Largo Inc. released its financial results for the third quarter ended September 30, 2024, reporting revenues of $29.9 million, a decrease from $43.9 million in Q3 2023. The company posted a net loss of $10.1 million, an improvement compared to the $11.9 million loss recorded in the same period last year.
The company achieved a 31% reduction in operating costs compared to Q3 2023, with cash operating costs (excluding royalties) falling to $3.12 per pound sold, a 43% reduction from the prior year. This reflects Largo's focus on cost efficiency and operational improvements at its Maracás Menchen Mine.
Operationally, Largo delivered its highest quarterly vanadium production in seven quarters, reaching 3,072 tonnes of V2O5 equivalent, a 42% increase from Q3 2023. Ilmenite concentrate production also saw a substantial increase, reaching 16,383 tonnes, a 90% rise over Q2 2024, contributing to revenue diversification.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.