Largo Physical Vanadium Corp. · TSXV:VAND
Largo Physical Vanadium — Investor Presentation (December 2022)
18 slides from Largo Physical Vanadium's investor presentation, December 2022
Slide 1: Investor Presentation December 2022
Investor Presentation December 2022
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$/sh)' $1.95 VAND continues to grow its Vanadium Inventory Shares Outstanding (mm) 16.82 800 $9.00 Options/Warrants (mm) Nil mo $875 Fully-Diluted (mm) 16.82 on S880 © 500 325 & Market Cap (CSmm)! $32.8 S S 2 = ww sau B Cash (CSmm)? $3.9 E 2 . = 300 15
Slide 5: 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 6: Vanadium Market Overview
VANADIUM MARKET OVERVIEW + 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 Con
Slide 7: 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 8: Vanadium Demand Driven by New Use Cases
VANADIUM DEMAND DRIVEN BY NEW USE CASES + Intight market the 2017/2018’ price increase was driven by revision to Chinese rebar standards ; a a + VANDis expected to be a demand driver in small spot vanadium market + Symbiotic Relationship: VAND is expected to lower VRFB installation costs and improve
Slide 9: 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, nN . . Z g and non-degrading electrolyte allows for unlimited use Positive Vanadium
Slide 10: 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 11: 180+ Operational VRFB Installations, Just Getting Started
n 180+ OPERATIONAL VRFB INSTALLATIONS, JUST GETTING STARTED.
Slide 12: Long Duration Energy Storage Could Drive Demand
a7 LONG DURATION ENERGY STORAGE COULD DRIVE DEMAND LT Additional Annual V Demand Through 2030 v. LDES Penetration Rate alll Vandium Demand (mt V) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0.5% 10% 15% wm 2021 Demand 2.0% 25% 3.0% 3.5% 4.0% 45% Long Duration Energy Storage ("LDES") Penet
Slide 13: VAND:TSXV Structure
8 VAND:TSXV STRUCTURE Technical Advisory LARGO -— = Safekeeping Agreement Sprott |:crre Part areners Marketing & Financial Advisory Protected Tanks Shareholders LP Rental Income | Largo Physical Vanadium Protected Warehouses LPV |.
Slide 14: VAND: Operating Overview
VAND: OPERATING OVERVIEW VAND Details Exchange: Governance: Objectives: Strategy: Vanadium Purchases, Rentals & Key Agreements: Vanadium ROFR: Annual Fees: Storage: Annual Expenses: 4 Largo Physical Vanadium Corp. TSX Venture Exchange (Ticker: VAND) * Officers: CEO, CFO and Corporate Secretary. * Di
Slide 15: 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 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: Summary
av 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 Of expenses Expected Upside Driven By: Inelastic producti
Slide 18: Paul Vollant
Paul Vollant CEO Tel: +41.796. Email: pv@lp 55 University Avenue Suite 1 Toronto, OntarioMSJ2H7 1s
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