Largo is a vanadium producer whose sole material asset is the Maracás Menchen Mine in Bahia, Brazil — one of only three large-scale primary vanadium mines in the world. The mine produces vanadium pentoxide (V2O5), sold in flake and powder form under the VPURE and VPURE+ brand names. Vanadium's primary end market is steel, where it is added to rebar and structural steel to improve strength and durability. Vanadium is also used in aerospace alloys, industrial chemicals and catalysts, and — increasingly — in vanadium flow batteries for long-duration energy storage, an application that demands the high-purity product Largo produces. Since 2023, Largo also produces ilmenite concentrate as a secondary product from the same ore stream, with plans for a future TiO2 pigment plant. Largo sells vanadium globally through its own commercial team, without third-party distributors, primarily through annual contracts. Largo makes money by mining and processing ore into V2O5 products and selling at global benchmark prices — making revenue highly sensitive to vanadium prices, which are volatile and outside Largo's control. Largo argues it is among the lowest-cost primary V2O5 producers globally, given the high grade of its ore body. Through its Storion JV, Largo also has an early-stage vanadium flow battery business, though this contributes negligibly to revenue today. Largo's growth strategy centers on extending the mine life to 2054 via satellite deposits, adding a second kiln to increase roasting capacity, and commercializing vanadium flow battery technology.