Largo Reports Third Quarter 2022 Financial Results; Continues its Focus on Two-Pillar Growth Strategy

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[{"type":"text","content":"TORONTO / Nov 09, 2022 / Business Wire / Largo Inc. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) today announces its third quarter 2022 financial results with revenues of $54.3 million from V2O5 equivalent sales of 2,796 tonnes. Paulo Misk, President and CEO of Largo, stated: “Global market uncertainties, including continued inflationary pressures and a challenging supply chain environment, continued to affect the Company in Q3 2022. Impacts to our financial performance in the third quarter 2022 were largely attributable to lower sales of our produced material, the effects of lower production and increased consumable costs. However, our team is confident in reaching its revised 2022 guidance and continues its focus on the Company’s growth strategy.” He continued: “Despite near-term uncertainties, long-term market fundamentals for vanadium and outlined growth opportunities for the Company remain highly attractive. I am optimistic that the expected upside derived from our two-pillar strategy as a leading vanadium company will be positive for all stakeholders as global conditions improve.” Financial Results (thousands of U.S. dollars, except for basic earnings (loss) per share and diluted earnings (loss) per share) Three months ended Nine months ended Sept. 30, 2022 Sept. 30, 2021 Sept. 30, 2022 Sept. 30, 2021 Revenues 54,258 53,861 181,750 147,954 Operating costs (45,602) (32,126) (125,264) (95,264) Direct mine and production costs (24,655) (18,613) (66,120) (53,756) Net income (loss) before tax (1,960) 13,469 21,263 32,096 Income tax (expense) (1,307) (2,569) (9,024) (5,028) Deferred income tax recovery (expense) 666 (1,707) 1,171 (5,286) Net income (loss) (2,601) 9,193 13,410 21,782 Basic earnings (loss) per share (0.04) 0.14 0.21 0.34 Diluted earnings (loss) per share (0.04) 0.14 0.21 0.34 Cash provided before non-cash working capital items 4,328 20,314 35,479 49,260 Net cash provided by operating activities 10,037 15,512 8,889 36,350 Net cash (used in) provided by financing activities 17,651 78 2,357 (6,900) Net cash (used in) investing activities (17,677) (6,145) (33,328) (20,414) Net change in cash 9,835 6,898 (21,077) 8,422   As at   September 30, 2022 December 31, 2021 Cash 62,713 83,790 Working capital 114,097 118,310       Maracás Menchen Mine Operational and Sales Results   &nbsp...

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