administration of Largo has tried to establish essential elements that might trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There will be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. Largo doesn’t undertake to replace any forward-looking statements, besides in accordance with relevant securities legal guidelines. Readers must also assessment the dangers and uncertainties sections of Largo’s annual and interim MD&A which additionally apply.

Emblems are owned by Largo Inc.

Non-GAAP Measures

The Firm makes use of sure non-GAAP measures in its press launch, that are described within the following part. Non-GAAP monetary measures and non-GAAP ratios aren’t standardized monetary measures beneath IFRS, the Firm’s GAAP, and may not be akin to related monetary measures disclosed by different issuers. These measures are meant to supply further data and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Administration believes that non-IFRS monetary measures, when supplementing measures decided in accordance with IFRS, present buyers with an improved potential to judge the underlying efficiency of the Firm.

Revenues Per Pound

The Firm’s press launch refers to revenues per pound offered, V ₂ O ₅ revenues per pound of V ₂ O ₅ offered, V ₂ O ₃ revenues per pound of V ₂ O ₃ offered and FeV revenues per kg of FeV offered, that are non-GAAP monetary measures which might be used to supply buyers with details about a key measure utilized by administration to watch efficiency of the Firm.

These measures, together with money working prices, are thought-about to be key indicators of the Firm’s potential to generate working earnings and money circulation from its Maracás Menchen Mine and gross sales actions. These measures differ from measures decided in accordance with IFRS, and aren’t essentially indicative of web earnings or money circulation from working actions as decided beneath IFRS.

The next desk supplies a reconciliation of revenues per pound offered, V ₂ O ₅ revenues per pound of V ₂ O ₅ offered, V ₂ O ₃ revenues per pound of V ₂ O ₃ offered and FeV revenues per kg of FeV offered to revenues and the income data offered in notice 23 as per the Q1 2025 unaudited condensed interim consolidated monetary statements.

	Three months ended
	March 31, 2025		March 31, 2024
Revenues – V ₂ O ₅ produced ⁱ	$	12,133	$	21,558
V ₂ O ₅ offered – produced (000s lb)		2,119		3,113
V ₂ O ₅ revenues per pound of V ₂ O ₅ offered – produced ($/lb)	$	5.73	$	6.93

Revenues – V ₂ O ₅ bought ⁱ	$	—	$	988
V ₂ O ₅ offered – bought (000s lb)		—		176
V ₂ O ₅ revenues per pound of V ₂ O ₅ offered – bought ($/lb)	$	—	$	5.61

Revenues – V ₂ O ₅ⁱ	$	12,133	$	22,546
V ₂ O ₅ offered (000s lb)		2,119		3,289
V ₂ O ₅ revenues per pound of V ₂ O ₅ offered ($/lb)	$	5.73	$	6.85

Revenues – V ₂ O ₃ produced ⁱ	$	1,296	$	6,203
V ₂ O ₃ offered – produced (000s lb)		165		668
V ₂ O ₃ revenues per pound of V ₂ O ₃ offered – produced ($/lb)	$	7.85	$	9.29

Revenues – FeV produced ¹	$	11,712	$	12,249
FeV offered – produced (000s kg)		574		569
FeV revenues per kg of FeV offered – produced ($/kg)	$	20.40	$	21.53

Revenues – FeV bought ¹	$	2,356	$	1,120
FeV offered – bought (000s kg)		105		51
FeV revenues per kg of FeV offered – bought ($/kg)	$	22.44	$	21.96

Revenues – FeV ⁱ	$	14,068	$	13,369
FeV offered (000s kg)		679		620
FeV revenues per kg of FeV offered ($/kg)	$	20.72	$	21.56

Revenues ¹	$	27,497	$	42,118
V ₂ O ₅ equal offered (000s lb)		4,555		6,096
Revenues per pound offered ($/lb)	$	6.04	$	6.91

Yr ended as per notice 19 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements.

Money Working Prices Excluding Royalties Per Pound

The Firm’s press launch refers to money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound, that are non-GAAP ratios based mostly on money working prices, money working prices excluding royalties and adjusted money working prices excluding royalties, that are non-GAAP monetary measures, with a purpose to present buyers with details about a key measure utilized by administration to watch efficiency. This data is used to evaluate how properly the Maracás Menchen Mine is performing in comparison with its plan and prior intervals, and to additionally to evaluate its general effectiveness and effectivity.

Money working prices consists of mine web site working prices akin to mining prices, plant and upkeep prices, sustainability prices, mine and plant administration prices, royalties and gross sales, normal and administrative prices (all for the Mine properties section), however excludes depreciation and amortization, share-based funds, overseas trade beneficial properties or losses, commissions, reclamation, capital expenditures and exploration and analysis prices. Working prices not attributable to the Mine properties section are additionally excluded, together with conversion prices, product acquisition prices, distribution prices and stock write-downs.

Money working prices excluding royalties is calculated as money working prices much less royalties.

Adjusted money working prices excluding royalties is calculated as money working prices excluding royalties much less write-downs of produced merchandise.

Money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound are obtained by dividing money working prices, money working prices excluding royalties and adjusted money working prices excluding royalties, respectively, by the kilos of vanadium equal offered that have been produced by the Maracás Menchen Mine.

Money working prices, money working prices excluding royalties, adjusted money working prices excluding royalties, money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound, together with revenues, are thought-about to be key indicators of the Firm’s potential to generate working earnings and money circulation from its Maracás Menchen Mine. These measures differ from measures decided in accordance with IFRS, and aren’t essentially indicative of web earnings or money circulation from working actions as decided beneath IFRS.

The next desk supplies a reconciliation of money working prices, money working prices excluding royalties, adjusted money working prices excluding royalties, money working prices per pound, money working prices excluding royalties per pound and adjusted money working prices excluding royalties per pound for the Maracás Menchen Mine to working prices as per the Q1 2025 unaudited condensed interim consolidated monetary statements.

	Three months ended
	March 31, 2025			March 31, 2024
Working prices ⁱ	$	42,477		$	49,707
Skilled, consulting and administration charges ⁱⁱ		535			462
Different normal and administrative bills ⁱⁱⁱ		179			279
Much less: ilmenite prices and write-down ⁱ		(2,220	)		(47	)
Much less: conversion prices ⁱ		(2,991	)		(2,023	)
Much less: product acquisition prices ⁱ		(2,357	)		(2,050	)
Much less: distribution prices ⁱ		(1,577	)		(1,818	)
Much less: stock write-down ^iv		1			446
Much less: depreciation and amortization expense ⁱ		(5,462	)		(8,077	)
Money working prices	$	28,585		$	36,879
Much less: royalties ¹		(1,072	)		(1,673	)
Money working prices excluding royalties	$	27,513		$	35,206
Much less: vanadium stock write-down ^v		(11,206	)		(4,526	)
Adjusted money working prices excluding royalties		16,307			30,680
Produced V ₂ O ₅ offered (000s lb)		4,206			5,753
Money working prices per pound ($/lb)	$	6.80		$	6.41
Money working prices excluding royalties per pound ($/lb)	$	6.54		$	6.12
Adjusted money working prices excluding royalties per pound ($/lb)	$	3.88		$	5.33

As per notice 20 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements.
As per the Mine properties section in notice 16 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements.
As per the Mine properties section in notice 16 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements much less the rise in authorized provisions of $347 (for Q1 2025) as famous within the “different normal and administrative bills” part on web page 6 of the Firm’s Q1 2025 MD&A.
As per notice 5 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements for ilmenite completed merchandise and warehouse provides, and together with a write-down of vanadium bought merchandise of $10 for the three months ended March 31, 2025 ($nil in the identical prior yr interval).
As per notice 5 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements for vanadium completed merchandise, excluding quantities in notice 4 above for vanadium bought merchandise.

EBITDA and Adjusted EBITDA

The Firm’s press launch refers to earnings earlier than curiosity, tax, depreciation and amortization, or “EBITDA”, and adjusted EBITDA, that are non-GAAP monetary measures, with a purpose to present buyers with details about key measures utilized by administration to watch efficiency. EBITDA is used as an indicator of the Firm’s potential to generate liquidity by producing working money circulation to fund working capital wants, service debt obligations, and fund capital expenditures.

Adjusted EBITDA removes the impact of stock write-downs, impairment expenses (together with write-downs of vanadium property), insurance coverage proceeds obtained, actions in authorized provisions, non-recurring worker settlements and different expense changes which might be thought-about to be non-recurring for the Firm. The Firm believes that by excluding these quantities, which aren’t indicative of the efficiency of the core enterprise and don’t essentially replicate the underlying working outcomes for the intervals offered, it’s going to help analysts, buyers and different stakeholders of the Firm in higher understanding the Firm’s potential to generate liquidity from its core enterprise actions.

EBITDA and adjusted EBITDA are meant to supply further data to analysts, buyers and different stakeholders of the Firm and don’t have any standardized definition beneath IFRS. These measures shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. These measures exclude the affect of depreciation, prices of financing actions and taxes, and the consequences of modifications in working working capital balances, and subsequently aren’t essentially indicative of working revenue or money circulation from working actions as decided beneath IFRS. Different corporations could calculate EBITDA and adjusted EBITDA in another way.

The next desk supplies a reconciliation of EBITDA and adjusted EBITDA to web revenue (loss) as per the Q1 2025 unaudited condensed interim consolidated monetary statements.

	Three months ended
	March 31, 2025			March 31, 2024
Web loss	$	(9,205	)	$	(13,006	)
International trade acquire (loss)		(5,791	)		911
Share-based funds		110			290
Finance prices		2,151			1,812
Curiosity revenue		(121	)		(306	)
Earnings tax expense		50			22
Deferred revenue tax restoration		(2,666	)		(5,329	)
Depreciation ⁱ		5,683			8,724
EBITDA	$	(9,789	)	$	(6,882	)
Stock write-down ⁱⁱ		11,580			4,080
Write-down of vanadium property		267			(114	)
Motion in authorized provisions ⁱⁱⁱ		347			491
Achieve on disposal of curiosity in subsidiary		(5,179	)		—
Adjusted EBITDA	$	(2,774	)	$	(2,425	)
Much less: Clear Power Adjusted EBITDA		1,778			2,484
Much less: LPV Adjusted EBITDA		299			191
Mining Operations Adjusted EBITDA	$	(697	)	$	250

As per the consolidated statements of money flows within the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements.
As per notice 5 of the Firm’s Q1 2025 unaudited condensed interim consolidated monetary statements.
As per then “non-recurring gadgets” part on web page 7 of the Firm’s Q1 2025 MD&A.

^{______________________________________
1} Revenues per pound offered, Adjusted EBITDA, Mining operations adjusted EBITDA, adjusted money working prices excluding royalties and money working prices excluding royalties are non-GAAP ratios with no commonplace that means beneath IFRS, and will not be akin to related monetary measures disclosed by different issuers. Check with the “Non-GAAP Measures” part of this press launch.
² Conversion of tonnes to kilos, 1 tonne = 2,204.62 kilos or lbs.
³ Efficient grade represents the proportion of magnetic materials mined multiplied by the proportion of V2O5 within the magnetic focus