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Tuesday, November 24, 2020

Largo Resources Ltd (OTCMKTS: LGORF) Finds a New Spark on Clearance of Major Obligation

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After breaking out powerfully in July following national TV exposure in a recommendation by investing legend Leon Cooperman as a strong micro-cap pick, Largo Resources Ltd (OTCMKTS: LGORF) has stabilized, with its gains largely intact, and apparently started to pick up fresh bids in a breakout to close out last week.

Helping to fuel interest, the company just announced that, further to its press release of July 17, 2018, it has now repaid in full an aggregate of US$144.1 million in debt owing to, according to the release, “the Brazilian Development Bank and to Largo’s syndicate of commercial lenders comprised of Itaú Unibanco S.A., Banco Bradesco S.A. and Banco Votorantim S.A., being all amounts owing to the BNDES and the Syndicate.”

Largo Resources Ltd (OTCMKTS: LGORF) Largo Resources Ltd., a natural resource development and exploration company, engages in the acquisition, exploration, and development of mining and exploration properties located in Brazil and Canada. The company primarily explores for vanadium, iron, tungsten, molybdenum, chromite, palladium, and platinum group metals. Its flagship project is the Maracás Menchen Mine that consists of 18 concessions covering an area of 17,690.45 hectares located in Bahia State, Brazil. The company was formerly known as Consolidated Kaitone Holdings Ltd. and changed its name to Largo Resources Ltd. in June 2004. Largo Resources Ltd. was incorporated in 1988 and is headquartered in Toronto, Canada.

Largo Resources Ltd. (LGORF): Largo Resources Ltd. is a mid-tier mining development company primarily focused on the production of vanadium at its Maracas Menchen Mine in Brazil.

According to company materials, “Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company’s common shares are principally listed on the Toronto Stock Exchange under the symbol “LGO”. For more information on Largo, please visit our website at www.largoresources.com.“

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The chart shows 31% tacked on to share pricing for the company in the past month. The situation may be worth watching here, as Largo has seen a growing influx of trading interest, with the stock’s recent average trading volume running exceeding 550% beyond what we have been seeing over the larger time frame.

Mr. Mark Smith, Largo’s President and Chief Executive Officer, commented “We are very pleased to announce that we have repaid all amounts owing to the BNDES and the Syndicate.  We would like to thank the BNDES and Syndicate for their strong support during Largo’s formative years and in helping to make us the first greenfield mining project ever to be fully financed on the debt side by Brazilian banks.  The repayment represents a fundamental step in Largo’s development and will allow us to realize the benefits of our recently completed note offering through the improvement in our capital structure, reduction in interest costs and the simplification of our reporting obligations.  The completion of the restructuring of our debts along with the on-going strength in V205 pricing (price range of V2O5 for the week ended July 27, 2018 of US$19.00/lb V2O5 to US$19.65/lb V2O5 as reported by the European Metal Bulletin) presents a continuing opportunity for our Company and our shareholders.”

Currently trading at a market capitalization of $871M, LGORF has a significant war chest ($54.6M) of cash on the books, which compares with about $56.2M in total current liabilities. LGORF is pulling in trailing 12-month revenues of $229.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 209.6%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $LGORF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $LGORF, either long or short, and we have not been compensated for this article.

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