TSXV: LGO

www.largoresources.com

The Only ‘Pure-Play’

VANADIUM Producer

NOV 2014CORPORATE PRESENTATION

TSXV: LGO

Forward Looking Statements

The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and

“forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company.

Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and mineral

resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for

materials; capital expenditures; success of exploration and development activities; permitting time lines and permitting, mining or processing issues; government

regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements and forward-looking information can be

identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,”

“intends,” “anticipates” or “does not anticipate,” or “believes,”, “projects” or variations of such words and phrases or state that certain actions, events or results

“may,” “could,” “would,” “might” or “will be taken,” “occur” or “be achieved.” Forward-looking statements and forward-looking information are based on the opinions

and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may

cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-

looking statements or forward-looking information, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the

mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations;

actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices

and currency exchange rates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially

from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or

intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in

such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not

undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable

securities laws.

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources

be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources

The information presented uses the terms “measured,” “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are

recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral

resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an

inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of

feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be

converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically

or legally mineable.

2

TSXV: LGO 3

Ramping-Up Production.

Focused on Cash-Flow.

As at October 10, 2013

Project as at February 20, 2013

TSXV: LGO

Maracás Menchen Mine

4

Vanadium Project in Brazil

Highest grade/quality; lowest cost project

Vanadium demand growth 6.5% CAGR

Ramping up production

Commercial shipments ongoing

Glencore Off-take: 100% Take-or-Pay

Best Mining Deal

Metals and Mining Deal of the Year

TSXV: LGO

Maracás Milestones

5

First concentrate produced, Feb 2014

First Production, Aug 2014

Record 24hr production at 71% capacity Oct 2014

Shipments of material commenced Sept 2014

First production achieved Aug 2014

Final CAPEX within 2% of budget July 2014

Feed to plant commenced May 2014

Construction completed April 2014

Recent Achievements:

Operational break-even Dec 2014

Target 100% Phase 1 Capacity June 2015

Production Targets:

TSXV: LGO

What is Vanadium?

Most used alloy to strengthen steel Significantly increases tensile strength Resistant to: seismic, corrosion, abrasion Proven process for separation

6

Steel’s Strongest Alloy

Makes steel stronger, lighter and tougher

Source: vanitec.org/Roskill, 2013

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Vanadium – Few Substitutes

7

2lbsV 1 Tonne of Steel

2XStrength

Highest strength to weight ratio of any alloy

Source: vanitec.org

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Uses of Vanadium

8Source: Roskill, 2013

Uses of Vanadium in Steels

Vanadium in Steel

High Strength Low Alloy Steels (HSLA) are the leading market for vanadium in the steel industry

Steel is the largest end-use for vanadium91%

48%

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Vanadium Demand Drivers

Increased use of steel Growth in applications containing V Higher quality steel standards in BRICs

9

Strong growth profile

Source: Roskill, 2013

TSXV: LGO 10Source: Vanitec

Vanadium is Everywhere

Rebar for construction

Buildings, bridges, tunnels

Automotive parts Aviation and aerospace

Power lines and power pylons

Pipelines Railway lines, railway cars, cargo containers

Chemical plants, oil refineries, offshore-

platforms

High strength steel structures Various tools and dies

Construction machinery and equipment Missiles and defense ShipsHeavy-wear mechanical

parts Vanadium applications are

growing…

TSXV: LGO 11Source: Autosteel.org, Popular Mechanics, 2008

In 2013 VW announced plans to use new high-strength steel instead of aluminum to make its cars lighter and also to improve fuel efficiency to comply with the strict emissions regulations.

In 2013 Ford announced that the F-150 pickup will soon be 250 to 750 pounds lighter with HSLA steels.

Ram’s 2013 3500 pickup 7,000 pounds additional towing capacity than previous version, by using high-strength steel

Despite the recent rapid growth in the automotive sector with new HSLA steels, Vanadium has a long history with automobiles

1906 Henry Ford first introduced vanadium into the his Model T for the purpose of making it lighter and stronger

Did you know….

Growth Example: Automobiles

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Growth Example: Automobiles

12

Growth in Consumption of High-Strength Steels in Automobiles %

Source: Roskill, 2013

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Growth Example: China

13

The output of hot rolled ribbed steels (rebar) accounts for 1/4 of steel production in China.

Vanadium alloyed high-strength rebars have significantly higher resistance to seismic events

Vanadium enhances the engineering quality which reduces the amount of steel used by 10%-20% (and as an added benefit, results in energy saving as well as emissions cutting)

The Chinese government implemented Code for Design and Concrete Structures in 2010 and an Update on the Code in 2011.

This policy seeks to gradually eliminate the use of low strength bars by 2015 and implement an increase in Vanadium content in steel rebar.

(Global Steel 2013, Ernest&Younge)

(Gan Yong，Dong Han “Proceedings of International Seminar on Production and Application of HIgh Strength Seismic Grade Rebar Containing Vanadium”)

Did you know….

TSXV: LGO

China’s Projected Impact on Supply

14Source: Les Ford Vanadium and Steel presentation, PDAC 2010Source: Roskill 2013

% of Vanadium Used per Tonne of Steel by Region

Tota

l To

nn

es

by

Re

gio

n (

V2O

5 E

qu

iv.)

Actual Consumption 2010

Projected Impact of China’s 2013 Rebar Standards

Japan

Europe

China

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Vanadium Batteries?

15

Vanadium Redox Batteries are a Potential New Growth Prospect

Renewable energy sources (like wind and solar) generate energy intermittently

This creates a mismatch between supply and demand

VRBs allow energy generated at off-peak times to be time shifted to when it is needed most

Governments like Germany, the USA, China and Japan are now making the development of renewable energy resources mandatory

California requires one third of its power to be generated by renewable energy by 2020

Germany is targeting 80% of energy will come from renewables by 2050.

Did you know….

Source: Journal of Power SourcesSource: California Energy Commission, Renewables Portfolio StandardSource: German Renewable Energies (Act, 2014)

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Largo is the only Pure Play Producer of Vanadium

16

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Supply is Concentrated

17Source: Roskill, 2013 *Tonnage calculated in V2O5 Equivalent

Total Supply 127,000 Tonnes (V2O5 Equiv)

of Global Supply

Ton

ne

s V

2O5

Eq

uiv

Other8,000

Total Demand 136,000 Tonnes (V2O5 Equiv)

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Global Production by Method

18

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Co-product (slag)production

Primary Production Secondary Production

% of Global Production $ Cost of Production per Lb V2O5 Equiv

$ Largo Cost of Production per Lb V2O5 Equiv

Global Production by Method & Cost

NTD: Prices calculated into V2O5 EquivSource: Roskill 2013; TTP Squared/Atlantic, Vanadium Market OutlookSource: Largo forecast based on company information & industry experts

% o

f Glo

bal P

rod

uctio

n$ C

ost

of

Pro

du

ctio

n

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Vanadium Historical Pricing

19

Consistent floor at $5.00 per lb

$ Largo Cost

$ Price V2O5

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Maracás Location Details

20

Government and local support Arid climate, ideal topography Management with regional experience Strong tax incentives Local familiarity with mining

Best Mining Deal

Metals and Mining Deal of the Year

Brazil was rated in the top 5 countries for mining investment in 2013

Mining makes up approx. 4% of Brazil’s GDP

Did you know….

Source: Behre Dolbear 2013 Ranking of Countries for Mining Investment

Source: The Economist, June 2013

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Concessions and Mineralization

= Campbell Pit (first 12 Years)

Maracás concessions

and strike length

21

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Mineral Resources

22

+2 Times Industry Average Grade

30.4 Million Tonnes

24.6 Million Tonnes

Gulcari “A” Deposit

Satellite Deposits

Contained within

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0.0 1.0 2.0 3.0 4.0

Co

nce

ntr

ate

SiO

2%C

on

cen

trat

eV

2O5%

Ore

V2O

5%

Maracas Australian South African

Cost Advantage

*Average grade comparisons compiled by Les Ford, presentation March 8, 2011 23

Highest Grade/Quality Vanadium Deposit in the World

Higher head-grade

and higher iron

content

Concentrate has

much higher V2O5

Concentrate has fewer

contaminants like silica

Lowest Cost Production% % % % %

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Campbell Pit Cross Section

24

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Maracas Project Economics

25NTD: As outlined in 2013 Preliminary Economic Assessment [1] including iron ore byproduct credit – OPEX without credit is $3.18 (still lowest cost producer)[2] Average years 1-15

Net Present Value $554 million

After tax IRR 26.3%

Discount rate 8%

Exchange rate (BRL:USD) 2:1

Average Production 11,400 t V2O5 equiv

Mine life 29 Years

Initial CAPEX 235 million

OPEX $2.10[1]

V2O5 price – 3 year avg $6.37

Average annual cash flow $89 million[2]

Reported after taxes, royalties, SG&A & sustaining capex

Strong Economics

Near-Term Cash Flow

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Low Cost with Potential to Improve

Lower mining costs Lower power costs In-house crushing Depreciation of BRL

26

Contracted reductions in operating costs since PEA

*including iron ore byproduct credit - OPEX without credit is $3.18 (still lowest cost producer)

$2.10/lbOPEX costs*

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Vanadium Historical Pricing

27

Profitable at historic lows

$ Largo Cost

$ Price V2O5

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Process Flow Sheet

28

Proven, industry tested process

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Year 1 Ramp-up Projections

29

0

10

20

30

40

50

60

70

80

90

100

110

1 2 3 4 5 6 7 8 9 10 11 12 Year 2

Year 1 Total: 5,511 Tonnes V2O5

Year 2 Total: 9,689 Tonnes V2O5

Plant Capacity: 10,000 Tonnes V2O5

% P

lan

t C

apac

ity

(tim

e o

pe

rati

ng

)

100%

Month

We are Here

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Production Profile

30

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

$0

$20

$40

$60

$80

$100

$120

$140

Year 1 Year 2 Year 3 Year 4 Year 5

Pro

du

ctio

n

Cas

h-f

low

(MIL

LIO

NS

)

Free Cashflow ($M) Operating Cashflow ($M) Tonnes V2O5 Equiv.

Phase 1(10,000 Tonnes Capacity)

Initial Ramp Up

Phase 2(15,000 Tonnes Capacity)

Expanded Production rates & FeV

*As outlined in 2013 Preliminary Economic Assessment – Includes all taxes, royalties, and SG&A**Does not include debt repayment

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Strong Partners

Largest trader of Vanadium Take-or-pay agreement 100% of all material produced

31

De-risked product sale

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Strong Management

32

Mark Brennan President & CEO 25+ years experience in capital markets

Michael Mutchler Chief Operating Officer 20+ years mining engineering experience operating and managing mines

Les Ford SVP & Technical Director,Brazil

Vanadium expert. 40+ years experience building/operating vanadium facilities globally

Kurt Menchen President of Operations, Brazil

30+ years mining engineering experience operating mines in Brazil

Andy Campbell VP Exploration 30+ years of mining exploration experience

Ernest Cleave Chief Financial Officer 10+ years experience in financial management

Andrew Hancharyk Chief Legal Officer 20+ years experience in corporate Law

Casper Groenewald Deputy Technical Director

20+ years metallurgical engineering experience including 5+ in vanadium processing

Significant Experience Building and Operating Mining Facilities

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Maracás Environment

33

Project as at December 11, 2013

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Simple, Low Cost Mining

34

150 meters

Magnetite(ore)

Gabbro (waste)

Current mining operations

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The Ford Facility at Maracás

35

Project as at February 20, 2013

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Recent Milestones

36

Production Achieved

Above: First delivery September, 2014

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Recent Photos

37

Crushing Circuit

30,000+ tonnes of crushed ore stockpiled

Milling Circuit

5,000+ tonnes of concentrate stockpiled

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Recent Photos

38

Kiln and Cooler System

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Corporate Structure

39

Stock symbol: LGO – TSX-V

Share price (Nov 7, 2014): $2.00

Shares issued (Basic): 109 million

Market Cap C$218 million

52-week High/Low: $3.60 / $1.90

Management & Institutions: 75%

Warrants & Options (Basic): 30 million

Institutional Shareholders

Arias Resource Capital - 28%

Mackenzie Investments - 14.6%

Eton Park Capital Management - 10.1%

Ashmore Investment Management - 10.1%

Shareholders & Project Partners

Project Finance Deal of the Year Awards - March 2013

Project Partners

Glencore International 100% 6 yr take-or-pay off-take for Maracas

Business Development Bank of Brazil

Bank Itau, Votorantim, Bradesco

TSXV: LGO

Potential Chrome/PGM Discovery

40

Chromite and PGMs are often associated in ultra-mafic rocks like the ones discovered near the Maracas Menchen Mine

This discovery potentially resembles deposits like those in the Bushveld region of South Africa which produces a significant amount of the world’s chrome, PGMs and vanadium

Potential new discovery of chrome and PGMs located North of current mine area

Chromite layers trace 3km strike with at least two zones of chromite layers 20 to 25 metres wide at surface with fine-grained sulphides that potentially contain platinum

Exploration program underway, initial results pending

Did you know….

TSXV: LGO

Investment Summary

Ramping up production

Commercial shipments ongoing

High grade, low cost production project

Significant cash-flow potential in near-term

Only ‘pure-play’ exposure to vanadium

Commodity with strong growth profile

Management that delivers

41

Substantially de-risked flagship project with near term cash flow

Undervalued

Early Stage Producer

With Strong Upside

Potential

Project as at November 19, 2013Project as at December 26, 2013Project as at February 20, 2013

TSXV: LGO 42

TSXV: LGO 4343

Darcie LaddCorporate Development

dladd@largoresources.com

416-861-9406

Mark BrennanPresident and CEO

mbrennan@largoresources.com

416-861-9797LARGORESOURCES.COM

Largo Resources

LargoResources1

Largo Resources

largoresources

TSXV: LGO

Appendix

Board of Directors

Secondary Projects

Vanadium – additional growth profiles

Maracás Mining Process

Currais Novos

Northern Dancer

Campo Alegre de Lourdes

44

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Appendix: Strong Board

45

Mark Brennan Director Largo Resources President & CEO

Dirk Donath Director Managing director Aimaira Capital Management

Alberto Arias Director Founder & President Arias Resource Capital

Dan Ioschpe Director CEO of Lopche-Maxion

David Brace Director CEO of Karmin Exploration. Formerly with AurResources

Wayne Egan Director Partner at Weir Foulds LLP

Alex Monteiro Director Partner at CALT Ltd.

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Secondary Projects

46

Blue sky potential to add value

Currais Novos

Region: Brazil

Metal: Tungsten

Stage: Care & Maintenance

Campo Alegre

Region: Brazil

Metal: V, Ti, Fe

Stage: Exploration

Northern Dancer

Region: Yukon, Canada

Metal: Tungsten

Stage: PEA Complete

TSXV: LGO

Growth Example: Aircraft

47

Aircraft usages presently accounts for approx. 7% of vanadium market and is growing rapidly

Demand projected to double by 2016

Aircraft manufacturers using increasing amounts of titanium-vanadium alloy

Boeing's new 787 Dreamliner and the Airbus 380 each contain more than 100 tonnes of vanadium alloys, more than double that in a Boeing 747

Source: Largo Source: www.asiaminer.com Source: TTP Squared

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Projected Growth in Aircraft

48Source: Roskill, 2013 Source: Airline Monitor

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Appendix: Maracás Mining Process*

49

Deposit outcrops at surface

Less than 1 meter pre-stripping

High grade material from surface continues to depth

Unit Mining

Cost

Total

OPEX

Revenue

Tonne of ore $14.29 $61.50 $129.97

Per lb V2O5

/equiv.**$0.82 $2.10 $6.09

*As outlined in 2013 Preliminary Economic Assessment**Includes all royalties less credit Iron Ore byproduct

Simple, Cost-Effective Open Pit Mining Process

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Appendix: Currais Novos

Historical production district

Significant production from 1940s to 1970s (approx 8% of global supply)

Numerous potential acquisitions in immediate vicinity – both underground and tailings

Provides significant expansion potential

Preliminary exploration underway with goal of defining additional resources

Production Commenced December 2011

Plant optimization continued through 2012

Production temporarily suspended due to severe regional drought in 2013

50

Operational History:

TSXV: LGO 51

Appendix: Campo Alegre Project

133 Million Tonnes Grading 50% Fe, 21% TiO2, 0.75% V2O5*

100% owned iron, titanium, and vanadium deposit - seven concessions covering 9,274.66 hectares

Purchased in 2009 for USD $250,000.00 from Bahia State Mining Development Agency (CBPM)

Preliminary metallurgical testwork completed in 2011 suggested potential for titanium dioxide (TiO2) project

* Historical resource provided by CBPM (Bahia State Mining Development Agency)

Mineral Resources (non-NI 43-101)

Development Milestones

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Appendix: Northern Dancer Project

223.4 MT grading 0.102% WO3 and 0.029% Mo (M&I)

Higher-grade tungsten and molybdenum zone: 60.3 MT of 0.14% WO3 and 0.045% Mo (M&I)

201.2 MT grading 0.09% WO3 and 0.024% Mo (I)

PEA complete

Discussions with off-take partners and JV partner

Development Milestones

Mineral Resources

TSXV: LGO

Appendix: Northern Dancer PEA

Tungsten

(per MTU)

Moly

(US$ per lb)IRR (%)

NPV @ 8%

(US$ millions)

$275 $17.50 20.0 918

$300 $17.50 22.2 1,110

$325 $17.50 24.4 1,302

$350 $17.50 26.5 1,494

$365 $17.50 27.8 1,769

* The PEA is preliminary in nature, and includes inferred resources that are too speculative geologically to have economic considerations applied to them.

There is no certainty that the PEA will be realized.53

Low Cash cost producer: US $116 per MTU

49 year mine life

Pre-production capital costs: $645 million

Cumulative cash flow US$4.8 billion

Average annual production of 833,000 MTU tungsten (18.3 million pounds) and 5,959,000 pounds molybdenum over initial 23 years

Current trading price of US$370 MTU

Attractive economics at current tungsten prices

Strategic asset for long term supply of tungsten