LARGO ANNOUNCES SIGNIFICANT INCREASE IN MARACÁS PROJECT MINERAL RESERVES AND UPDATED MINE PLAN

May 26, 2016

• 40% increase in Mineral Reserves to 18.3618.4 million tonnes Proven and Probable Mineral Reserves with an average grade of 1.17% V2O5
• Retrospective 51% increase in aggregate tonnage when factoring in tonnage milled to date

TORONTO, May 26, 2016 /CNW/ – Largo Resources Ltd. (TSX-V:LGO) (OTCQB: LGORF) (“Largo” or the “Company”) is pleased to announce a 40% increase in the mineral reserves for the Campbell Pit at its Maracás Menchen Vanadium Mine in Bahia, Brazil (the “Maracás Project”) and a new mine plan for the Maracás Project. The update, prepared by Whittle Consulting (“Whittle”), Micon International (“Micon”) and RungePincockMinarco (Canada) Ltd. (“RPM”), has increased the proven and probable mineral reserves for the Maracás Project to 18.4 million tonnes from the 13.1 million tonnes established previously in the 2008 definitive feasibility study (the “Feasibility Study”) for the project (updated in 2009) by Aker Metals, a division of Aker Solutions Canada Inc. (“Aker”) (see Largo news release dated August 12, 2008). The new mine plan, based on the production of vanadium pentoxide (“V2O5”) and larger mineral reserves, results in an operating life of the Maracás Project and process plant of 15 years at a 9,600 tonnes V2O5 per annum production rate.

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