Largo Corporate Presentation, January 2013

www.largoresources.com

An Emerging Market Leader for VANADIUM and TUNGSTEN Production

Vancouver Resource Investment Conference January, 2013

CORPORATE PRESENTATION

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.

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Investment Highlights

Exposure to growing supply constrained commodities Located in politically stable and mining friendly jurisdictions

World-class Maracas Vanadium Project Strong economics (IRR: 26.3 & NPV:$554 million) Funded, permitted and in construction Commissioning targeted for Q4, 2013

Substantial cashflow generation in 2014

High quality Management, Board and supportive core investor-base

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Corporate Structure

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Stock symbol: LGO – TSX-V

Share price (Jan 16, 2012): $0.19

Shares issued (Basic): 870 million

Market Cap C$165 million

52-week High/Low: $0.30 / $0.17

Management & Institutions: 75%

Warrants & Options (Basic): 220 million

Institutional Shareholders

Arias Resource Capital-19.9%

Mackenzie Investments-15.9%

Eton Park Capital Management-12.5%

Ashmore Investment Management-12.5%

Project Partners

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

vanadium project

Major Tungsten End User 100% Off-take agreement for Currais Novos tungsten project

Shareholders & Project Partners

Currais Novos Project Shareholder site visit – August 2012

Mark Brennan, President & CEO Founding member of Desert Sun Mining with over 20 years financing experience in North America and Europe. Founder and Principal of Linear Capital, Brasoil Corporation, Castle Resources, James Bay Resources, Morumbi Oil & Gas and former President, CEO and Chairman of Admiral Bay Resources.

Tim Mann, P.Eng., Chief Operating Officer Mining Engineer with extensive international operations and management experience in mine engineering, development and operations with SNC Lavalin, Placer Dome and Goldcorp.

Andy Campbell, M.Sc., P.Geo., Vice President Exploration Over 33 years experience in mining and exploration, including LAC Minerals and Noranda.

Kurt Menchen, General Manager, Brazil Former Jacobina Mine Manager, Brazil. Mining Engineer with over 30 years experience including Anglo Gold and Desert Sun Mining.

Les Ford, Technical Director of Brazilian Operations With over 40 years of experience in constructing, developing and producing vanadium projects, Mr. Ford is arguably one of the world’s foremost experts in vanadium. Previously Assistant General Manager of Highveld Steel and a member of the Highveld Executive Committee, and Managing Director of Rand Mines Vansa. Douglas Herbst, Maracas Project Manager Mr. Herbst has extensive management experience in the design and construction of heavy and medium size industrial projects, ranging from oil and gas, steel mills, chemical and food plants as well as minerals refining and processing plants

Donald Clark, Construction Advisor and Specialits

Mr. Clark formerly headed up Yamana's construction management team in Brazil. Mr. Clark has over 30 years of experience managing the design, construction and operations of major mineral processing plants in Brazil and abroad and will provide guidance with respect to the construction management process for Maracás. John Laurie, C.G.A., Chief Financial Officer

Over 20 years of accounting and financial management experience.

Experienced Management Team

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Mark Brennan, President/CEO and Director Founding member of Desert Sun Mining with over 20 years financing experience in North America and Europe. Founder and Principal of Linear Capital, Brasoil Corporation, James Bay Resources, and Morumbi Oil & Gas and former President, CEO and Chairman of Admiral Bay Resources.

Dirk Donath, Director Senior Managing Director and Partner at Eton Park Capital Management, responsible for Eton Park’s private equity and direct investment activities in emerging markets. Eton Park is a global, multi-disciplinary investment fund with a capital base of over US$14 billion.

Dan Ioschpe, Director Mr. Ioschpe is currently Chief Executive Officer of Lopche-Maxion, an international company operating in the automotive and railroad sectors..

Alberto Arias, Director Founder and President of Arias Resource Capital Management. He worked for Goldman Sachs & Co and was ranked for five consecutive years as the #1 Equity Research Analyst for the metals and mining industry in Latin America. Prior to Goldman Sachs, he worked at UBS as Executive Director and Analyst covering the Latin American mining sector.

David Brace, Director

Mr. Brace is currently Chief Executive Officer and a director of Karmin Exploration and a director of Viking Gold Exploration Inc. Mr. Brace previously served as President of Lambton Capital Inc., a private investment firm focused on evaluating mining investments. He has also served as the Chief Executive Officer and as a director of Globe Star Mining as well as Executive Vice-President of Business Development with Aur Resources Inc. until August, 2007.

Wayne Egan, Director

Mr. Egan is a partner at the law firm of WeirFoulds LLP and acts for several public companies on the TSX and TSX Venture Exchange.

Dr. Alan Alper, Director

Dr. Alper is an accomplished senior executive, with 30 years of experience at Osram Sylvania, Inc., formerly GTE Sylvania.

Strong Board of Directors

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What is Vanadium?

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Vanadium [V23]

Vanadium is a grey transition metal primarily used as an additive to steel

Vanadium Titanium Alloys have the Highest Strength to Weight Ratio of any Engineering Material on

Earth

Source: Roskill, 2010 Source: Vanitec

• Imparts tremendous tensile strength Very Hard

• Small amounts of V increase strength and reduce weight Very Light

• Provides resistance to: seismic events, corosion, abrasion

Very Tough

Vanadium Benefits:

8

0.1%V 1 Tonne of Steel

= 2X Strength

Low input cost

Higher quality product

Source: Roskill, 2010 Source: Vanitec

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• Rebar for construction

• Buildings, bridges, tunnels

• Automotive parts

• Various tools and dies

• High strength steel structures (like columns in airports and skyrises)

• Construction machinery and equipment

• Cast iron used for rolls in steel mills

• Chemical plants, oil refineries, offshore-platforms

• Pipelines

• Aviation and aerospace

Vanadium in steel:

Source: Vanitec

Unstable Supply & Growing Demand

10 Source: Vanitec/US Geological Survey, 2012 Source: Roskill, 2010

Supply Demand

World Reserves Consumption

• Xstrata • Evraz

• Chengda • Panzihua

• Evraz • Stratcor

(Evraz)

80,000 Tonnes per year

Source: Roskill, 2010

CAGR 4.5- 5.5%

Source: Metal Pages Jan 14, 2012 http://bit.ly/VK8Qkr Source: Metal Pages Feb 15, 2012 http://bit.ly/VaNEzx

99%

Production

projected 50%

Increase

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

Low Price

High Price

Long Term Vanadium Pricing

11 * Source: Metal Bulletin

3 year average $6.37 per lb

Major Supply Disruptions

Maracás Vanadium Project

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Maracas Project Snapshot

13

Mineral Resources Mineral Reserve:

13.1 million tonnes @ 1.34% V2O5

Mineral Resource:

24.6 million tonnes @ 0.83% V2O5 (M&I)

30.4 million tonnes @ 0.83% V2O5 (Inferred)

Production Profile*

Year Production Operating Cash Flow* v2o5 FeV

2014 5,511 0 $30 million

2015 9,689 0 $80 million

2016 12,309 343 $108 million

2017 6,881 3,643 $120 million

2018 5,112 5,026 $125 million

2011 2012 2013 2015

Equity Funded

Debt Funded Construction Production Expansion

2014

Q4

**Cash flow represents average annual net after tax operating cashflow

Construction Progress

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0% 20% 40% 60% 80% 100%

EngineeringProcurement

CrushingWater Pipeline

Civil WorksEquipment Delivery

Equipment AssemblyMilling Plant

Electrical Line

Construction on Schedule and on Budget Commissioning in Q4, 2013

Producing

11,400*** Tonnes V2O5 per annum

2.00 USD/BR exchange rate

$6.09 Revenue (lb V2O5 equiv)

$1.78 Opex (per lb V2O5 equiv)

$230 million(Capex) FUNDED

$50 million (Expansion Capex) FUNDED by CASH FLOW Years 2-3

IRR: XXX% NPV: $XXX Aug. Cash

flow: X XXX

Maracas Project Economics

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*IRR and NPV calculated @ 8% discount rate after all taxes, royalties and sustaining capex

**Cash flow represents average annual net after tax cashflow – Years 1-15 *** Production levels average Years 1-29

IRR 26.3%

NPV (USD Millions)

$554

Cash flow ($USD Millions)

$89

*

*

**

Concessions and Mineralization

Gulcari “A” Deposit Detail

Maracás concessions and strike length

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Maracas Grade and Quality

Vanadium is contained in magnetite with a higher iron content than others

Better recoveries, requires less power, less chemicals

concentrate with much higher V2O5, higher Fe, and lower SiO2 (contaminant) than any

other deposit

LOWEST COST PRODUCTION

*Average grade comparisons compiled by Les Ford, presentation March 8, 2011 17

Highest Grade/Quality Vanadium Deposit in the World

=

=

= Ore V2O5% Concentrate SiO2%

Concentrate V2O5%

Maracas Mining Process*

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• Deposit outcrops at surface • Less than 1 meter pre-stripping • High grade material from

surface continues to depth

Simple, Cost-Effective Open Pit Mining Process

Unit Mining Cost

Total OPEX

Revenue

Tonne of ore $4.28 $61.50 $210.0

Per lb V2O5 /equiv.** $0.82 $1.78 $6.09

*See press release dated Jan 18, 2013 **Includes Iron Ore byproduct credit

Maracas Process Flow

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• Uses “best-practices” from current low-cost producers

• No new process or technology • Low input costs due to ore

quality • Efficient ramp-up schedule • 75% production reached in 6

months

Proven Low-Cost Process with Efficient Ramp Up

Maracas Projected Cash flow*

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Significant Cash Flow

*See press release dated Jan 18, 2013

$0

$20

$40

$60

$80

$100

$120

$140

2014 2015 2016 2017 2018

After-tax Operating Cash FlowFree Cash Flow

Implementing Expansion & FeV plant

Technical Report Sensitivity Analysis*

21 * See press release dated January 18, 2013

Historical Averages (per lb V2O5)

Source: Metal Bulletin Historical Pricing

$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000

85% 90% 95% 100% 105% 110% 115%

NPV

(000

USD

)

Sale Price (Vanadium Pentoxide)

Project Net Present Value (NPV)

$6.37 $7.44 $5.49

$554 $638

$469

0%5%

10%15%20%25%30%35%

85% 90% 95% 100% 105% 110% 115%

IRR

(%)

Sale Price (Vanadium Pentoxide)

Project Internal Rate of Return

$6.37 $7.44 $5.49

26.5% 29.2%

23.4%

• Economics remain strong at historic lows – low cost producer

• Pricing projected to rise on increasing demand

• Main sources of supply prone to instability

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Site Development

Foundation and pedestals for primary ball mill

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Site Development

Erection of metallurgical laboratory and general view of plant

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Site Development

View from top of crushing conveyor

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Site Development

Civil Works at Electrical Control Room

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Site Development

Installation of piperacks and large water tank

Site Development

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Maracas Investment Summary:

Project fully funded, permitted and in construction

Highest grade deposit

To be lowest cost producer in market

Significant cash flow to be generated in 2014

Strong potential for upside on commodity price in near-term

Commodity with growing demand and unstable supply

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What is Tungsten?

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Tungsten [W74]

Tungsten is unique in its extreme qualities and difficult to replace

Source: Roskill, 2011 Source: Minor Metals Trade Association

Cemented Carbide Usage • Only diamonds are harder • 100X harder than steel Very Hard

• Highest melting point • Lowest expansion

Very Heat Resistant

• Greater than lead or uranium Very Dense

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• Heavy construction machinery

• Drilling for mining, oil and gas

• Pipelines

• High temperature equipment and parts

• Heavy artillery and missiles

• Automotive

• Electronics

• Lightbulbs

Tungsten Uses:

Source: Vanitec

Supply Dominated by China

31 Source: British Geological Survey’s Risk List, 2011 Source: US Gelological Survey

Supply Demand

Source: Roskill, 2011/Europacific Canada, April 12, 2012

Production

17%

Tungsten Scored 4th Most at Risk out of 52

Elements

67,000 Tonnes (2011)

95,000 Tonnes (2015)

Growing at 7%

per year

Consumption

Long Term Tungsten Pricing

32 * Source: Metal Bulletin

$0

$100

$200

$300

$400

$500

$600Low PriceHigh Price

projection

Maracas Cash Flow Projections

Maracas: Catalysts for Growth Year 1 = Current production parameters Year 2 = Sale of tailings material (pig-iron) Years 4+ = 50% increase in production capacity

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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 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.

•Projections assumes FeV pricing of $28.00 per Kg

Implementation Summary Highlights

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Production Commenced December 2011

90 tonnes of concentrate shipped Initially commissioned without mill due to importation delay at port Mill commissioned in February

Plant optimization proceeded to adjust milling circuit 3 additional screens were added in order to increase yields

Screens presently being commissioned Undergoing minor modifications to plant

Production temporarily suspended due to severe regional drought Full production anticipated by February, 2013

3 shipments per month (54 tonnes of concentrate)

Currais Novos Site Visit – August 2012

Identify and Acquire Additional Resources

Historical production district Significant production from 1940s to 1970s (approx 8% of global supply) Numerous potential acquisitions in immediate vicinity – both underground and tailings Provides significant expansion potential Preliminary exploration underway with goal of defining additional resources

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Currais Novos Cash Flow Projections

Currais Novos: Catalysts for Growth Year 2 = Current production parameters Year 4+ = following 3 year exploration ramp-up on

recently acquired additional underground properties

* Projections assumes exploration success on aditional properties ramp up

36

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 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.

projection

37

Northern Dancer Project

Northern Dancer Resource Estimate 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 Environmental permitting under way Discussions with off-take partners and JV partner

Northern Dancer: PEA Highlights

Tungsten (US$ per MTU)

Moly (US$ per lb) IRR (%) NPV @ 8%

(US$ millions)

$275 $17.50 20.0 918

$300 $17.50 22.2 1,110

$325 $17.50 24.4 1,302

$350 $17.50 26.5 1,494

$365 $17.50 27.8 1,769

* 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.

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Low cash cost producer: US$116 per MTU

49 year mine life

Pre-production capital costs: $645 million

Cumulative cash flow US$4.8 billion

Average annual production of 833,000 MTU tungsten (18.3 million pounds) and 5,959,000 pounds molybdenum over initial 23 years Current trading price of US$300 MTU

Attractive economics at current tungsten prices

Strategic asset for long term supply of tungsten

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Campo Alegre Project

Non NI 43-101 Resource: 133 Million Tonnes Grading 50% Fe,

21% TiO2, 0.75% V2O5*

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 Further metallurgical testing underway in 2012

* Historical resource provided by CBPM (Bahia State Mining Development Agency)

Investment Thesis:

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Maracas project fully funded, permitted and in construction • Highest grade deposit • To be lowest cost producer in market • Significant cashflow generated at prices below historical

averages • Strong potential for upside on commodity price in near-term

Exposure to commodities with growing demand and unstable supply

Experienced management team, independent board, supportive core shareholder base

Projects located in politically stable and mining friendly jurisdictions

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Largo Resources

@LargoResources1

Largo Resources

41

www.LARGORESOURCES.com 55 University Ave. Suite 1101

Toronto, ON – M5J 2H7

Darcie Ladd Business Development Manager

[email protected] 416-861-9406

Mark Brennan President and CEO

[email protected] 416-861-9797

Vancouver Resource Investment Conference 2013

Booth 1510