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LARGO RESOURCES NEWS RELEASE Largo Reports Third Quarter 2021 Financial Results with Net Income of $ 9.2 Million ; Advances to Implement Largo's Complementary Value Propositions 11/10/2021 All amounts expressed are in U.S. dollars , denominated by " $ " . Q3 2021 and Other Significant Highlights • Net income of $ 9.2 million , a 261 % increase over Q3 2020 ; Basic earnings per share of $ 0.14 • Revenues of $ 53.9 million , 96 % higher than Q3 2020 ; Revenues per lb sold¹ of $ 9.10 , a 69 % increase over Q3 2020 • Cash balance of $ 87.6 million exiting Q3 2021 • Battery Development Funding : Largo Clean Energy ( " LCE " ) selected to receive $ 4.2 million in funding from the U.S. Department of Energy ( " DOE " ) to scale up U.S. - based manufacturing of flow battery and long duration storage systems • First Battery Sales Contract : On July 20 , 2021 , LCE entered into its first VCHARGE vanadium redox flow battery ( " VRFB " ) sales contract with Enel Green Power España ( " Enel " ) ; LCE will deliver a 5 hour , 6.1 MWh VCHARGE system for a project in Spain and received a Notice to Proceed on July 30 , 2021 • 2020 Sustainability Report Released : Significant progress made on environmental , social and governance priorities in furthering the Company and vanadium's role in the global green economy • Total V₂O5 equivalent sales of 2,685 tonnes , a 16 % increase over Q3 2020 • Production of 3,260 tonnes ( 7.2 million lbs2 ) of V₂O5 , a 5 % increase over Q3 2020 • Cash operating costs excluding royalties¹ of $ 3.53 per lb of V₂05 vs. $ 3.14 per lb in Q3 2020 • Solid Vanadium Demand : Average Fastmarkets European V₂O5 price of approximately $ 9.40 per lb in Q3 2021 , a 76 % increase over the average in Q3 2020 Corporate Name Change and Rebrand : In line with the Company's Board approved strategy to vertically integrate is foundational mining business and growing energy storage division , Largo announced that it 1 ●