THE ONLY ‘PURE-PLAY’ PRODUCER OF VANADIUM

TSXV: LGO

August 2015

CORPORATE PRESENTATION

www.largoresources.com

TSXV: LGO

Forward Looking StatementsThe information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation ReformAct of 1995, and “forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performanceand condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements withrespect to the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount ofestimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration anddevelopment 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 theuse 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 certainactions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur” or “be achieved.” Forward-looking statements andforward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they aresubject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-lookinginformation, 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 internationaloperations; actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to berefined; and fluctuating metal prices and currency exchange rates. Although management of the Company has attempted to identify importantfactors 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 willprove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readersshould not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to updateany forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicablesecurities laws.

Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects (“NI 43-101”)of the Canadian SecuritiesAdministrators requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are notmineral reserves do not have demonstrated economic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred ResourcesThe information presented uses the terms “measured,” “indicated” and “inferred” mineral resources. United States investors are advised thatwhile such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does notrecognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legalfeasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadianrules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors arecautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. UnitedStates 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 2

TSXV: LGO

Investment Summary

Management with operational expertise

Commodity with strong growth profile

Only ‘pure-play’ exposure to vanadium

Ramping up production

High grade, low cost production project

Commercial shipments ongoing

3

Substantially de-risked flagship project with near term cash flow

Vanadium Producer

With Tier-1 Asset

Project as at November 19, 2013Project as at December 26, 2013Project as at February 20, 2013

TSXV: LGO

Corporate Structure

4

Stock symbol: LGO – TSX-V

Share price (Aug 4, 2015): $0.65

Shares issued (Basic): 203 million

Market Cap C$132 million

52-week High/Low: $3.60 / $.62

Management & Institutions: 75%

Warrants & Options (Basic): 64 million

Institutional Shareholders

Arias Resource Capital – 46.3%

Mackenzie Investments – 7.8%

Eton Park Capital Management – 5.4%

Ashmore Investment Management – 5.4%

Shareholders & Project Partners

Project Finance Deal of the Year Awards - March 2013

Project Partners

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

Business Development Bank of Brazil

Bank Itau, Votorantim, Bradesco

Maracás Menchen Mine

TSXV: LGO

Strong Management

5

Mark Smith President & CEO 34+ years experience financing, developing and operating mines

Ernest Cleave Chief Financial Officer 10+ years experience in financial management

Michael Mutchler Chief Operating Officer 20+ years mining engineering experience operating and managing mines

Les Ford SVP & Technical Director,Brazil

Vanadium expert. 40+ years experience building/operating vanadium facilities globally

Kurt Menchen President of Operations, Brazil

30+ years mining engineering experience operating mines in Brazil

Robert Campbell VP Exploration 30+ years of mining exploration experience

Paulo Misk General Manager 28+ years mining engineering experience operating mines in Brazil

Casper Groenewald Deputy Technical Director

20+ years metallurgical engineering experience including 5+ in vanadium processing

John Ashburn Chief Legal Officer 35+ years experience in corporate Law

Darcie Ladd VP, Investor Relations 6+ years experience in investor relations & communications

Significant Experience Operating Mining Facilities

TSXV: LGO

About Vanadium

6Source: vanitec.org/Roskill, 2013

Steel’s Greatest Alloy

Vanadium is the most used alloy to strengthen steel

Makes steel stronger, lighter and more wear resistant

Small amounts of vanadium added to steel significantly increases tensile strength

Vanadium can be easily added during the steel making process

2lbs Vanadium + 1 Tonne of Steel =

TSXV: LGO 7Source: Vanitec

Vanadium is Everywhere

Rebar for construction

Buildings, bridges, tunnels

Automotive parts Aviation and aerospace

Power lines and power pylons

Pipelines Railway lines, railway cars, cargo containers

Chemical plants, oil refineries, offshore-

platforms

High strength steel structures Various tools and dies

Construction machinery and equipment Missiles and defense ShipsHeavy-wear mechanical

parts Vanadium applications are

growing…

TSXV: LGO

Demand Drivers

8

Trends in global construction require the use of high-strength steels in buildings, bridges and tunnels

Emissions and safety guidelines will require increasing use of high-strength steels in the automotive sector

Increasing amounts of aluminum-vanadium-titanium alloys in the construction of aircraft

Strong Growth RateIncreasing applications + higher quality construction =

TSXV: LGO

Growth Example: Automobiles

9

Growth in Consumption of High-Strength Steels in Automobiles %

Source: Roskill, 2013

TSXV: LGO

0

20,000

40,000

60,000

80,000

100,000

120,000

0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.1

China

North

America

China’s Projected Impact on Demand

10Source: Les Ford Vanadium and Steel presentation, PDAC 2010Source: Roskill 2013

% of Vanadium Used per Tonne of Steel by Region

Tota

l To

nn

es

by

Re

gio

n (

V2O

5 E

qu

iv.)

Actual Consumption 2010

Projected Impact of China’s 2013 Rebar Standards

Japan

Europe

China

TSXV: LGO

Supply is Concentrated

11Source: Roskill, 2013 *Tonnage calculated in V2O5 Equivalent

Total Supply 127,000 Tonnes (V2O5 Equiv)

of Global Supply

Ton

ne

s V

2O5

Eq

uiv

Other8,000

Total Demand 136,000 Tonnes (V2O5 Equiv)

TSXV: LGO

Vanadium Historical Pricing

12

Historical floor at $5.00 per lb

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

11 Year Vanadium Pricing (per lb V2O5)

$ Price V2O5

TSXV: LGO

Global Production of Vanadium

13

Co-product (slag) production

Primary Production

Secondary Production

Cost of production per lb V2O5

*The operating costs reported are on a non-GAAP basis. Operating costs reflected are based on a realized BRL/US dollar exchange rate of 3.20.Includes Royalties, operational SG&A but does not include corporate SG&A or CAPEXNTD: Prices calculated into V2O5 EquivSource: Roskill 2013; TTP Squared/Atlantic, Vanadium Market OutlookSource: Company information & industry experts

Largo is the only ‘Pure-Play’ producer of vanadium

$3.50$4.50

$6.00

70% of Global Supply is Produced as a Co-Product using iron ore that contains vanadium$3.91*

(March 2015 Actual)

TSXV: LGO

Global Production of Iron Ore

14

ChinaBrazilAustraliaCISIndiaNorth AmericaAfricaCntrl & Sth AmericaEuropeMiddle EastOther

Source: AME GroupSource: Cowen & Co., Morning note April 8, 2016Source: Cost of regional production approximate based on data from - CRU ltd, Morgan Stanley, zerohedge.com, Wood mackenzie, Iron Ore Cost ServiceSouce: Uralndaline, Gavakal data macro, the Australian.com

China is the largest producer of vanadium as a co-product from iron ore containing vanadium

China is losing market share due to high cost of production

Global Production of Iron Ore

$40

$35

$125

Cost of production US/t (fob)

$50

$60

TSXV: LGO

Maracás Location Highlights

15

Government and local support

Arid climate and suitable topography

Management with experience in region

Strong tax incentive program

Local familiarity with mining

Excellent infrastructure in placeLoca

tio

n H

igh

ligh

ts

TSXV: LGO

Concessions and Mineralization

= Campbell Pit (first 12 Years)

Maracás concessions

and strike length

16

29 year life of mine

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

TSXV: LGO

0 10 20 30 40Million Tonnes

Proven & Probable

Measured & Indicated

Inferred

1.34% V2O5

1.11% V2O5

13.1 Million Tonnes

0.83% V2O5

Mineral Resources

17

+2 Times Industry Average Grade

30.4 Million Tonnes

24.6 Million Tonnes

Campbell Pit

Satellite Deposits

Contained within

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 informationMineral Reserves (Proven & Probable Resources) for the Maracas Project as calculated in: Technical Report of the Feasibility Study for the MaracásVanadium Project, Brazil, dated May 2009 and filed on SEDAR on June 1, 2009. Reserve estimates are based on a price for contained vanadium in ferro vanadium of USD 23.08/kg. Mine planning was based on a USD 5.00 pit shell and cutoff grade of 0.45%Mineral Resources for the Maracas Project as calculated in: Preliminary Economic Assessment of the Maracás Vanadium Project, 1.4 Million Tonnes per Year Processing Plant, dated and filed on SEDAR March 4, 2013.Mineral Resources contained within the Campbell Pit (previously called Gulcari “A” utilize an open pit model using USD 34.20/t all in operating costs and reported at a 0.45% V2O5 cut-off.Inferred Resources at various “satellite” deposits calculated within a pit shell using USD 34.20/t all in operating cost and reported at a 0.45% V2O5 cut-off.Resource Estimates that are not Mineral Reserves do not have demonstrable economic viability.

TSXV: LGO

0.0 1.0 2.0 3.0 4.0

Co

nce

ntr

ate

SiO

2%C

on

cen

trat

eV

2O5%

Ore

V2O

5%

Maracas South African

Cost Advantage

18

Highest Grade/Quality Vanadium Deposit in the World

Higher head-grade

and higher iron

content

Concentrate has

much higher V2O5

Concentrate has fewer

contaminants like silica

Low Cost Production% % % % %

Mr. Robert Campbell, Vice President of Exploration and Michael Mutchler, Chief Operating Officer to Largo, both Qualified Persons as defined by NI 43-101 have

reviewed and approved the technical information.

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Campbell Pit Cross Section

19Mr. Robert Campbell, Vice President of Exploration to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and approved this information.

TSXV: LGO

0

10

20

30

40

50

60

70

80

90

100

110

1 2 3 4 5 6 7 8 9 10 11 12

12 Month Ramp-up Target

20

% P

lan

t C

apac

ity

Month

Month 1-12 Total: approx. 5,500 tonnes (12.1 million lbs) V2O5

Ramp-up target capacity

Ramp-up capacity range

Mr. Michael Mutchler, Chief Operating Officer to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and approved the technical information.

Actual Production

Milestones

$3.91 per/lb March Actual cost*

Record daily production at 100% capacity

Record monthly production at 75% capacity

11 Days at 87% capacity

$

*The operating costs reported are on a non-GAAP basis. Operating costs reflected are based on a realized BRL/US dollar exchange rate of 3.20.Includes Royalties, operational SG&A but does not include corporate SG&A or CAPEX

$

TSXV: LGO

2015 Production Guidance

21

Average Production(High/Low Range)

Operating Costs (/Lb)(i)

Year End Exit Cost (/Lb) (i)

2015 7,850 tonnes~17.3 million lbs $4.15 $3.21

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2015

Co

st/l

b

Ton

ne

s V

2O5

Production Guidance

Annual Avg. Cost (/Lb)

Year End Cost (/Lb)

Continue to increase production rates

Achieve Phase 1 annual target capacity in Q4

Focus on production/operating expense optimization projects already underway

2015 Objectives

(i) Reported operating costs for the Maracas 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 of 3.20.

Mr. Michael Mutchler, Chief Operating Officer to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and approved the technical information.

TSXV: LGO

Investment Summary

Management with expertise

Commodity with strong growth profile

Only ‘pure-play’ exposure to vanadium

Ramping up production

High grade, low cost production project

Commercial shipments ongoing

22

Substantially de-risked flagship project with near term cash flow

Vanadium Producer

With Tier-1 Asset

Project as at November 19, 2013Project as at December 26, 2013Project as at February 20, 2013

TSXV: LGO 2323

Darcie LaddVice President, Investor

Relations dladd@largoresources.com

416-861-9406

Mark SmithPresident and CEO

msmith@largoresources.com

416-861-9797LARGORESOURCES.COM

Largo Resources

LargoResources1

Largo Resources

largoresources

TSXV: LGO

Appendix

Photos

Board of Directors

Project Highlights

Vanadium Market

Maracas Mining

Process Flow

PGM/Chrome Potential

Secondary Projects

Maracás Mining Process

Currais Novos

Northern Dancer

Campo Alegre de Lourdes

24

TSXV: LGO 25

TSXV: LGO

Appendix: Strong Board

26

Alberto Arias Director Founder & President Arias Resource Capital

David Brace Director CEO of Karmin Exploration. Formerly with AurResources

Wayne Egan Director Partner at WeirFoulds LLP

Koko Yamamoto Director Partner at McGovern, Hurley, Cunningham L.L.P.

Sam Abraham Director Vice President, Arias Resource Capital

Daniel Tellechea Director Former President & CEO of Sierra Metals and ASARCO L.L.C.

TSXV: LGO 27

First Production, Aug 2014

Production currently ramping up 12 month target to full capacity All material produced has met specifications Expansion plan in place to increase capacity Permits in place

Glencore off-take agreement is in place for 6 years 100% of material produced Take-or-pay agreement based on floating (spot) price Shipments successfully completed on a weekly basis

since September 2014

Tier 1 asset – highest grade/quality deposit in the world Low levels of contaminants Large resource base with potential for significant growth

Located in Bahia, Brazil Ideal climate and topography for mining Management with regional experience Strong tax and government incentives

Off

-Tak

eP

rod

uct

ion

Re

sou

rce

Loca

tio

nMaracás Project Highlights

Mr. Michael Mutchler, Chief Operating Officer to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and approved the technical information

TSXV: LGO

Uses of Vanadium

28Source: Roskill, 2013

Steel Alloy

Titanium Alloy

Chemical Catalyst

Other

Uses of Vanadium in Steels

Vanadium in Steel

High Strength Low Alloy Steels (HSLA) are the leading market for vanadium in the steel industry

Steel is the largest end-use for vanadium91%

48%

TSXV: LGO

Growth Example: China

29

Vanadium alloyed high-strength rebar has significantly higher resistance to seismic events like earthquakes

The Chinese government implemented Code for Design and Concrete Structures in 2010 and 2011.

This policy seeks to gradually eliminate the use of low strength bars by the end of 2015

Specifically implements an increase in Vanadium content in steel rebar.

The output of hot rolled ribbed steels (rebar) accounts for 1/4 of steel production in China.

(Global Steel 2013, Ernest&Younge)

(Gan Yong，Dong Han “Proceedings of International Seminar on Production and Application of HIgh Strength Seismic Grade Rebar Containing Vanadium”)

Why use vanadium in rebar?

Result of 4.2 magnitude earthquake on

structures with Low Strength-Rebar

TSXV: LGO

Simple, Low Cost Mining

30

150 meters

Magnetite(ore)

Gabbro (waste)

Mining operations in 2014

TSXV: LGO

Process Flow Sheet

31Mr. Michael Mutchler, Chief Operating Officer to Largo, and a Qualified Person as defined by NI 43-101 has reviewed and approved the technical information.

TSXV: LGO

Potential Chrome/PGM Discovery

32

Chromite and PGMs are often associated in ultra-mafic rocks like the ones discovered near the Maracas Menchen Mine

This discovery potentially resembles deposits like those in the Bushveld region of South Africa which produces a significant amount of the world’s chrome, PGMs and vanadium

Potential new discovery of chrome and PGMs located North of current mine area

Chromite layers trace 3km strike with at least two zones of chromite layers 20 to 25 metres wide at surface with fine-grained sulphides that potentially contain platinum

Exploration program underway, initial results pending

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

TSXV: LGO

Maracás Environment

33

Project as at December 11, 2013

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The Ford Facility at Maracás

34

Project as at February 20, 2013

TSXV: LGO

Recent Photos

35

Crushing System Milling System

Roasting System (Kiln/Cooler)

TSXV: LGO

Secondary Projects

36

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

TSXV: LGO

Appendix: Currais Novos

Historical production district

Significant production from 1940s to 1970s (approx 8% of global supply)

Production Commenced December 2011

Plant optimization continued through 2012

Production suspended due to severe regional drought in 2013

37

Operational History:

TSXV: LGO 38

Appendix: Campo Alegre Project

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

TSXV: LGO 39

Appendix: Northern Dancer Project

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)

PEA complete

Discussions with off-take partners and JV partner

Development Milestones

Mineral Resources*

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.

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