Largo Resources Announces Record V2O5 Production of 2,952 Tonnes in Q3 2019

• Record V₂O₅ production of 2,952 tonnes in Q3 2019, an increase of 17% over Q2 2019 and 15% over Q3 2018
• Global V₂O₅ recovery rate² of 78.1% in Q3 2019 compared to 79.1% in Q2 2019 and 77.1% in Q3 2018
• Average annual cash operating costs excluding royalties¹ guidance lowered to US$3.30 to $3.40 per pound of V₂O₅; Production guidance maintained
• Expansion project in final stages of commissioning; Expected to conclude in October 2019
• Q3 2019 operational and financial results conference call: Thursday, November 14^th, 2019 at 10:00 a.m. EDT

TORONTO, Oct. 15, 2019 - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce third quarter 2019 production results from its Maracás Menchen Mine highlighted by a new quarterly production record of 2,952 tonnes of vanadium pentoxide ("V₂O₅") produced at an average global recovery rate² of 78.1%. In addition, the Company has lowered its 2019 annual cash operating cost excluding royalties¹ guidance to the range of US$3.30 to $3.40 per pound of V₂O₅.

Total production in Q3 2019 from the Maracás Menchen Mine was 2,952 tonnes of V₂O₅ representing an increase of 17% over Q2 2019 and a 15% increase over Q3 2018. Production in July was 1,042 tonnes, a new monthly V₂O₅ production record for the Company. Higher production in July was a consequence of the start-up of the second deammoniator as part of the expansion project in addition to the consumption of intermediary stockpiles. Production of 975 tonnes of V₂O₅ in August was slightly above budget and was aligned with the ramp-up schedule for the expansion project. Production of 935 tonnes of V₂O₅ in September was impacted by leaching area availability.

In Q3 2019, 267,257 tonnes of ore with an effective V₂O₅ grade³ of 1.52% were mined and the crushing unit was fed with 329,024 tonnes with an effective V₂O₅ grade³ of 1.15%. Lower grades seen in the crushing feed are primarily due to processing lower grade weathered ore stockpiles built up during the first years of the operation. The Company also produced 92,629 tonnes of concentrate ore with an effective V₂O₅ grade³ of 3.26% compared to 88,075 tonnes produced in Q3 2018 with a grade of 3.30%.

Global V₂O₅ recovery rates² averaged 78.1% in Q3 2019 which compares to 79.1% in Q2 2019 and 77.1% in Q3 2018. Global V₂O₅ recovery rates² were down slightly quarter-over-quarter in 2019 primarily as a result of processing low-grade ore stockpiles fed and some process variability during the expansion ramp-up phase. The Company expects global V₂O₅ recovery rates² to average approximately 79.0% in Q4 2019.

The Company's expansion project is in the final stages of commissioning following the start-up of the new ball mill in September and expects to reach the new nameplate capacity of 1,000 tonnes of V₂O₅ in October.

A summary of Q3 2019 production results from the Maracás Menchen Mine is presented below:

2019 Annual Average Cash Cost Excluding Royalties Guidance Update

The Company has lowered its 2019 annual average cash operating guidance excluding royalties¹ from the range of US$3.45 - 3.65 to the range of US$3.30 – $3.40 reflecting cash operating cost¹ performance during the first half of 2019 and the expected positive impact on foreign exchange for the balance of the year. Additionally, the Company has produced 7,566 tonnes of V₂O₅ year-to-date and continues to maintain its annual production guidance range of 10,000 to 11,000 tonnes of V₂O₅ for 2019.

Paulo Misk, President and Chief Executive Officer of Largo, stated: "Operations at the Maracás Menchen Mine continued to produce strong results in Q3 2019 following increased production as result of the expansion project. Total year-to-date V₂O₅ production is 7,566 tonnes and the Company maintains its overall 2019 production guidance range of 10,000 to 11,000 tonnes for the year."

He continued: "Following two consecutive quarters of reported cash operating costs excluding royalties¹ below our previously stated annual average cash cost guidance, management is very confident that its newly updated cash cost guidance for the year will be achieved in 2019. Largo continues to be one of the lowest-cost producers of V₂O₅ in the world which is direct result of our high-quality asset combined with an operations team that is solely focused on operational excellence. We continue to remain focused on maximizing organic value creation at the Company.

Conference Call

Largo Resources plans to release its financial and operational results after the close of market trading on Wednesday, November 13, 2019. Management will also host a conference call on Thursday, November 14, 2019, at 10:00 a.m. EDT, to discuss the Company's third quarter 2019 operational and financial results.

Conference Call Details:

A playback recording will be available on the Company's website for a period of 60-days following the conference call.

About Largo Resources

Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "LGO". For more information on Largo, please visit our website at www.largoresources.com.

Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this press release.

Forward-looking Information:

This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of application Canadian securities legislation ("forward-looking statements"). Forward?looking information in this press release includes, but is not limited to, statements with respect to timing for and completion of the Maracás Menchen Mine expansion project and the costs associated therewith; the timing and amount of estimated future production; costs of future activities and operations; and the extent of capital and operating. 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". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements 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 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 SEDAR 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&As which also apply.

SOURCE Largo Resources Ltd.