Largo Physical Vanadium Corp. · TSXV:VAND
Largo Physical Vanadium — Investor Presentation (February 2023)
19 slides from Largo Physical Vanadium's investor presentation, February 2023
Slide 1: Investor Presentation
Investor Presentation
Slide 2: Disclaimers
DISCLAIMERS DISCLAIMER Largo Physical Vanadium Corp. ("VAND") has not authorized anyone to provide prospective investors with additional or different information, VAND is not offering to sell shares or other securities in any jurisdiction where the offer or sale of such securities is not permitted,
Slide 3: Investment Summary
INVESTMENT SUMMARY [7 Direct exposure to physical vanadium price oe Advised by Largo, a tier one vertically integrated, mining and vanadium flow battery (VRFB) company and Sprott Capital Partners a Secure storage of vanadium through Largo’s Safekeeping agreement °. Reduced management expense ratio—A
Slide 4: Capital Structure (TSX.V: VAND)
CAPITAL STRUCTURE (TSX.V: VAND) | Share Price (C$/shy! $1.76 VAND Vanadium Unit Portfolio Price Since Inception Shares Outstanding (mm) 16.82 1100 Options/Warrants (mm) Nil 3 oH Fly Diluted (mm) 16.82 S mor Market Cap (CSmmn)! $29.6 gs Cash (CSmmy? $22 3°” Debt (CSmm) Nil 2 Vanadium Owned (CSmm)3 $4
Slide 5: Vanadium Demand Driven by New Use Cases
VANADIUM DEMAND DRIVEN BY NEW USE CASES Growth RFBs may p pward pressul + Intight market the 2017/2018’ price increase was driven by revision to Chinese rebar standards + VANDis expected to be a demand driver in small spot vanadium market + Symbiotic Relationship: VAND expected to lower VRFB install
Slide 6: Operational VRFB Installations, Just Getting Started.
185 OPERATIONAL VRFB INSTALLATIONS, JUST GETTING STARTED.
Slide 7: VAND:TSXV Structure
VAND:TSXV STRUCTURE Shareholders Technical Advisory | LARGO =. Agreement Largo LP Physical Sprott Capital Vanadium Partners Marketing & Financial Advisory Protected Rental Protected Tanks Income Warehouses LPV |.
Slide 8: Summary
SUMMARY sf Opportunity to invest in the underlying commodity associated with a superior energy transition technology and its role in major global ESG initiatives rey Vanadium electrolyte rental structure expected to cover a portion of VAND O° expenses Expected Upside Driven By: Vanadium Price Overvi
Slide 9: Appendix
APPENDIX LPV |.
Slide 10: Vanadium: Supporting the New Economy
VANADIUM: SUPPORTING THE NEW ECONOMY Vanadium is key transition metal used in green steel and energy storage applications. Decarbonization expected to drive fast increases in demand. 7 ay Demand for low-carbon technology should require 173% Vanadium supports the ESG investment case with more vanadiu
Slide 11: Vanadium Market Overview
n + Total market size of ~$4 billion at $9 / Ib V,0;; Vast majority of market transacts on annual contracts; + Inelastic Supply: ~70% of vanadium is byproduct of steel production using blast furnaces and low- quality iron ore. Vanadium Market Sales Distribution (56) Annual Contracts Spot Market VANA
Slide 12: Current Supply Deficit to Persist
CURRENT SUPPLY DEFICIT TO PERSIST + Difficult and lengthy to bring new vanadium to market; Largo’s Maracas + Lower iron ore prices and Chinese restrictions aiming to reduce carbon Menchen Mine is only new vanadium mine in over ~30 years emissions are expected to decrease production Historical Vanadi
Slide 13: VRFB: Batteries Designed to Last for Decades
VRFB: Batteries Designed to Last for Decades Power & Energy Decoupled 0 Vanadium electrolyte in cathode and anode eliminating cross contamination Negative Vanadium . Solution Batteries last for decades, are reusable, ie and non-degrading electrolyte allows for unlimited use Positive Vvanatiumy ~A0 t
Slide 14: VAND & VRFB: Innovative Business Model
VAND & VRFB: Innovative Business Model Lithium Price vs. Li-ion Battery Cost For ilustrative Purposes Only VRFB Cost Breakdown Ownership / lithium Price Liion Battery Cost 7 Vanadium Price vs. VRFB Cost Other Component Vanadium ee Costs Cost Drastically reduces cost of VRFB Forlustratve Purposes Oni
Slide 15: Long Duration Energy Storage Could Drive Demand
LONG DURATION ENERGY STORAGE COULD DRIVE DEMAND LT Additional Annual V Demand Through 2030 v. LDES Penetration Rate 360,000 180% 300,000 160% = 140% g + McKinsey estimates a cumulative installed long = mom 2% = duration energy storage capacity of approximately = & & 200000 om 8 7.57Wh by 2030 = & =
Slide 16: Management and Directors
Management and Directors 3 * Paul Vollant Carmelo Marrelli Jonathan Lee Justin Reid John Kanellitsas ceo cro Chairman Director Director Over 16 years of experience in Y Over 20 years of providing Y VPat Arias Resource Capital with over 19 years of Y Geologist and capital markets executive with +20 Y
Slide 17: VAND: Operating Overview
VAND: OPERATING OVERVIEW VAND Details Exchange: Governance: Objectives: Strategy: Vanadium Purchases, Rentals & Key Agreements: Vanadium ROFR: Annual Fees: Storage: Annual Expenses: av Largo Physical Vanadium Corp. TSX Venture Exchange (Ticker: VAND) * Officers: CEO, CFO and Corporate Secretary. * D
Slide 18: Key VAND Agreements
KEY VAND AGREEMENTS Y Provide marketing and capital markets support; and Marketing and Financial Advisory Agreement Y Provide advice and recommendations to Board of Directors in respect of VAND's strategy and restrictions, including, whether potential vanadium purchases reflect market conditions at
Slide 19: Paul Vollant
Paul Vollant CEO Tel: +41.796. Email: pv@lp 55 University Avenue Suite 1 Toronto, OntarioMSJ2H7 1s
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