Largo Resources aims to become a leading producer of vanadium and tungsten. It owns two large vanadium deposits in Brazil, Maracas and Campo Alegre, which have the potential to be the highest grade vanadium deposits in the world. Maracas already has a resource of over 23 million tonnes at 1.27% V2O5 and could be one of the lowest cost vanadium producers. Largo also owns the large Northern Dancer tungsten-molybdenum deposit in Canada and has near-term plans for low-cost tungsten production from its Currais Novos property in Brazil. The company aims to finance project development at Maracas to begin van

1. RARE EARTHS, SPECIALITY
& STRATEGIC METALS
INVESTMENT SUMMIT
Creating a World Leading Strategic Mineral Company
Tim Mann– COO, Largo Resources
IRONMONGERS’ HALL, CITY OF LONDON ● THURSDAY, 17 MAR 2011
www.ObjectiveCapitalConferences.com

2. Creating a World Leading Strategic Mineral Company
March 2011 TSX.V:LGO
www.largoresources.com
A Member of the Forbes & Manhattan Group of Companies

3. 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.

4. Experienced Management Team
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 Officer
Mining 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, Brazil
Former Jacobina Mine Manager, Brazil. Mining Engineer with over 30 years experience including Anglo Gold and
Desert Sun Mining.
Les Ford, Technical Director of Brazilian Operations
With 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 Director
Most 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 Project
Geologist 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 Officer
Over 20 years of accounting and financial management experience. 3

5. Management Breakdown
Mark Brennan
President & CEO
Tim Mann, P. Eng. Robert Campbell, P. Geo.
Chief Operating Officer VP Exploration
Kurt Menchen Kevin Brewer
General Manager, General Manager, Yukon
Rodrigo Costa Les Ford Israel Nonato
Director of Operations Technical Director Senior Exploration Geologist
Mauricio Coletti Eldes Bittencourt
Mining Engineer Geologist
Mauro Silva Mike Henderson
Electrical Engineer Geologist
Carlos Lorenzo
Environmental Geologist Toronto
Main Office Location Brazil
Yukon
4
4

6. Strong Board of Directors
Stan Bharti, P.Eng., Chairman
Over 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 Director
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, and Morumbi Oil & Gas.
Bill Pearson, Ph.D., P.Geo., Director & Technical Advisor
Over 33 years experience in the mining & exploration industry; former VP Exploration at Desert Sun Mining.
Mike Hoffman, P.Eng., Director
Professional mining engineer with over 25 years experience; former VP at Yamana Gold and Desert Sun Mining
William Clarke, Director
Former 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
5

7. 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

8. 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

9. 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

10. Vanadium Uses: Growth in Green Technologies
Vanadium Redox Storage Batteries
 Wind Turbines
 Solar Panels
 Backup Electrical Systems
 Hybrid/Electric Cars
Diagram of a Vanadium Flow Battery 9

11. Vanadium and Green Batteries
Voltage with Different Cathodes (v)
Vanadium phosphate cathode material 4.8
Vanadium Advantages
►
can support 20% more energy storage than 4.1 4.0
cobalt oxide, 26% more than iron 3.7 3.6
3.3
phosphate and 56% more than manganese
oxide, solving the issue of quick discharge in
electric cars
► Highest voltages measured, generating a
more powerful battery
Li3V2(PO4)3 LiVPO4F LiMn2O4 LiCoO2 Li2FePO4F LiFePO4
Lithium Vanadium Electric Car
Photo Courtesy of Tesla Motors
The potential demand for electric cars can substantially increase demand for lithium-ion
batteries with cathodes compounded by vanadium 10
Source: USGS, Byron Capital Markets

12. Vanadium Projects
 Top Two Undeveloped Vanadium
Deposits in the World
 Potential to be one of the Lowest Cost
Producers
Location Highlights
 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
11

13. Maracás Vanadium Project, Brazil
Highest Grade Vanadium Deposit in the World
 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
12

14. Maracás Resource and Property Maps
NI 43-101 Resource was defined solely on Gulcari “A” deposit
Gulcari “A” deposit detail
Maracás
concessions and
strike length =
tremendous
exploration upside
13

15. Cross Section – Gulcari “A” Deposit
14

16. Maracás Processing Overview
Results of 2008 Definitive Feasibility Study
 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

17. Maracás : Current Operating Parameters
Current ferrovanadium price: US$28.00+ per Kg
Average cash operating costs of US$12.89 per Kg
FeV:
Average pre-tax operating cash
US$ 80.0 MM per year
flow:
Initial CAPEX US$ 212.0 MM
Payback 4.3 Years
(5,000 Tonne Per Annum Scenario)
16

18. Largo – Comparative Landscape
Ore 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
Concentrate Quality*
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
*
*Average grade comparisons compiled by Les Ford, presentation March 8, 2011 17

19. Campo Alegre
Vanadium Property, Brazil
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
 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

20. Campo Alegre: Potential to Expand
Deposit details
 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
Exploration plans for 2011
 Preliminary metallurgical testing underway
 Drilling to commence in Q2
 Bring into a compliant resource
19

21. Tungsten Projects
Northern Dancer (Yukon)
Largest undeveloped tungsten-moly deposit in the
world
 Well situated 10 km off Alaskan Highway
 First-world advantages
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
20

22. Capital Structure
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
21

23. Investor Contact
Darcie Ladd
Business Development Manager
dladd@largoresources.com
416-861-5938
Mark Brennan
President & CEO
mbrennan@largoresources.com
www.LargoResources.com
22

24. Largo Resources
APPENDIX
 Vanadium fundamentals
 Maracas feasibility parameters
 Maracas PGM potential
 Tungsten fundamentals
23

25. Overview – Vanadium and Steel
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.
 Vanadium is mainly used in the form of ferrovanadium (88%)
 Titanium alloys are the main non-ferrous use. (9%)
Global Vanadium Usage
Steel
Titanium Alloys
Chemicals
Source: CPM group, Vanadium Industry Outlook
24

26. Vanadium Demands
Vanadium End - Uses
 Carbon Steel 37%  Full Alloy 20%
 High Strength Low Alloys 22%  Titanium Alloy 9%
 Stainless/tool 9%  Chemicals 3%
4
3.5
3
Carbon
2.5
HSLA
2 STS/Tool
1.5 Full Alloy
Ti Alloy
1
Chemicals
0.5
0
Vanadium End Uses 25

27. Sources of Vanadium
Primary:
 Produced from vanadium-rich ore. Mines rely on vanadium for the majority of their revenue.
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.
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. *
2007 2015*
Primary 20% 24%
By-Product 24% 14%
Co-Product 56% 62%
*Source: CRU, Vanadium Outlook 26

28. Global Production
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
27

29. Vanadium Price Outlook: Strong
Base Case: World Vanadium Supply and Demand
Annual, Projected through 2018p
Metric Tonnes Market Balance (LHS) Ferro-V Price $/Kg. V.
8,000 $72.00
6,000 $63.00
4,000 $54.00
2,000 $45.00
0 $36.00
-2,000 $27.00
-4,000 $18.00
-6,000 $9.00
Actual Projected
-8,000 $-
Source: CRU 28

30. 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
29

31. Tungsten End-Use
Hard metals and steel alloy: 81 percent of end-use
End Use in the United States
 heavy machinery and specialty alloys
 jet turbine engines and light-bulb filaments
sporting goods (golf clubs, tennis racquets).
4%
 15% Other
 electronics
 pipelines
 mining & construction materials.
Steel Alloys
Mill Products
61% 20%
Hard Metals
Tungsten Applications in the US
*Source: (USGS) 30

32. China tungsten demand
US domestic tungsten source
 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)
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.
31