Largo Inc. (NASDAQ: LGO) reported second-quarter 2026 operating results showing vanadium pentoxide (V₂O₅) production rose 28.5% year over year to 2,900 tonnes, up from 2,256 tonnes in Q2 2025, according to a company press release.

V₂O₅ equivalent sales climbed 53.4% to 2,773 tonnes from 1,807 tonnes in the same period last year. Year-to-date V₂O₅ production reached 5,516 tonnes, a 55.2% increase compared with 3,553 tonnes in the first half of 2025.

Total ore mined at the Maracás Menchen Mine in Brazil increased 46.6% to 712,198 tonnes from 485,687 tonnes in Q2 2025, while the effective ore grade held at 0.50% V₂O₅, compared with 0.51% a year earlier. Global recovery rate was 82.5%, down from 84.9% in Q2 2025.

Ilmenite concentrate sales rose 67.0% to 10,059 tonnes, while ilmenite production fell 11.6% to 7,205 tonnes.

On the trade policy front, the U.S. Office of the Trade Representative published a final action on July 15, 2026, imposing an additional 25% tariff on certain Brazilian products, effective July 22, 2026. Vanadium oxides and hydroxides classified under HTSUS 2825.30 were included on the exemption list, meaning Brazilian-origin V₂O₅ under that classification is not subject to the new tariff. The exemption does not extend to ferrovanadium exported directly from Brazil, though the company stated its exposure there is limited.

Largo said it is evaluating the potential impact of additional U.S. tariffs on certain Canadian products, specifically regarding ferrovanadium supplied from Canada to the U.S.

Co-CEO Daniel Tellechea noted that the company resumed high-purity V₂O₅ production following earlier tariff relief and is aligning output to support a U.S. Defense Logistics Agency Strategic Materials delivery order.