NOTICE AND MANAGEMENT INFORMATION CIRCULAR OF
AN ANNUAL GENERAL MEETING OF SHAREHOLDERS TO
BE HELD ON MAY 12, 2025

DATED APRIL 7, 2025

LARGO INC.

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

NOTICE IS HEREBY GIVEN that an annual general meeting (the "Meeting") of the holders of common shares ("Common Shares") of Largo Inc. ("Largo" or the "Company") will be held at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9, on May 12, 2025, at 10:00 a.m. (Toronto time), for the following purposes:

1. to receive Largo's audited consolidated financial statements for the year ended December 31, 2024, and the auditor's report thereon;

2. to fix the number of directors of Largo to be elected at the Meeting at five;

3. to elect the directors of Largo;

4. to appoint KPMG LLP as Largo's auditors, to hold office until the next annual meeting of shareholders, and to authorize the directors to fix their remuneration; and

5. to transact such further or other business as may properly come before the Meeting or any postponement(s) or adjournment(s) thereof.

The specific details of the matters to be considered at the Meeting are set forth in the accompanying management information circular.

Registered shareholders (being shareholders who hold their Common Shares directly, registered in their own names) and duly appointed proxyholders will be able to attend, participate and vote at the Meeting in person or by proxy. Beneficial shareholders (being shareholders who hold their Common Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) who have not duly appointed themselves as proxyholder will be able to attend the Meeting as guests, however they will not be able to vote at the Meeting.

As a shareholder of Largo, it is very important that you read the accompanying management information circular dated April 7, 2025 (the "Circular") and other Meeting Materials carefully. They contain important information with respect to voting your Common Shares and attending and participating at the Meeting.

A shareholder who wishes to appoint a person other than the management nominees identified on the form of proxy or voting instruction form, to represent him, her or it at the Meeting may do so by inserting such person's name in the blank space provided in the form of proxy or voting instruction form and following the instructions for submitting such form of proxy or voting instruction form. If you wish that a person other than the management nominees identified on the form of proxy or voting instruction form attend and participate at the Meeting as your proxy and vote your Common Shares, including if you are a beneficial shareholder and wish to appoint yourself as proxyholder to attend, participate and vote at the Meeting, you MUST submit your form of proxy or voting instruction form identifying such proxyholder by 10:00 a.m. (Toronto time) on May 8, 2025.

If you are a registered shareholder and are unable to attend the Meeting please date and execute the accompanying form of proxy and return it in the envelope provided to TSX Trust Company, Largo's transfer agent, at 100 Adelaide Street W., Ste. 301, Toronto, ON, M5H 4H1 by facsimile at 1 416 595 9593, or by the internet at www.voteproxyonline.com and entering your 12 digit control number, no later than 10:00 a.m. (Toronto time) on May 8, 2025, or 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting.

If you are not a registered shareholder and receive these materials through your broker or through another intermediary, please complete and return the form of proxy or voting instruction form that you receive in accordance with the instructions provided to you by your broker or by the other intermediary.

Largo's directors have fixed March 26, 2025 as the record date. Holders of Common Shares at the close of business on March 26, 2025 are entitled to receive notice of and to vote at the Meeting or any postponement(s) or adjournment(s) thereof.

Notice-and-Access

The Company is using "notice-and-access" to deliver to shareholders the Company's audited consolidated financial statements for the year ended December 31, 2024 and related management's discussion and analysis, the Circular, and any other proxy-related materials (the "Meeting Materials") by providing electronic access to such documents instead of mailing paper copies. The use of this alternative means of delivery is more environmentally friendly as it will help reduce paper use and will also reduce the cost of printing and mailing the Meeting Materials to shareholders.

The Meeting Materials are available electronically at docs.tsxtrust.com/2319, on the Company's website at www.largoinc.com, and under our profiles on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov/edgar.html. Shareholders are reminded to review the Circular prior to voting.

Shareholders may request to receive paper copies of the Meeting Materials by mail at no cost. Requests may be made up to one year from the date the Meeting Materials were filed on SEDAR+. Should you wish to receive a paper copy of the Meeting Materials or if you have any questions about notice-and-access, please contact our transfer agent, TSX Trust Company, by calling toll-free, within North America, at 1 866 600 5869, or by email at tsxtis@tmx.com. A paper copy will be sent to you within three business days of receiving your request if received in advance of the Meeting or within ten calendar days if a request is received on or after the date of the Meeting. If you wish to receive a paper copy of any of these documents before the May 8, 2025 voting deadline, please contact TSX Trust Company by May 1, 2025.

DATED at Toronto, Ontario on April 7, 2025.

By Order of the Board of Directors

TABLE OF CONTENTS

MANAGEMENT INFORMATION CIRCULAR

This management information circular ("Circular") is furnished in connection with the solicitation of proxies by and on behalf of the management of Largo Inc. for use at the annual general meeting of shareholders (the "Meeting") to be held at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9, on May 12, 2025, at 10:00 a.m. (Toronto time), or at any postponement(s) or adjournment(s) thereof. See "Voting Information - Voting Your Common Shares at the Meeting - Attending and Participating at the Meeting".

The Meeting has been called for the purposes set forth in the Notice of Annual General Meeting of Shareholders (the "Notice of Meeting") that accompanies this Circular.

References in this Circular to "we", "us", "our" and similar terms, as well as references to "Largo", or the "Company", refer to Largo Inc. and references to the "Board" refer to our board of directors.

No person has been authorized to give any information or to make any representation in connection with any other matters to be considered at the Meeting other than those contained in this Circular and, if given or made, any such information or representation must not be relied upon as having been authorized.

Forward-Looking Information

Certain statements in this Circular constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities laws (together, "forward-looking information"). The words "scheduled", "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information.

Forward-looking information is based on estimates and assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Company's business guidance, objectives, plans and strategic priorities will be achieved.

Many factors could cause the Company's actual results to differ materially from those expressed or implied by forward-looking information, including, without limitation, the factors discussed in the "Risk Factors" section of our annual information form dated March 28, 2025 (the "Annual Information Form") for the year ended December 31, 2024. Although these factors are not intended to represent a complete list of the factors that could affect the Company, they should be considered carefully. The forward-looking information contained in this Circular are made as of the date of this Circular, and the Company has no intention and undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations. The forward-looking information contained in this Circular are expressly qualified by this cautionary statement. We caution investors not to rely on forward-looking information contained in this Circular when making an investment decision in our securities. You are encouraged to read our filings with the Canadian securities regulatory authorities available at www.sedarplus.com and with the United States Securities and Exchange Commission at www.sec.gov for a discussion of these and other risks and uncertainties. Please also refer to the section entitled "Cautionary Note Regarding Forward-Looking Information" in the Annual Information Form for additional details with respect to forward-looking statements.

Date of Information and Currency Presentation

Unless otherwise indicated, the information in this Circular is given as at April 7, 2025.

References in this Circular to (i) $ or C$ are to Canadian dollars, (ii) US$ are to United States dollars, (iii) R$ are to Brazilian reals, and (iv) CHF are to Swiss francs. The Company has used the following annual average exchange rates reported by the Bank of Canada for conversions of currency to Canadian dollars throughout this Circular, unless indicated otherwise:

On April 4, 2025, the exchange rate as quoted by the Bank of Canada for conversion of one United States dollar into Canadian dollars was US$1.00 = $0.7034, Brazilian reals into Canadian dollars, was R$1.00 = $4.0800, and Swiss francs into Canadian dollars was CHF 1.00 = $0.6025.

The Company's financial year end is December 31. Certain totals, subtotals and percentages throughout this Circular may not reconcile due to rounding.

GENERAL PROXY INFORMATION

This Circular provides the information you need in order to vote at the Meeting.

• If you are a registered shareholder of Common Shares and are unable to attend the Meeting please date and execute the accompanying form of proxy and return it in the envelope provided to TSX Trust Company, Largo's transfer agent, at 100 Adelaide Street W., Ste. 301, Toronto, ON, M5H 4H1 by facsimile at 1 416 595 9593, or by the internet at www.voteproxyonline.com and entering your 12 digit control number, no later than 10:00 a.m. (Toronto time) on May 8, 2025, or 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting.

• If you are not a registered shareholder, meaning your Common Shares are held through your broker or through another intermediary, you may receive either a form of proxy or a voting instruction form ("VIF") and should follow the instructions provided to you by your broker, intermediary, or our agent in the VIF.

See "Voting Your Common Shares By Proxy - Appointing a Proxyholder", and "Attending and Participating at the Meeting" below under "Voting Information".

The solicitation of proxies will be primarily by mail, subject to the use of the notice-and-access provisions ("Notice-and-Access Provisions") under National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102") and National Instrument 54-101 Communications with Beneficial Owners of Securities of a Reporting Issuer ("NI 54-101"), but proxies may also be solicited in person, by telephone or other form of correspondence. Proxies may also be solicited personally by directors, officers or regular employees of the Company. Those persons will not receive any extra compensation for those activities. The Company may pay brokers or other persons holding Common Shares in their own names, or in the names of nominees, for their reasonable expenses for sending proxies and the Circular to certain beneficial owners of Common Shares and obtaining proxies from them. The cost of preparing and mailing this Circular and other materials relating to the Meeting and the cost of soliciting proxies has been or will be borne by the Company.

NOTICE-AND-ACCESS

The Company is using the Notice-and-Access Provisions for the Meeting. The Notice-and-Access Provisions allow issuers to deliver proxy-related materials by posting electronic versions of proxy-related materials online, via SEDAR+ and one other website, and sending a notice (the "N&A Notice") informing shareholders that this Circular and proxy related materials have been posted and explaining how to access such materials.

Shareholders will receive paper copies of a notice package via pre-paid mail containing the N&A Notice and a form of proxy (if a registered shareholder) or a voting instruction form (if a beneficial shareholder). The N&A Notice contains the information prescribed by NI 54-101, including instructions on how to access the proxy materials, including this Circular, the Company's audited consolidated financial statements for the year ended December 31, 2024, and related management's discussion and analysis, and any other proxy-related materials (collectively, the "Meeting Materials").

The Meeting Materials are available electronically at docs.tsxtrust.com/2319, on the Company's website at www.largoinc.com, and under our profiles on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov/edgar.html. Shareholders may request to receive paper copies of the Meeting Materials by mail at no cost. Requests may be made up to one year from the date the Meeting Materials were filed on SEDAR+. Should you wish to receive a paper copy of the Meeting Materials or if you have any questions about notice-and-access, please contact our transfer agent, TSX Trust Company, by calling toll-free, within North America, at 1 866 600 5869, or by email at tsxtis@tmx.com. A paper copy will be sent to you within three business days of receiving your request if received in advance of the Meeting or within ten calendar days if a request is received on or after the date of the Meeting. If you wish to receive a paper copy of any of these documents before the May 8, 2025 voting deadline, please contact TSX Trust Company by May 1, 2025.

Notice packages are being sent to both registered and beneficial shareholders. If you are a beneficial shareholder, and we or our agent have sent these materials directly to you, your name, address and information about your shareholdings have been obtained in accordance with applicable securities regulatory requirements from the broker or other intermediary holding the Common Shares on your behalf. By choosing to send these materials to you directly, we (and not the intermediary holding on your behalf) have assumed responsibility for (i) delivering these materials to you, and (ii) executing your proper voting instructions. See "Voting Information - Voting Your Common Shares at the Meeting".

VOTING INFORMATION

All shareholders are advised to carefully read the voting instructions below that are applicable to them.

VOTING MATTERS

At the Meeting, shareholders are voting on:

• fixing the number of directors;

• the election of directors; and

• the appointment of Largo's auditors, to hold office until the next annual meeting of shareholders, and the authorization of the directors to fix their remuneration.

WHO CAN VOTE

The record date for the Meeting is March 26, 2025 (the "Record Date").

Our transfer agent will prepare a list, as of the close of business on the Record Date, of the registered holders of Common Shares. A holder of Common Shares whose name appears on such list is entitled to vote the Common Shares on such list at the Meeting, or any postponement or adjournment thereof. No person becoming a shareholder after the Record Date shall be entitled to receive notice of, or to vote at, the Meeting or any postponement or adjournment thereof.

VOTING YOUR COMMON SHARES AT THE MEETING

Registered Shareholders

You are a registered shareholder if your Common Shares are registered directly in your name.

If you are a registered shareholder at the close of business on the Record Date, you may attend, participate and vote at the Meeting or give another person authority to represent you and vote your Common Shares at the Meeting, as described below under the heading "Voting Your Common Shares by Proxy".

Beneficial shareholders (being shareholders who hold their Common Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) who have not duly appointed themselves as proxyholder will be able attend the Meeting as guests, however they will not be able to vote at the Meeting. If you are a beneficial shareholder and wish to vote at the Meeting, you have to appoint yourself as proxyholder, by inserting your own name in the space provided on the voting instruction form sent to you and must follow all of the applicable instructions provided by your intermediary. See "Voting Your Common Shares By Proxy - Appointing a Proxyholder", and "Attending and Participating at the Meeting" below.

Beneficial Shareholders

It is possible that your Common Shares may be registered in the name of an intermediary, which is usually a trust company, securities broker or other financial institution, or in the name of a clearing agency (such as The Canadian Depository for Securities Limited in Canada, or the Depositary Trust Company in the United States), of which the intermediary is a participant. If your Common Shares are registered in the name of an intermediary, you are a beneficial shareholder. Beneficial shareholders should note that only proxies deposited by shareholders whose names appear on the records of the Company as the registered holders of Common Shares can be recognized and acted upon at the Meeting. Beneficial shareholders may be non-objecting beneficial owners ("NOBOs") or objecting beneficial owners ("OBOs"). You are an OBO if you have not allowed your intermediary to disclose your ownership information to us. You are a NOBO if you have provided instructions to your intermediary to disclose your ownership information to us.

Applicable securities regulatory policies require intermediaries to seek voting instructions from beneficial shareholders in advance of shareholder meetings. Your intermediary is entitled to vote the Common Shares held by it and beneficially owned by you on the Record Date. However, it must first seek your instructions as to how to vote your Common Shares or otherwise make arrangements so that you may vote your Common Shares directly. An intermediary is not entitled to vote the Common Shares held by it without written instructions from the beneficial owner.

Beneficial shareholders may attend and participate in the Meeting (either themselves or through a proxyholder) or by proxy by providing voting instructions using the VIF (or other accompanying form). Alternatively, some beneficial shareholders may be able to vote by telephone or online and should refer to the VIF (or other accompanying form) for further details and instructions.

If a beneficial shareholder wishes to participate (either personally or through a nominee) and vote the Common Shares registered in the name of an intermediary at the Meeting, it is critical to follow the required procedures for appointing proxyholders. Beneficial shareholders may appoint themselves or a nominee as proxyholder by carefully following the instructions for appointing a proxyholder contained in the VIF (or other accompanying form) and ensuring that such request is communicated to the appropriate person indicated in the VIF (or other accompanying form) well in advance of the Meeting and in accordance with such instructions.

Beneficial shareholders who wish to vote by proxy at the Meeting using the accompanying VIF (or other accompanying form) should carefully follow the instructions contained in the VIF (or other accompanying form) and should ensure that such instructions are communicated to the appropriate person well in advance of the Meeting in accordance with such instructions.

Attending and Participating at the Meeting

The Company is holding the Meeting at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9, on May 12, 2025, at 10:00 a.m. (Toronto time). Only registered shareholders and duly appointed proxyholders will be entitled to attend, participate and vote at the Meeting.

Beneficial shareholders who have not duly appointed themselves as proxyholder will be able attend the Meeting as guests, however they will not be able to participate or vote at the Meeting. See "Appointing a Proxyholder" below.

VOTING YOUR COMMON SHARES BY PROXY

You may vote before the Meeting by completing the enclosed form of proxy or VIF. A proxy or VIF must be properly completed in writing, in accordance with the instructions provided therein, and must be executed by you or by your attorney authorized in writing.

Deadline for Proxies

Any proxy to be used at the Meeting must be received by Largo's transfer agent, TSX Trust Company, prior to 10:00 a.m. (Toronto time) on May 8, 2025, or 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting. Late proxies may be accepted or rejected by the chair of the Meeting in his or her discretion, and the chair of the meeting is under no obligation to accept or reject any particular late proxy.

Registered shareholders may provide their voting instructions by any of the following means:

• by mail, to TSX Trust Company, at 100 Adelaide Street W., Ste. 301, Toronto, ON, M5H 4H1 (a pre-addressed return envelope is enclosed);

• by hand or by courier to TSX Trust Company, at 100 Adelaide Street W., Ste. 301, Toronto, ON, M5H 4H1;

• by fax to +1 416 595 9593; or

• by internet at www.voteproxyonline.com, using your 12 digit control number which can be found on your proxy.

Beneficial shareholders may provide their voting instructions by mail, by telephone or online by following the instructions in the enclosed VIF.

Your Proxy Vote

On the form of proxy, you can indicate how you want to vote your Common Shares, or you can let your proxyholder decide for you.

All Common Shares represented by properly completed proxies received by Largo's transfer agent, TSX Trust Company, no later than 10:00 a.m. (Toronto time) on May 8, 2025, or 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting will be voted or withheld from voting, in accordance with your instructions as specified in the proxy, on any ballot votes that take place at the Meeting. Late proxies may be accepted or rejected by the chair of the Meeting in his or her discretion, and the chair of the meeting is under no obligation to accept or reject any particular late proxy.

If you give directions on how to vote your Common Shares on your form of proxy, your proxyholder must vote your Common Shares according to your instructions. If you have not specified how to vote on a particular matter on your form of proxy, your proxyholder can vote your Common Shares as he or she sees fit. In the absence of a specified choice, the persons named in the enclosed form of proxy will vote the Common Shares FOR each of the matters referred to in this Circular.

Appointing a Proxyholder

A proxyholder is the person you appoint to act on your behalf at the Meeting (including any postponement or adjournment of the Meeting) and to vote your Common Shares. You may choose anyone to be your proxyholder, including someone who is not a shareholder of Largo. Simply fill in the proxyholder's name in the blank space provided on the enclosed form of proxy. If you leave the space in the form of proxy blank, the persons designated in the form, who are Daniel Tellechea, our Interim Chief Executive Officer and David Harris, Chief Financial Officer of the Company, are appointed to act as your proxyholder.

The following applies to shareholders who wish to appoint a person (a "third party proxyholder") other than the management nominees set forth in the form of proxy or VIF as proxyholder, including beneficial shareholders who wish to appoint themselves as proxyholder to attend, participate or vote at the Meeting.

Shareholders who wish to appoint a third party proxyholder to attend, participate or vote at the Meeting as their proxy and vote their Common Shares MUST submit their proxy or VIF (as applicable) appointing such third party proxyholder, as described below, by 10:00 a.m. (Toronto time) on May 8, 2025.

The persons named in the form of proxy accompanying this Circular are officers and/or directors of the Company. A shareholder of the Company has the right to appoint a person or company (who need not be a shareholder of the Company), other than the persons designated in the form of proxy, to represent such shareholder at the Meeting or any adjournment thereof. Such right may be exercised by either striking out the names of the persons designated in the form of proxy and inserting the name of the person to be appointed in the blank space provided in the form of proxy, or by completing another proper form of proxy and, in either case, delivering the completed and executed proxy to TSX Trust Company at 100 Adelaide Street West, Suite 301, Toronto, Ontario, M5H 4H1 by facsimile at 1 416 595 9593, or by the internet at www.voteproxyonline.com and entering your 12 digit control number no later than 10:00 a.m. (Toronto time) on Thursday, May 8, 2025 (or no later than 48 hours (excluding Saturdays, Sundays and holidays) prior to any reconvened Meeting in the event of an adjournment of the Meeting) or depositing the completed and executed form of proxy with the Chair of the Meeting prior to the commencement of the Meeting or any adjournment thereof. Voting instructions may also be provided by internet by following the instructions on the form of proxy.

Revoking Your Proxy

If you submit a proxy, you may revoke it at any time before it is used by doing any one of the following:

• you may send another form of proxy with a later date to our transfer agent, TSX Trust Company, but it must reach the transfer agent no later than 10:00 a.m. (Toronto time) on May 8, 2025, or 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting;

• you may deliver a signed written statement, stating that you want to revoke your proxy, to our Chief Executive Officer no later than the last business day preceding the Meeting or any postponement or adjournment of the Meeting, at 100 King Street West, Suite 1600, Toronto, ON M5X 1G5; or

• in any other manner permitted by law.

If you are a beneficial shareholder and wish to revoke previously provided voting instructions, you should follow carefully the instructions provided by your intermediary.

ADDITIONAL MATTERS PRESENTED AT THE MEETING

The enclosed form of proxy confers discretionary authority upon the persons named as proxyholders therein with respect to any amendments or variations to the matters identified in the Notice of Meeting and with respect to further or other matters that may properly come before the Meeting or any postponement or adjournment thereof. Our management is not aware of any matters to be considered at the Meeting other than the matters described in the Notice of Meeting, or any amendments or variations to the matters described in such notice.

If you sign and return a form of proxy and matters that are not now known to management should properly come before the Meeting, the proxy will be voted on those matters in accordance with the best judgment of the named proxy.

If you sign and return a VIF, your Common Shares will be voted in accordance with your instructions and, with respect to any matter presented at the Meeting or at any postponement or adjournment thereof, or as an amendment or variation to the matters described in the Notice of Meeting, in accordance with the discretionary authority provided therein.

VOTING SHARES AND PRINCIPAL HOLDERS

The Common Shares are the only shares which entitle shareholders to vote at the Meeting. The holders of Common Shares are entitled to one vote per share. The attendance of at least two people holding or representing by proxy at least 10% of the total number of votes attached to the issued Common Shares entitled to vote at the Meeting is necessary for a quorum at the Meeting.

As at April 4, 2025, 64,112,297 Common Shares were issued and outstanding.

To the knowledge of the directors and executive officers of Largo, based upon filings made with Canadian securities regulators on or before the date of this Circular, other than as described below, no other persons beneficially own, or control or direct, directly or indirectly, voting securities carrying 10% or more of the voting rights attached to any class of our voting securities.

Mr. Alberto Arias, a director of Largo, owns, or has direction and/or control over an aggregate of 28,039,020 Common Shares, representing approximately 44 % of the issued and outstanding Common Shares, as follows: (a) 62,533 Common Shares held directly; (b) 26,468,209 Common Shares held by Arias Resource Capital Fund II LP (over which Mr. Arias has direction and control as the sole director of its general partner); (c) 1,501,731 Common Shares held by Arias Resource Capital Fund II (Mexico) LP (over which Mr. Arias has direction and control as the sole director of its general partner); and (d) 6,547 Common Shares held by Arias Resource Capital GP Ltd. (over which Mr. Arias has direction and control as its sole director). Our remaining directors and executive officers, as a group, beneficially own or control or direct, directly or indirectly, less than 1% of our outstanding Common Shares.

MATTERS TO BE ACTED UPON AT THE MEETING

1. FINANCIAL STATEMENTS

Our audited consolidated financial statements for the year ended December 31, 2024 and the auditor's report thereon will be presented at the Meeting.

2. NUMBER OF DIRECTORS

The Company is required to have a minimum of three and a maximum of fifteen directors. At the Meeting, shareholders will be asked to fix the number of directors to be elected at the Meeting at five.

The persons named in the accompanying form of proxy intend to vote FOR fixing the number of directors to be elected at the Meeting at five.

3. ELECTION OF DIRECTORS

The governance committee of the Board (the "Governance Committee") has recommended, and the Board has determined to nominate, each of the five persons listed below for election as a director at the Meeting. All of the nominees are current members of our Board (see "Nominees for Election as Directors" below). The Board recommends that shareholders vote FOR the election of each of the five nominees as directors.

Each director elected at the Meeting shall hold office until the close of the next annual meeting of shareholders or until a successor has been elected or appointed in accordance with our articles and by-laws.

Director Nominees of the ARC Funds

Pursuant to an amended and restated Governance Agreement dated March 9, 2012 and an Amended and Restated Director Nomination Agreement dated as of January 28, 2016, entered into among the Company, certain initial investors, and the general partner of each of Arias Resource Capital Fund LP, Arias Resource Capital Fund II LP and Arias Resource Capital Fund II (Mexico) LP (collectively, the "ARC Funds"), of which our director, Alberto Arias, is the sole director of their respective General Partners, the ARC Funds currently possess the right to nominate three individuals to our Board. The nominee directors of the ARC Funds are Alberto Arias, Daniel Tellechea and Jonathan Lee. For additional information in respect of the ARC Funds' nomination rights, see the Annual Information Form.

Majority Voting

With respect to the election of directors, in non-contested elections, the Company has adopted a majority voting policy. Subject to the provisions of the policy, in order to be elected as a director, a nominee must receive more votes for his or her election than are withheld. See "Statement of Corporate Governance Practices - Board of Directors - Majority Voting Policy" in this Circular.

Each of the nominees for election as director was elected as a director of Largo at our annual general meeting of shareholders held on July 29, 2024. Based on proxies representing 47,142,917 Common Shares that were deposited for use at that meeting, the incumbent nominees received the following favourable votes cast by proxy:

Nominees for Election as Directors

Unless authority to do so with respect to one or more directors is withheld, the persons named in the accompanying form of proxy intend to vote FOR the election of each of the five nominees whose names are set forth below as directors:

We do not anticipate that any of the nominees will be unable to serve as a director, but if that should occur for any reason prior to the Meeting or any postponement or adjournment thereof, it is intended that discretionary authority shall be exercised by the persons named in the accompanying form of proxy to vote any proxy for the election of the remaining nominees, and any other person in place of any nominee unable to serve.

The following table sets forth biographical and other information on each proposed nominee for election as a director:

Notes:

(1) The Common Shares indicated for each nominee are those beneficially owned, directly or indirectly, or over which control or direction is exercised, by the nominee as at April 4, 2025. The information about Common Shares over which control or direction is exercised, not being within the knowledge of Largo, has been furnished by the respective nominees. Unless otherwise indicated, beneficial ownership is direct and the nominee has sole voting and investment power.

(2) RSUs held as at April 4, 2025. For additional information regarding the Share Compensation Plan under which the RSUs are granted, please see "Statement of Executive Compensation".

(3) Based on the closing price of Common Shares on the Toronto Stock Exchange ("TSX") of C$2.08 on April 4, 2024.

(4) Options held as at April 4, 2025. For additional information regarding Options held by directors, please see "Statement of Executive Compensation".

(5) Based on the closing price of Common Shares on the TSX of C$2.08 on April 4, 2025, less the applicable exercise price for Options.

(6) Held by the ARC Funds, see "Voting Information - Voting Shares and Principal Holders".

(7) "Independent" as such term is defined in National Instrument 58-101 Disclosure of Corporate Governance Practices ("NI 58-101") of the Canadian Securities Administrators.

Corporate Cease Trade Orders or Bankruptcies

Except as set out below, (a) no proposed director of the Company is, or within ten years prior to the date hereof has been, a director, chief executive officer or chief financial officer of any company (including the Company) that, (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, in each case that was in effect for a period of more than 30 consecutive days (an "order"), that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer; or (ii) was subject to an order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; (b) no proposed director of the Company (i) is, or within ten years prior to the date hereof has been, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (ii) has, within ten years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director; and (c) no proposed director of the Company has been subject to (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable shareholder in deciding whether to vote for a proposed director.

4. APPOINTMENT OF AUDITORS

At the Meeting, the holders of Common Shares will be requested to re-appoint KPMG LLP, Chartered Professional Accountants ("KPMG") as auditor of the Company to hold office until the next annual meeting of shareholders of the Company or until a successor is appointed, and to authorize the Board to fix the auditor's remuneration. KPMG was first appointed as the Company's auditor on March 15, 2022.

Unless authority to do so is withheld, the persons named in the accompanying form of proxy intend to vote FOR the appointment of KPMG as the Company's auditor, to hold office until the next annual meeting of shareholders, and to authorize the directors to fix their remuneration.

Fees

For information on the external auditor service fees paid to KPMG, Largo's current auditor during the financial years ended December 31, 2024 and 2023, please refer to the section titled "Audit Committee Information" in the Annual Information Form.

Pre-Approval Policies and Procedures

The Audit Committee has not adopted separate policies and procedures for the engagement of non-audit services. The Audit Committee's charter provides that the Audit Committee must pre-approve all non-audit services to be provided to Largo or any subsidiary entities by its external auditors or by the external auditors of such subsidiary entities. The Audit Committee may delegate to one or more of its members the authority to pre-approve non-audit services but pre-approval by such member or members so delegated shall be presented to the full Audit Committee at its first scheduled meeting following such pre-approval.

STATEMENT OF CORPORATE GOVERNANCE PRACTICES

Our Board believes that sound corporate governance practices are essential to our stewardship of Largo. Our Board supervises the management of the business and the affairs of Largo with a view to ensuring that shareholder value is enhanced and high ethical and legal standards are adhered to. Acting on the recommendation of its Governance Committee, the Board has developed its corporate governance practices to assist it in fulfilling its supervisory role. The Board fulfills its mandate directly and through its committees.

The Company listed the Common Shares for trading on the NASDAQ Stock Market LLC ("NASDAQ") commencing April 19, 2021, after filing a registration statement with the U.S. Securities and Exchange Commission on Form 40-F on April 14, 2021. The Company is a foreign private issuer in the United States and, as such, is required to report any significant ways in which its corporate governance practices differ from those required for domestic registrants under the NASDAQ listing standards and SEC rules. A copy of the Company's statement of differences is available on Largo's website at www.largoinc.com. The Company is in conformance with the NASDAQ corporate governance requirements applicable to it.

The following is a description of Largo's corporate governance practices, prepared in accordance with Form 58-101F1 Corporate Governance Disclosure of the Canadian Securities Administrators, as approved by the Board.

BOARD OF DIRECTORS

Independence

Director independence is evaluated in accordance with the provisions of NI 58-101. For a director to be considered independent under NI 58-101, he or she must have no direct or indirect material relationship with Largo, being a relationship that could, in the view of the Board, reasonably be expected to interfere with the exercise of his or her independent judgment and must not be in any relationship deemed to be not independent pursuant to such requirements. For purposes of serving on the Audit Committee, "independence" is also evaluated in accordance with NASDAQ rules.

The Board has considered the relationship to Largo of each of its six current directors, five of whom has been nominated for re-election at the Meeting. Five of the six current directors are independent within the meaning of NI 58-101, and four of the six current directors are independent under NASDAQ rules. Daniel Tellechea is not independent within the meaning of NI 58-101 or the NASDAQ rules by virtue of his position as Interim Chief Executive Officer of Largo. Alberto Arias is considered an affiliated person of Largo under Rule 10A-3 of the U.S. Securities Act of 1933, as amended (the "1933 Act") by virtue of being the sole director of the respective General Partners of the ARC Funds, which collectively own more than 10% of the outstanding Common Shares. Accordingly, he is not considered independent under NASDAQ rules for the purpose of serving on the Audit Committee.

Public Company Board Memberships

The following directors are presently a director of another issuer that is a reporting issuer (or the equivalent) in Canada or a foreign jurisdiction.

(1) Ms. Cai is not standing for re-election.

We do not restrict the number of public company boards of directors on which our directors may sit. However, our directors are expected to devote the required time and effort to discharge their obligations as members of the Board. Two of our directors sit on the board of one other reporting issuer, and none of our directors or nominees sit together on the board of any other reporting issuer. None of our directors sit on four or more S&P/TSX company boards.

In Camera Meetings

The independent directors of the Board do not hold regularly scheduled meetings at which non-independent directors and members of management are not in attendance. However, they have the opportunity to, and do hold, ad hoc meetings that are not attended by the non-independent directors and members of management and they avail themselves of this opportunity, at their entire discretion, whenever necessary. The Company holds regular quarterly meetings and other meetings as required, at which time the independent directors meet in camera. The opinion of the independent directors is sought and duly acted upon for all material matters related to the Company.

Independent Chair of the Board

Mr. Arias was appointed non-executive Chair of the Board effective September 8, 2019, and is independent within the meaning of NI 58-101.

Board and Committee Meetings and Attendance

The Board meets a minimum of four times per year and as otherwise required. Typically, each committee (other than the Audit Committee which meets at least four times each year) will meet approximately two times each year, or more frequently as deemed necessary by the applicable committee. The frequency of meetings and nature of each meeting agenda depends on the business and affairs that Largo faces from time to time. The table below provides details regarding director attendance at Board and committee meetings held during the year ended December 31, 2024.

Notes:

(1) The Clean Energy Committee had more frequent meetings in 2024 as compared to previous years to facilitate discussion surrounding the transaction between Largo Clean Energy Corp. and Stryten Critical E-Storage, LLC, an affiliate of Stryten Energy LLC, to establish a joint venture in Storion Energy LLC, which closed on February 4, 2025.

(2) Ms. Cai is not standing for re-election.

Board Mandate

The Board has adopted a written mandate, a copy of which is attached to this Circular as Schedule "C" and is posted on Largo's website at www.largoinc.com.

Majority Voting Policy

The Board has adopted a policy on majority voting. If, with respect to any particular nominee, such nominee is not elected by a majority (50% + 1 vote) of the votes cast with respect to his or her election, then for purposes of the policy the nominee shall be considered by the Board not to have received the support of the shareholders, even though duly elected as a matter of corporate law. A person elected as a director who is considered under this test not to have received the support of the shareholders must immediately tender his or her resignation to the Board, which will take effect upon acceptance by the Board. The Board will refer the resignation to the Governance Committee for consideration. A nominee who tenders a resignation pursuant to the policy will not participate in any meeting of the Board or the Governance Committee at which the resignation is considered. The Board will promptly accept the resignation unless the Governance Committee determines that there are exceptional circumstances (for example, relating to the composition of the Board or the voting results) that should delay the acceptance of the resignation or justify rejecting it. In any event, it is expected that the resignation will be accepted (or in rare cases rejected) and the Board will promptly announce its decision in a press release within 90 days of the meeting, including reasons for rejecting the resignation, if applicable. This policy does not apply to a contested meeting of shareholders. A copy of the majority voting policy is posted on Largo's website at www.largoinc.com.

COMMITTEES OF THE BOARD

The Board has established six standing committees to assist it in discharging its mandate. The roles of the committees are outlined below. A copy of each Committee's charter is posted on Largo's website at www.largoinc.com.

Independence of Committees

The members of the Board's committees are appointed by the Board upon the recommendation of the Governance Committee. The Board's committees are constituted in accordance with applicable Canadian securities laws, and in the case of the Audit Committee, applicable NASDAQ rules. All of our directors who are members of a Board committee are independent within the meaning of NI 58-101, except for Mr. Tellechea, who is not independent because he is the Interim Chief Executive Officer of the Company. All of our directors who are members of the Audit Committee are independent within the meaning of National Instrument 52-110 Audit Committees ("NI 52-110") and applicable NASDAQ rules. As a result, the Audit, Compensation, and Governance Committees of the Board are composed entirely of independent directors, and the Clean Energy, Operations, and Sales Committees are composed of a majority of independent directors.

Audit Committee

Members: David Brace (Chair), Jonathan Lee, and Andrea Weinberg.

The purpose of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities with respect to:

• financial reporting and disclosure requirements,

• ensuring that an effective risk management and financial control framework has been implemented and tested by management of Largo, and

• external and internal audit processes.

At the beginning of 2024, the members of the Audit Committee were David Brace (Chair), Jonathan Lee, and Andrea Weinberg.

Each of the members of the Audit Committee is financially literate and independent for the purposes of NI 52-110 and the requirements of the NASDAQ. For a description of the education and experience of each Audit Committee member that is relevant to the performance of his or her responsibilities as a member of the Audit Committee, see "Election of Directors - Nominees for Election as Directors".

For additional information regarding the Audit Committee, see "Audit Committee Disclosure" in the Annual Information Form.

Compensation Committee

Members: Alberto Arias (Chair), Helen Cai and David Brace.

The Compensation Committee assists the Board in fulfilling its responsibilities relating to compensation, succession planning and other human resources matters. The Committee is responsible for:

• overseeing Largo's employees, including matters relating to compensation, succession planning and other human resources matters;

• identifying the principal risks of Largo's business related to human resources matters and overseeing the implementation of appropriate systems to manage these risks; and

• overseeing Largo's compliance with applicable laws and regulations and its compliance with all significant policies and procedures approved by the Board from time to time, in relation to human resources matters.

A new member of the Compensation Committee will be appointed to replace Ms. Cai after the Meeting.

For a detailed discussion of the responsibilities of the Compensation Committee relating to compensation, see "Compensation" and "Statement of Executive Compensation" below.

Clean Energy Committee

Members: Alberto Arias (Chair), Jonathan Lee and Daniel Tellechea.

The purpose of the Clean Energy Committee (formerly the Energy Committee) is to assist the Board in fulfilling its oversight responsibilities relating to the business, development and operation of Largo's clean energy initiatives, including:

• overseeing the business opportunities, direction and mandate of Largo's clean energy initiatives, including those undertaken by its subsidiary, Largo Clean Energy Corp. ("LCE");

• identifying the principal business risks associated with Largo's clean energy initiatives, and overseeing the implementation of appropriate systems to manage these risks; and

• overseeing compliance by Largo and its subsidiaries with applicable laws and regulations applicable to its clean energy initiatives and its compliance with all significant policies and procedures approved by the Board from time to time, each in the case solely in relation to its clean energy initiatives.

Governance Committee

Members: Alberto Arias (Chair), Helen Cai and Jonathan Lee.

The Board has overall responsibility for developing Largo's approach to corporate governance, including keeping informed of legal requirements and trends regarding corporate governance, monitoring and evaluating the functioning of the Board and committees of the Board, and for developing, implementing and monitoring good corporate governance practices (including the mandate of the Board and the charters of its committees and corporate governance related policies and procedures). The Governance Committee assists the Board in fulfilling its responsibilities relating to corporate governance matters and director nominations. The Committee is responsible for:

• developing, reviewing, monitoring and evaluating Largo's corporate governance practices;

• considering director nomination matters, including the selection and the nomination of qualified and suitable directors;

• the evaluation of the effectiveness of the Board, its committees and individual directors;

• identifying the principal risks of Largo's business related to corporate governance matters and overseeing the implementation of appropriate systems to manage these risks; and

• overseeing Largo's compliance with applicable laws and regulations and its compliance with all significant policies and procedures approved by the Board from time to time, in relation to corporate governance matters.

A new member of the Governance Committee will be appointed to replace Ms. Cai after the Meeting.

Operations Committee

Members: David Brace (Chair), Daniel Tellechea, and Jonathan Lee.

The purpose of the Operations Committee is to assist the Board in fulfilling its oversight responsibilities with respect to matters that are technical and operational in nature, including:

• technical matters relating to exploration, development, permitting, construction and operation of Largo's mining activities;

• resources and reserves on Largo's properties;

• material technical commercial arrangements;

• operating and production plans for proposed and existing operating mines;

• due diligence in the development, implementation and monitoring of systems and programs for the management and compliance with applicable laws related to health, safety, environmental and social responsibility; and

• ensuring Largo implements best-in-class property development and operating practices.

Sales Committee

Members: Jonathan Lee (Chair), Daniel Tellechea, and Alberto Arias.

The purpose of the Sales Committee is to assist the Board in fulfilling its oversight responsibilities with respect to the Largo's sales and trading divisions, including:

• reviewing material commercial sales arrangements;

• ensuring sales and trading activities are in-line with Largo's objectives and strategy; and

• identifying the principal risks of material sales agreements and overseeing management of these risks.

POSITION DESCRIPTIONS

Board-Level Position Descriptions

The Board has developed a written position description for the directors of Largo. The Board has also adopted written position descriptions for the Chair of the Board and the Chairs of Board Committees. Copies of these position descriptions are posted on Largo's website at www.largoinc.com.

Chair of the Board

The Chair of the Board is Mr. Alberto Arias. The Board has established a written position description for the Chair who is responsible for, among other things, presiding at meetings of the Board and shareholders, providing leadership to the Board, managing the Board, acting as liaison between the Board and management, and, together with the Chief Executive Officer ("CEO"), representing the Company to external groups including shareholders, local communities and governments. Mr. Arias is independent within the meaning of NI 58-101.

Chair of Board Committees

The Board has established a written position description for Chairs of Committees who are responsible for, among other things, providing leadership to the Committee, managing the timely discharge of the Committee's duties and responsibilities, managing the conduct of the Committee, acting as liaison between the Committee, the Board and management, and reporting to the Board on behalf of the Committee.

CEO Position Description

The Interim CEO of the Company is Mr. Daniel Tellechea. The Board has established a written position description for the CEO who is responsible for, among other things, the day-to-day management of the business and affairs of the Company. The CEO is also responsible for recommending to the Board, together with the Chief Financial Officer ("CFO") and such other management as appropriate, for approval of the Company's financial and operating goals and objectives, formulating and presenting to the Board long-term business plans, strategies and policies and keeping the Board informed of the Company's progress, and together with the Chair of the Board serving as the Company's principal spokesperson. The Board exercises its responsibility for oversight through the approval of all decisions that affect Largo before they are implemented. A copy of the CEO position description is posted on Largo's website at www.largoinc.com.

ORIENTATION AND CONTINUING EDUCATION

The Board is responsible for arranging for new directors to receive a comprehensive orientation so that they fully understand the role of the Board and its committees, as well as the contribution individual directors are expected to make (including, in particular, the commitment of time and energy that Largo expects from its directors), and the nature and operation of Largo's business. The Governance Committee oversees director orientation to facilitate a smooth and timely integration of directors into their new roles as members of the Board. New directors meet with the Chair of the Board, when applicable, committee chairs and the CEO, to discuss Largo's strategy and business, the culture of Largo and its Board. New directors are provided with an orientation package which includes reports on operations and results, public disclosure filings by Largo and corporate governance related documentation (i.e. written mandates, charters, position descriptions and policies and procedures).

The Board is also responsible for arranging continuing education opportunities for all directors, so that they may maintain or enhance their skills and abilities as directors, and ensure that their knowledge and understanding of Largo's business remains current. The Governance Committee oversees director continuing education, to provide directors with an ongoing program to assist them in understanding their responsibilities, as well as keeping their knowledge and understanding of Largo's business current. Presentations by external experts and management on the business and on specialized and complex aspects of Largo's operations are provided to directors. It is expected that directors will identify their continuing education needs through future Board assessments.

ETHICAL BUSINESS CONDUCT

Code of Business Conduct and Ethics

As part of its commitment to conducting its business and affairs with honesty, integrity and in accordance with high ethical and legal standards, the Board has adopted a Code of Business Conduct and Ethics (the "Code") which applies to all of our directors, officers, employees, consultants and contractors. The Code addresses such matters as compliance with laws, protection and proper use of assets, conflict of interest, corporate opportunities, reporting violations and consequences of non-compliance.

Any director, officer, employee, consultant and contractor of Largo who becomes aware of any instance where Largo receives a solicitation to engage in any act prohibited by the Code, or who becomes aware of any information suggesting that a violation of the Code has occurred or is about to occur is required to report it through Largo's Ethics Hotline in accordance with Largo's whistle blowing policy (discussed below).

In addition, the Governance Committee is responsible for: (i) ensuring that management has established a system to monitor compliance with and enforce the Code; (ii) obtaining reports from management that Largo and its directors, officers and employees are in compliance with the Code; (iii) making recommendations to the Board regarding any waivers from the Code; and (iv) advising the Board with respect to Largo's policies and procedures regarding compliance with the Code.

Any waiver of the Code with respect to a director or officer of Largo may be made only by the Board. The Board did not grant any waiver of the Code in 2024. In the unlikely event of such a waiver, it will be promptly disclosed to the extent required by applicable laws or stock exchange rules and regulations.

A copy of the Code is posted on Largo's website at www.largoinc.com.

Conflicts of Interest

Under the Code, directors, officers, employees, consultants and contractors are required to perform their duties and arrange their personal business affairs in a manner that does not interfere with their independent exercise of judgement. No director, officer or employee of Largo or consultant or contractor working for Largo is permitted to accept financial compensation of any kind, nor any special discount, loan or favour, from persons, corporations or organizations having dealings or potential dealings with Largo.

The Board has also adopted a gifts and hospitality policy (the "Gifts & Hospitality Policy"), which applies to all directors, officers, employees, consultants and contractors of Largo. If any of such persons become aware of any information suggesting that a violation of this policy has occurred or is about to occur, they are required to report it through Largo's Ethics Hotline in accordance with Largo's whistle blowing policy (discussed below). A copy of the Gifts & Hospitality Policy is posted on Largo's website at www.largoinc.com.

Non-executive directors of Largo are not expected to devote their time and effort solely on behalf of Largo, and they may have a variety of other business relationships that could give rise to a conflict of interest. Any such potential conflicts of interest are not subject to the Code and are to be resolved directly with the Board.

Other Policies

Largo has adopted a whistle blowing policy (the "Whistle Blowing Policy") which provides procedures for reporting governance concerns, including any matter, which in the reasonable and genuinely held belief of a director, officer, employee, consultant or contractor of Largo, represents malpractice, is illegal, unethical, irregular or criminal, contrary to the policies of Largo or in some other manner not right or proper.

Largo takes a zero-tolerance approach to bribery and corruption and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships. The Board has adopted an anti-bribery and corruption policy (the "Anti-Bribery Policy"), the purpose of which is to set out Largo's responsibilities, and of those working for it, in observing and upholding its position on bribery and corruption, and to provide information and guidance to those working for it on how to recognize and deal with bribery and corruption issues.

The Board has adopted a corporate disclosure policy (the "Corporate Disclosure Policy") to reinforce Largo's commitment to compliance with the continuous disclosure obligations imposed by Canadian and U.S. securities laws and the rules and regulations of the TSX and NASDAQ. This policy sets clear guidelines for directors, officers and employees on disclosure requirements and practices and confirms in writing Largo's disclosure policies to ensure compliance with such laws, rules and regulations as well as to ensure that timely and accurate information is provided equally to all shareholders and market participants regarding Largo.

The Board has also adopted an insider trading policy (the "Insider Trading Policy") to ensure that Largo and all directors, officers, employees, consultants and contractors of Largo and its subsidiaries meet their obligations under applicable securities laws and stock exchange rules by ensuring that all such persons who have material non-public information do not engaged in insider trading or tipping.

Copies of the Whistle Blowing Policy, the Anti-Bribery Policy, the Corporate Disclosure Policy and the Insider Trading Policy are posted on Largo's website at www.largoinc.com.

NOMINATION OF DIRECTORS

The Board is responsible for identifying individuals qualified to become new Board members and recommending the new director nominees for the next annual meeting of shareholders. Prior to nominating individuals as directors, the Board: (i) considers what competencies and skills the Board, as a whole, should possess; (ii) assesses what competencies and skills each existing director possesses; and (iii) considers the appropriate size of the Board, with a view to facilitating effective decision-making. The Governance Committee assists the Board with these responsibilities. The Governance Committee's composition and responsibilities are set out in its charter (discussed above).

With respect to nomination matters, the Governance Committee is specifically responsible for considering and making recommendations to the Board on the size and composition of the Board. The Governance Committee also considers: (i) what competencies and skills the Board, as a whole, should possess; (ii) the competencies and skills each existing director possesses; and (iii) in recommending new nominees to the Board, the competencies and skills each new nominee will bring to the Board.

Pursuant to a Governance Agreement and an Amended and Restated Director Nomination Agreement entered into with ARC Funds, the ARC Funds currently possess the right to nominate three individuals to our Board. See "Matters to be Acted Upon at the Meeting - Election of Directors - Director Nominees of ARC Funds".

Skills Matrix

The Governance Committee has developed a skills matrix comprised of skills and competencies it expects the Board as a whole to possess and has identified which of those skills and competencies are possessed by its existing directors. Set out below are the skills identified for each director.

Notes:

(1) This category encompasses experience with (i) environmental, safety and sustainability, (ii) mining operations, (iii) metallurgy, and (iv) exploration/geology.

(2) This includes social, economic and foreign policy.

(3) This includes leading growth and operations.

(4) This includes investor relations, public relations and media.

(5) The Governance Committee is engaged in the recruitment of a director that would bring this expertise to the Board.

(6) Ms. Cai is not standing for re-election. 

COMPENSATION

The Board is responsible for overseeing compensation matters (including compensation of officers and other senior management personnel) and approving the Company's annual compensation budget. The Compensation Committee assists the Board with these responsibilities. The Compensation Committee's composition and responsibilities are set out in its charter (discussed above). With respect to compensation matters, the Compensation Committee is specifically responsible for:

(a) reviewing Largo's overall compensation philosophy;

(b) reviewing and making recommendations to the Board with respect to all executive officer and director compensation matters and all incentive compensation and equity-based plans, including:

(i) reviewing the corporate goals and objectives relevant to the compensation of the CEO and the other executive officers of Largo and recommending those goals and objectives to the Board;

(ii) evaluating the CEO's performance in light of his or her goals and objectives and recommending to the Board its assessment of the CEO's performance and compensation;

(iii) through the CEO, reviewing the performance of the other executive officers in light of their goals and objectives and recommending to the Board its assessment of the other executive officers' performances and compensation;

(iv) reviewing the adequacy, amount and form of compensation to be paid to each director and making recommendations to the Board based on this review;

(v) reviewing and making recommendations to the Board with respect to the adoption and amendment of incentive compensation and equity-based plans, including the number of securities that may be issued under those plans during any particular period;

(c) with respect to disclosure, obtaining advice on and tracking disclosure requirements related to compensation and reviewing Largo's compensation-related disclosure before Largo publicly discloses such information; and

(d) reviewing and approving the selection and terms of reference of any outside consultants retained to provide benchmark analysis and advice on compensation programs.

SUCCESSION PLANNING

The Board is also responsible for succession planning (including appointing, training and monitoring senior management). In particular, the Board annually identifies key individuals of the Company and, in consultation with management, determines how to replace such individuals should the need arise. The Compensation Committee assists the Board with these responsibilities. The Compensation Committee is specifically responsible for reviewing reports from the CEO regarding the proposed recruitment, appointment and termination of executive officers reporting to the CEO and making recommendations to the Board, and reviewing and recommending to the Board succession plans to be instituted for the CEO position, including the appointment, training and monitoring of potential successors.

ASSESSMENTS

The Board is responsible for annually assessing its own effectiveness and contribution, as well as the effectiveness and contribution of each Board committee and each individual director. The Governance Committee is responsible for determining and managing the processes for regularly assessing the effectiveness and contribution of the Board, each Board committee and each individual director, with a view to continuous improvement of Board and committee operations. Such assessments consider:

(a) in the case of the Board, its mandate;

(b) in the case of a Board committee, the committee's charter;

(c) in the case of an individual director, the applicable position description(s), including the Position Description for Directors; and

(d) monitoring the attendance of each individual director at Board meetings.

Following completion of such assessments, the Committee is required to identify areas for improvement, if any, and monitor implementation of any measures designed to address such areas for improvement, if any. The Committee will periodically update the Board on progress in addressing areas for improvement, if any.

The Board also continues to encourage discussion among members as to the Board's effectiveness as a whole and of each individual director. All directors are free to make suggestions for improvement of the Board's practices at any time and are encouraged to do so.

DIRECTOR TERM LIMITS AND OTHER MECHANISMS OF BOARD RENEWAL

The Company has not adopted term limits for its directors as the Company is of the view that director term limits reduce continuity and experience on the Board and that term limits force valuable, experienced and knowledgeable directors to leave. As such, the Company views term limits as not in the Company's best interests. To ensure adequate Board renewal, the Governance Committee is responsible for conducting regular Board, committee and directors assessments (see above). These assessments will evaluate the tenure and performance of individual directors and review the composition and effectiveness of the Board and its committees. The results of these assessments are reported to the Board, together with recommendations, if any, regarding the composition of the Board.

POLICIES REGARDING BOARD AND EXECUTIVE DIVERSITY

In identifying suitable candidates for nomination to the Board, the Governance Committee and the Board have approved a Board and Executive Diversity Policy (the "Diversity Policy") which recognizes, among other things, that gender diversity is a significant element of fostering an inclusive culture and the importance of providing equal opportunity to women with relevant competencies and skills in order to achieve more balanced gender representation in the boardroom. The Diversity Policy includes an objective of aiming to have at least two women on the Board. This will be achieved by ensuring that diverse candidates generally, and at least one woman, specifically, are included in the candidate pool for the selection of every Board nominee. The Governance Committee has also undertaken to periodically assess the effectiveness of the Board appointment/nomination process in achieving the Company's diversity objectives and to consider, and, if determined advisable, recommend that the Board adopt measurable objectives for achieving Board diversity. Currently, two out of six directors (33%) on the board are women.

As part of the Diversity Policy, the Compensation Committee, which is responsible for reviewing and making recommendations to the Board with respect to succession planning matter concerning the CEO and other key executive officers, has undertaken to also consider diversity in making such recommendations. This consideration will include assessing the effectiveness of the executive management appointment process in achieving the Company's diversity obligations and, if advisable, recommend to the Board measurable objectives for achieving diversity in executive management.

Currently, none of the four executive officers of the Company (including its major subsidiaries) are women.

STATEMENT OF EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

Named Executive Officers

For 2024, our named executive officers ("NEOs"), were:

• Daniel Tellechea, Interim Chief Executive Officer

• David Harris, Chief Financial Officer of Largo

• Francesco D'Alessio, Chief Commercial Officer of Largo, President of LCE

• Ernest Cleave, Former Chief Financial Officer of Largo

• Paul Vollant, Former Chief Commercial Officer

• Celio Pereira, Former Chief Operating Officer, Brazil

Compensation Philosophy

Our compensation philosophy is premised on the belief that, to attract and retain talented individuals, we must provide competitive compensation and incentives which align with our long-term interests. Accordingly, the Compensation Committee and the Board recognize that a portion of total compensation must be variable and linked to corporate and individual achievements tied to our strategic plan. This helps to align the interests of management with the long-term interests of our shareholders.

Compensation Committee

The Board established the Compensation Committee to assist it in fulfilling its obligations relating to compensation, succession planning and other human resources matters. The members of the Compensation Committee are Alberto Arias and David Brace, each of whom is considered independent under NI 58-101. For additional information with respect to the Compensation Committee, see the information under the headings "Statement of Corporate Governance Practices - Committees of the Board - Compensation Committee; and Compensation" and "Statement of Executive Compensation - Compensation Discussion and Analysis - Compensation Governance".

The responsibilities of the Compensation Committee are set forth in its Charter, which is posted on Largo's website at www.largoinc.com.

Role of Management

Members of senior management assist the Compensation Committee by compiling information to be used in the Compensation Committee's determinations and reporting on historical compensation levels, methods of compensation, compensation practices of industry peers, achieved performance relative to corporate and individual objectives, succession planning and recent compensation trends and regulatory initiatives.

The Compensation Committee relies, in part, on the CEO to review the performance of the other NEOs and to make recommendations to the Compensation Committee in this regard. Given the direct reporting relationship between the CEO and the other NEOs, the Compensation Committee believes the CEO is in the best position to directly assess the performance of the other senior executives. While the CEO typically attends Compensation Committee meetings, he is not present during in camera sessions of the Compensation Committee or when the Compensation Committee is considering his performance or compensation.

Elements of Executive Compensation

Base Salary

The Compensation Committee believes that the base salaries of our NEOs must be sufficiently competitive in the market to enable recruitment and encourage retention, while reflecting the scope of responsibility, skill and experience of each NEO. Encouraging retention is especially important in years when, due to low vanadium prices and other factors beyond our control, our financial performance warrants significantly lower annual bonuses and long-term incentive awards. As base salary represents a reference for other compensation elements, attention is paid to appropriately positioning salaries, taking into account the base salaries of individuals with similar roles within Largo and in comparator groups.

Short-Term Cash Incentives

An annual cash incentive bonus is a variable component of executive compensation based on corporate and individual performance. This form of short-term incentive motivates executives to achieve objectives that support the realization of shareholder value and enables recognition of initiatives that improve our operational efficiency, health, safety and environmental record, attainment of financial objectives and execution of strategic initiatives.

Long-Term Share-Based and Option-Based Awards

The stock option ("Option") and restricted share unit ("RSU") components of the executive compensation package are provided to focus management's attention on corporate performance over a period of time longer than one year in recognition of long term horizons for return on investments and strategic decisions. The level of Option and/or RSU awards given to each NEO is determined by his or her position, his or her potential future contributions to the Company and the number and terms of Option and RSU awards previously granted to the NEO. All equity based awards are reviewed by the Compensation Committee and the Board. The Compensation Committee and the Board determine a meaningful level of award for employees ranging from key employees to the CEO. The level of equity based awards is also influenced by the number of executives and key employees in the current year and the likelihood of grants in future years to executives and key employees since the total number of Common Shares available for issuance pursuant to Options and RSUs under the Company's Share Compensation Plan cannot exceed 10% of the Company's issued Common Shares.

Other than the Share Compensation Plan, the Company does not have any other long term incentive plans pursuant to which cash or non-cash compensation is intended to serve as an incentive for performance over a period greater than one financial year (whereby performance is measured by reference to financial performance or the price of the Company's securities).

A summary of the Share Compensation Plan is provided below under the heading "Equity Compensation Plan Information - Amended Share Compensation Plan".

Perquisites and Other Benefits

Perquisites and other benefits are intentionally limited and may include fitness memberships, comprehensive medical examinations, life and accident insurance, parking and housing and other subsidies and entitlements for executives who relocate at Largo's request.

Risk of Compensation Policies and Practices

The Board and the Compensation Committee have not formally considered the implications of the risks associated with the Company's compensation policies and practices. The discretionary nature of Options and RSU awards under the Share Compensation Plan are significant elements of the Company's compensation plans and provide the Board and the Compensation Committee with the ability to reward historical performance and behaviour that the Board and the Compensation Committee consider to be aligned with the Company's best interests.

The Board believes that the executive compensation program should not raise its overall risk profile. Accordingly, the Company's executive compensation program includes safeguards designed to mitigate compensation risks. The following measures impose appropriate limits to avoid excessive or inappropriate risk taking or payments:

• vesting requirements for Options and RSUs and Option terms of 5 years discourage excessive risk taking to achieve short-term goals;

• recommendation of discretionary bonus payments to the Board by the Compensation Committee who are specifically tasked with determining allocation; and

• implementation of trading blackouts prescribed by the Company's Insider Trading Policy to limit the ability of officers of the Company to trade in securities of the Company.

Inappropriate and excessive risks by executives are also mitigated by review of the Board, at which, activity by the executives must be approved by the Board if such activity is outside previously Board-approved actions and/or as set out in a Board-approved budget. Given the current composition of the Company's executive management team, the Board and the Compensation Committee are able to closely monitor and consider any risks which may be associated with the Company's compensation practices. Risks may also be identified and mitigated through regular Board meetings during which financial and other information of the Company is reviewed, including executive compensation.

Purchase of Financial Instruments

The Company's Insider Trading Policy prohibits an NEO or director from purchasing financial instruments, including prepaid variable forward contracts, equity swaps, collars or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by the NEO or director.

Performance Graph

The following chart compares the total cumulative shareholder return on C$100 invested in the Common Shares on December 31, 2019 with the cumulative total returns of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index for the five most recently completed financial years.

Cumulative Shareholder Returns

As shown in the foregoing graph, the Company has underperformed the S&P/TSX Composite Index and the S&P/TSX Global Mining Index over the past five years. Largo's share price performance has been largely influenced by fluctuations in vanadium market prices, which have been subject to significant volatility since 2019. While demand rebounded following the COVID-19 pandemic, vanadium prices experienced a steady decline throughout 2023 and 2024, reaching levels not seen since 2020. This prolonged price weakness has weighed on the broader vanadium sector, including Largo.

In addition to market-driven factors, the Company faced operational challenges that contributed to its share price performance. Maintenance and weather-related disruptions over the last three years affected production volumes, while management turnover introduced transitional periods within the organization. Although steady demand remained for the Company's products, these factors, combined with persistent global inflationary pressures impacting key end-use sectors, have contributed to the Company's relative underperformance compared to broader indices. Compensation Governance

The Compensation Committee is responsible for reviewing Largo's overall compensation philosophy and reviewing and making recommendations to the Board with respect to all executive officer and director compensation matters and all incentive compensation and equity-based plans. The Board, as a whole, ultimately determines compensation for the directors, its CEO, CFO and other officers (including other NEOs) on the advice of the Compensation Committee. In performing its duties, the Compensation Committee has the authority to engage and compensate any outside advisor, including executive compensation consultants that it determines to be necessary or advisable to carry out its responsibilities.

Summary Compensation Table

The following table summarizes the compensation paid during the three financial years ended December 31, 2024, 2023 and 2022 in respect of the NEOs.

Notes:

(1) All compensation paid to all NEOs listed has been paid under executive employment agreements between the Company (or its operating subsidiary) and each such NEO as more particularly described under the heading "Statement of Executive Compensation - Employment Contracts and Termination and Change of Control Benefits" of this Circular.

(2) Amounts shown represent RSUs granted in respect of the covered year. In each case, the grant date fair value has been estimated using the Company's volume weighted average TSX share price for the five trading days immediately preceding the date of grant to determine the grant date fair value, in order to reduce the impact of any short-term volatility in the share price.

(3) The grant date fair value is a theoretical value determined using the Black Scholes pricing model for options. Under Black Scholes, the Options on the date of grant have no intrinsic value as the exercise price is the closing price of the Common Shares on the preceding date. Each NEO does not receive any value until each of the following occur: (i) the Options vest and (ii) and they are exercised. Generally, the Options will only be exercised where the exercise price is less than the trading price. Existing Options were priced under the provisions of the Share Compensation Plan which provide that such Options are to be priced at the weighted average trading price of the Common Shares on any exchange in Canada where the Common Shares are listed (including the TSX) for the last five trading days prior to the date of grant.

(4) Grant date fair value of Options determined using the Black Scholes pricing model, based on the following assumptions:

(a) 2024: risk-free interest rate: 3.46%, expected volatility: 66.7%, expected life of options: 5 years, dividend yield: 0%, expected forfeiture rate: 0%.

(b) 2023: risk-free interest rate: 3.04%, expected volatility: 68.25%, expected life of options: 5 years, dividend yield: 0%, expected forfeiture rate: 0%.

(c) 2022: risk-free interest rate: 2.46%, expected volatility: 76.33%, expected life of options: 5 years, dividend yield: 0%, expected forfeiture rate: 0%.

(5) Compensation paid in the form of discretionary performance-based bonuses.

(6) Any other benefits received by any NEO did not exceed the lesser of $50,000 and 10% of the total annual compensation for such NEO, unless otherwise disclosed.

(8) Represents employer contributions to a pension plan that is privately administered for the benefit of Mr. Vollant.

(9) Mr. Harris was promoted to the position of Chief Financial Officer of Largo on June 27, 2024 after having served as Corporate Controller of Largo since 2015.

(10) Mr. Cleave ceased being an NEO on June 26, 2024.

(11) Mr. Vollant ceased to be an NEO on September 18, 2024.

(12) Mr. Pereira ceased to be an NEO on February 18, 2025.

Outstanding Incentive Plan Awards

The following table provides information regarding incentive plan awards for each NEO outstanding as of December 31, 2024.

Notes:

(1) Calculated using the closing price of Common Shares on the TSX on December 31, 2024 of $2.49 per Common Share, less the Option exercise price.

(2) Calculated using the closing price of Common Shares on the TSX on December 31, 2024 of $2.49 per Common Share.

(3) Mr. Harris was promoted to the position of Chief Financial Officer of Largo on June 27, 2024 after having served as Corporate Controller of Largo since 2015.

(4) Mr. Cleave ceased to be an NEO on June 26, 2024.

(5) Mr. Vollant ceased to be an NEO on September 18, 2024.

(6) Mr. Pereira ceased to be an NEO on February 18, 2025.

Incentive Plan Awards - Value Vested or Earned During the Year

The following table provides information regarding the value vested or earned of incentive plan awards for each NEO for the financial year ended December 31, 2024.

Notes:

(1) Calculated using the closing price of Common Shares on the applicable vesting dates and the applicable exercise prices.

(2) Mr. Harris was promoted to the position of Chief Financial Officer of Largo on June 27, 2024 after having served as Corporate Controller of Largo since 2015.

(3) Mr. Cleave ceased to be an NEO on June 26, 2024.

(4) Mr. Vollant ceased to be an NEO on September 18, 2024.

(5) Mr. Pereira ceased to be an NEO on February 18, 2025.

Pension Plan Benefits

The Company has no pension plan, deferred compensation plan or other programs related to retirement funding.

Directors' and Officers' Insurance and Indemnification

The Company maintains insurance for the benefit of its directors and officers against liability in their respective capacities as directors and officers. The Company has purchased in respect of directors and officers an aggregate of US$35,000,000 in coverage. The approximate amount of premiums paid by the Company in 2024 in respect of such insurance was US$461,138.

Employment Contracts and Termination and Change of Control Benefits

The following describes the respective employment agreements between the Company and the NEOs as at December 31, 2024.

Daniel Tellechea

The Company entered into an executive employment contract with Daniel Tellechea effective February 15, 2023, pursuant to which Mr. Tellechea is engaged as the Company's Interim Chief Executive Officer. Under the contract, Mr. Tellechea is entitled to a base salary of US$447,420 per annum, subject to review by the Board, plus any incremental increase to such salary, bonuses and grants of equity compensation under the Share Compensation Plan as the Board may from time to time determine. This agreement can be terminated at any time for cause without notice or payment in lieu of notice. In the event of termination without cause, Mr. Tellechea is entitled to any accrued and unpaid base salary at the termination date, any expenses properly incurred on or before the termination date, and pro-rated unused vacation entitlements up to and including the termination date. Mr. Tellechea would not be entitled to any further cash or stock option payments.

David Harris

The Company entered into an executive employment contract with David Harris effective June 27, 2024, pursuant to which Mr. Harris is engaged as the Company's Chief Financial Officer. Under the contract, Mr. Harris is entitled to a base salary of $460,000 per annum, subject to review by the Board, plus any incremental increase to such salary, bonuses and grants of equity compensation under the Share Compensation Plan as the Board may from time to time determine. This agreement can be terminated at any time for cause without notice or payment in lieu of notice. In the event of termination without cause, Mr. Harris is entitled to any accrued and unpaid base salary at the termination date, any expenses properly incurred on or before the termination date, pro-rated unused vacation entitlements up to and including the termination date, any annual discretionary cash bonus that was earned but not yet paid in respect of the fiscal year preceding the termination date, and the greater of (i) the sum of pay in lieu of notice of termination in the amount required pursuant to he Employment Standards Act (the "ESA") and statutory severance pay (if applicable) in the amount required by the ESA; and (ii) a payment equivalent to 24 months' base salary in lieu of notice, less applicable deductions and withholding, to be paid as a lump sum within 30 days of termination. If he is terminated as a result of a change of control of the Company, Mr. Harris is entitled to the greater of (i) the sum of pay in lieu of notice of termination in the amount required pursuant to the ESA and statutory severance pay (if applicable) in the amount required by the ESA; and (ii) a payment equivalent to 36 months' base salary in lieu of notice, less applicable deductions and withholding, to be paid as a lump sum within 30 days of termination. In addition, all of Mr. Harris's stock option awards shall become vested and shall otherwise terminate.

Francesco D'Alessio

The Company entered into an executive employment contract with Francesco D'Alessio effective June 20, 2023, pursuant to which Mr. D'Alessio is engaged as the President of LCE. Under this contract, Mr. D'Alessio is entitled to a base salary of US$280,000 per annum, subject to review by the Board, plus any incremental increase to such salary, bonuses and grants of equity compensation under the Share Compensation Plan as the Board may from time to time determine. This agreement can be terminated at any time for cause without notice or payment in lieu of notice. In the event of termination without cause, Mr. D'Alessio is entitled to an amount equal to the monthly amount of his base salary in effect on the termination date for each month he has served in his role, up to a maximum of 12 payments, payable in the form of salary continuation over the applicable period. If he is terminated as a result of a change of control of the Company, Mr. D'Alessio is entitled to an amount equal to the monthly amount of his base salary in effect on the termination date: (i) for 6 months in the case where he has served in his role for a period of less than 6 months; or (ii) for 12 months in the case where he has served in his role for 6 months or more, as of the termination date.

Celio Pereira

The Company entered into an executive employment contract with Celio Pereira effective October 27, 2023, pursuant to which Mr. Pereira is engaged as the Chief Operating Officer, Brazil. Under this contract, Mr. Pereira is entitled to a base salary of R$90,947.54 per month, subject to review by the Board, plus any incremental increase to such salary, bonuses and grants of equity compensation under the Share Compensation Plan as the Board may from time to time determine. Mr. Pereira is entitled to the statutory termination rights afforded to him under Brazilian law only, which do not include any entitlements upon a change of control of the Company.

Other Arrangements

Other than as disclosed above, the Company has no compensatory plan or arrangement in respect of compensation received or that may be received by the NEOs in the Company's most recently completed or current financial year to compensate such executive officers in the event of the termination of employment (resignation, retirement, change of control) or in the event of a change in responsibilities following a change of control.

Change of Control Payment Chart

The estimated incremental payments, payables and benefits that would have been paid to the NEOs pursuant to the above noted agreements in the event of termination without cause or after a change of control on December 31, 2024 is detailed below:

Notes:

(1) Mr. Vollant ceased to be an NEO on September 18, 2024.

(2) Value of the RSUs that would vest on termination without cause on a change of control.

(3) NEO entitled to a pro-rated bonus if terminated without cause part way through a given year.

Compensation of Directors

Compensation of directors in the financial period ended December 31, 2024 was determined on a case-by-case basis with reference to the role that each director provides to the Company. The following information details compensation paid in the recently completed financial year.

In addition, directors are entitled to participate in the Amended Share Compensation Plan, which is designed to give each RSU and Option holder an interest in preserving and maximizing shareholder value in the longer term. Individual grants are determined by an assessment of an individual's current and expected future performance, level of responsibilities and the importance of his/her position and contribution to the Company.

Executive officers who also act as directors of the Company do not receive any additional compensation for services rendered in their capacity as directors.

During the financial year ended December 31, 2024, directors were paid fees and granted Options in their capacity as directors of the Company as set out in the table below (for information regarding Mr. Vollant's compensation, please refer to the section entitled "Summary Compensation Table" above).

Director Compensation Table

The following table provides information regarding compensation paid to the Company's directors for the financial year ended December 31, 2024.

Notes:

(1) For the financial year ended December 31, 2024, the Compensation Committee of the Company set the fees payable to the directors as follows: (a) to the Chair: C$165,000, (b) to each non-executive director: C$72,500, (c) to the Audit Committee chair: C$22,500, (d) to the Clean Energy Committee chair: C$22,500, and (e) to the Compensation Committee chair: C$14,500, and (f) to the chair of any other committee: C$10,000.

(2) Director fees were paid to Arias Resource Capital Management LP.

(3) Mr. Tellechea ceased to be an independent director of the Company on February 16, 2023 when he was appointed as Interim Chief Executive Officer of the Company but remained on the Board.

(4) Ms. Cai is not standing for re-election.

Outstanding Incentive Plan Awards

The following table provides information regarding the incentive plan awards for each non-executive director outstanding as of December 31, 2024.

Notes:

(1) Calculated using the closing price of Common Shares on the TSX on December 31, 2024 of $2.49 per Common Share, less the Option exercise price.

(2) Mr. Tellechea ceased to be an independent director of the Company on February 16, 2023 when he was appointed as Interim Chief Executive Officer of the Company but remained on the Board.

(3) Ms. Cai is not standing for re-election.

Incentive Plan Awards - Value Vested or Earned During the Year

The following table provides information regarding the value vested or earned of incentive plan awards for each non-executive director for the financial year ended December 31, 2024.

Notes:

(1) Value, if any, of any Options which vested during 2024 was calculated by multiplying the number of vested Options by the difference between the market price at the time of vesting and the exercise price.

(2) Mr. Tellechea ceased to be an independent director of the Company on February 16, 2023 when he was appointed as Interim Chief Executive Officer of the Company but remained on the Board.

(3) Ms. Cai is not standing for re-election.

Other Arrangements

Other than as disclosed elsewhere in this Circular, none of the directors of the Company were compensated by the Company during the financial year ended December 31, 2024 pursuant to any other arrangement or in lieu of any standard compensation arrangement.

EQUITY COMPENSATION PLAN INFORMATION

Securities Authorized for Issuance under Equity Compensation Plans

The table below sets out the outstanding Options and RSUs under the Share Compensation Plan, being the Company's only compensation plan under which Common Shares are authorized for issuance, as at December 31, 2024.

Annual Burn Rate

The annual burn rate of the Share Compensation Plan, calculated in accordance with the TSX Company Manual, for each of the three most recently completed financial years of the Company is set out in the table below. In accordance with the rules of the TSX, the annual burn rate is expressed as a percentage and is calculated by dividing the number of securities granted under the arrangement during the applicable financial year by the weighted average number of securities outstanding for the applicable financial year.

Amended Share Compensation Plan

The Amended Share Compensation Plan is a 10% "rolling" plan pursuant to which the number of Common Shares which may be issuable pursuant to RSUs and Options granted under the Amended Share Compensation Plan, together with any Common Shares issuable pursuant to any other security based compensation arrangements of the Company or its subsidiaries, is a maximum of 10% of the issued and outstanding Common Shares at the time of the grant.

The Amended Share Compensation Plan provides participants (each, an "Participant"), who may include participants who are citizens or residents of the United States (each, a "US Participant"), with the opportunity, through RSUs and Options, to acquire an ownership interest in the Company. The RSUs will rise and fall in value based on the trading price of the Common Shares. Unlike the Options, the RSUs will not require the payment of any monetary consideration to the Company. Instead, each RSU represents a right to receive one Common Share following the attainment of vesting criteria determined by the Board at the time of the award. See "Amended Share Compensation Plan - Restricted Share Units - Vesting and Deferral Provisions" below. The Options, on the other hand, are rights to acquire Common Shares upon payment of monetary consideration (i.e., the exercise price), subject also to vesting criteria determined at the time of the grant. See "Amended Share Compensation Plan - Options - Vesting Provisions" below.

Purpose of the Amended Share Compensation Plan

The Board utilizes the Amended Share Compensation Plan in order to advance the interests of the Company and its subsidiaries, and its shareholders by: (i) ensuring that the interests of Participants are aligned with the success of the Company and its subsidiaries; (ii) encouraging stock ownership by such persons; and (iii) providing compensation opportunities to attract, retain and motivate such persons.

Participants include officers or employees of the Company or any officer or employee of any subsidiary of the Company and, with respect to the grant of Options, any non-employee director of the Company or any non-employee director of any subsidiary of the Company, and any consultant, defined under the Amended Share Compensation Plan as a "consultant" as such term is defined in National Instrument 45-106 Prospectus Exemptions; and in the case of a US Participant, such a natural person who (i) is an individual that provides bona fide services to the Company pursuant to a written contract for services with the Company and such services are not in connection with the offer or sale of securities in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the Company's securities, or (ii) is otherwise eligible to participate in an "employee benefit plan" within the meaning of such term as defined in Rule 405 under the 1933 Act.

Administration of the Share Compensation Plan

The Share Compensation Plan is administered by the Board or such other persons as may be designated by the Board (the "Administrators") based on the recommendation of the Compensation Committee. The Administrators determine the eligibility of persons to participate in the Share Compensation Plan, when RSUs and Options will be awarded or granted, the number of RSUs and Options to be awarded or granted, the vesting criteria for each award of RSUs and grant of Options and all other terms and conditions of each award and grant, in each case in accordance with applicable securities laws and stock exchange requirements.

Number of Common Shares Available for Issuance under the Amended Share Compensation Plan

The number of Common Shares that are available for issuance upon the vesting of RSUs awarded and Options granted under the Amended Share Compensation Plan is limited to 10% of the issued and outstanding Common Shares at the time of any grant, less Common Shares issuable pursuant to any other security based compensation arrangements of the Company or its subsidiaries.

As at April 4, 2025, under the Share Compensation Plan, there were: (a) 1,618,136 outstanding Options, equivalent to 2.52% of the Company's issued and outstanding Common Shares, (b) 70,738 outstanding RSUs, equivalent to 0.11% of the Company's issued and outstanding Common Shares, and (c) 4,722,145 unallocated awards, equivalent to 7.36% of the Company's issued and outstanding Common Shares.

Limitations

The Amended Share Compensation Plan contains the following limitations on awards of RSUs and grants of Options:

(a) the total number of Common Shares reserved and available for grant and issuance pursuant to the Amended Share Compensation Plan and any other security-based compensation arrangements of the Company or its subsidiaries cannot exceed 10% of the Common Shares then issued and outstanding Common Shares;

(b) the number of Common Shares issuable under the Amended Share Compensation Plan to any one Participant (together with those Common Shares issuable pursuant to any other security-based compensation arrangements of the Company or its subsidiaries) cannot exceed 5% of the issued and outstanding Common Shares;

(c) the number of Common Shares issuable to insiders under the Amended Share Compensation Plan (together with those Common Shares issuable pursuant to any other security-based compensation arrangements of the Company or its subsidiaries) cannot exceed 10% of the issued and outstanding Common Shares;

(d) the number of Common Shares issued to insiders under the Amended Share Compensation Plan within a one-year period (together with those Common Shares that are issued pursuant to any other security-based compensation arrangements of the Company or its subsidiaries) cannot exceed 10% of the issued and outstanding Common Shares; and

(e) the number of Common Shares reserved for issuance under the Amended Share Compensation Plan (together with those Common Shares issuable pursuant to any other security based compensation arrangements of the Company or its Subsidiaries) to Participants who are non-employee directors shall be limited to the lesser of:

(i) for all non-employee directors, an aggregate of 1% of the Common Shares then issued and outstanding; and

(ii) for each individual non-employee director, an annual grant value of $150,000 per director, of which no more than $100,000 of value may comprise Options.

Restricted Share Units

Mechanics for RSUs

RSUs awarded to Participants under the Amended Share Compensation Plan are credited to an account that is established on their behalf and maintained in accordance with the Amended Share Compensation Plan. Each RSU awarded will conditionally entitle the holder thereof to receive one Common Share upon achievement of the vesting criteria. RSUs awarded under the Amended Share Compensation Plan will be redeemed for Common Shares issued from treasury once the vesting criteria established by the Administrators at the time of the award have been satisfied. However, the Company will continue to retain the flexibility through the amendment provisions in the Amended Share Compensation Plan to satisfy its obligation to issue Common Shares by purchasing Common Shares in the open market or by making a lump sum cash payment of equivalent value.

Vesting and Deferral Provisions

The Amended Share Compensation Plan provides that: (i) at the time of the award of RSUs, the Administrators will determine the vesting criteria applicable to the awarded RSUs and, if applicable, the maximum period of time following vesting that an RSU granted to a Participant other than a US Participant may remain outstanding prior to settlement (the "Restriction Period"); (ii) vesting of RSUs may include criteria such as performance vesting; (iii) each RSU shall be subject to vesting in accordance with the terms set out in an agreement evidencing the award of the RSU attached as Exhibit A to the Amended Share Compensation Plan (or in such form as the Administrators may approve from time to time) (each an "RSU Agreement"); and (iv) all vesting and issuances or payments in respect of an RSU shall be completed no later than December 15 of the third calendar year commencing after the award date for such RSU.

RSUs may be awarded with both time-based vesting provisions as a component of the Company's annual incentive compensation program, and performance-based vesting provisions as a component of the Company's long-term incentive compensation program.

The Amended Share Compensation Plan permits a Participant, other than a US Participant, to elect to defer settlement of their RSUs to a date (a "Redemption Date") following the vesting date that falls within the Restriction Period. Participants who elect to set a Redemption Date shall be required to provide prior notice to the Company of such date and, subject to certain restrictions, may change a Redemption Date by providing prior notice to the Company. RSUs issued to a US Participant shall be settled as soon as practicable following vesting, and in any case not more than 60 days after the vesting date.

The Amended Share Compensation Plan allows a Participant to elect, subject to the consent of the Administrators, to redeem such portion (and only such portion) of its vested RSUs for a cash amount equal to the Withholding Obligations (as defined in the plan) associated with the aggregate number of RSUs to be redeemed.

Termination of Employment or Service

If a Participant's employment or service with the Company and its Subsidiaries is terminated: (i) for any reason, subject to the exceptions set out in (ii) and (iii) below, Common Shares corresponding to any vested RSUs will be issued as soon as practicable following the Termination Date (as defined in the Amended Share Compensation Plan), and unless otherwise determined by the Administrators, any unvested RSUs will be forfeited for no consideration and cancelled for (unless otherwise determined by the Administrators in their discretion); (ii) due to the retirement in accordance with the Company's retirement policy, unvested performance-based RSUs will not be forfeited and cancelled, and will remain eligible to become vested in accordance with the applicable RSU Agreement after such retirement, but only if the performance vesting criteria, if any, are met on the applicable date; and (iii) as a result of non-trivial and non-condoned willful misconduct or wilful neglect of duty, for just cause, any unvested RSUs will be forfeited for no consideration and cancelled on the Termination Date.

Options

Mechanics for Options

Options granted under the Amended Share Compensation Plan will be exercisable for Common Shares issued from treasury once the vesting criteria established by the Administrators at the time of the grant have been satisfied. However, the Company will continue to retain the flexibility through the amendment provisions in the Amended Share Compensation Plan to satisfy its obligation to issue Common Shares by making a lump sum cash payment of equivalent value (i.e., pursuant to a cashless exercise), provided there is a full deduction of the number of underlying Common Shares from the Amended Share Compensation Plan's reserve.

Vesting Provisions

The Amended Share Compensation Plan provides that unless otherwise determined by the Administrators, Options shall vest and become exercisable in respect of 331/3% of the Common Shares subject to such Options on the first day after each of the first three anniversaries of the grant date of such Options.

Termination of Employment or Service

If a Participant's employment or service with the Company and its Subsidiaries is terminated: (i) for any reason, subject to the exception set out in (ii) below, unless otherwise determined by the Administrators, any unvested Options held by the Participant, to the extent not exercisable as of the Termination Date, will be immediately cancelled and cease to be exercisable, and any vested Options may be exercised only before the earlier of: (a) the expiry of the Option; (b) in the case of the death of a Participant, the date that is one year after the Termination Date, or (c) in all other cases, six months after the Termination Date, at which time such Options will be cancelled and cease to be exercisable; and (ii) as a result of non-trivial and non-condoned willful misconduct or wilful neglect of duty, or just cause, all Options held by the Participant, whether or not exercisable, will be immediately and automatically cancelled and terminated, and will cease to be exercisable.

Other Terms

If an eligible Participant elects to exercise the Options through cashless exercise and complies with any relevant protocols approved by the Administrators, a sufficient number of the Common Shares issued upon exercise of the Options will be sold by a designated broker on behalf of the Participant to satisfy the exercise price of the Options, the exercise price of the Options will be delivered to the Company and the Participant will receive only the remaining unsold Common Shares from the exercise of the Options and the net proceeds of the sale after deducting the exercise price of the Options, applicable taxes and any applicable fees and commissions, all as determined by the Administrators from time to time. The Company may not deliver the Common Shares issuable upon a cashless exercise of Options until receipt of the exercise price therefor, whether by a designated broker selling the Common Shares issuable upon exercise of such Options through a short position or such other method determined by the Administrators in compliance with applicable laws.

The Administrators will determine the exercise price and term/expiration date of each Option, provided that the exercise price in respect of that Option shall not be less than the "Fair Market Value" of a Common Share (defined in the Amended Share Compensation Plan as the weighted average trading price of a Common Share on any exchange in Canada for the last five trading days or, if the Common Shares are not listed for trading on an exchange, the fair market value per Common Share on such day will be determined by the Administrators with reference to such factors or such information as the Administrators in their discretion deem appropriate) on the date the Option is granted. The exercise price of Options granted to US Participants shall not be less than the greater of (i) the Fair Market Value of a Common Share on the grant date and (ii) the closing price of the Common Shares on any exchange in Canada where Common Shares are listed on the last trading day prior to the date the Option is granted.

No Option shall be exercisable after ten years from the date the Option is granted. Under the Amended Share Compensation Plan, should the term of an Option expire on a date that falls within a blackout period or within nine business days following the expiration of a blackout period, such expiration date will be automatically extended to the tenth business day after the end of the blackout period.

The Amended Share Compensation Plan provides that any unvested Options will vest at such time as determined by the Administrators such that Participants will be able to participate in a Change of Control, as defined in the Amended Share Compensation Plan, including by surrendering such Options to the Company or a third party or exchanging such Options, for consideration in the form of cash or other securities. Additionally, any exchange, substitution or amendment of Options of US Participants will occur only to the extent and in a manner that is permitted under the United States Internal Revenue Code and the 1933 Act.

Unless otherwise determined by the Board, in the event of a Change of Control, any surviving or acquiring corporation shall assume any Option outstanding under the Amended Share Compensation Plan on substantially the same economic terms and conditions or substitute or replace similar options for those Options outstanding under the Amended Share Compensation Plan on substantially the same economic terms and conditions.

Transferability

RSUs awarded and Options granted under the Amended Share Compensation Plan or any rights of an Participant cannot be transferred, assigned, charged, pledged or hypothecated, or otherwise alienated, whether by operation of law or otherwise.

Reorganization and Change of Control Adjustments

In the event of any declaration by the Company of any stock dividend payable in securities (other than a dividend which may be paid in cash or in securities at the option of the holder of Common Shares), or any subdivision or consolidation of Common Shares, reclassification or conversion of the Common Shares, or any combination or exchange of securities, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin off involving the Company, distribution (other than normal course cash dividends) of Company assets to holders of Common Shares, or any other corporate transaction or event involving the Company or the Common Shares, the Administrators may make such changes or adjustments, if any, as they consider fair or equitable, to reflect such change or event including adjusting the number of Options and RSUs outstanding under the Amended Share Compensation Plan, the type and number of securities or other property to be received upon exercise or redemption thereof, and the exercise price of Options outstanding under the Amended Share Compensation Plan, provided that the value of any Option or RSU immediately after such an adjustment shall not exceed the value of such Option or RSU prior thereto. Changes or adjustments to Options and RSUs of US Participants will be in accordance with the requirements of the United States Internal Revenue Code and will comply with the vesting provisions of the Amended Share Compensation Plan. The Administrators will adopt rules, regulations, policies, guidelines or conditions with respect to the exercise of the power or authority to make changes or adjustments pursuant to reorganizations.

If there is a Change of Control transaction, the Administrators may, in their sole discretion, determine that any or all unvested RSUs and any or all Options shall vest or become exercisable, as applicable, at such time and in such manner as determined by the Administrators in their sole discretion such that Participants will be able to participate in the Change of Control transaction, including, at the election of the holder thereof, by surrendering such RSUs and Options to the Company or a third party or exchanging such RSUs or Options, for consideration in the form of cash and/or securities, to be determined by the Administrators, subject, in the case of a US Participant, to the applicable requirements of Section 409A of the United States Internal Revenue Code.

Amendment Provisions

The Board may amend the Amended Share Compensation Plan or any RSU or Option at any time without the consent of any Participant provided that such amendment will:

(a) not adversely alter or impair any RSU previously awarded or any Option previously granted, except as permitted by the adjustment provisions of the Amended Share Compensation Plan and, with respect to RSUs and Options of US Participants, such amendment will not create adverse tax consequences;

(b) be subject to any regulatory approvals including, where required, the approval of the TSX or the NASDAQ;

(c) be subject to shareholder approval, where required, by the requirements of the TSX the NASDAQ, provided that shareholder approval shall not be required for the following amendments:

(i) amendments of a "housekeeping nature", including any amendment to the Amended Share Compensation Plan or a RSU or Option that is necessary to comply with applicable laws, tax or accounting provisions or the requirements of any regulatory authority or stock exchange and any amendment to the Amended Share Compensation Plan or an RSU or Option to correct or rectify any ambiguity, defective provision, error or omission therein, including any amendment to any definitions therein;

(ii) amendments that are necessary or desirable for RSUs or Options to qualify for favourable treatment under any applicable tax law;

(iii) a change to the vesting provisions of any RSU or any Option (including any alteration, extension or acceleration thereof);

(iv) a change to the termination provisions of any Option or RSU (e.g. relating to termination of employment, resignation, retirement or death) that does not entail an extension beyond the original expiration date (as such date may be extended by virtue of a blackout period);

(v) the introduction of features to the Amended Share Compensation Plan that would permit the Company to retain a broker and make payments for the benefit of Participants to such broker who would purchase Common Shares in the open market for such persons, instead of issuing Common Shares from treasury upon the vesting of the RSUs;

(vi) the introduction of features to the Amended Share Compensation Plan that would permit the Company to make lump sum cash payments to Participants, instead of issuing Common Shares from treasury upon the vesting of the RSUs;

(vii) the introduction of a cashless exercise feature (payable in cash or securities), which would provide for up to the full deduction of the number of underlying securities from the Amended Share Compensation Plan reserve; and

(viii) change the application of Reorganization Adjustments provisions in section 6.3 or the Change of Control provisions in section 6.2).

For greater certainty, shareholder approval will be required in circumstances where an amendment to the Amended Share Compensation Plan would:

(a) change from a fixed maximum percentage of issued and outstanding Common Shares to a fixed maximum number of Common Shares;

(b) increase the limits referred to above under "Limitations";

(c) permit the award of RSUs to non-employee directors of the Company or a change in the limitations on grants of Options to non-employee directors;

(d) permit RSUs or Options to be transferable or assignable other than for normal estate settlement purposes;

(e) reduce the exercise price of any Option (including any cancellation of an Option for the purpose of reissuance of a new Option at a lower exercise price to the same person);

(f) extend the term of any Option beyond the original term (except if such period is being extend by virtue of a blackout period); or

(g) amend the amendment provisions in Section 6.4 of the Amended Share Compensation Plan.

INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON

None of our directors or executive officers are aware of any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise of any person who: (i) has been a director or executive officer of Largo at any time since January 1, 2024; (ii) is a proposed nominee for election as a director of Largo; or (iii) is an associate or affiliate of any person described in (i) or (ii), in any of the matters to be acted upon at the Meeting other than the election of directors or the appointment of auditors.

INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS

As at the date of this Circular and during the financial year ended December 31, 2024, no director or executive officer of the Company or proposed nominee for election as a director (and each of their associates) was indebted, including under any securities purchase or other program, to (i) the Company or any of its subsidiaries, or (ii) any other entity which is, or was at any time during the financial year ended December 31, 2024, the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company or any of its subsidiaries.

INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS

No informed person (as such term is defined under applicable securities laws) of the Company or proposed nominee for election as a director (and each of their associates and affiliates) has had any material interest, direct or indirect, in any transaction since January 1, 2024 or in any proposed transaction which has materially affected or would materially affect the Company or any of its subsidiaries.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

Additional information relating to the Company may be found on SEDAR+ at www.sedarplus.com, and EDGAR, at www.sec.gov. Financial information is provided in our audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com and EDGAR, at www.sec.gov. Shareholders may also request copies of these documents from our Senior Manager, External Relations by telephone at +1 416 861 9797 or by e-mail at aguthrie@largoinc.com.

DIRECTORS' APPROVAL

The contents of this Circular and the sending thereof to our shareholders have been approved by the Board of Directors of Largo Inc.

By Order of the Board of Directors

April 7, 2025

SCHEDULE A
BOARD MANDATE

LARGO INC.
MANDATE OF THE BOARD OF DIRECTORS

I. GENERAL

1. Mandate

The board of directors (the "Board") of Largo Inc. (the "Corporation") is responsible for the stewardship of the Corporation including the supervision of the management of the business and the affairs of the Corporation and for acting in the best interests of the Corporation. The Board acts in accordance with the Business Corporations Act (Ontario); the Corporation's Articles of Incorporation; the Corporation's Code of Business Conduct and Ethics; this Mandate and the charters of the Board's committees; and other applicable laws and policies.

2. Board Committees

(a) To assist it in exercising its responsibilities, the Board has established three standing committees of the Board:

(i) an audit committee (the "Audit Committee");

(ii) a compensation committee (the "Compensation Committee"); and

(iii) a governance and nominating committee (the "Governance Committee").

The Board may establish other standing committees, from time to time.

(b) Each committee will have a written charter. At a minimum, each charter will clearly establish the committee's purpose, responsibilities, member qualifications, member appointment and removal, structure and operations (including any authority to delegate to individual members and subcommittees), and manner of reporting to the Board. Each charter will be reviewed by the Board (or a committee thereof) on an annual basis.

(c) The Board is responsible for appointing directors to each of its committees, in accordance with the written charter for each committee.

II. PROCEDURAL MATTERS

1. Composition

A majority of the members of the Board shall be independent within the meaning of all applicable Canadian securities laws, and required, and the rules of the TSX, unless exempted thereunder.

2. Board Structure and Operations

(a) Chair

(i) The Board will appoint an independent director to act as Chair of the Board. If the Board determines that this is not appropriate in the circumstances and instead appoints a non-independent director, who shall not also be a member of management of the Corporation, to act as Chair of the Board, the Board will also appoint an independent director to act as Lead Director, who shall not also be a member of management of the Corporation. Either an independent Chair of the Board or a Lead Director will act as the effective leader of the Board, including chairing Board meetings and ensuring that the Board's agenda will enable it to successfully carry out its duties.

(ii) If the Chair of the Board or Lead Director, if applicable, is absent or unable or unwilling to act, the directors present at the meeting will choose one of their number to be chair of the meeting.

(iii) The Chair of the Board and the Lead Director, as applicable, may be removed at any time at the discretion of the Board.

(iv) If in any year the Board does not appoint a Chair or Lead Director, if applicable, the incumbent Chair and Lead Director, if applicable, will each continue in office until a successor is appointed.

(b) Meetings

(i) The Chair of the Board or Lead Director, if applicable, in consultation with Board members, will determine the schedule and frequency of Board meetings. However, the Board will meet at least four times per year. A quorum of the Board may, at any time, call a meeting of the Board.

(ii) The Chair of the Board or Lead Director, if applicable, is responsible for developing and setting the agenda for Board meetings, with the assistance of Board members, the Chief Executive Officer (the "CEO") and the Secretary of the Corporation. Appropriate materials will be provided to the Board in advance of meetings, although the Board recognizes that in certain cases this may not be possible. Materials presented to the Board should be as concise as possible, while providing sufficient information for the directors to make an informed judgment.

(c) Notice

Notice of the time and place of every meeting will be given in writing to each member of the Board not less than 48 hours before the time when the meeting is to be held but if a Board member or the CEO considers it a matter of urgency that a meeting of the Board be convened, he or she may give notice of a meeting by means of any telephone, electronic or other communication facility no less than one hour before the meeting.

(d) Quorum

A majority of the Board constitutes a quorum at any meeting of the Board.

(e) Attendees

The Board may invite such officers and employees of the Corporation and advisors as it sees fit from time to time to attend a meeting of the Board and assist in the discussion and consideration of matters relating to the Board.

(f) In Camera Sessions

The Board will reserve a portion of each Board meeting for the independent directors to meet without any members of management or other non-independent directors present.

(g) Records

Minutes of meetings of the Board will be recorded and maintained by the Secretary of the Corporation and will be subsequently presented to the Board for review and approval.

3. Board Mandate Review

The Board will review and assess the adequacy of this Mandate on an annual basis, taking into account all legislative and regulatory requirements applicable to the Board.

III. RESPONSIBILITIES

The Board is responsible for the stewardship of the Corporation, including the supervision of management of the business and the affairs of the Corporation. As part of this mandate, the Board approves decisions that affect the Corporation before they are implemented. As a part of its overall responsibility for the stewardship of the Corporation, the Board assumes responsibility for the following:

1. Stewardship

The Board sets and supervises standards of corporate governance that establishes a culture of integrity throughout the Corporation and guide the operations of the Corporation and management in compliance with the Corporation's constating documents and Ontario corporate law, securities legislation in each jurisdiction in which the Corporation is a reporting issuer, and other applicable laws and stock exchange rules.

2. Supervising Management of the Corporation

The Board is responsible for supervising the management of the business and affairs of the Corporation, including:

(a) designating the offices of the Corporation, appointing such officers, specifying their duties and delegating to them the power to manage the day-to-day business and affairs of the Corporation in accordance with the instructions of the Board;

(b) overseeing the review of such officers' performance and effectiveness; and

(c) acting in a supervisory role, such that any duties and powers not delegated to the officers of the Corporation remain with the Board and its committees.

3. Strategic Planning

The Board is actively involved in the Corporation's strategic planning process. Management discusses and reviews materials relating to the strategic plan with the Board. The Board is responsible for reviewing and approving the strategic plan, which takes into account the opportunities and risks of the business. Following the completion of each year, the Board undertakes a review of the strategic plan to assess the strengths, weaknesses and overall results of the plan. The Board also receives reports from management throughout the year on the current and proposed operations of the Corporation and reviews opportunities and assesses risks so that the plan can be adjusted.

4. Risk Management and Compliance

The Board, in its annual assessment of the strategic plan, reviews principal risks and considers management's plans to monitor and manage risk. The principal risks to the Corporation have been identified as risks relating to the environment, safety, securities markets, commodity prices, currency fluctuations, legislative and title issues arising from operations and the fact that mineral exploration and development activities are inherently risky. The Board has instructed management to assist the Board in identifying risks and to promptly alert the Board when a risk has materialized or materially changed. The Board may from time to time, appoint management, board members or advisors to assist in assessing different risks.

5. Financial and Other Reporting, Internal Controls and Information Technology Systems

The Board is responsible for overseeing the Corporation's financial and other reporting, internal controls and information technology systems. The effectiveness and integrity of the Corporation's internal control and management information systems contribute to the effectiveness of the Board and the Corporation. To maintain the effectiveness and integrity of the Corporation's financial controls, the Board provides oversight and monitors internal control and management information systems. To assist it with these responsibilities, the Board has established the Audit Committee.

6. Compensation, Succession Planning and other Human Resources Matters

The Board is responsible for overseeing:

(a) compensation matters (including compensation of officers and other senior management personnel and approving the Corporation's annual compensation budget);

(b) succession planning (including appointing, training and monitoring senior management); and

(c) the health and safety of the Corporation's employees.

In particular, the Board annually identifies key individuals of the Corporation and, in consultation with management, determines how to replace such individuals should the need arise. Management is assigned the responsibility of training and advising new persons of the Corporation's policies and practices. The CEO has primary responsibility for supervising and reviewing the performance of other senior management.

To assist it with these responsibilities, the Board has established the Compensation Committee.

7. Code of Business Conduct and Ethics

The Board is responsible for adopting a written code of business conduct and ethics (the "Code"), applicable to directors, officers and employees of the Corporation. The Code constitutes written standards that are reasonably designed to promote integrity and deter wrongdoing and addresses the following issues:

(a) Conflicts of interest, including transactions and agreements in respect of which a director or executive officer has a material interest;

(b) protection and proper use of corporate assets and opportunities;

(c) confidentiality of corporate information;

(d) fair dealing with the Corporation's security holders, customers, suppliers, competitors and employees;

(e) compliance with laws, rules and regulations; and

(f) reporting of any illegal or unethical behaviour.

The Board is responsible for monitoring compliance with the Code. Any waivers from the Code that are granted for the benefit of the Corporation's directors or executive officers will be granted by the Board (or a Board committee) only. To assist it with these responsibilities, the Board has established the Governance Committee.

8. Timely Disclosure, Confidentiality and Insider Trading Policy and Feedback

The Timely Disclosure, Confidentiality and Insider Trading Policy governs communication with shareholders and others and reflects the Corporation's commitment to timely, effective and accurate corporate disclosure in accordance with all applicable laws and with a view to enhancing the Corporation's relationship with its shareholders.

The Corporation's website facilitates feedback from shareholders by permitting requests for information and sending messages directly to the Corporation.

9. Corporate Governance

The Board has overall responsibility for developing the Corporation's approach to corporate governance including keeping informed of legal requirements and trends regarding corporate governance, monitoring and evaluating the functioning of the Board and committees of the Board, and for developing, implementing and monitoring good corporate governance practices (including the mandate of the Board and the charters of its committees and corporate governance related policies and procedures). To assist it with these responsibilities, the Board has established the Governance Committee.

10. Other Board Matters

(a) Position Descriptions

The Board is responsible for:

(i) developing clear written position descriptions for the Chair of the Board, the Lead Director, if applicable, and the Chair of each Board committee; and

(ii) together with the CEO, developing a clear position description for the CEO.

(b) Orientation and Continuing Education

The Board is responsible for arranging:

(i) for new directors to receive a comprehensive orientation, so that they fully understand:

(A) the role of the Board and its committees, as well as the contribution individual directors are expected to make (including, in particular, the commitment of time and energy that the Corporation expects from its directors), and

(B) the nature and operation of the Corporation's business; and

(ii) continuing education opportunities for all directors, so that they may:

(A) maintain or enhance their skills and abilities as directors, and

(B) ensure that their knowledge and understanding of the Corporation's business remains current.

(c) Regular Board Assessments

The Board is responsible for annually assessing its own effectiveness and contribution, as well as the effectiveness and contribution of each Board committee and each individual director. Such assessments should consider:

(i) in the case of the Board, this Mandate;

(ii) in the case of a Board committee, the committee's charter; and

(iii) in the case of an individual director, the applicable position description(s), as well as the competencies and skills each individual director is expected to bring to the Board.

(d) Nomination of Directors

The Board is also responsible for identifying individuals qualified to become new Board members and recommending the new director nominees for the next annual meeting of shareholders. Prior to nominating or appointing individuals as directors, the Board should:

(i) consider what competencies and skills the Board, as a whole, should possess;

(ii) assess what competencies and skills each existing director possesses; and

(iii) consider the appropriate size of the Board, with a view to facilitating effective decision-making.

To assist it with these responsibilities, the Board has established the Governance Committee.

(e) Outside Advisors

In performing its functions, the Board is entitled to rely on the advice, reports and opinions of management, counsel, accountants, auditors and other expert advisors. The Board has the authority to retain and approve the fees and retention terms of its outside advisors.

Approved and adopted: May 27, 2019

Corporate Office

First Canadian Place

100 King Street West, Suite 1600

Toronto, ON Canada M5X 1G5

T: +1 416 861 9797

Investor Relations

Alex Guthrie

Director, Investor Relations

T: +1 416 861 9778

E: info@largoinc.com

Transfer Agent
TSX Trust Company

100 Adelaide Street West

Suite 301 

Toronto, ON M5H 4H1

T: +1 866 600 5869 | +1 416 342 1091

E: tsxtis@tmx.com

W: www.tsxtrust.com

Auditors
KPMG LLP

TSX LGO

NASDAQ LGO

www.largoinc.com

LARGO INC.

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

NOTICE IS HEREBY GIVEN that an annual general meeting (the "Meeting") of the holders of common shares ("Common Shares") of Largo Inc. ("Largo" or the "Company") will be held at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9, on May 12, 2025, at 10:00 a.m. (Toronto time), for the following purposes:

1. to receive Largo's audited consolidated financial statements for the year ended December 31, 2024, and the auditor's report thereon;

2. to fix the number of directors of Largo to be elected at the Meeting at five;

3. to elect the directors of Largo;

4. to appoint KPMG LLP as Largo's auditors, to hold office until the next annual meeting of shareholders, and to authorize the directors to fix their remuneration; and

5. to transact such further or other business as may properly come before the Meeting or any postponement(s) or adjournment(s) thereof.

The specific details of the matters to be considered at the Meeting are set forth in the accompanying management information circular.

Registered shareholders (being shareholders who hold their Common Shares directly, registered in their own names) and duly appointed proxyholders will be able to attend, participate and vote at the Meeting in person or by proxy. Beneficial shareholders (being shareholders who hold their Common Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) who have not duly appointed themselves as proxyholder will be able to attend the Meeting as guests, however they will not be able to vote at the Meeting.

As a shareholder of Largo, it is very important that you read the accompanying management information circular dated April 7, 2025 (the "Circular") and other Meeting Materials carefully. They contain important information with respect to voting your Common Shares and attending and participating at the Meeting.

A shareholder who wishes to appoint a person other than the management nominees identified on the form of proxy or voting instruction form, to represent him, her or it at the Meeting may do so by inserting such person's name in the blank space provided in the form of proxy or voting instruction form and following the instructions for submitting such form of proxy or voting instruction form. If you wish that a person other than the management nominees identified on the form of proxy or voting instruction form attend and participate at the Meeting as your proxy and vote your Common Shares, including if you are a beneficial shareholder and wish to appoint yourself as proxyholder to attend, participate and vote at the Meeting, you MUST submit your form of proxy or voting instruction form identifying such proxyholder by 10:00 a.m. (Toronto time) on May 8, 2025.

If you are a registered shareholder and are unable to attend the Meeting please date and execute the accompanying form of proxy and return it in the envelope provided to TSX Trust Company, Largo's transfer agent, at 100 Adelaide

Street W., Ste. 301, Toronto, ON, M5H 4H1 by facsimile at 1 416 595 9593, or by the internet at www.voteproxyonline.com and entering your 12 digit control number, no later than 10:00 a.m. (Toronto time) on May 8, 2025, or 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting.

If you are not a registered shareholder and receive these materials through your broker or through another intermediary, please complete and return the form of proxy or voting instruction form that you receive in accordance with the instructions provided to you by your broker or by the other intermediary.

Largo's directors have fixed March 26, 2025 as the record date. Holders of Common Shares at the close of business on March 26, 2025 are entitled to receive notice of and to vote at the Meeting or any postponement(s) or adjournment(s) thereof.

Notice-and-Access

The Company is using "notice-and-access" to deliver to shareholders the Company's audited consolidated financial statements for the year ended December 31, 2024 and related management's discussion and analysis, the Circular, and any other proxy-related materials (the "Meeting Materials") by providing electronic access to such documents instead of mailing paper copies. The use of this alternative means of delivery is more environmentally friendly as it will help reduce paper use and will also reduce the cost of printing and mailing the Meeting Materials to shareholders.

The Meeting Materials are available electronically at docs.tsxtrust.com/2319, on the Company's website at www.largoinc.com, and under our profiles on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov/edgar.html. Shareholders are reminded to review the Circular prior to voting.

Shareholders may request to receive paper copies of the Meeting Materials by mail at no cost. Requests may be made up to one year from the date the Meeting Materials were filed on SEDAR+. Should you wish to receive a paper copy of the Meeting Materials or if you have any questions about notice-and-access, please contact our transfer agent, TSX Trust Company, by calling toll-free, within North America, at 1 866 600 5869, or by email at tsxtis@tmx.com. A paper copy will be sent to you within three business days of receiving your request if received in advance of the Meeting or within ten calendar days if a request is received on or after the date of the Meeting. If you wish to receive a paper copy of any of these documents before the May 8, 2025 voting deadline, please contact TSX Trust Company by May 1, 2025.

DATED at Toronto, Ontario on April 7, 2025.

By Order of the Board of Directors

(Signed) "Alberto Arias"                                      

Director and Chair of the Board