TSXV: LGO

Best Mining Deal

www.largoresources.com

Near Term VANADIUM Producer

Metal Pages Ferro Alloys Congress

November, 2013

Vanadium Market Trends

Metals and Mining Deal of the Year

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

Vanadium – Overview

Most used alloy to strengthen steel

Significantly increases tensile strength

Resistant to: seismic, corrosion, abrasion

Proven process for separation

3

Steel’s Greatest Alloy

Makes steel stronger, tougher and lighter

Source: vanitec.org/Roskill, 2013

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Vanadium – a Strategic Alloy

4

2lbsV 1 Tonneof Steel =2X

Strength

Highest strength to weight ratio of any alloy

Source: vanitec.org

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Vanadium in Steel

5Source: Roskill, 2013

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• Rebar for construction

• Buildings, bridges, tunnels

• Automotive parts

• Pipelines

• Aviation and aerospace

• Power lines and power pylons

• Chemical plants, oil refineries, offshore-platforms

• Various tools and dies

• High strength steel structures

• Construction machinery and equipment

• Cast iron used for rolls in steel mills

Vanadium is Everywhere

Source: Vanitec

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Construction Drives Demand

7Source: Roskill, 2013 Source: Largo

Future growth for vanadium largely tied to global performance of the construction sector

Increasing use of high-strength steels in construction

Particularly for: infrastructure, building construction, energy, and transportation

Increase in construction spending in Asia, particularly China, will be main drivers

Despite weakness in global construction trends since

2008, vanadium demand has increased at 6.5% CAGR.

As economic recovery develops increase, further in

accretion in demand is expected.

Global Investment in infrastructure is expected to grow over the medium term.

Growth Rate (CAGR)

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Asia Driving Construction Growth

8

By 2020 Asian construction spending is

forecast at 46% of global – outstripping

European spending by 24%

Chinese construction sector will expand

between 4.5% - 7.5% between 2016 - 2021

Strongest construction spending growth

expected to be in China, followed by India and

Indonesia

Source: Roskill, 2013 Source: Vanitec

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China Infrastructure Growth

9

China: Investment in Infrastructure 2004 – 2011

Source: Roskill, 2013 Source: China National Bureau of Statistics (NBS)

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China/U.S. Construction Trends

10

China and USA: Forecast Growth in Construction 2012 - 2021

Source: Roskill, 2013 Source: Oxford Economics

China and USA: Forecast Growth in Construction

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China – Increasing Rebar Quality

11

The Chinese government has sought to promote

high strength rebar use in construction through

the implementation of the Code for Design and

Concrete Structures in 2010 and an Update on

the Code in 2011.

This policy seeks to restrict and gradually

eliminate the use of lower strength bars by 2015

and implement an increase in Vanadium content

in steel rebar.

12th Five-Year Plan has the following focus points:

reduction in energy use, slowdown in steel

production, value-added steel, and upgrading

technology.

(Global Steel 2013, Ernest&Younge)

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The Rebar Argument

12

“Vanadium-enhanced rebar provides buildings with the improved

structural support necessary to better withstand the higher

magnitude earthquakes so frequently seen in China,”

“It is extremely important that an earthquake-prone country like

China is well informed about the overall benefits of vanadium-

enhanced steel as it relates to the country’s seismic precautions

moving forward.”

-- Robert Glodowski, Director of Technical Services at East Metals North

America and a member of Vanitec.

http://www.asminternational.org

“…from the perspective of seismic performance system focused

on the high strain and low cycle fatigue resistance, V-

microalloyed rebar is much better than the tempcored rebar,

especially in terms of sensitivity of strain-aging, DBTT and cyclic

toughness.”

-- Sheng Guangmin, Lv Yukun, Zhan Suyu, Yu Mengshan

Comparative Investigation of Seismic Resistant Behaviors between Vanadium

Micro-Alloyed and Post-Rolling Tempcored Rebars

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China’s Growth Projections

13Source: Largo Source: Roskill 2013

Kg of Vanadium Used per Tonne of Steel by Region

Tota

l To

nn

es

by R

eg

ion

(V

2O

5 E

qu

iv.)

Projected Impact of China’s Increased Steel Standards

Actual Consumption 2010

Projection

Japan

Europe

China

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Recovery in Europe?

14

In 2006 European consumption of vanadium

totaled 30% of global demand

During 2006 – 2012 period consumption of

vanadium in Europe totaled 28% of demand

despite decline in steel output

indicating higher intensity usage of

vanadium/wider array of products containing

vanadium

Recovery of steel output in Europe could cause

significant increase in demand for vanadium

Source: Roskill, 2013 Source: Largo

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Vanadium Alloys in Aircraft

15

Aircraft usages presently accounts for 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 the alloy,

more than double that in a Boeing 747

Air traffic is forecast to double over the next 15

years

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

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Growth in Aircraft

16Source: Roskill, 2013 Source: Airline Monitor

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High Strength Steel in Automobiles

17

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

TSXV: LGO

Growth in Automotive

18

47%

22%

40%

78% 41%

12%

10%

50%

USA: Consumption Growth of High-Strength Steels in Automobiles %

Source: Roskill, 2013 Source: US Steel

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Supply is Concentrated

19

Largo to provide supply stability

Source: Roskill, 2013

China 70,000 Tonnes (V2O5 Equiv)

South Africa 35,000 Tonnes (V2O5 Equiv)

Russia 14,000 Tonnes (V2O5 Equiv)

Total Supply 127,000 Tonnes (V2O5 Equiv)

Total Demand 136,000 Tonnes (V2O5 Equiv)

*Tonnage calculated in V2O5 Equivalent

TSXV: LGO

Vanadium Pentoxide Pricing

20

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

11 Year High & Low Vanadium Pricing

Low Price High Price

Historical Volatility Supply Disruptions

TSXV: LGO 21

Production in sight.

As at October 10, 2013

TSXV: LGO

Maracas – Ideal Location

22

Safe, mining friendly jurisdiction

Government and local support

Arid climate, ideal topography

Management with regional experience

Metals and Mining

Deal of the Year

Best Mining Deal

TSXV: LGO

Lowest Cost Producer

Open pit mining

At surface deposit

Highly magnetic ore

Few contaminants

Water leaching process

23

Ore provides better recoveries and reduces input costs

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Mineral Resources

24

0.83% V2O5

+2 Times Industry Average Grade

30.4 Million Tonnes

24.6 Million Tonnes

Gulcari “A” Deposit

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Quality Ore, Quality Product

*Average grade comparisons compiled by Les Ford, presentation March 8, 2011 25

Highest Grade/Quality Vanadium Deposit in the World

Ore V2O5% Concentrate SiO2%Concentrate V2O5%

Higher head-grade and higher iron content

Concentrate has much higher V2O5

Concentrate has fewer

contaminants like silica

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Production Profile

26

Phase 1(10,000 Tonnes Capacity)

Initial Ramp Up, Implementing Expansion & FeV Plant

Phase 2(15,000 Tonnes Capacity)

Expanded Production rates & FeV

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Future Expansion Potential

= Gulcari “A” Deposit (first 12 Years)

Maracás concessions

and strike length

27

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Strong Partners

Glencore International Plc.

Largest trader of Vanadium

Take-or-pay agreement

100% of all material produced

28

Off-take agreement

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Recent Construction Milestone

29

Commissioning of Crushing Circuit – October 2013

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Maracas Environment

30

Gulcari “A” Deposit and Open Pit

Concrete PlantMain Access RoadAdmin Facilities

Processing Plant

Crushing and Milling

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Maracas Deposit Outcrop

31

25 meters of ore at surface

150 meters

Magnetite(ore)

Gabbro (waste)

◦Dips at 65

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Maracas Plant Overview

32

Project as at September 16, 2013

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Conclusions

33

Trends in construction will result in

continued growth for high-strength steels

Increasing use of high-strength steels in

the automotive sector

Growing use of aluminum, vanadium,

titanium alloys in the construction of

aircraft

Demand for vanadium is increasing

Largo’s Maracas Project will provide stability of supply

TSXV: LGO 3434

LARGORESOURCES.COM

Darcie LaddBusiness Development Manager

dladd@largoresources.com

416-861-9406

Mark BrennanPresident and CEO

mbrennan@largoresources.com

416-861-9797

Largo Resources

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LargoResources

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