The document is a corporate presentation for Largo Resources, a mining company that produces vanadium. It provides an overview of Largo Resources, including: - It operates the Maracas Menchen Mine in Brazil, which has the highest grade vanadium deposit in the world. - It has a low-cost operational profile due to high ore grades and a long-life mine plan of over 15 years. - It has off-take agreements in place with Glencore to purchase all of its vanadium production, removing sales risk. - Vanadium demand is expected to increase steadily in the long-term driven by growth in steel and automotive applications that require lightweight and high-strength steel

1. TSX:LGO
CORPORATE PRESENTATION
July 2017

2. 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,” “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.
Source: TTP Squared, Inc. – Some of the information in this presentation has been sourced from external sources. Largo is not responsible for the accuracy, reliability or currency of the information
prepared or supplied by such external sources. Readers wishing to rely upon this information should consult directly with the source of the information.
Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects (“NI 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 ConcerningEstimates 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.
Except as otherwise specifically stated, Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and approved the scientific and
technical disclosure contained herein.

3. Maracás Menchen Mine
Corporate Structure
Stock Symbol TSX : LGO
Share price (July 31, 2017) C$0.63
Shares issued (Basic) 473.0 million
Market Cap C$298 million
52-week High/Low C$0.70 / C$0.37
Management & Institutions 80%
Warrants & Options (Basic) 170 million
◉ Glencore International
100% 6 year take-or-pay
off-take for Maracas (2014)
◉ Arias Resource
Capital – 60%
◉ Business
Development
Bank of Brazil
◉ Bank Itau, Votorantim,
Bradesco
Project Partners and Institutional Shareholders

4. Management with Operational Expertise (i)
Five Most Senior
Members of
Management
Commodity with Strong Growth Profile (ii)
Only ‘Pure-Play’ Exposure to Vanadium (iii)
High Grade, Low Cost Production Project (iv)
Commercial Shipments Ongoing (v)
Third Quarter
Cash Operating
Costs
Record Tonnes
Produced Dec.
Compounded
Annual
Growth Rate
P&P 18.4 Million
Tonnes
Investment Summary
(i) See management slide for combined years experience.
(ii) Modified - Roskill (2014), Bloomberg as of September 9, 2015.
(iii) Reported operating costs for the Maracás Mine include all royalties, SG&A, sales commissions but excludes CAPEX. The operating costs reported are
on a non-GAAP basis. Operating costs reflected are based on the average of the high/low production rates and on a BRL/US exchange rate.
(iv) Refer to Press Release dated May 26, 2016 – Filed on SEDAR.
(v) Refer to Press Release dated Oct. 3, 2016 – Filed on SEDAR.
148+
$3.59
3.4%
828
1.17%V2O5
YEARS

5. ◉ Largo has entered into a non-binding memorandum of understanding with Vionx Energy Corporation, a
company which develops, produces and sells Vanadium Redox Flow Batteries for utility grid applications.
Industry Leading Value Proposition for VRB Systems
Utilization of Vionx
product technical,
cost, and partner
advantage
Largo supply capacity, cost
advantage, and high
quality processing
capability
Stable pricing and necessary
capacity for VRB systems
+
=

6. World Class Management Team
Mark Smith
President &
Chief Executive Officer
Experience operating,
developing and financing
mining projects in the
Americas and abroad
Became involved with Largo
at its inception in 2003 and
has held various senior
exploration positions
throughout the Americas
Andy Campbell
Vice President,
Exploration
35+
Experience in finance
strategy, financial reporting,
internal control and strategic
planning at a variety of
multinational mining
corporations
Ernest Cleave
Chief Financial
Officer
Luciano Chaves
Vice President of Finance and
Administration, Brazil
Mining engineer with
experience in operational
management forvarious
large multi-national mining
companies
Paulo Misk
President of Operations,
Brazil
25+
Financial Management
experience in a range of
different industries. For the last
12 years has lead the Finance
department ofmultinational
mining and services companies
in Latin America.
31+ 38+ 20+
Years of Experience148+

7. Largo Resources Overview
Tier 1
Asset
Low-risk
Operational
Profile
Key Risk
Mitigants
◉ Located in Brazil, the mine location benefits from well-defined mining regulations
and excellent infrastructure — low-risk jurisdiction
◉ Largo currently has a 3-year contract in place with the local workforce
◉ Offtake agreement in place with Glencore for 100% of production
Experienced Operations Team Low-cost Producer
◉ 6-year take-or-pay off-take
agreement with Glencore, the
world’s foremost trader of
vanadium — removes sales
risk, transfers transportation
cost burden and eliminates
need for sales team
◉ Senior management team has
extensive experience operating
mines in Brazil
◉ Technical team includes some of
the world’s foremost experts on
vanadium processing
 With the highest grade
vanadium resource in the world
and minimal contaminants, The
Maracás Menchen Mine is
anticipated to be one of the
lowest cost producers.
 High Quality – Largo Produces
one of the highest quality V205
products in the world
◉ The Maracás Menchen Mine possesses the world’s highest
grade vanadium deposit — P&P reserve grade of 1.17% V2O5
is over double the industry average
◉ On track to be one of the lowest cost producers of vanadium
◉ Permits are in place to execute a contemplated mine
expansion
Partnered with World Class Financial And Off-take Partners
Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as defined by
NI 43-101 Largo has reviewed and approved this information.
Off-take Agreement

8. Maracás Menchen
Mine Concessions
and Strike Length
Concessions and Mineralization
= 15 Year Life of Mine (i)
(i) (i) Mineral Reserves (Proven and Probable Resources), Mineral Resources, and Inferred Resources for the Maracás Menchen
Mine as calculated in: An Updated Mine Plan and Mineral Reserve for the Maracás Menchen Project, Bahia State, Brazil, dated
July 8, 2016 and filed on SEDAR on July 8, 2016. Mineral Resource and Mineral Reserve Effective Date: March 31, 2016.
Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as defined by NI 43-101 Largo has
reviewed and approved this information.

9. Campbell Pit Cross Section
600 m
350 m
Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as defined by
NI 43-101 has reviewed and approved this information.
Pit
Depth
175 m

10. 21.1
0 5 10 15 20 25 30
Million Tonnes
1.17% V2O5
1.24% V2O5
18.4 Million Tonnes
0.83% V2O5
+2Times Industry Average Grade
27.82 Million Tonnes
21.11 Million Tonnes
Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as
defined by NI 43-101 has reviewed and approved the technical information.
Mineral Reserves (Proven and Probable Resources), Mineral Resources, and Inferred
Resources for the Maracás Menchen Mine as calculated in: An Updated Mine Plan and
Mineral Reserve for the Maracás Menchen Project, Bahia State, Brazil, dated July 8, 2016
and filed on SEDAR on July 8, 2016. Mineral Resource and Mineral Reserve Effective
Date: March 31, 2016.
Mineral Resources
m

11. 0.0 1.0 2.0 3.0 4.0
Maracás Menchen Mine South African
Higher head-grade
and higher iron
content
Low Cost Production% % % %
Cost Advantage
Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and
approved the technical information.
Refer to Press Release dated May 26, 2016 – Filed on SEDAR.
Concentrate
V2O5%
Head Grade
V2O5%
+
=
Concentrate has
much higher V2O5

12. 347
386
436
730
780
801
630
746
806
715
761
828
768
639 655 645
788
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0
100
200
300
400
500
600
700
800
900
2016 and 2017 Operating Progress
(i) Chart: Report to Shareholders and Management’s Discussion and Analysis – For the Six Months Ended June 30, 2016.
Tonnage calculated in V2O5 Equivalent (Vx1.785=V2O5). Also see press release dated September 3, 2016 – Filed on SEDAR.
Maracás Menchen Mine Production YTD

13. 2016 and 2017 Cash Operating Costs
Maracás Menchen Mine
Cash Operating Costs (/Lb) (1)
Q2
Q1
Q4
Q3
Q1
$4.75
$3.25
$3.59
$3.60
$3.90
2016
2016
2016
2016
2017
-18%

14. China Vanadium Production and Consumption

15. World Excluding China Vanadium Production-Consumption

16. Global Vanadium Production and Consumption 2003 to 2017

17. Global Annual Inventory Change

18. Buildings, bridges,
tunnels
Rail lines, Railway
cars, Cargo
containers
Pipelines
Power lines and
Power pylons
Rebar for
construction
Construction
machinery and
equipment
High strength steel
structures
Automotive parts Aviation and
aerospace
Chemical plants,
oil refineries, offshore-
platforms
Missiles and
defense
Ships
Vanadium is Everywhere
Applications
Strategic
Characteristics ◉ Most effective alloy for
increasing the strength
of reinforcing bars
used for buildings,
tunnels, and bridges
Improves Tensile
Strength
◉ High strength-to-weight
ratio make vanadium a
vital component in the
manufacturing of auto-
motive and aviation
industries - increases fuel
efficiency and durability
Supports Fuel
Efficiency
◉ Natural properties
make vanadium
alloys durable in
extreme
temperature
environments and
corrosion resistant
Increases Weather
Resistance
◉ High-strength vanadium alloys
are used extensively in
equipment where abrasion
resistance and toughness are
necessary to operate in
unforgiving environments
Limits Regular
Wear and Tear
Source: Vanitec.

19. 195 195 193 195 196 202 207 212 218 220 221179 184 191 198 203 209 214 220 227 232 241
0
50
100
150
200
250
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
KtVanadium
(V2O5Equivalent)
Supply Demand
3.4% LONG TERM DEMAND CAGR
Vanadium Market Overview
91%
◉ Crude steel production increased at 3.6% CAGR in 2006 –
2014
◉ However, intensity of vanadium use grew at an 8.0% CAGR
over the same time period
In Conclusion:
Vanadium Demand
Continues to Expand
Though crude steel production is expected to have a modest
CAGR of less than 1% through 2025, increasing intensity of
vanadium use coupled with specific end-use growth drivers will
allow vanadium demand to continue to expand
Projected
Vanadium Supply
/ Demand
Balance
Source: Modified - Roskill (2014), Bloomberg as of September 9, 2015.
Note: Supply and demand projections based on Roskill scenario of
$18 - $21/kg equilibrium FeV prices.
Note: Tonnage calculated in V2O5 Equivalent (Vx1.785=V2O5 Equivalent).

20. Demand for Lightweight Steel
462 477
601 648 723 756 759 806 824
510 534
588
626
629 635 669
719 747
0
2
4
6
8
10
12
14
16
18%
0
500
1,000
1,500
2,000
2010 2011 2012 2013 2014 2015 2016 2017 2018
Boeing Airbus % of Total Deliveries
(Aircraft Deliveries) (B-787, A-350 and A-380 as % of Total)
164 188 203 220 233 248 259 274 293 298 312 330 347 36741
47 51
55 58 62 73 77
83 94 99
104
109
116
205
235
254
275 291
310
332
351
376 392
411
434
456
483
0
100
200
300
400
500
600
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Advanced high-strength steel Ultra high-strength steel
(Average Net Pounds per Vehicle)
Source: Roskill (2014), Steel Market Development Institute, Company disclosures.
Automotive
As fuel efficiency and emission regulations
continue to tighten, high-strength, low-weight
steels will drive demand for vanadium
Aerospace
Aircraft usages presently accounts for 7% of
the vanadium market and is growing rapidly
◉ Aircraft manufacturers are utilizing higher
amounts of titanium-vanadium alloy in
newer models
◉ Boeing’s new 787 Dreamliner and Airbus’ A380
and A350XWB models are comprised of
significantly more vanadium, titanium and
aluminum alloys than their predecessors —
75 – 100+ tonnes per aircraft
◉ Corporate Average Fuel Economy (CAFE)
standards
Growth in Use of High-strength Steels in Automobiles Aerospace Delivery Schedule

21. Vanadium Consumption Rates
0.094
0.075
…
0.053
…
0.046
0.039
0.035
0.00 0.02 0.04 0.06 0.08 0.10
KgV/MTSteel
India
Other
China
Japan
World Average
CIS
Europe
North America
Source: TTP Squared, Inc
Specific Vanadium Consumption Rates 2015
0.054
0.051

22. Metal Bulletin V205 Monthly Midpoint Average Price

23. 0 20,000 40,000 60,000 80,000 100,000 120,000
Other
Brazil
South Africa
Venezuela*
Russia
China
TonnesV2O5Equiv.
57%
17%
9%
Supply is Concentrated
Source: TPP Squared, Inc.
Note: *Tonnage calculated in V2O5 Equivalent - (V/0.5602=V2O5 Equivalent).
Note: Venezuela produces raw material like oil residues and spent catalyst.
Projected Global Vanadium Supply for 2016
8%
6%
90%of Global Supply

24. Co-product (slag) Production
Primary Production
Secondary Production
* Report to Shareholders and Management’s Discussion and Analysis –
For the Three and Six Months Ended June 30, 2016.
$3.50
$6.00
71%of global supply is
produced as a co-product using iron
ore that contains vanadium
$3.25*
Largo
NTD: Prices calculated into V2O5 Equiv.
Source: Roskill 2014; TTP Squared/Atlantic, Vanadium Market Outlook.
Source: Company information & industry experts.
Largo is the ONLY ‘PURE-PLAY’ PRODUCER of Vanadium
Global Production of Vanadium

25. China is the Largest Producer of Vanadium
As a Co-product from Iron Ore Containing Vanadium
China
Brazil
Australia
CIS
India
North America
Africa
Central & South America
Europe
Middle East
Other
Cost of production US/t (fob)
$40
$35
$125
$50
$60
China is losing market
share due to high cost of
production.
Source: AME Group - Source: Cowen & Co., Morning note April 8, 2016 - Source: Cost of regional production approximate based on data from –
CRU ltd, Morgan Stanley, zerohedge.com, Wood mackenzie, Iron Ore Cost Service - Souce: Uralndaline, Gavakal data macro, the Australian.com.
Global Production of Iron Ore

26. Chinese Iron Ore Imports
50
60
70
80
90
100
Tonnes of Iron Ore (millions)
2010 2011 2012 2013 2014 2015
5-Year Chinese Iron Ore Imports
Source: Bloomberg, 2015.

27. Management with Operational Expertise (i)
Five Most Senior
Members of
Management
Commodity with Strong Growth Profile (ii)
Only ‘Pure-Play’ Exposure to Vanadium (iii)
High Grade, Low Cost Production Project (iv)
Commercial Shipments Ongoing (v)
Third Quarter
Cash Operating
Costs
Record Tonnes
Produced Dec.
Compounded
Annual
Growth Rate
P&P 18.4 Million
Tonnes
Summary
(i) See management slide for combined years experience.
(ii) Modified - Roskill (2014), Bloomberg as of September 9, 2015.
(iii) Reported operating costs for the Maracás Mine include all royalties, SG&A, sales commissions but excludes CAPEX. The operating costs reported are
on a non-GAAP basis. Operating costs reflected are based on the average of the high/low production rates and on a BRL/US exchange rate.
(iv) Refer to Press Release dated May 26, 2016 – Filed on SEDAR.
(v) Refer to Press Release dated Oct. 3, 2016 – Filed on SEDAR.
148+
$3.59
3.4%
828
1.17%V2O5
YEARS

28. 55 University Avenue,
Suite 1101
Toronto, Ontario
M5J 2H7
416-861-9797
212-421-2545
info@largoresources.com
lmejia@murdockcapital.com
largoresources.com
Investor Relations

29. Appendix
◉ Photos
◉ Board of Directors
◉ Maracás Mining
◉ Process Flow
◉ PGM/Chrome Potential
◉ Secondary Projects
◉ Currais Novos
◉ Northern Dancer
◉ Campo Alegre de Lourdes

31. Appendix: Strong Board
Independent Board with Breadth Of Expertise
Vice President, Arias
Resource Capital
CEO of Karmin
Exploration. Formerly
with Aur Resources
Founder & President
Arias Resource Capital
Managing Partner of VH
Properties & Director
of Virgin Hotels
President & CEO of Largo
Resources Ltd.
Former President & CEO
of Sierra Metals and
ASARCO L.L.C.
Partner at McGovern,
Hurley, Cunningham L.L.P.

32. 150 meters
Magnetite
(ore)
Gabbro (waste)
Mining operations in October 2015
Simple, Low Cost Mining

33. Maracás Menchen Mine Processing Flow Chart
Mr. Robert Campbell, Vice
President of Exploration to
Largo, and a Qualified Person
as defined by NI 43-101 has
reviewed and approved the
technical information.

34. Project as at December 11, 2013
Maracás Menchen Mine Environment

35. The Ford Facility
Project as at February 20, 2013

36. Crushing System Milling System
Roasting System (Kiln/Cooler)

37. Secondary Projects
Currais Novos
Region Brazil
Metal Tungsten
Stage Care & Maintenance
Campo Alegre
Region Brazil
Metal V, Ti, Fe
Stage Exploration
Northern Dancer
Region Yukon, Canada
Metal Tungsten
Stage PEA Complete

38. Appendix: Currais Novos
◉ Historical production district
◉ Significant production from
1940s to 1970s (approx 8%
of global supply)
Operational History
◉ Production Commenced
December 2011
◉ Plant optimization continued
through 2012
◉ Production suspended due to
severe regional drought in 2013

39. ◉ 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
Appendix: Campo Alegre Project

40. Notes: Resource classification categories in accordance with the
CIM (2005) Standards on Mineral Resources and Reserves
referred to in NI 43-101. Mineral resources that are not reserves
do not have demonstrated economic viability.
*Resource calculation based on the Preliminary Economic
Assessment (the “PEA”) on the Northern Dancer Project, Yukon,
Canada Largo Resources Limited dated March 28, 2011 and filed on
SEDAR April 7, 2011.
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.
Appendix: Northern Dancer Project
Mr. Robert Campbell, Vice President of Exploration to Largo,
and a Qualified Person as defined by NI 43-101 has reviewed
and approved this information
Mineral Resources*
◉ 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
◉ Discussions with off-take partners
and JV partner