Q4, Full Year 2024 and Other Highlights
Vanadium Market Update
TORONTO / Mar 28, 2025 / Business Wire / Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today reported financial and operational results for the three and twelve months ended December 31, 2024. Amid challenging market conditions and declining vanadium prices, the Company has increased its focus on operational improvements, further cost reductions, and productivity enhancements at its Maracás Menchen Mine. The Company achieved annual vanadium pentoxide (“V₂O₅”) equivalent sales of 9,600 tonnes, with adjusted cash operating costs excluding royalties per pound¹ sold improving significantly to $3.04 in Q4 2024 down from $5.04 in Q4 2023.
Daniel Tellechea, Interim CEO and Director of Largo, stated: “We recognize the significant operational and market challenges Largo has encountered and are taking decisive steps to reposition the Company. While our cost reduction initiatives have already delivered measurable results—such as a 30% reduction in operating costs in Q4 2024 compared to the prior year—we continue to face production challenges and near-term financial pressures that require focused action.” He continued: “As part of our operational turnaround strategy, we’ve implemented a number of critical initiatives in recent months to further enhance productivity and strengthen cost controls. With the appointment of Gordon Babcock and Luis Rendón as Co-Chief Operating Officers in February 2025, we’ve further intensified our focus on execution and efficiency across the business. Under their leadership, our team is actively identifying and acting on additional opportunities to improve operational performance.”
He concluded: “We are also prioritizing efforts to reinforce our liquidity position and are pursuing a range of strategic and refinancing options to support ongoing operations. Driving a successful turnaround remains a company-wide priority, and we remain focused on taking the steps needed to help strengthen Largo’s operational and financial foundation for the future.”
Financial and Operating Results – Highlights
(thousands of U.S. dollars, except as otherwise stated) | Three months ended | Year ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |
Revenues | 24,268 | 44,170 | 124,920 | 198,684 |
Operating costs | (30,194) | (43,218) | (145,818) | (174,758) |
Net income (loss) | (12,990) | (13,301) | (50,565) | (32,358) |
Basic earnings (loss) per share | (0.19) | (0.21) | (0.78) | (0.51) |
Adjusted EBITDA1 | 2,337 | 793 | (2,076) | 11,948 |
Mining operations adjusted EBITDA1 | 4,466 | 3,503 | 7,976 | 29,992 |
Cash provided before working capital items (operating activities) | 18,563 | 43 | 16,038 | 9,335 |
Cash operating costs excl. royalties ($/lb) 1 | 3.67 | 5.44 | 4.84 | 5.30 |
Adjusted cash operating costs excl. royalties1 ($/lb) | 3.05 | 5.04 | 4.05 | 5.19 |
Cash | 22,106 | 42,714 | 22,106 | 42,714 |
Debt | 92,280 | 75,000 | 92,280 | 75,000 |
Total mined – dry basis (tonnes) | 3,673,416 | 3,490,711 | 13,949,665 | 14,864,394 |
Total ore mined (tonnes) | 476,742 | 473,958 | 2,249,759 | 1,752,982 |
Effective grade of ore milled2 (%) | 0.73 | 1.03 | 0.88 | 1.04 |
V2O5 equivalent produced (tonnes) | 1,775 | 2,768 | 9,264 | 9,681 |
Ilmenite concentrate produced (tonnes) | 10,292 | 8,970 | 44,863 | 8,970 |
Key Highlights
The information provided within this release should be read in conjunction with Largo's annual consolidated financial statements for the years ended December 31, 2024 and 2023 and its management's discussion and analysis for the year ended December 31, 2024 which are available on our website at www.largoinc.com or on the Company’s respective profiles at www.sedarplus.com and www.sec.gov.
Operational Turnaround and Cost Optimization Strategy
In recent months, the Company has implemented several critical initiatives aimed at addressing operational challenges, enhancing productivity, and strengthening cost controls. Following the appointment of Gordon Babcock and Luis Rendón as Co-Chief Operating Officers in February 2025, Largo has further increased its focus on operational execution and efficiencies. Under their leadership, the team is actively identifying additional areas for improvement and implementing targeted enhancements to drive increased performance. Successfully executing the Company's operational turnaround remains a top priority and will require the collective efforts of the entire team.
Key actions underway and priorities ahead include:
The Company recognizes that while its ongoing operational turnaround is a critical step forward, additional measures are needed to fully address the Company’s broader financial headwinds. Market conditions, including a 21% decline in vanadium prices since December 31, 2023, and an elevated cost environment, have affected cash flows and financial forecasts. In response, the Company has taken decisive actions to strengthen its financial position, including ongoing cost reductions, operational efficiencies, and liquidity management. As a result of its cost reduction initiatives, the Company has recognized a 30% reduction in operating costs in Q4 2024 vs. Q4 2023. The Company is also actively working to improve its liquidity to support long-term goals, including exploring financing alternatives such as refinancing existing debt and securing additional capital through new debt facilities.
The Company will continue to monitor its progress and provide updates as needed. At this time, it will maintain its annual guidance ranges for 2025 and will reassess as operational improvements advance. Should any material changes to guidance be necessary, the Company will update the market accordingly.
About Largo
Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.
Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.
Cautionary Statement Regarding Forward-looking Information:
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company’s global supply chain and future sales of vanadium products.
The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company’s ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company’s mine plan at the Maracás Menchen Mine; that the Company’s current plans for ilmenite can be achieved; the Company’s ability to protect and develop its technology; the Company’s ability to maintain its IP; the competitiveness of the Company’s product in an evolving market; the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner.
Forward-looking statements 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”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”, although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, 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. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply.
Trademarks are owned by Largo Inc.
Non-GAAP3 Measures
The Company uses certain non-GAAP measures in this press release, which are described in the following section. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS, the Company's GAAP, and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that non-GAAP financial measures, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.
Revenues Per Pound Sold
This press release refers to revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold, which are non-GAAP financial measures that are used to provide investors with information about a key measure used by management to monitor performance of the Company.
These measures, along with cash operating costs, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine and sales activities. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.
The following table provides a reconciliation of revenues per pound sold, V2O5 revenues per pound of V2O5 sold, V2O3 revenues per pound of V2O3 sold and FeV revenues per kg of FeV sold to revenues and the revenue information presented in note 19 as per the 2024 annual consolidated financial statements.
| Three months ended | Year ended | ||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||
Revenues - V2O5 producedi | $ | 10,271 | $ | 25,182 | $ | 57,446 | $ | 115,534 |
V2O5 sold - produced (000s lb) |
| 2,053 |
| 3,215 |
| 9,332 |
| 13,113 |
V2O5 revenues per pound of V2O5 sold - produced ($/lb) | $ | 5.00 | $ | 7.83 | $ | 6.16 | $ | 8.81 |
|
|
|
|
| ||||
Revenues - V2O5 purchasedi | $ | — | $ | 1,497 | $ | 988 | $ | 9,028 |
V2O5 sold - purchased (000s lb) |
| — |
| 265 |
| 176 |
| 1,279 |
V2O5 revenues per pound of V2O5 sold - purchased ($/lb) | $ | — | $ | 5.65 | $ | 5.61 | $ | 7.06 |
|
|
|
|
| ||||
Revenues - V2O5i | $ | 10,271 | $ | 26,679 | $ | 58,434 | $ | 124,562 |
V2O5 sold (000s lb) |
| 2,053 |
| 3,480 |
| 9,508 |
| 14,392 |
V2O5 revenues per pound of V2O5 sold ($/lb) | $ | 5.00 | $ | 7.67 | $ | 6.15 | $ | 8.65 |
|
|
|
|
| ||||
Revenues - V2O3 produced1 | $ | 457 | $ | 6,213 | $ | 8,353 | $ | 13,788 |
V2O3 sold - produced (000s lb) |
| 59 |
| 596 |
| 898 |
| 1,215 |
V2O3 revenues per pound of V2O3 sold - produced ($/lb) | $ | 7.75 | $ | 10.42 | $ | 9.30 | $ | 11.35 |
|
|
|
|
| ||||
Revenues - V2O3 purchasedi | $ | — | $ | — | $ | — | $ | 1,155 |
V2O3 sold - purchased (000s lb) |
| — |
| — |
| — |
| 88 |
V2O3 revenues per pound of V2O3 sold - purchased ($/lb) | $ | — | $ | — | $ | — | $ | 13.13 |
|
|
|
|
| ||||
Revenues - V2O3i | $ | 457 | $ | 6,213 | $ | 8,353 | $ | 14,943 |
V2O3 sold (000s lb) |
| 59 |
| 596 |
| 898 |
| 1,303 |
V2O3 revenues per pound of V2O3 sold ($/lb) | $ | 7.75 | $ | 10.42 | $ | 9.30 | $ | 11.47 |
|
|
|
|
| ||||
Revenues - FeV producedi | $ | 12,212 | $ | 11,278 | $ | 46,890 | $ | 57,686 |
FeV sold - produced (000s kg) |
| 585 |
| 479 |
| 2,221 |
| 2,070 |
FeV revenues per kg of FeV sold - produced ($/kg) | $ | 20.88 | $ | 23.54 | $ | 21.11 | $ | 27.87 |
|
|
|
|
| ||||
Revenues - FeV purchased1 | $ | 106 | $ | — | $ | 4,872 | $ | 1,386 |
FeV sold - purchased (000s kg) |
| 5 |
| — |
| 227 |
| 50 |
FeV revenues per kg of FeV sold - purchased ($/kg) | $ | 21.20 | $ | — | $ | 21.46 | $ | 27.72 |
|
|
|
|
| ||||
Revenues – FeVi | $ | 12,318 | $ | 11,278 | $ | 51,762 | $ | 59,072 |
FeV sold (000s kg) |
| 590 |
| 479 |
| 2,448 |
| 2,120 |
FeV revenues per kg of FeV sold ($/kg) | $ | 20.88 | $ | 23.54 | $ | 21.14 | $ | 27.86 |
|
|
|
|
| ||||
Revenues1 | $ | 23,046 | $ | 44,170 | $ | 118,549 | $ | 198,577 |
V2O5 equivalent sold (000s lb) |
| 4,041 |
| 5,743 |
| 18,519 |
| 22,920 |
Revenues per pound sold ($/lb) | $ | 5.70 | $ | 7.69 | $ | 6.40 | $ | 8.66 |
Cash Operating Costs Excluding Royalties and Adjusted Cash Operating Costs Excluding Royalties
This press release refers to cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, which are non-GAAP ratios based on cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, which are non-GAAP financial measures, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to its plan and prior periods, and to also to assess its overall effectiveness and efficiency.
Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs.
Cash operating costs excluding royalties is calculated as cash operating costs less royalties. Adjusted cash operating costs excluding royalties is calculated as cash operating costs excluding royalties less write-downs of produced products.
Cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound are obtained by dividing cash operating costs, cash operating costs excluding royalties and adjusted cash operating costs excluding royalties, respectively, by the pounds of vanadium equivalent sold that were produced by the Maracás Menchen Mine.
Cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound, along with revenues, are considered to be key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These measures differ from measures determined in accordance with IFRS, and are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.
The following table provides a reconciliation of cash operating costs, cash operating costs excluding royalties, adjusted cash operating costs excluding royalties, cash operating costs per pound, cash operating costs excluding royalties per pound and adjusted cash operating costs excluding royalties per pound for the Maracás Menchen Mine to operating costs as per the 2024 annual consolidated financial statements.
| Three months ended | Year ended | ||||||||||
| December 31, 2024 |
| December 31, 2023 |
| December 31, 2024 |
| December 31, 2023 | |||||
Operating costsi | $ | 30,194 |
| $ | 43,218 |
| $ | 145,818 |
| $ | 174,758 |
|
Professional, consulting and management feesii |
| 474 |
|
| 887 |
|
| 1,875 |
|
| 3,102 |
|
Other general and administrative expensesiii |
| (38 | ) |
| 718 |
|
| 898 |
|
| 1,750 |
|
Less: ilmenite costs and write-downi |
| (2,317 | ) |
| — |
|
| (8,192 | ) |
| — |
|
Less: iron ore costsi |
| (29 | ) |
| (84 | ) |
| (512 | ) |
| (722 | ) |
Less: conversion costsi |
| (2,217 | ) |
| (1,768 | ) |
| (8,240 | ) |
| (7,319 | ) |
Less: product acquisition costsi |
| (99 | ) |
| (1,974 | ) |
| (4,996 | ) |
| (15,354 | ) |
Less: distribution costsi |
| (1,601 | ) |
| (2,366 | ) |
| (7,418 | ) |
| (8,540 | ) |
Less: inventory write-downiv |
| 23 |
|
| (192 | ) |
| (238 | ) |
| (1,853 | ) |
Less: depreciation and amortization expensei |
| (7,984 | ) |
| (6,592 | ) |
| (26,795 | ) |
| (26,048 | ) |
Cash operating costs | $ | 16,406 |
| $ | 31,847 |
| $ | 92,200 |
| $ | 119,774 |
|
Less: royaltiesi |
| (1,630 | ) |
| (2,243 | ) |
| (7,052 | ) |
| (9,162 | ) |
Cash operating costs excluding royalties | $ | 14,776 |
| $ | 29,604 |
| $ | 85,148 |
| $ | 110,612 |
|
Less: vanadium inventory write-downv |
| (2,517 | ) |
| (2,215 | ) |
| (13,897 | ) |
| (2,215 | ) |
Adjusted cash operating costs excluding royalties | $ | 12,259 |
| $ | 27,389 |
| $ | 71,251 |
| $ | 108,397 |
|
|
|
|
|
| ||||||||
Produced V2O5 sold (000s lb) |
| 4,024 |
|
| 5,437 |
|
| 17,603 |
|
| 20,871 |
|
Cash operating costs per pound ($/lb) | $ | 4.08 |
| $ | 5.86 |
| $ | 5.24 |
| $ | 5.74 |
|
Cash operating costs excluding royalties per pound ($/lb) | $ | 3.67 |
| $ | 5.44 |
| $ | 4.84 |
| $ | 5.30 |
|
Adjusted cash operating costs excluding royalties per pound ($/lb) | $ | 3.05 |
| $ | 5.04 |
| $ | 4.05 |
| $ | 5.19 |
|
EBITDA and Adjusted EBITDA
This press release refers to earnings before interest, tax, depreciation and amortization, or "EBITDA", and adjusted EBITDA, which are non-GAAP financial measures, in order to provide investors with information about key measures used by management to monitor performance. EBITDA is used as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
Adjusted EBITDA removes the effect of inventory write-downs, impairment charges (including write-downs of vanadium assets), insurance proceeds received, movements in legal provisions, non-recurring employee settlements and other expense adjustments that are considered to be non-recurring for the Company. The Company believes that by excluding these amounts, which are not indicative of the performance of the core business and do not necessarily reflect the underlying operating results for the periods presented, it will assist analysts, investors and other stakeholders of the Company in better understanding the Company's ability to generate liquidity from its core business activities.
EBITDA and adjusted EBITDA are intended to provide additional information to analysts, investors and other stakeholders of the Company and do not have any standardized definition under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures exclude the impact of depreciation, costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operating activities as determined under IFRS. Other companies may calculate EBITDA and adjusted EBITDA differently.
The following table provides a reconciliation of EBITDA and adjusted EBITDA to net income (loss) as per the 2024 annual consolidated financial statements.
| Three months ended | Year ended | ||||||||||
| December 31, 2024 |
| December 31, 2023 |
| December 31, 2024 |
| December 31, 2023 | |||||
Net loss | $ | (11,664 | ) | $ | (13,301 | ) | $ | (49,239 | ) | $ | (32,358 | ) |
Foreign exchange loss |
| 8,560 |
|
| (823 | ) |
| 12,517 |
|
| 183 |
|
Share-based payments |
| 138 |
|
| 231 |
|
| 1,321 |
|
| (362 | ) |
Finance costs |
| 2,360 |
|
| 4,096 |
|
| 9,460 |
|
| 9,630 |
|
Interest income |
| (92 | ) |
| (280 | ) |
| (1,523 | ) |
| (2,018 | ) |
Income tax (recovery) expense |
| 29 |
|
| 40 |
|
| (2,813 | ) |
| 88 |
|
Deferred income tax recovery |
| (7,651 | ) |
| (3,119 | ) |
| (19,193 | ) |
| (2,786 | ) |
Depreciationi |
| 8,205 |
|
| 7,393 |
|
| 28,675 |
|
| 29,250 |
|
EBITDA | $ | (115 | ) | $ | (5,763 | ) | $ | (20,795 | ) | $ | 1,627 |
|
Inventory write-downii |
| 5,627 |
|
| 2,407 |
|
| 18,475 |
|
| 4,068 |
|
Write-down of vanadium assets |
| (78 | ) |
| 3,535 |
|
| 1,119 |
|
| 4,862 |
|
Write-down of mine properties, plant and equipmentiii |
| — |
|
| — |
|
| 1,092 |
|
| — |
|
Movement in legal provisionsiv |
| (3,097 | ) |
| (85 | ) |
| (1,967 | ) |
| 692 |
|
Adjusted EBITDA | $ | 2,337 |
| $ | 793 |
| $ | (2,076 | ) | $ | 11,948 |
|
Less: Clean Energy Adjusted EBITDA |
| 1,906 |
|
| 2,341 |
|
| 9,345 |
|
| 16,999 |
|
Less: LPV Adjusted EBITDA |
| 223 |
|
| 369 |
|
| 707 |
|
| 1,045 |
|
Mining Operations Adjusted EBITDA | $ | 4,466 |
| $ | 3,503 |
| $ | 7,976 |
| $ | 29,992 |
|
| Three months ended | Year ended | ||||||||||
| December 31, 2024 |
| December 31, 2023 |
| December 31, 2024 |
| December 31, 2023 | |||||
Clean Energy |
|
|
|
| ||||||||
Net lossi | $ | (1,930 | ) | $ | (2,943 | ) | $ | (11,529 | ) | $ | (19,429 | ) |
Foreign exchange lossi |
| 9 |
|
| 5 |
|
| 27 |
|
| 36 |
|
Finance costsi |
| 7 |
|
| 12 |
|
| 39 |
|
| 56 |
|
Depreciationii |
| 8 |
|
| 585 |
|
| 1,026 |
|
| 2,338 |
|
Clean Energy EBITDA | $ | (1,906 | ) | $ | (2,341 | ) | $ | (10,437 | ) | $ | (16,999 | ) |
Write-down of mine properties, plant and equipmentiii |
| — |
|
| — |
|
| 1,092 |
|
| — |
|
Clean Energy Adjusted EBITDA | $ | (1,906 | ) | $ | (2,341 | ) | $ | (9,345 | ) | $ | (16,999 | ) |
| Three months ended | Year ended | ||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||
LPV |
|
|
|
| ||||||||
Net loss1 | $ | (194 | ) | $ | (3,930 | ) | $ | (1,927 | ) | $ | (5,969 | ) |
Foreign exchange loss1 |
| 35 |
|
| 2 |
|
| 38 |
|
| (50 | ) |
Finance costs1 |
| 19 |
|
| 24 |
|
| 81 |
|
| 112 |
|
Interest income1 |
| (5 | ) |
| — |
|
| (18 | ) |
| — |
|
LPV EBITDA | $ | (145 | ) | $ | (3,904 | ) | $ | (1,826 | ) | $ | (5,907 | ) |
Write-down of vanadium assets1 |
| (78 | ) |
| 3,535 |
|
| 1,119 |
|
| 4,862 |
|
LPV Adjusted EBITDA | $ | (223 | ) | $ | (369 | ) | $ | (707 | ) | $ | (1,045 | ) |
____________________ |
2 Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate. |
3 GAAP – Generally Accepted Accounting Principles. |
| Last Trade: | US$1.55 |
| Daily Change: | -0.05 -3.06 |
| Daily Volume: | 64,475 |
| Market Cap: | US$99.430M |
February 10, 2025 February 04, 2025 December 19, 2024 December 19, 2024 November 26, 2024 | |
