Largo Inc. (NASDAQ: LGO) and its Brazilian subsidiary, Largo Vanádio de Maracás S.A. (LVMSA), have signed a binding term sheet to restructure approximately $82.2 million of outstanding commercial bank debt, extending the final maturity from September 2026 to March 2030.

The restructuring involves five Brazilian lenders: Banco do Brasil S.A., Banco BTG Pactual S.A., Banco Bradesco S.A., Banco Santander (Brasil) S.A., and Caixa Econômica Federal. LVMSA is the owner and operator of the Maracás Menchen Mine in Brazil.

Under the revised terms, principal payments will be subject to a six-month grace period, followed by 36 months of quarterly amortization. Interest will be payable monthly.

Co-Chief Executive Officer James Bannantine said the extended maturities give the company "greater runway" as it focuses on improving operational performance and cash generation, including tariff-free high-purity vanadium sales and revenues from copper, gold, platinum, and palladium by-products.

Largo stated it is working toward first commercial sales of copper-PGM concentrate and preparing for the first shipment of high-purity vanadium pentoxide to the U.S. Defense Logistics Agency under a $60 million order announced in July 2026.

The restructuring remains subject to the completion of definitive documentation, including settling the interest rate and finalizing the collateral package, as well as satisfaction of customary closing conditions.

Largo is scheduled to host its Q2 2026 earnings webcast on August 21, 2026, at 9:00 a.m. ET.