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Why Largo Resources Ltd (OTCMKTS: LGORF) has Become a Rising Star on the OTC

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One stock that has risen above the fray on the OTC of late is Largo Resources Ltd (OTCMKTS: LGORF). The stock first got a jolt of energy when it was named on CNBC as a top pick by legendary fund manager Leon Cooperman. To follow that up, the company just announced record net income of $90.7 million ($0.17 per share) and cash flows provided before non-cash working capital items of $77.7 million on revenues of $103.3 million in the three-month period ended June 30, 2018.

Mark Smith, President and Chief Executive Officer for Largo, stated: “We are extremely pleased with our financial and overall operational performance during the second quarter of 2018.  In continuing the success of Q1 2018, Largo recognized revenues of $103.3 million during the quarter and achieved net income of $90.7 million, including a non-cash deferred income tax recovery of $45.6 million.  Importantly, because of this ongoing strong performance, our net debt level as at June 30, 2018 was approximately $115 million, or approximately US$87 million).”

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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Mr. Smith continued, “The Maracás Menchen Mine continued to produce strong results operationally during the second quarter of 2018. Our operations team continues to focus on implementing improvements in maintenance and production practices. The Company’s consistent low cash costs combined with the continued strengthening of V2O5 prices makes Largo one of the most profitable vanadium producers in the world.”

Recent action has seen 52% during the past month in terms of shareholder gains in the stock. What’s more, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running exceeding 560% over what the stock has registered over the longer term.

According to the release, “Total production at the Maracás Menchen Mine in the second quarter of 2018 was 2,458 tonnes of vanadium pentoxide compared to 2,214 tonnes of V2O5 in the first quarter of 2018, and 2,183 in the second quarter of 2017. The Company also achieved a new daily average production record in the month of June with 29.4 tonnes of V2O5 produced per day.”

At this time, carrying a capital value in the market of $907.3M, LGORF has a significant war chest ($54.6M) of cash on the books, which must be weighed relative to 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%. You can bet we will update this one again as new information comes into view. 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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