Largo Inc. (NASDAQ:LGO) Q1 2023 Results Conference Call May 11, 2023 1:00 PM ET

Company Participants

Alex Guthrie - Senior Manager of External Relations

Daniel Tellechea - Interim Chief Executive Officer and Director

Ernest Cleave - Chief Financial Officer

Paul Vollant - Chief Commercial Officer

Conference Call Participants

Heiko Ihle - H.C. Wainwright

Andrew Wong - RBC Capital Markets

Steve Silver - Argus

Operator

Good day and thank you for standing by. Welcome to Largo's First Quarter 2023 Webcast and Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session.

I would now like to hand the conference over to your speaker today, Alex Guthrie, Senior Manager of External Relations. Please go ahead.

Alex Guthrie

Good morning, everyone, and thanks for joining our first quarter earnings conference webcast and call.

As with previous calls, we have uploaded a supplemental webcast presentation, which is available on our website at largoinc.com. Our Q1 2023 financial statements related MD&A and most recent AF are also available on the website as well as on SEDAR and EDGAR. Before continuing the call today, I would like to remind you all that some of the information you will hear during today's discussion will consist of forward-looking statements, including, without limitation, those regarding future business outlook.

Please refer to Slide 2 for a full description of the Company's cautionary notes. On the call today is Daniel Tellechea, Largo's Interim Chief Executive Officer and Director; Ernest Cleave, Largo's Chief Financial Officer; and Paul Vollant, Largo's Chief Commercial Officer. Following the delivery of our prepared remarks, we'll open the call for questions. We ask that participants restrict their questions to two and then re queue if there are additional questions to allow the others the opportunity to participate.

So with that, I'll turn the call over to Daniel.

Daniel Tellechea

Thank you, Alex, and good day to everyone joining us today. Since taking over the role of Interim CEO of Largo in February, I have been committed to improving operating efficiencies as the Maracás Menchen Mine, including initiating cost reduction initiatives and conducting productivity assessments.

During the first quarter, the Company produced 2,111 tons of V2O5 in accordance with this production guidance. And to our delight, we sold 2,849 tons of equivalent V2O5, which exceeded our quarterly sales guide for the first quarter of 2023. In addition, we produced a significant amount of high purity material in the first quarter, representing approximately half of the quarter's production.