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Friday, November 27, 2020

Largo Resources Ltd (OTCMKTS:LGORF) Continues to Take Giant Steps

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One of our consistent favorites on the OTC over the past year has been Largo Resources Ltd (OTCMKTS:LGORF). The rare resource player with its South American exposure and support from Leon Cooperman, among others, just announced record cash provided before non-cash working capital items of C$127.5 million and basic earnings per share of C$0.14 on record revenues of C$149.5 million during the third quarter 2018.

According to the release, production at the Maracás Menchen Mine for the quarter was 2,563 tonnes of V2O5, representing a new quarterly production record and the Company’s strongest quarter of production to date.

Largo Resources Ltd (OTCMKTS: LGORF) bills itself as 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.

Moreover, 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.“

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As noted above, LGORF just announced record cash provided before non-cash working capital items of C$127.5 million and basic earnings per share of C$0.14 on record revenues of C$149.5 million during the third quarter 2018. In all we’ve witnessed 18% piled on for shareholders of the stock during the trailing month. In addition, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 90% above its longer-run average levels.

Mark Smith, Chief Executive Officer for Largo, stated, “Largo delivered robust financial performance as a result of record operational output from the Maracás Menchen Mine in the third quarter. The Company also reported the highest ever revenues and operating cash flows to date of $149.5 million and $113.4 million, respectively, and continues to strengthen its balance sheet every quarter. Production at the Maracás Menchen Mine continued to be strong delivering its best quarter of the year with record production of 2,563 tonnes of V2O5. We continue to advance the expansion project at the Maracás Menchen Mine and the Company remains on track to achieve its increased production guidance for 2018.”

Now commanding a market cap of $1.83B, LGORF has a significant war chest ($285.4M) of cash on the books, which stands against about $271.5M in total current liabilities. One should also note that debt has been growing over recent quarters. LGORF is pulling in trailing 12-month revenues of $296.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 188.6%. 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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