TSXV: LGO

Best Mining Deal

www.largoresources.com

Near Term VANADIUM Producer

December, 2013

CORPORATE PRESENTATION

Metals and Mining Deal of the Year

TSXV: LGO

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.

2

TSXV: LGO 3

Production in sight.

As at October 10, 2013

Project as at November 19, 2013

TSXV: LGO

Maracas Vanadium Project

Vanadium Project in Brazil

Highest grade/quality; lowest cost project

Funded and in construction

Production to begin in Q1, 2014

Glencore Off-take: 100% Take-or-Pay

4

Metals and Mining

Deal of the Year

Best Mining Deal

TSXV: LGO

Vanadium – a Strategic Metal

Most used alloy to strengthen steel

Significantly increases tensile strength

Resistant to: seismic, corrosion, abrasion

Proven process for separation

5

Makes steel stronger, tougher and lighter

Source: vanitec.org/Roskill, 2013

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Vanadium – Few Substitutes

6

2lbsV 1 Tonne of Steel = 2X

Strength

Highest strength to weight ratio of any alloy

Source: vanitec.org

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Demand Drivers

Increased use in steel production

Growth in applications containing V

Higher quality steel standards in BRICs

7

Strong growth profile

Growth Rate (CAGR)

Source: Roskill, 2013

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Growth Example

8 Source: Les Ford Vanadium and Steel presentation, PDAC 2010 Source: Roskill 2013

% of Vanadium Used per Tonne of Steel by Region

Tota

l To

nn

es

by R

eg

ion

(V

2O

5 E

qu

iv.)

Projected Impact of China’s Increased Rebar Standards

Actual Consumption 2010

Projected Impact of China’s 2013 Rebar Standards

Japan

Europe

China

TSXV: LGO 9

• Rebar for construction

• Buildings, bridges, tunnels

• Automotive parts

• Pipelines

• Aviation and aerospace

• Power lines and power pylons

• Chemical plants, oil refineries, offshore-platforms

• Various tools and dies

• High strength steel structures

• Construction machinery and equipment

• Cast iron used for rolls in steel mills

Vanadium is Everywhere

Source: Vanitec

TSXV: LGO

Supply is Concentrated

10

Brazil production provides stability of supply

Source: Roskill, 2013

Of global supply

China 70,000 Tonnes (V2O5 Equiv)

South Africa 35,000 Tonnes (V2O5 Equiv)

Russia 14,000 Tonnes (V2O5 Equiv)

Total Supply 127,000 Tonnes (V2O5 Equiv)

Total Demand 136,000 Tonnes (V2O5 Equiv)

*Tonnage calculated in V2O5 Equivalent

TSXV: LGO

Vanadium Historical Pricing

11

$0.00

$5.00

$10.00

$15.00

$20.00

Historical Vanadium Price

Consistent floor at $5.00 per lb

Largo Operating Costs

TSXV: LGO

Maracas – Ideal Location

12

Safe, mining friendly jurisdiction

Government and local support

Arid climate, ideal topography

Management with regional experience

Metals and Mining

Deal of the Year

Best Mining Deal

TSXV: LGO

Magnetite deposit

Mineralization at surface

Highest grade and quality ore

Contains Platinum Group Metals

Maracas - Mineralization

13

Long strike zone

Significant opportunity for future expansion

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Concessions and Mineralization

= Gulcari “A” Deposit (first 12 Years)

Maracás concessions

and strike length

14

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Mineral Resources

15

0.83% V2O5

+2 Times Industry Average Grade

30.4 Million Tonnes

24.6 Million Tonnes

Gulcari “A” Deposit

TSXV: LGO

Gulcari “A” Cross Section

16

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Cost Advantage

*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%

Higher head-grade and

higher iron content Concentrate has

much higher V2O5

Concentrate has fewer

contaminants like silica

= LOWEST

COST PRODUCTION

Higher Recoveries

Less Energy Required

Lower reagent costs

Results in

TSXV: LGO

Maracas Project Economics

18 *including iron ore byproduct credit – OPEX without credit is $3.18 (still lowest cost producer) **Average years 1-15

Net Present Value $554 million

After tax IRR 26.3%

Discount rate 8%

Exchange rate (BRL:USD) 2:1

Average Production 11,400 t V2O5 equiv

Mine life 29 Years

Initial CAPEX 235 million

OPEX $2.10*

V2O5 price – 3 year avg $6.37

Average annual cashflow $89 million**

Includes taxes, royalties, and sustaining capex

TSXV: LGO

Low Cost Environment

Open pit mining

At surface deposit

Highly magnetic ore

Few contaminants

Water leaching process

19

OPEX costs*

Ore provides better recoveries and reduces input costs

*including iron ore byproduct credit - OPEX without credit is $3.18 (still lowest cost producer)

TSXV: LGO

Low Cost with Potential to Improve

Lower mining costs

Lower power costs

In-house crushing

Depreciation of the Real

20

Potential reductions in operating costs

*including iron ore byproduct credit - OPEX without credit is $3.18 (still lowest cost producer)

OPEX costs*

TSXV: LGO

Vanadium Historical Pricing

21

$0.00

$5.00

$10.00

$15.00

$20.00

Historical Vanadium Price

Profitable at historic lows

Largo Operating Costs

TSXV: LGO

Process Flow Sheet

22

Proven, industry tested process

TSXV: LGO

Production Profile

23

Phase 1 (10,000 Tonnes Capacity)

Initial Ramp Up, Implementing

Expansion & FeV Plant

Phase 2 (15,000 Tonnes Capacity)

Expanded Production rates & FeV

TSXV: LGO

Year 1 Ramp-up Projections

24

Conservative Ramp-Up Projections with Opportunity to Improve

Year 1 Total: 5,511 Tonnes V2O5 Year 2 Total: 9,689 Tonnes V2O5

Plant Capacity: 10,000 Tonnes V2O5

100%

% C

apac

ity

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Strong Partners

Glencore International Plc.

Largest trader of Vanadium

Take-or-pay agreement

100% of all material produced

25

Off-take agreement

De-risked product sale

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Strong Management

26

Mark Brennan President & CEO 20+ years experience in capital markets

Michael Mutchler Chief Operating Officer 20+ years mining engineering experience

operating and managing mines

Les Ford Technical Director Vanadium expert. 40+ years experience building/designing vanadium plants

Kurt Menchen Country Manager & Maracas Project Manager

30+ years mining engineering experience operating mines in Brazil

Douglas Herbst Maracas Construction Manager

30+ years mining engineering experience building mines

Andy Campbell VP Exploration 30+ years of mining exploration experience

Ernest Cleave Chief Financial Officer 10+ years experience in financial management

Andrew Hancharyk Chief Legal Officer 10+ years experience in corporate Law

TSXV: LGO

Maracas Project Schedule

27

Engineering

Procurement Services

Civil Works

Crushing System Erection

Milling System Erection

Kiln System Erection

Sulphate Salt Recovery System Erection

Deammoniator/ Furnace Erection

Utilities System Erection

Equipment Fabrication

Eletrical Line Contract

Water Pipeline Erection

COMPLETE

COMPLETE

Q1 Q2 Q3 Q4 Q4 Q3 Q2

COMPLETE

COMPLETE

Q1 Q2

2012 2013 2014

COMPLETE

COMPLETE

= Commissioning in Progress = Commissioned and Operational

COMPLETE

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Recent Construction Milestone

28

Crushing Circuit successfully commissioned in October 2013

See appendix for more photos of recent milestones

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Recent Construction Milestone

29

Installation of first kiln shells – December 2013

See appendix for more photos of recent milestones

TSXV: LGO

Maracas Deposit Outcrop

30

25 meters of ore at surface

150 meters

Magnetite (ore)

Gabbro (waste)

◦ Dips at 65

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Maracas Environment

31

Gulcari “A” Open Pit

Main Access Road

Admin Facilities

Roasting (kiln)

Crushing

1 km

Milling

Leaching

Desilication

Precipitation

Final Product

Project as at December 11, 2013

TSXV: LGO

Corporate Structure

32

Stock symbol: LGO – TSX-V

Share price (Dec 12, 2013): $0.21

Shares issued (Basic): 982 million

Market Cap C$206 million

52-week High/Low: $0.275 / $0.155

Management & Institutions: 75%

Warrants & Options (Basic): 253 million

Institutional Shareholders

Arias Resource Capital - 25.9%

Mackenzie Investments - 14.3%

Eton Park Capital Management - 11.1%

Ashmore Investment Management - 11.4%

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

TSXV: LGO

Secondary Projects

33

Project Jurisdiction Metal Stage

Currais Novos Brazil Tungsten Development – care and

maintenance due to drought

Northern Dancer Yukon, Canada Tungsten PEA Complete

Campo Alegre

de Lourdes

Brazil Iron, Titanium,

Vanadium

Exploration

Blue sky potential to add value

TSXV: LGO

Investment Summary

Project funded, permitted and in construction

Advancing towards production in Q1, 2014

High grade, low cost production project

Significant cash-flow potential in near-term

Exposure to commodity with strong growth profile

Experienced management

Pipeline of projects in place for growth

34

Substantially de-risked flagship project with near term cash flow

Under-Valued

Near-Term Producer

Project as at November 19, 2013

TSXV: LGO 35 35

LARGORESOURCES.COM

Darcie Ladd Business Development Manager

dladd@largoresources.com

416-861-9406

Mark Brennan President and CEO

mbrennan@largoresources.com

416-861-9797

Largo Resources

LargoResources1

Largo Resources

largoresources

TSXV: LGO

Appendix

Board of Directors

Photos: Recent Construction Milestones

Useful equations for Vanadium

Maracas Mining Process

Tungsten

Currais Novos

Northern Dancer

Campo Alegre de Lourdes

36

TSXV: LGO

Appendix: Strong Board

37

Mark Brennan Director Largo Resources President & CEO

Dirk Donath Director Managing director Eton Park Capital Management

Alberto Arias Director Founder & President Arias Resource Capital

Dan Ioschpe Director CEO of Lopche-Maxion

David Brace Director CEO of Karmin Exploration. Formerly with Aur Resources

Wayne Egan Director Partner at Weir Foulds LLP

Dr. Alan Alper Director Tungsten expert. Formerly with Osram Sylvania

TSXV: LGO

Recent Construction Milestones

38

Main Ball Mill Placed on its Foundation – August 2013

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Recent Construction Milestones

39

Evaporator Placed on into its Structure – September 2013

TSXV: LGO

Recent Construction Milestones

40

AMV Filter Placed on its Structure – August 2013

TSXV: LGO

Recent Construction Milestones

41

Kiln Assembly Commences – Sept 2013

Assembly of 90m Kiln Commences – September 2013

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Useful Equations for Vanadium

42

Question: Equation:

Conversion of V2O5 to FeV Equivalent V2O5 x 0.5602 x 0.945 = V contained in FeV Or,

1 lb V205 = .1811 Kg Contained V in FeV

Converting Tonnes V contained into V2O5 Equivalent

Tonnes V x 1.7851 = V2O5 Equivalent

Rough Equation to Calculate FeV (kg) price from V2O5 (lb) Equivalent

V2o5 price x 4 + 2 = FeV

Vanadium is sold in two forms –Ferro Vanadium (FeV) and, Vanadium Pentoxide (V2O5).

Largo will produce Vanadium Pentoxide only for the first three years of production.

For the purposes of this presentation we have converted all tonnage of vanadium in Vanadium

Pentoxide equivalent.

Often, in other sources, Vanadium is reported in tonnes of FeV or in tonnes V contained in FeV

Below are some helpful equations to convert tonnes of V2O5 into V equivalent.

TSXV: LGO

Appendix: Maracas Mining Process*

43

• 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 $14.29 $61.50 $129.97

Per lb V2O5 /equiv.** $0.82 $2.10 $6.09

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

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Appendix: Tungsten

44

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

Tungsten is….

TSXV: LGO

Appendix: Tungsten

45 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

Supply

TSXV: LGO

Appendix: Currais Novos

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

46

TSXV: LGO

Appendix: Currais Novos

47

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 commissioned in Q3

Modifications to plant are ongoing

Production temporarily suspended due to severe

regional drought

Currais Novos Site Visit – August 2012

TSXV: LGO 48

Appendix: 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

TSXV: LGO

Appendix: 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. 49

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

TSXV: LGO 50

Appendix: 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)