TSX.V:LGO

www.largoresources.com

Creating a World Leading Strategic Mineral Company

March 2011

A Member of the Forbes & Manhattan Group of Companies

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”, 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.

Experienced Management Team

3

Mark Brennan, President & CEO Founding member of Desert Sun Mining with over 20 years financing experience in North America & Europe. Founder and principal of Linear Capital, Brasoil Corporation, James Bay Resources, Morumbi Oil & Gas and former President, CEO and Chairman of Admiral Bay Resources.

Tim Mann, P. Eng., Chief Operating OfficerMining Engineer with extensive international operations and management experience in mine engineering, development and mine operations with SNC Lavalin, Placer Dome and Goldcorp.

Andy Campbell, M.Sc., P.Geo. , Vice President Exploration, Over 33 years experience in mining and exploration, including LAC Minerals and Noranda.

Kurt Menchen, General Manager, BrazilFormer Jacobina Mine Manager, Brazil. Mining Engineer with over 30 years experience including Anglo Gold and

Desert Sun Mining.

Les Ford, Technical Director of Brazilian OperationsWith over 40 years of experience constructing, developing and producing vanadium projects, Mr. Ford is arguably one of the world’s foremost experts in vanadium. Previously Assistant General Manager of Highveld Steel and a member of the Highveld Executive committee and Managing Director of Rand Mines Vansa.

Rodrigo Costa, Operations DirectorMost recently Metallurgy Manager with a major mining company in Brazil. His previous experience includes commissioning and constructing mines as well as acting as General Manager with one of Brazil's largest private mining companies.

Kevin Brewer, P. Geo., General Manager – Northern Dancer ProjectGeologist with over 20 years of mining and exploration experience combined with extensive knowledge of regulatory and environmental assessment processes.

Deborah Battiston, C.G.A., Chief Financial OfficerOver 20 years of accounting and financial management experience.

444

Tim Mann, P. Eng.Chief Operating Officer

Mark BrennanPresident & CEO

Robert Campbell, P. Geo.VP Exploration

Yukon

Kevin BrewerGeneral Manager, Yukon

Mauro SilvaElectrical Engineer

Mauricio ColettiMining Engineer

Rodrigo CostaDirector of Operations

Israel NonatoSenior Exploration Geologist

Kurt MenchenGeneral Manager,

Carlos LorenzoEnvironmental Geologist

Les FordTechnical Director

Eldes BittencourtGeologist

Brazil

4

Toronto

Main Office Location

Management Breakdown

Mike HendersonGeologist

Strong Board of Directors

5

Stan Bharti, P.Eng., ChairmanOver 25 years experience in operations, public markets and finance. Has raised over $500 million in the last

decade. Former founder and Chairman of Desert Sun Mining.

Mark Brennan, President/CEO and DirectorFounding member of Desert Sun Mining with over 20 years financing experience in North America & Europe.

Founder and principal of Linear Capital, Brasoil Corporation, James Bay Resources, and Morumbi Oil & Gas.

Bill Pearson, Ph.D., P.Geo., Director & Technical AdvisorOver 33 years experience in the mining & exploration industry; former VP Exploration at Desert Sun Mining.

Mike Hoffman, P.Eng., DirectorProfessional mining engineer with over 25 years experience; former VP at Yamana Gold and Desert Sun Mining

William Clarke, DirectorFormer Ambassador to Brazil and Sweden. Former Advisor to Desert Sun Mining.

Dr. Allen Alper*Accomplished senior executive, 30 year career at Osram Sylvania. Formerly VP and General Manager Osram

Chemical/Metallurgical Division (15 years). Expert in manufacturing and marketing of Tungsten, Molybdenum

and other strategic metals. Holder of 33 patents in high temperature metals.

* Advisory Board member

Company Overview

Positioned to be a leading player in the primary production of

vanadium:

Top two undeveloped vanadium deposits in the world

Potential lowest cost producer of primary vanadium

Vanadium prices rebounding

Potential to be a leading non Chinese producer of tungsten

Largest undeveloped tungsten-moly deposit in the world

Short term low cost production opportunity: Currais Novos

Strong long term relationships with industry leaders

6

Why Invest in Vanadium?

Strategic Metal with the highest strength to weight ratio

World production totals only 70,000 tons per year and demand

continues to grow

Main Commercial use: steel industry Small amount doubles the strength of steel alloy and increases corrosion and

abrasion resistance

Airplanes, automobiles, construction

The future of Vanadium is Vanadium will play an integral role in the green revolution

Lithium Redox Batteries & Clean Energy Technologies

Vanadium increases effectiveness of energy storage – energy can be

stored longer and re-charged faster

Electric cars, solar panels, wind turbines etc.

New applications = increasing demand

7

Vanadium Uses: Steel Drives Demand

Steel industry: 90% ferro-vanadium end use

Carbon Steel 36% High strength low alloys 22% Stainless/tool 9% Full Alloy 20%

Ferro-vanadium (FeV) used in high performance steels for:

Construction (building frames, bridges, etc.) Ship construction Structural applications

Airplanes Automobiles and parts Railways Tools

8

Vanadium Uses: Growth in Green Technologies

Diagram of a Vanadium Flow Battery 9

Vanadium Redox Storage Batteries

Wind Turbines Solar Panels Backup Electrical Systems Hybrid/Electric Cars

Vanadium and Green Batteries

Source: USGS, Byron Capital Markets

► Vanadium phosphate cathode material can support 20% more energy storage than cobalt oxide, 26% more than iron phosphate and 56% more than manganese oxide, solving the issue of quick discharge in electric cars

► Highest voltages measured, generating a more powerful batteryV

an

ad

ium

Ad

va

nta

ge

s

Voltage with Different Cathodes (v)

10

4.8

4.1 4.03.7 3.6

3.3

Li3V2(PO4)3 LiVPO4F LiMn2O4 LiCoO2 Li2FePO4F LiFePO4

Lithium Vanadium Electric Car

The potential demand for electric cars can substantially increase demand for lithium-ion batteries with cathodes compounded by vanadium

Photo Courtesy of Tesla Motors

Vanadium Projects

11

Located in mining-friendly and politically stable Brazil

Established infrastructure: roads, electricity, shipping routes, water sources and ports

Local communities provide access to labor and basic supplies

Top Two Undeveloped Vanadium Deposits in the World

Potential to be one of the Lowest Cost Producers

Location Highlights

Maracás Vanadium Project, Brazil

12

Mineral reserve: 13.1 million tonnes grading 1.34% Vanadium Pentoxide

Mineral Resource: 23.2 million tonnes grading 1.27% Vanadium Pentoxide (measured + Indicated)

Deposit Characteristics

Rio Jacaré intrusion

21 concessions totalling 27,172 ha (40 km x 2.5 km) Vanadium is contained in Magnetite with a higher iron content

than others High iron content results in highly magnetic magnetite making

beneficiation very efficient giving high vanadium recoveries. Produces a concentrate with much higher V2O5, higher Fe, and

lower SiO2 than any other deposit

Highest Grade Vanadium Deposit in the World

Maracás Resource and Property Maps

13

Gulcari “A” deposit detail

Maracás concessions and strike length =

tremendous exploration upside

NI 43-101 Resource was defined solely on Gulcari “A” deposit

14

Cross Section – Gulcari “A” Deposit

Maracás Processing Overview

1.94% V2O5 mill feed projected during first 8 years production (mineral reserve) Results for Definitive Feasibility Study announced August 2008

Yearly production 5,000 tonnes Ferrovanadium Open pit with low strip ratio of 2.23:1 Mill throughput of 1,600 tpd

Recovery of 71.6% Proven mining technology and processes 23 year production plan Commissioning 18 months from financing

Upcoming Milestones

→ Project financing underway – announced March 11, 2011

→ Verge of awarding FEED contract

→ Process flow diagrams already drafted – to be reviewed and accepted by EPC

→ Process instrumentation drawings complete – to be reviewed and accepted by EPC

→ Granting of Installation License

→ Equipment purchase & construction

→ Production Q1, 2013

15

Results of 2008 Definitive Feasibility Study

Maracás : Current Operating Parameters

16

(5,000 Tonne Per Annum Scenario)

Current ferrovanadium price: US$28.00+ per Kg

Average cash operating costs of

FeV:

US$12.89 per Kg

Average pre-tax operating cash

flow:US$ 80.0 MM per year

Initial CAPEXUS$ 212.0 MM

Payback 4.3 Years

Largo – Comparative Landscape

17

*

Maracas South African Australian

Concentrate V2O5 % 3.40 2.00 1.27

SiO2 % in concentrate 1.00 2.00 2.10

V2O5:SiO2 ratio 3.4 1.0 0.6

Fe % 60.0 54.0 53.5

Concentrate Quality*

Maracas South African Australian

Ore V2O5 % 1.34 0.47 0.47

Waste Ratio 2.23 2.00 2.00

Concentrate % SiO2 1.00 2.10 2.30

Concentrate % V2O5 3.42 2.00 1.27

Ore Quality*

*Average grade comparisons compiled by Les Ford, presentation March 8, 2011

Campo AlegreVanadium Property, Brazil

100% owned iron, titanium and

vanadium deposit

650 kilometres west-northwest of

Salvador with excellent access &

infrastructure

Property consists of 7 concessions

covering 9,274.66 ha

24 km by 5.5km

18

Potentially the World’s Second Highest Grade Vanadium Deposit

Non NI 43-101 compliant resource: 133 million tonnes grading 50% Fe, 21% TiO2 , 0.75% V2O5

Campo Alegre: Potential to Expand

Iron, titanium and vanadium mineralization

hosted in extensive laterally continuous

massive magnetite layers in the Campo

Alegre de Lourdes Intrusion

11 known showings and occurrences traced

along strike for 9 kilometres

Mag-survey indicates fold structure

Deposits remain open along strike and at

depth

19

Deposit details

Exploration plans for 2011

Preliminary metallurgical testing underway

Drilling to commence in Q2

Bring into a compliant resource

Strategic Metal with highest melting point of all metals

Market dominated by China Chinese produce 90% of global supply

Tight export restrictions

Chinese supply dwindling

Main Commercial use: steel industry Automotive, drilling, electronics, construction materials & pipelines

20

Why Invest in Tungsten?

Tungsten Projects

21

Currais Novos (Brazil)Near term tungsten production – Production scheduled for July, 2011 Located on major highway and shipping route

close to ports Prolific tungsten mining district

Northern Dancer (Yukon)Largest undeveloped tungsten-moly deposit in the worldWell situated 10 km off Alaskan Highway First-world advantages

Northern Dancer: Highlights

March 2009 NI 43-101 resource estimate:

223.4 MT grading 0.102% WO3 and 0.029%Mo

(Measured & Indicated)

22

Higher-grade Tungsten and Molybdenum zone:

60.3 MT of 0.14% WO3 and 0.045% Mo (M&I) and 5.4 MT of 0.13% WO3 and 0.047% Mo (Inferred) 201.2 MT grading 0.09% WO3 and 0.024% Mo

(Inferred)

PEA Complete

11,500 metre infill drilling program completed

Discussions with off-take partners and JV partner

One of largest undeveloped Tungsten-

Molybdenum deposits in the world

Northern Dancer: PEA Highlights

Positive NPV of US$ 918 million (at an 8% discount rate)

Low cash cost producer: US$116 per MTU (Metric Tonne Unit) (current

trading price of US$365 MTU)

Cumulative cash flow US$ 4.8 billion

Average annual production of 833,000 MTU tungsten and 5,959,000 lb

molybdenum over initial 23 years

Potentially one of the world’s largest tungsten producers

Preliminary Feasibility Study to begin immediately

Pre-Production Capital Costs : $645 million 23

*Note: includes contingency of 25%

Northern Dancer PEA

24

Tonnage milled for 1st 23 years is 252 Mt at 0.10% WO3 and 0.32 Mo

Tungsten(US$ per mtu)

Molybdenum (US$ per lb)

IRR (%) NPV @ 8%(US$ millions)

$275 $17.50 20 918

$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

Northern Dancer: Process Flow

Crushing at 30,800 tpd

Sorting using Dual Energy X-Ray Transmission (DE-XRT) (35%

mass reject)

Milling at 20,000 tpd

WO3 and Mo concentrate production by flotation methods

WO3 concentrate converted to APT

Mo concentrate shipped off-site for roasting

Overall WO3 recovery is 75%

Overall Mo recovery is 72%

APT conversion recovery is 95%

Pit stripping ratio: W:O = 0.1525

Northern Dancer: OPEX

Average Operating Cost Per Tonne Mined (Ore and Waste)

26

Mining (ore and waste) C$2.20 per tonne mined

Ore re-handling C$0.76 per tonne mined

Concentrator operations C$4.71 per tonne mined

Sorting reject re-handle C$0.88 per tonne mined

Tailings management C$0.20 per tonne mined

APT production C$1.88 per tonne mined

G&A C$1.01 per tonne mined

Total C$10.11 per tonne mined

Northern Dancer: Opportunities to Add Value

Conducting additional testwork with the objective of refining the Dual

Energy X-Ray Transmission (DE-XRT) technique to improve sorting

recoveries

Conducting additional flotation testwork to produce a concentrate for

the production of APT, and to endeavour to improve overall flotation

recoveries

Detailed analysis of the production, costs and marketing of WO3

and/or APT to maximise revenues over the long-term

Reduce infrastructure costs particularly in respect of power supply.

27

Northern Dancer: Identification of Higher Grade Zones

28

Currais Novos:

Good Location & Access

Good Location & Access in

Northeastern Brazil

165 km west-southwest of Natal in south central Rio Grande do Norte State, Brazil

The nearest community is Currais Novos(37,300 pop) which lies 12 kilometres north of the project area

Access to the project is on the Campina Grande-Natal Highway

Excellent site well suited for mine infrastructure, number of past producers in the immediate area

LOI signed to acquire 4 additional properties

29

Currais Novos: Summary Highlights

Near term production

Reprocessing and recovery of tungsten from two tailings piles

deposited during the processing of ore from the Barra Verde and

Boca de Laje tungsten mines

Previous owners estimate a historical (1980’s) resource of 4.1 million

tonnes (non NI 43-101 compliant resource)

Due diligence and updated independent resource model

completed

Plant construction underway

Production to begin July 2011

30

Targeting 1.5 million lbs of WO3 per year

Capital Structure

31

Stock symbol: LGO – TSX.V

Share price (March 11, 2011): $0.41

Shares issued (Basic): 309 million

Management & Institutions: 80%

52-week High/Low: $0.58 / $0.14

Market cap (Basic): C$ 125MM

Investor Contact

32

Darcie Ladd

Business Development Manager

dladd@largoresources.com

416-861-5938

Mark Brennan

President & CEO

mbrennan@largoresources.com

www.LargoResources.com

Largo Resources

33

APPENDIX

Vanadium fundamentals Maracas feasibility parameters

Maracas PGM potential Tungsten fundamentals

Overview – Vanadium and Steel

34

Vanadium is mainly used in the form of ferrovanadium (88%) Titanium alloys are the main non-ferrous use. (9%)

Source: CPM group, Vanadium Industry Outlook

Vanadium is used as an additive in steels and alloys because of its properties as an active grain refiner and deoxidant. Vanadium imparts strength, toughness and wear resistance due to its strong affinity to carbon. When added to steels and carbons, vanadium is able to retard grain growth and acts as an effective hardening agent.

Global Vanadium Usage

Steel

Titanium Alloys

Chemicals

Vanadium Demands

Vanadium End - Uses Carbon Steel 37%

High Strength Low Alloys 22% Stainless/tool 9%

35

0

0.5

1

1.5

2

2.5

3

3.5

4

Vanadium End Uses

Carbon

HSLA

STS/Tool

Full Alloy

Ti Alloy

Chemicals

Full Alloy 20% Titanium Alloy 9% Chemicals 3%

Sources of Vanadium

2007 2015*Primary 20% 24%

By-Product 24% 14%

Co-Product 56% 62%

36

Primary: Produced from vanadium-rich ore. Mines rely on vanadium for the majority of their revenue.

By-Products: Oil residues and recycling of spent catalyst. By Product producers have higher operating costs than most primary and co-product producers.

By-Product small Chinese producers currently occupy the “swing producer” in the vanadium industry. *

*Source: CRU, Vanadium Outlook

Co-Products: Production of vanadium with steel is driven by the economics of the steel industry. Co-products cannot be increased without increasing the steel production.

Global Production

37

2007

World Production

China 46%

Russia 17%

South Africa 36%

2015P**

World Production

Maracás* 5%

Australia 7%

U.S 7%

China 45%

Russia 11%

South Africa 23%

**CRU, Vanadium Market Outlook

Vanadium Price Outlook: Strong

$-

$9.00

$18.00

$27.00

$36.00

$45.00

$54.00

$63.00

$72.00

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

Market Balance (LHS) Ferro-V Price

Base Case: World Vanadium Supply and Demand

Annual, Projected through 2018p

Projected

Metric Tonnes $/Kg. V.

Actual

38Source: CRU

Maracás PGM Exploration Blue Sky

PGM’s: high Pt:Pd ratio similar to Bushveld

& Great Dyke

208,000 ounces PGMs

High Pt:Pd ratio (4:1)

Higher concentration PGMs interstitial to

sulphides

Phase II 5,000 metre drill program Q2 2008

High-priority targets: 700M anomaly NE of

Gulcari “A”; 900M anomaly south of Novo

Amparo

39

Tungsten End-Use

4%15%

20%61%

Tungsten Applications in the US

Other

Steel Alloys

Mill Products

Hard Metals

40

Hard metals and steel alloy: 81 percent of end-use

*Source: (USGS)

End Use in the United States heavy machinery and specialty alloys jet turbine engines and light-bulb filaments sporting goods (golf clubs, tennis racquets). electronics

pipelines mining & construction materials.

China tungsten demand

The US is entirely dependant on imports and US Strategic stockpile.

Companies outside China with tungsten exposure are few and far between.

2007, US tungsten imports 11,500 tonnes from mainly: China, Canada, Bolivia

and Portugal.

US account for 13% of total tungsten consumption. Source: (USGS)

41

US domestic tungsten source

China demand growth

Global Industry Analyst, Inc : China’s own use of tungsten was growing at 8 percent

per year.

China is the world’s largest tungsten consumer.

Chinese industries demand tungsten and authorities are keen to ensure

uninterrupted supply.