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Largo (TSX-V: LGO) is a growing strategic mineral company withprojects in Brazil and Canada. The immediate goal of the company isto ramp-up production at its Vanadio de Maracás Menchen Mine.Largo's Maracás Menchen Mine boasts the highest gradevanadium deposit yet discovered and is expected to be a low costproducer. With an off-take in place with commodities giantGlencore, Largo is well positioned to become a leading producer ofvanadium globally and is expected to generate substantial cash-flows. Vanadium is primarily used as an alloy to strengthen steeland reduce its weight. Vanadium enhanced steels are used in a vastand growing range of products that are used and encountered everyday; including, rebar, automobiles, transport infrastructure etc.Proven Management. With a compound annual growth rate of over6% for the past several years (Roskill, 2013), vanadium is abourgeoning commodity which lacks opportunities for investmentin the wider Essential Steel Alloy market place. As Productiontrends in the steel industry now demand increasingly stronger andlighter products for advanced applications, the use of vanadium isexpected to continue this growth over the medium and long term.Largo is a leader in Vanadium and also has interests in a portfolio ofother projects, including: a 100% interest. Largo (TSX-V: LGO) is agrowing strategic mineral company with projects in Brazil andCanada. The immediate goal of the Company is to ramp-upproduction at its Vanadio de Maracás Menchen Mine. Largo'sMaracás Menchen Mine boasts the highest grade vanadiumdeposit yet discovered and is expected to be a low cost producer.With an off-take in place with commodities giant Glencore, Largo iswell positioned to become a leading producer of vanadium globallyand is expected to generate substantial cash-flows. Vanadium isprimarily used as an alloy to strengthen steel and reduce its weight.Vanadium High Grade. Low Cost enhanced steels are used in avast and growing range of products that are used and encounteredevery day; including, rebar, automobiles, transport infrastructureetc. Exploration. Chromite. PGMs. With a compound annualgrowth rate of over 6% for the past several years (Roskill, 2013),vanadium is a bourgeoning commodity which lacks opportunitiesfor investment in the wider market place. Strong Partners. Astrends in the steel industry now demand increasingly stronger andlighter products for advanced applications, the use of vanadium isexpected to continue this growth over the medium and long term.Largo also has interests in a portfolio of other projects, including: a100% interest. Largo (TSX-V: LGO) is a growing strategic mineralcompany with projects in Brazil and Canada. The immediate goal ofthe Company is to ramp-up global
THE ONLY ‘PURE-PLAY’ PRODUCER OF VANADIUM
May 2015
CORPORATE PRESENTATION
www.largoresources.comTSXV: LGO
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 (May 1, 2015): $0.81
Shares issued (Basic): 109 million
Market Cap C$95 million
52-week High/Low: $3.60 / $.75
Management & Institutions: 75%
Warrants & Options (Basic): 23 million
Institutional Shareholders
Arias Resource Capital - 28%
Mackenzie Investments - 14.6%
Eton Park Capital Management - 10.1%
Ashmore Investment Management - 10.1%
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
Andrew Hancharyk Chief Legal Officer 20+ years experience in corporate Law
Darcie Ladd Corporate Development 6+ years experience in corporate development & 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.
TSXV: LGO
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 monthly production 472 tonnes
15 Days at 73% capacity
Record daily production at 81% capacity
Record weekly run rate 73% 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)
Production High Range
Production Low Range
Operating Costs (/Lb)(i)
Year End Exit Cost (/Lb) (i)
2015 7,850 tonnes~17.3 million lbs
8,350 tonnes~18.4 million lbs
7,350 tonnes~17.3 million lbs $4.15 $3.21
2016(ii) 11,000 tonnes~24.3 million lbs
12,366 tonnes~27.3 million lbs
9,364 tonnes~21.2 million lbs $3.40 $2.60
$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.50
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2015 2016
Co
st/l
b
Ton
ne
s V
2O5
Production High Range Production Low Range
Annual Avg. Cost (/Lb) Year End Cost (/Lb)
Continue to ramp up production capacity to meet Phase 1 annual target capacity in Q3
Focus on production/operating expense optimization
Begin the process to increase the production capacity beyond the nameplate Phase 1 capacity
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 CDN/US dollar exchange rate of 1.27.(ii) Production numbers for 2016 assume completion of an expansion of the existing facilities by June 2016 which would result in increased production capacity beginning in June 2016. a total CAPEX of approximately CDN$50.0 million will be required over the course of 2015-2016 to expand the facilities beyond the 9,634 tonnes nameplate capacity. Should the Company choose not to move forward with the expansion, and assuming the restructuring or extension of the debt facilities is achieved as described below, CDN$18.2 million in planned CAPEX is expected to be required during 2015-2016
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
High grade, low cost production project
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 LaddCorporate Development
416-861-9406
Mark SmithPresident and CEO
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
Appendix: Strong Board
26
Dirk Donath Director Managing director Aimaira Capital Management
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
Alex Monteiro Director Partner at CALT Ltd.
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
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