www.largoresources.com

Near Term VANADIUM Producer

September, 2013

CORPORATE PRESENTATION

Metals and Mining Deal of the Year

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

3

Production in sight.

As at Aug 26, 2013

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 Contract

4

Set to capitalize on rising demand for high-strength steel

Metals and Mining Deal of the Year

Vanadium – a Strategic Metal

Most used alloy to strengthen steel

Found with iron

Highly magnetic

Proven process for separation

5

Makes steel stronger, tougher and lighter

Source: vanitec.org/Roskill, 2013

Vanadium – Few Substitutes

6

2lbsV1 Tonneof Steel =2X

Strength

Strongest strength to weight ratio of any alloy

Source: vanitec.org

Demand is growing

Demand Drivers:

Growth of V use in steel production

Growth in applications for V

Higher quality steel standards in BRICs

7

Very tight Supply/Demand balance

CAGR through 2017

Source: Roskill, 2013

8

• 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

Growth Example

9

0.08% 0.07% 0.05% 0.023%

2010

Minimum

0.05%

2013+

Source: Les Ford Vanadium and Steel presentation, PDAC 2010

%V in Rebar

Growth Example

10Source: Roskill, 2013Source: Vanitec

China 39,000 tonnes

South Africa 19,600 tonnes

Russia 7,800 tonnes

Total Supply: 71,000 tonnes

Total Demand: 76,000 tonnes

Supply is Concentrated

11

Brazil production provides stability of supply

Source: Roskill, 2013

Of global supply

Vanadium Historical Pricing

12

$0.00

$5.00

$10.00

$15.00

$20.00

Low Price High Price Industry costLargo cost

Consistent pricing floor at $5.00

Maracas – Ideal Location

13

Located in a safe, mining friendly jurisdiction

Government and local support

Arid climate, ideal topography

Management with regional experience

Metals and Mining Deal of the Year

Maracas - Mineralization

Magnetite deposit

Mineralization at surface

Highest grade and quality ore

Contains Platinum Group Metals

14

Long strike zone

Significant opportunity for future expansion

Concessions and Mineralization

Gulcari “A” Deposit Detail

Maracás concessions

and strike length

15

Mineral Resources

16

0.83% V2O5

+2 Times

Industry Average Grade

30.4 Million Tonnes

24.6 Million Tonnes

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

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 Internal Rate of Return 26.3%

Discount rate 8%

Exchange rate (BRL:USD) 2:1

Average Production 11,400 tonnes 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 all taxes, royalties, and sustaining capex

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)

Vanadium Historical Pricing

20

$0.00

$5.00

$10.00

$15.00

$20.00

Low Price High Price Industry costLargo cost

Profitable at historic lows

Process Flow Sheet

21

Proven, industry tested process

Production Profile

22

Phase 1Initial Ramp Up, Implementing

Expansion & FeV Plant

Phase 2Full Scale Production

Strong Partners

Glencore International Plc.

Largest trader of Vanadium

Take-or-pay agreement

100% of all material produced

23

Off-take agreement

De-risked product sale

Strong Management

24

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

Tim Mann Chief Operating Officer 30+ years mining engineering experience designing, building, operating, 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

Don Clark Construction Advisor Specialist with 30+ years managing, designing and construction of mines

Andy Campbell VP Exploration 30+ years of mining exploration experience

John Laurie Chief Financial Officer 20+ years experience in financial management

Maracas Project Schedule

25

Engineering

Procurement Services

Civil Works

Crushing System Erection

Milling System Erection

Kiln System Erection

Sulphate Salt Recovery System Erection

Deammoniator/ FurnaceErection

Utilities System Erection

Equipment Fabrication

Eletrical Line Contract

Water Pipeline Erection

COMPLETE

COMPLETE

Q1 Q2 Q3 Q4Q4Q3Q2

COMPLETE

COMPLETE

Q1 Q2

2012 2013 2014

Maracas Deposit Outcrop

26

Gulcari “A” Deposit and Open Pit

Concrete PlantMain Access RoadAdmin Facilities

Processing Plant

Crushing and Milling

Maracas Deposit Outcrop

27

25 meters of ore at surface

150 meters

Magnetite(ore)

Gabbro (waste)

◦Dips at 65

Maracas Deposit Outcrop

28

Project as at July 17, 2013

Corporate Structure

29

Stock symbol: LGO – TSX-V

Share price (Sept 5, 2013): $0.20

Shares issued (Basic): 824 million

Market Cap C$165 million

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

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%

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

Secondary Projects

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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

Investment Summary:

Project funded, permitted and in construction

Advancing towards production in Q1, 2014

High grade, low cost production project

Experienced management

Capitalizing on market demand and supply instability

Pipeline of projects in place for growth

31

Substantially de-risked flagship project with near term cash flow

32

Largo Resources

@LargoResources1

Largo Resources

32

www.LARGORESOURCES.com

55 University Ave. Suite 1101

Toronto, ON – M5J 2H7

Darcie LaddBusiness Development Manager

dladd@largoresources.com

416-861-9406

Mark BrennanPresident and CEO

mbrennan@largoresources.com

416-861-9797

Appendix

Board of Directors

TSX – TSXV Market

Maracas Cashflow Projections

Maracas Mining Process

Tungsten

Currais Novos

Northern Dancer

Campo Alegre de Lourdes

33

Appendix: Strong Board

34

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 AurResources

Wayne Egan Director Partner at Weir Foulds LLP

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

Appendix: Maracas Mining Process*

35

• 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

Appendix: Tungsten

36

Tungsten [W74]

Tungsten is unique in its extreme

qualities and difficult to replace

Source: Roskill, 2011Source: Minor Metals Trade Association

Cemented Carbide Usage•Only diamonds are harder

•100X harder than steelVery Hard

•Highest melting point

• Lowest expansion

Very Heat Resistant

•Greater than lead or uraniumVery Dense

Tungsten is….

Appendix: Tungsten

37Source: 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)

Growingat 7%

per year

Consumption

Supply

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

38

Appendix: Currais NovosSummary Highlights

39

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 NovosSite Visit – August 2012

40

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

Appendix: Northern DancerPEA 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.41

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

42

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)