www.largoresources.com

An Emerging Market Leader

for VANADIUM and TUNGSTEN Production

April-May, 2013

CORPORATE PRESENTATION

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

Investment Highlights

Exposure to Growing and Supply Constrained Commodity

Vanadium Prices Increasing

6% demand growth in steel

China: demand to increase by +50% by 2015

• 25,000 tonnes to 45,000 tonnes

Highest Grade, Highest Quality, Lowest Cost Project

IRR: 26.3 & NPV:$554 million

Funded, permitted and in construction

Commissioning targeted for Q4, 2013

Substantial cashflow generation in 2014

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

3

Corporate Structure

4

Stock symbol: LGO – TSX-V

Share price (April 8, 2013): $0.18

Shares issued (Basic): 870 million

Market Cap C$156 million

52-week High/Low: $0.275 / $0.165

Management & Institutions: 75%

Warrants & Options (Basic): 250 million

Institutional Shareholders

Arias Resource Capital-19.9%

Mackenzie Investments-15.9%

Eton Park Capital Management-12.5%

Ashmore Investment Management-12.5%

Project Partners

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

vanadium project

Major Tungsten End User 100% Off-take agreement for Currais Novos tungsten project

Shareholders & Project Partners

Currais Novos Project Shareholder site visit – August 2012

Mark Brennan, President & CEO

Founding member of Desert Sun Mining with over 20 years financing experience in North America and Europe. Founder and Principal of

Linear Capital, Brasoil Corporation, Castle Resources, James Bay Resources, Morumbi Oil & Gas and former President, CEO and

Chairman of Admiral Bay Resources.

Tim Mann, P.Eng., Chief Operating Officer

Mining Engineer with extensive international operations and management experience in mine engineering, development and operations with

SNC Lavalin, Placer Dome and Goldcorp.

Andy Campbell, M.Sc., P.Geo., Vice President Exploration

Over 33 years experience in mining and exploration, including LAC Minerals and Noranda.

Kurt Menchen, General Manager, Brazil

Former Jacobina Mine Manager, Brazil. Mining Engineer with over 30 years experience including Anglo Gold and Desert Sun Mining.

Les Ford, Technical Director of Brazilian Operations

With over 40 years of experience in constructing, developing and producing vanadium projects, Mr. Ford is arguably one of the world’s

foremost experts in vanadium. Previously Assistant General Manager of Highveld Steel and a member of the Highveld Executive

Committee, and Managing Director of Rand Mines Vansa.

Douglas Herbst, Maracas Project Manager

Mr. Herbst has extensive management experience in the design and construction of heavy and medium size industrial projects, ranging

from oil and gas, steel mills, chemical and food plants as well as minerals refining and processing plants

Donald Clark, Construction Advisor and Specialits

Mr. Clark formerly headed up Yamana's construction management team in Brazil. Mr. Clark has over 30 years of experience managing the

design, construction and operations of major mineral processing plants in Brazil and abroad and will provide guidance with respect to the

construction management process for Maracás.

John Laurie, C. A., Chief Financial Officer

Over 20 years of accounting and financial management experience.

Construction and Operating Experience

5

Mark Brennan, President/CEO and Director

Founding member of Desert Sun Mining with over 20 years financing experience in North America and Europe. Founder and Principal of

Linear Capital, Brasoil Corporation, James Bay Resources, and Morumbi Oil & Gas and former President, CEO and Chairman of

Admiral Bay Resources.

Dirk Donath, Director

Senior Managing Director and Partner at Eton Park Capital Management, responsible for Eton Park’s private equity and direct

investment activities in emerging markets. Eton Park is a global, multi-disciplinary investment fund with a capital base of over

US$14 billion.

Dan Ioschpe, Director

Mr. Ioschpe is currently Chief Executive Officer of Lopche-Maxion, an international company operating in the automotive and railroad sectors..

Alberto Arias, Director

Founder and President of Arias Resource Capital Management. He worked for Goldman Sachs & Co and was ranked for five

consecutive years as the #1 Equity Research Analyst for the metals and mining industry in Latin America. Prior to Goldman Sachs, he

worked at UBS as Executive Director and Analyst covering the Latin American mining sector.

David Brace, Director

Mr. Brace is currently Chief Executive Officer and a director of Karmin Exploration and a director of Viking Gold Exploration Inc. Mr. Brace previously served as President of Lambton Capital Inc., a private investment firm focused on evaluating mining investments. He has also served as the Chief Executive Officer and as a director of Globe Star Mining as well as Executive Vice-President of Business Development with Aur Resources Inc. until August, 2007.

Wayne Egan, Director

Mr. Egan is a partner at the law firm of WeirFoulds LLP and acts for several public companies on the TSX and TSX Venture Exchange.

Dr. Alan Alper, Director

Dr. Alper is an accomplished senior executive, with 30 years of experience at Osram Sylvania, Inc., formerly GTE Sylvania.

Strong, Independent Board

6

What is Vanadium?

7

Vanadium [V23]

Source: Roskill, 2013 Source: Vanitec

• Highest strength to weight ratio of all metals

Stronger

• Increases strength so less steel is needed

Lighter

• Resistant to: seismic events, corosion and abrasion

Tougher

It makes steel….

Low input cost

Higher quality product

Less steel required

0.1%V 1 Tonne of Steel

= 2X Strength

Is primarily used as a steel alloy.

Steel’s Greatest Alloy

8 Source: Roskill, 2013, Source: Vanitec, Source: US Geological Survey 2012, Source: CPM Group, 2010

Most widely used alloying element to strengthen steel

for buildings, bridges and

tunnels

Demand for V in steel growing

at 6.3% CAGR over the next ten years

High Strength Low Alloy

steels accounted for 34%

of US steel consumption

43% in High Strength Low Alloy

Steels, 32% in Full Alloy, 13% Full Alloy, 2% Other Steels

9

• Rebar for construction

• Buildings, bridges, tunnels

• Automotive parts

• Various tools and dies

• High strength steel structures

• Construction machinery and equipment

• Cast iron used for rolls in steel mills

• Chemical plants, oil refineries, offshore-platforms

• Pipelines

• Aviation and aerospace

• Power lines and power pylons

Vanadium is Everywhere:

Source: Vanitec

High Strength Steel in Automobiles

10

In 2013 VW announced plans to use new high-strength steel to make its cars lighter and also to comply with the strict emissions regulations. VW chose to replace aluminum with light weight ones to make to improve fuel efficiency. “VW…is giving up aluminum for the high tensile steel, which is up to six times stronger than conventional steel. The new material not only made the new Golf with about 100kg lighter, but also helped the company reduce costs.” (Reuters)

Volkswagen Lowering Costs and

Increasing Efficiency

Ram’s 2013 3500 pickup 7,000 pounds additional towing capacity than previous version, all thanks to high-strength steel.

Ram Increasing Strength

In 2013 Ford announced that the F-150 pickup will soon be 250 to 750 pounds lighter. A recent study showed that the material is not only cheaper to use but also safer, the vehicles tested showing an outstanding crash performance.

Ford Reducing Weight

Source: www.autosteel.org

Unstable Supply & Growing Demand

11 Source: Vanitec/US Geological Survey, 2012 Source: Roskill, “Titanium Europe" March 2013

Supply Demand

Source: Roskill, 2013

CAGR 6.5%

Source: Metal Pages Jan 14, 2013 http://bit.ly/VK8Qkr Source: Metal Pages Feb 15, 2012 http://bit.ly/VaNEzx

Unstable Jurisdictions Dominate Supply

Wo

rld

Re

serv

es

80%

China’s Increasing Demand

Co

nsu

mp

tio

n

Gro

wth

Pro

du

ctio

n

+50% Increase

by 2015

China Increasing Quality of Rebar

12

0.08% 0.07% 0.05% 0.023%

2010

Minimum

0.05%

2013+

Source: Les Ford Vanadium and Steel presentation, PDAC 2010

%V in Rebar

$0

$5

$10

$15

$20

Low Price

High Price

Major supply

disruptions in South Africa & China

Historical Vanadium Pricing

13 * Source: Metal Bulletin

$6.37

3 yr average

April 12, 2013 $6.70

Maracás Vanadium Project

14

Maracas Project Snapshot

15

Mineral Resources

Mineral

Reserve: 13.1 million tonnes @ 1.34% V2O5

Mineral

Resource: 24.6 million tonnes @ 1.11% V2O5 (M&I)

30.4 million tonnes @ 0.83% V2O5

(Inferred)

Production Profile*

Year Production Operating

Cash Flow* Tonnes V2O5 Equiv.

2014 5,511 $30 million

2015 9,689 $80 million

2016 12,952 $108 million

2017 13,757 $120 million

2018 14,599 $125 million

2011 2012 2013 2015

Equity Funded

Debt Funded

Construction Production Expansion

2014

Q4

*Cash flow represents average annual net after tax operating cashflow

Producing

11,400 Tonnes V2O5 per annum

2.00 USD/BR exchange rate

$6.37 Price (lb V2O5 equiv)

$2.10 Opex (per lb V2O5 equiv)****

$230 million(Capex) FUNDED

$50 million (Expansion Capex)

FUNDED by CASH FLOW Years 2-3

IRR: XXX%

NPV: $XXX

Aug. Cash

flow: X

XXX

Maracas Project Economics

16

*IRR and NPV calculated @ 8% discount rate after all taxes, royalties and sustaining capex

**Cash flow represents average annual net after tax cashflow – Years 1-15 *** Production levels average Years 1-29 ****Includes iron ore byproduct credit

*

*

**

***

Concessions and Mineralization

Gulcari “A” Deposit Detail

Maracás concessions

and strike length

17

Maracas Grade and Quality

Vanadium is contained in magnetite with a

higher iron content than others

Better recoveries, requires less power and

less chemicals

Concentrate with much higher V2O5, higher

Fe, and lower SiO2 (contaminant) than any

other deposit

LOWEST COST PRODUCTION

*Average grade comparisons compiled by Les Ford, presentation March 8, 2011 18

Highest Grade/Quality Vanadium Deposit in the World

=

=

= Ore V2O5% Concentrate

SiO2%

Concentrate

V2O5%

Maracas Mining Process*

19

• Deposit outcrops at surface

• Less than 1 meter pre-stripping

• High grade material from

surface continues to depth

Simple, Cost-Effective Open

Pit Mining Process

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

*See press release dated Jan 18, 2013 **Includes all royalties less credit Iron Ore byproduct

Maracas Deposit Outcrop

20

25 meters of ore at surface

150 meters

Magnetite

Gabbro (waste)

◦ Dips at 65

Maracas Process Flow

21

• Uses “best-practices” from

current low-cost producers

• No new process or technology

• Low input costs due to ore

quality

• Efficient ramp-up schedule

• 75% production reached in 6

months

Proven Low-Cost Process

with Efficient Ramp Up

22

Maracas Projected Cash flow*

23

Significant Cash Flow

*See press release dated Jan 18, 2013

$0

$20

$40

$60

$80

$100

$120

$140

2014 2015 2016 2017 2018

After-tax Operating Cash Flow

Free Cash Flow

Implementing Expansion & FeV plant

Technical Report Sensitivity Analysis*

24

Historical Averages (per lb V2O5)

Source: Roskill, 2013 Source: Metal Bulletin Historical Pricing

$100$100,100$200,100$300,100$400,100$500,100$600,100$700,100

85% 90% 95% 100% 105% 110% 115%

NPV

(000 U

SD

)

Sale Price (Vanadium Pentoxide)

Project Net Present Value (NPV)

$6.37 $7.44 $5.49

$554 $638

$469

0%

5%

10%

15%

20%

25%

30%

35%

85% 90% 95% 100% 105% 110% 115%

IRR

(%

)

Sale Price (Vanadium Pentoxide)

Project Internal Rate of Return

$6.37 $7.44 $5.49

26.3% 29.2%

23.4%

Project Sensitivity Vanadium Price

2012 5.56

2013 9.90

2014 10.56

2015 10.85

2016 11.40

2017 11.86

Independent Pricing Projections

Maracas Construction Schedule

MA

R

AP

R

MA

Y

JU

N

JU

L

AU

G

SEP

OC

T

NO

V

FEB

MA

R

AP

R

MA

Y

JU

N

JU

L

AU

G

SEP

OC

T

DEC

JA

N

NO

V

2012 2013

Engineering

Procurement Services

Civil Works

Crushing System Erection

Milling System Erection

Kiln System Erection

Sulphate Salt Recovery System Erection

Deammoniator/ Furnace Erection

Utilities System Erection

Equipment Fabrication

Eletrical Line Contract

Water Pipeline Erection

93%

97%

53%

8 %

4.5%

0.0 %

0.0 %

9 %

3 %

85 %

67 %

100 %

25

DEC

Com

mis

sionin

g T

arg

et

Range

26

Site Development

Gulcari “A” Deposit and Open Pit

Concrete Plant Main Access Road Admin Facilities

Processing Plant

Crushing and Milling

27

Site Development

Concrete Plant Main Access Road Admin Facilities

Processing Plant

Crushing and Milling

28

Site Development

View of Pit Area – Deposit Outcrop 1

29

Site Development

Implementation at Primary Crushing Area

30

Site Development

Conveyor from Primary Crushing Area to Secondary Crusher

31

Site Development

Completed Foundation for Primary Ball Mill

32

Site Development

Main Substation

33

Site Development

Pedestal for Kiln

Site Development

34

Maracas Investment Summary:

Project fully funded, permitted and in construction

Highest grade deposit

To be lowest cost producer in market

Significant cash flow to be generated in 2014

Strong potential for upside on commodity price in near-term

Commodity with growing demand and unstable supply

35

What is Tungsten?

36

Tungsten [W74]

Tungsten is unique in its extreme

qualities and difficult to replace

Source: Roskill, 2011 Source: Minor Metals Trade Association

Cemented Carbide Usage • Only diamonds are harder

• 100X harder than steel Very Hard

• Highest melting point

• Lowest expansion

Very Heat Resistant

• Greater than lead or uranium Very Dense

Tungsten is….

37

• Heavy construction machinery

• Drilling for mining, oil and gas

• Pipelines

• High temperature equipment and parts

• Heavy artillery and missiles

• Automotive

• Electronics

• Lightbulbs

Tungsten Uses:

Source: Vanitec

Supply Dominated by China

38 Source: British Geological Survey’s Risk List, 2011 Source: US Gelological Survey

Supply Demand

Source: Roskill, 2011/Europacific Canada, April 12, 2012

Production

17%

Tungsten Scored 4th Most at Risk out of 52

Elements

67,000 Tonnes (2011)

95,000 Tonnes (2015)

Growing at 7%

per year

Consumption

Supply

Long Term Tungsten Pricing

39 * Source: Metal Bulletin

$0

$100

$200

$300

$400

$500

Low Price

High Price

projection

Maracas Cash Flow Projections

Maracas: Catalysts for Growth

Year 1 = Current production parameters

Year 2 = Sale of tailings material (pig-iron)

Years 4+ = 50% increase in production capacity

40

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 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.

•Projections assumes FeV pricing of $28.00 per Kg

Identify and Acquire Additional Resources

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

41

Implementation Summary Highlights

42

Production Commenced December 2011

90 tonnes of concentrate shipped

Initially commissioned without mill due to

importation delay at port

Mill commissioned in February

Plant optimization proceeded to adjust milling

circuit

3 additional screens were added in order to

increase yields

Screens commissioned in Q3

Modifications to plant are ongoing

Production temporarily suspended due to severe

regional drought

Currais Novos Site Visit – August 2012

Currais Novos Cash Flow Projections

Currais Novos: Catalysts for Growth

Year 2 = Current production parameters

Year 4+ = following 3 year exploration ramp-up on

recently acquired additional underground properties

* Projections assumes exploration success on aditional properties ramp up

43

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 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.

projection

44

Northern Dancer Project

Northern Dancer Resource Estimate

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)

Development Milestones

PEA complete

Environmental permitting under way

Discussions with off-take partners and

JV partner

Northern Dancer: PEA Highlights

Tungsten (US$ 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. 45

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$300 MTU

Attractive economics at current tungsten prices

Strategic asset for long term supply of tungsten

46

Campo Alegre Project

Non NI 43-101 Resource:

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

Further metallurgical testing underway in 2012

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

Investment Thesis:

47

Maracas project fully funded, permitted and in construction

• Highest grade deposit

• To be lowest cost producer in market

• Significant cashflow generated at prices below historical

averages

• Strong potential for upside on commodity price in near-term

Exposure to commodities with growing demand and

unstable supply

Management team with construction and operational

experience

Projects located in politically stable and mining friendly

jurisdictions

48

Largo Resources

@LargoResources1

Largo Resources

48

www.LARGORESOURCES.com

55 University Ave. Suite 1101

Toronto, ON – M5J 2H7

Darcie Ladd Business Development Manager

dladd@largoresources.com

416-861-9406

Mark Brennan President and CEO

mbrennan@largoresources.com

416-861-9797