Largo Resources Q2 Revenues Top C$103 Million

Largo Resources (TSX: LGO,OTCQX:LGORF) is very pleased to report record net income of C$ 90.7 million (C$ 0.17 per share) and cash flows provided before non-cash working capital items of C$ 77.7 million on revenues of C$ 103.3 million in the three-month period ended June 30, 2018.

Toronto-based Largo Resources, is a strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen mine in Brazil.

As quoted from the press release:

Q2 2018 Highlights

  • Net income of C$ 90.7 million and earnings per share of C$ 0.17 after a deferred income tax recovery of C$ 45.6 million
  • Revenues of C$ 103.3 million in Q2 2018, a 189 percent increase over Q2 2017 and a 13 percent increase over Q1 2018
  • Cash provided before non-cash working capital items of C$ 77.7 million in Q2 2018, an increase of C$ 66.7 million over Q2 2017
  • Total production of 2,458 tonnes of V2O5 in Q2 2018, a 13 percent increase over Q2 2017 and an 11 percent increase over Q1 2018
  • Average Vanadium Pentoxide (V2O5) price of ~US$ 15.44/lb V2O5 in Q2 2018
  • Cash balance at June 30, 2018 of C$ 84.2 million (excluding restricted cash of C$ 201.2 million)

“We are extremely pleased with our financial and overall operational performance during the second quarter of 2018.  In continuing the success of Q1 2018, Largo recognized revenues of C$ 103.3 million during the quarter and achieved net income of $ 90.7 million, including a non-cash deferred income tax recovery of C$ 45.6 million.  Importantly, because of this ongoing strong performance, our net debt level as at June 30, 2018 was approximately C$ 115 million, or approximately US$ 87 million,” said Mark Smith, President and CEO for Largo.

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