<SEC-DOCUMENT>0001062993-21-010609.txt : 20211112
<SEC-HEADER>0001062993-21-010609.hdr.sgml : 20211112
<ACCEPTANCE-DATETIME>20211110183522
ACCESSION NUMBER:		0001062993-21-010609
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211110
FILED AS OF DATE:		20211112
DATE AS OF CHANGE:		20211110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Largo Inc.
		CENTRAL INDEX KEY:			0001400438
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40333
		FILM NUMBER:		211398291

	BUSINESS ADDRESS:	
		STREET 1:		65 Queen Street West
		STREET 2:		Suite 820
		CITY:			Toronto, Ontario
		STATE:			A6
		ZIP:			M5H 2M5
		BUSINESS PHONE:		4168619797

	MAIL ADDRESS:	
		STREET 1:		65 Queen Street West
		STREET 2:		Suite 820
		CITY:			Toronto, Ontario
		STATE:			A6
		ZIP:			M5H 2M5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Largo Resources Ltd.
		DATE OF NAME CHANGE:	20070523
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>
    <title>Largo Inc.: Form 6-K - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>UNITED STATES</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
    <p style="margin-top: 0pt; text-align: center;">Washington, D.C. 20549</p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>FORM 6-K</b></font></p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>REPORT OF FOREIGN PRIVATE ISSUER </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>PURSUANT TO RULE 13a-16 OR 15d-16 </b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </b></p>
    <p style="text-align: center;"><b>For the month of November 2021</b></p>
    <p style="text-align: center;"><b>Commission File Number: 001-40333</b></p>
    <p style="margin-bottom: 0pt; text-align: center;"><u><b><font style="font-size: 18pt;">LARGO INC.</font> </b></u></p>
    <p style="margin-top: 0pt; text-align: center;">(Translation of registrant's name into English)</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>55 University Avenue</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Suite 1105</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Toronto, Ontario M5J 2H7</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><u>Canada</u> </b></p>
    <p style="margin-top: 0pt; text-align: center;">(Address of principal executive offices)</p>
    <hr style="border-top-style: none; border-bottom: 0.75pt solid #000000;">
    <p style="text-align: justify;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</p>
    <p style="text-align: center;">Form 20-F &#9744;&#160; &#160; &#160; &#160; &#160; &#160; &#160; Form 40-F &#9746;</p>
    <p style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</p>
    <p style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</p>
    <div style="margin-right: 0.75pt; margin-left: 0.75pt; text-align: center;"><br></div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b>Exhibit Index</b></p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 12%;">
                <p><u><b>Exhibit No.</b></u></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 85%;">
                <p><u><b>Description of Exhibit</b></u></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 12%; background-color: #eeeeee;">
                <p><a href="exhibit99-1.htm">99.1</a></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 85%; background-color: #eeeeee;">
                <p><a href="exhibit99-1.htm">Press Release dated November 10, 2021</a></p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><b>SIGNATURES </b></p>
    <p style="text-indent: 36pt; text-align: justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>
    <p style="text-align: justify;">Date: November 10, 2021</p>
    <p style="text-align: justify;">LARGO INC.</p>
    <table style="width: 50%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 5%;">By:</td>
            <td style="width: 95%; border-bottom: 0.75pt solid #000000;">/s/ Ernest Cleave</td>
        </tr>
        <tr>
            <td style="width: 5%; padding-right: 12pt;">Name:</td>
            <td style="width: 95%;">Ernest Cleave</td>
        </tr>
        <tr>
            <td style="width: 5%;">Title:</td>
            <td style="width: 95%;">Chief Financial Officer</td>
        </tr>
    </table>
    <br>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
    <title>Largo Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <div id="header_page_1">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <div>
        <p style="text-align: right;">&#160;</p>
    </div>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;"><font style="color: #0089ce;">PRESS RELEASE</font></td>
            <td style="width: 50%; text-align: right;"><font style="color: #0089ce;">&#160;</font>NOVEMBER 10, 2021</td>
        </tr>
    </table>
    <p style="text-align: justify;"><font style="color: #0089ce;"><br></font><font style="font-size: 14pt;">Largo Reports Third Quarter 2021 Financial Results with Net Income of $9.2 Million; Advances to Implement Largo's Complementary Value Propositions</font></p>
    <p style="text-align: justify;">All amounts expressed are in U.S. dollars, denominated by "$".</p>
    <p style="text-align: justify;">Q3 2021 and Other Significant Highlights</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Net income of $9.2 million, a 261% increase over Q3 2020; Basic earnings per share of $0.14</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Revenues of $53.9 million, 96% higher than Q3 2020; Revenues per lb sold<sup>1</sup> of $9.10, a 69% increase over Q3 2020</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Cash balance of $87.6 million exiting Q3 2021</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Battery Development Funding: Largo Clean Energy ("LCE") selected to receive $4.2 million in funding from the U.S. Department of Energy ("DOE") to scale up U.S.-based manufacturing of flow battery and long duration storage systems</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>First Battery Sales Contract: On July 20, 2021, LCE entered into its first VCHARGE vanadium redox flow battery ("VRFB") sales contract with Enel Green Power Espa&#241;a ("Enel"); LCE will deliver a 5 hour, 6.1 MWh VCHARGE system for a project in Spain and received a Notice to Proceed on July 30, 2021</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>2020 Sustainability Report Released: Significant progress made on environmental, social and governance priorities in furthering the Company and vanadium's role in the global green economy</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Total V<sub>2</sub>O<sub>5</sub> equivalent sales of 2,685 tonnes, a 16% increase over Q3 2020</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Production of 3,260 tonnes (7.2 million lbs<sup>2</sup>) of V<sub>2</sub>O<sub>5</sub>, a 5% increase over Q3 2020</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Cash operating costs excluding royalties<sup>1</sup> of $3.53 per lb of V<sub>2</sub>O<sub>5</sub> vs. $3.14 per lb in Q3 2020</p>
        </li>
        <li style="margin-left: 30.5pt; padding-left: 8.4pt; ext-align: justify;">
            <p>Solid Vanadium Demand: Average Fastmarkets European V<sub>2</sub>O<sub>5</sub> price of approximately $9.40 per lb in Q3 2021, a 76% increase over the average in Q3 2020</p>
        </li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 30.35pt; padding-left: 8.4pt; text-align: justify;">
            <p>Corporate Name Change and Rebrand: In line with the Company's Board approved strategy to vertically integrate is foundational mining business and growing energy storage division, Largo announced that it has changed its name from Largo Resources Ltd. to Largo Inc.</p>
        </li>
        <li style="margin-left: 30.35pt; padding-left: 8.4pt; text-align: justify;">
            <p>Pre-Feasibility Study Results Released: On November 3<sup>rd</sup>, 2021, the Company announced its technical report results outlining a significant expansion of V<sub>2</sub>O<sub>5</sub> production and reserves supported by new cash flow generation from titanium dioxide ("TiO<sub>2</sub>") pigment co-product sales. The result is a 20-year mine life and a $2.0 Billion after-tax NPV<sub>7%</sub> for the Marac&#225;s Menchen Mine</p>
        </li>
        <li style="margin-left: 30.35pt; padding-left: 8.4pt; text-align: justify;">
            <p>2021 Production and Sales Guidance: Production guidance of 11,400 to 11,800 tonnes of V<sub>2</sub>O<sub>5</sub> equivalent; Sales guidance of 11,200 to 11,800 tonnes of V<sub>2</sub>O<sub>5</sub></p>
        </li>
        <li style="margin-left: 30.35pt; padding-left: 8.4pt; text-align: justify;">
            <p>UPDATED: The Company will host a webcast and conference call for its Q3 2021 results on Thursday, November 11th at 10:00 a.m. ET</p>
        </li>
    </ul>
    <div id="footer_page_1">
        <p style="text-align: right;">Page 1 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <div id="header_page_2">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <p style="text-align: justify;">TORONTO - Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces its third quarter 2021 financial results highlighted by revenues of $53.9 million and net income of $9.2 million. The Company recently announced results of a pre-feasibility study which forecasts materially increased profitability through enhanced access to vanadium and achieved important milestones in the development of its vanadium-based energy storage business.</p>
    <p style="text-align: justify;">Ian Robertson, Co-Chair of Largo, commented<i>: "We believe that our two distinct, but related value propositions are clear - our shareholders own both an experienced new-economy vanadium production business demonstrating clear value upside, together with an emerging energy transition business, which provides the opportunity for incremental earnings from the manufacture and sale of vanadium-based energy storage systems. Our recently announced pre-feasibility study results support both businesses through materially enhanced forecast profitability from our vanadium and TiO<sub>2</sub> production business and improved market share for our energy storage products. We believe the updated Largo brand embodies our commitment to deliver shareholder value accretion through the vertical integration of our two business propositions."</i></p>
    <p style="text-align: justify;">Paulo Misk, President and CEO of Largo, stated: <i>"The expansion of V</i><sub><i>2</i></sub><i>O</i><sub><i>5</i></sub><i> production and incremental cash flows generated by the production and sale of its TiO</i><sub><i>2</i></sub><i> pigment provide clear upside to our shareholders. We were very pleased to report a 305%</i><sup><i>7</i></sup><i> increase in Proven and Probable reserve tonnage and a 128%</i><sup><i>7</i></sup><i> increase in Measured and Indicated resource tonnage for the Marac&#225;s Menchen Mine. We believe TiO</i><sub><i>2</i></sub><i> production from the Company's existing</i><i> non-magnetic concentrate will enable Largo to enhance its operational competitiveness and together with its energy storage business transition, should lead to increased shareholder value for the Company. Strong vanadium prices in the third quarter resulted in the Company's revenue and revenues per pound sold</i><sup><i>1</i></sup><i> increasing 96% and 69%, respectively, over the same quarter in 2020. Despite lower sales results during Q3 2021 mainly due to global logistical delays, our operational results improved significantly over the prior quarter driven by improved recoveries and increased throughput."</i></p>
    <p style="text-align: justify;">Financial Results</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 1.04287%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 24.978%; border-top: 0.75pt solid #000000;" colspan="5">Three months ended</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1.04287%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 24.9131%; border-top: 0.75pt solid #000000;" colspan="5">Nine months ended</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 12%;" colspan="2">September 30,<br>2021</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 9.96524%;">September 30,<br>2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 9.96524%;">September 30,<br>2021</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 9.96524%;">September 30,<br>2020</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Revenues</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;">53,861</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">27,474</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;">147,954</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">77,733</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Operating costs</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">(32,126</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(20,977</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">(95,264</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(56,786</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 20.65pt; vertical-align: bottom; width: 47.9722%;"><i>Direct mine and production costs</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><i>(18,613</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;"><i>)</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;"><i>(11,354</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;"><i>)</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><i>(53,756</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><i>)</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;"><i>(31,028</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;"><i>)</i></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Net income before tax</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">13,469</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">3,352</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">32,096</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">1,700</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Income tax expense</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">(2,569</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(421</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">(5,028</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(421</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Deferred income tax expense</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">(1,707</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(382</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">(5,286</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(1,399</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Net income (loss)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">9,193</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">2,549</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">21,782</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(120</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Basic earnings (loss) per share</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">0.14</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">0.05</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">0.34</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">0.00</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Diluted earnings (loss) per share</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">0.14</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">0.04</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">0.34</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">0.00</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Cash provided before non-cash working capital items</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">20,314</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">4,820</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">49,260</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">4,526</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Net cash provided by (used in) operating activities</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">15,512</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">382</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">36,350</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(64,249</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Net cash provided by (used in) financing activities</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">78</p>
            </td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">126</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">(6,900</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">27,643</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Net cash used in investing activities</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;">(6,145</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(4,435</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;">(20,414</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(13,036</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">Net change in cash</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">6,898</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; border-bottom: 0.75pt solid #000000;">(3,320</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; border-bottom: 0.75pt solid #000000;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">8,422</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; border-bottom: 0.75pt solid #000000;">(52,604</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; border-bottom: 0.75pt solid #000000;">)</td>
        </tr>
    </table>
    <br>
    <div id="footer_page_2">
        <p style="text-align: right;">Page 2 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <div id="header_page_3">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8725%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 1.04287%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 29.2004%; border-bottom: 0.75pt solid #000000;" colspan="5">As at</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8725%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 11.9351%;">September 30,<br>2021</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 12.2827%;">December 31,<br>2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8725%; padding-left: 4pt;">Cash</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 11.9351%; background-color: #f2f2f2;">87,567</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12.2827%;">79,145</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 69.8725%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">Working capital<font style="color: #000000;"><sup>3</sup></font></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 11.9351%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">121,710</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.2827%; border-bottom: 0.75pt solid #000000;">92,950</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">Marac&#225;s Menchen Mine Operational and Sales Results</p>
    <table style="width: 80%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Q3 2021</p>
            </td>
            <td style="width: 15%; vertical-align: top; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Q3 2020</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Total Ore Mined (tonnes)</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">366,484</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">287,969</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Ore Grade Mined - Effective Grade (%)<font style="color: #000000;"><sup>4</sup></font></p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.10</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.28</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Concentrate Produced (tonnes)</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">113,879</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">104,921</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Grade of Concentrate (%)</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3.32</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3.32</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Global Recovery (%)<font style="color: #000000;"><sup>5</sup></font></p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">83.7</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">84.2</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>V<sub>2</sub>O<sub>5</sub> produced (Flake + Powder) (tonnes)</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,260</p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,092</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160; &#160; &#160; &#160; &#160; &#160; <i>V</i><sub><i>2</i></sub><i>O</i><sub><i>5</i></sub><i> produced (equivalent pounds) </i><sup><i>1</i></sup></p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>7,187,061</i></p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>6,816,685</i></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Total V<sub>2</sub>O<sub>5</sub> equivalent sold (tonnes)</p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,685</p>
            </td>
            <td style="width: 15%; vertical-align: middle;" rowspan="3">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,320</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><i>&#160; &#160; &#160; &#160; &#160; Produced V</i><sub><i>2</i></sub><i>O</i><sub><i>5</i></sub><i> equivalent sold (tonnes)</i></p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>2,549</i></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><i>&#160; &#160; &#160; &#160; &#160; Purchased V</i><sub><i>2</i></sub><i>O</i><sub><i>5</i></sub><i> equivalent sold (tonnes)</i></p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>136</i></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><i>&#160;</i></p>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>&#160;</i></p>
            </td>
            <td style="width: 15%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>&#160;</i></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt;">
                <p>Cash operating costs excluding royalties<sup>1</sup> ($/lb)</p>
            </td>
            <td style="width: 15%; vertical-align: bottom; background-color: #f2f2f2;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3.53</p>
            </td>
            <td style="width: 15%; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><i>3.14</i></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">
                <p>Revenues per pound<sup>1</sup> ($/lb)</p>
            </td>
            <td style="width: 15%; vertical-align: bottom; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">9.10</p>
            </td>
            <td style="width: 15%; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">5.37</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><br>Q3 2021 Financial Highlights</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>During Q3 2021, the Company recognized revenues of $53.9 million from sales of 2,685 tonnes of V<sub>2</sub>O<sub>5</sub> equivalent (Q3 2020 - 2,320 tonnes). This represents a 96% increase in revenues over Q3 2020 ($27.5 million) due to higher vanadium prices during the quarter.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Revenues per pound sold<sup>1</sup> were $9.10 in Q3 2021 compared to $5.37 per pound sold in Q3 2020, representing an increase of 69%.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Operating costs of $32.1 million in Q3 2021 (Q3 2020 - $21.0 million) include direct mine and production costs of $18.6 million (Q3 2020 - $11.3 million). The increase in direct mine and production costs is primarily attributable to the increase in sales as well as the impact of cost increases for critical consumables.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Cash operating costs excluding royalties<sup>1</sup> were $3.53 per lb in Q3 2021, compared with $3.14 for Q3 2020. The increase seen in Q3 2021 compared with Q3 2020 is largely due to the impact of cost increases for critical consumables and a slight decrease in global recoveries<sup>5</sup>, with 83.7% achieved in Q3 2021, compared with 84.2% achieved in Q3 2020.</p>
        </li>
    </ul>
    <div id="footer_page_3">
        <p style="text-align: right;">Page 3 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <div id="header_page_4">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>The Company recorded net income of $9.2 million in Q3 2021, representing an 261% increase over net income of $2.5 million in Q3 2020.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Professional, consulting and management fees were $4.9 million in Q3 2021, compared with $2.1 million in Q3 2020. The increase is primarily attributable to costs incurred during the quarter in connection with LCE that was not operational in Q3 2020. In addition, the Company incurred increased legal and regulatory costs in Q3 2021 in relation to the Nasdaq listing process and U.S. regulatory requirements.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Cash provided before working capital items of $20.3 million for Q3 2021 increased 321% compared to $4.8 million in Q3 2020. The increase resulted largely from higher revenue during the quarter resulting from higher realized vanadium prices.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Cash of $87.6 million and working capital of $121.7 million as of September 30, 2021, compared to $79.1 million and $92.9 million, respectively, as of December 30, 2020.</p>
        </li>
    </ul>
    <p style="text-align: justify;"><br>Additional Corporate Highlights</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Developing Largo's Vertically Integrated Energy Storage Business: On July 22, 2021, the Company announced the appointment of Mr. Ian Robertson as Co-Chair of the Board of Directors of Largo and as Interim President of LCE. Since then, LCE has passed all tests required for Underwriters Laboratory certification of the VCHARGE energy storage system, substantially completed Phase I of Largo's Massachusetts manufacturing facility, was selected for $4.2 million in DOE funding for further development of manufacturing capabilities and continued to develop its sales pipeline with active customer discussions representing storage requirements of over 6,000 MWh.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Solid Q3 2021 Production Results; Strong Finish to the Year Expected: Production from the Marac&#225;s Menchen Mine was 3,260 tonnes of V<sub>2</sub>O<sub>5</sub> in Q3 2021, representing a 5% increase over Q3 2020 and the second-best quarter of production since commencement of operations. The Company achieved an excellent global recovery<sup>3</sup> of 83.7% in Q3 2021, being 1% lower than Q3 2020 but 5% higher than the 79.9% achieved in Q2 2021. Lower V<sub>2</sub>O<sub>5</sub> production in October 2021 of 874 tonnes was due to an unplanned mill shutdown and power outages caused by heavy rains which fell over the region during the month.</p>
        </li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Vanadium Sales Impacted by Global Logistical Delays: Increased delays and global logistical challenges have impacted all aspects of the Company's supply chain resulting in lower V<sub>2</sub>O<sub>5</sub> equivalent sales of 2,685 tonnes in Q3 2021. Diligent planning and a comprehensive sales strategy have allowed the Company to deliver on all its commercial commitments up to this point. The Company expects to exit the year with a solid quarter of production and sales results in Q4 2021.</p>
        </li>
    </ul>
    <p style="text-align: justify;">Updated Q3 2021 Webcast and Conference Call Information</p>
    <p style="text-align: justify;">The Company will host a webcast and conference call on Thursday, November 11th at 10:00 a.m. ET, to discuss its third quarter 2021 results and progress.</p>
    <p style="text-align: justify;">Webcast and Conference Call Details:</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #a6a6a6; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-left: 6pt; padding-right: 6pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">
                <p>Date:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; padding-left: 6pt; padding-right: 6pt; border: 0.75pt solid #000000;">
                <p>Thursday, November 11, 2021</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-left: 6pt; padding-right: 6pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p>Time:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; padding-left: 6pt; padding-right: 6pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p>10:00 a.m. ET</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-left: 6pt; padding-right: 6pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p>Webcast Registration Link:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; padding-left: 6pt; padding-right: 6pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p><font style="color: #0563c1;"><u>https://produceredition.webcasts.com/starthere.jsp?ei=1510027&amp;tp_key=8437e02a6</u></font></p>
            </td>
        </tr>
    </table>
    <br>
    <div id="footer_page_4">
        <p style="text-align: right;">Page 4 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #a6a6a6; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>Dial-in Number:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; padding-left: 6pt; padding-right: 6pt; border: 0.75pt solid #000000;">
                <p>Local / International: +1 (647) 792-1241</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>North American Toll Free: +1 (866) 269-4261</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>Conference ID:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>6358846</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>Replay Number:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>Local / International: + 1 (647) 436-0148</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>North American Toll Free: +1 (888) 203-1112</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 75%; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 6pt; padding-right: 6pt;">
                <p>Replay Passcode: 6358846</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><br>A playback recording will be available on the Company's website for a period of 60-days following the conference call.</p>
    <p style="text-align: justify;">The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 and its management's discussion and analysis ("MD&amp;A") for the three and nine months ended September 30, 2021 which are available on our website at www.largoresources.com or on the Company's respective profiles at <font style="color: #0563c1;"><u>www.sedar.com</u></font> and <font style="color: #0563c1;"><u>www.sec.gov</u></font>.&#160;</p>
    <p style="text-align: justify;">Technical Information</p>
    <p style="text-align: justify;">The technical and scientific information contained in this press release has been reviewed by, and was prepared under the supervision of, Porfrio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, GE21 director, who is an independent Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The scientific and technical information contained in this press release was previously disclosed by the Company on Thursday, November 4, 2021, in the press release entitled "Enhanced Access to Vanadium and Profitability Indicated by Pre-Feasibility Study Strengthens Foundation for Strategic Commitment to Energy Storage Business".</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; border-top: 0.75pt solid #000000;">
                <p style="border-top: 0.75pt solid #d9d9d9; text-align: justify;"><font style="color: #0089ce; font-size: 12pt;">About Largo</font></p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Largo is a Canadian-based company that has historically been solely committed to the production and supply of high-quality vanadium products. The Company believes that the development and sale of vanadium-based utility scale electrical energy storage systems to support the planet's on-going transition to renewable energy presents both an attractive economic opportunity for the use of the Company's vanadium products and an opportunity to enhance the Company's sustainability. The Company is confident that using its VPURE<sup>TM</sup> and VPURE+<sup>TM</sup> products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Marac&#225;s Menchen Mine in Brazil, in its VCHARGE vanadium redox flow battery technology results in a competitive and practical long duration energy storage product. Consequently, the Company is undergoing a strategic transformation through the creation of energy storage business operations to be vertically integrated with its highly efficient vanadium production mining operations, to create a unique competitive advantage in the rapidly growing long duration energy storage market.</p>
    <p style="text-align: justify;">Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit <font style="color: #0563c1;"><u>www.largoinc.com</u></font>.</p>
    <p style="text-align: center;">###</p>
    <p style="text-align: justify;">For further information, please contact:</p>
    <p style="text-align: justify;"><font style="color: #0089ce;">Investor Relations</font><br>Alex Guthrie<br>Senior Manager, External Relations<br>+1.416.861.9778<br><font style="color: #0563c1;"><u>aguthrie@largoinc.com</u></font>&#160;</p>
    <div id="footer_page_5">
        <p style="text-align: right;">Page 5 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <p style="text-align: justify;"><i>Forward-looking Information:</i></p>
    <p style="text-align: justify;"><i>This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of applicable Canadian securities legislation ("forward-looking statements"). Forward&#8208;looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations; the ability to increase shareholder value through the vertical integration of the Company; the extent of capital and operating expenditures; the impact of global delays and related price increases on the Company's global supply chain and future V2O5 equivalent sales and the filing of a National Instrument 43-101 Technical Report on the Marac&#225;s Menchen Mine within 45 days of the announcement of the Technical Report results. Forward&#8208;looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to protect and develop our technology, our ability to maintain our IP, our ability to market, sell and deliver our VCHARGE&#177; battery system on specification and at a competitive price, our ability to secure the required production resources to build our VCHARGE&#177; battery system, the ability to successfully conclude award negotiations with the DOE, the timing of completion of the product development and stack manufacturing facility in Massachusetts and the adoption of VRFB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&amp;As which also apply.</i></p>
    <p style="text-align: justify;"><i>Trademarks are owned by Largo Inc.</i></p>
    <p style="text-align: justify;"><i>Non-GAAP</i><sup><i>6</i></sup><i> Measures</i></p>
    <p style="text-align: justify;"><i>The Company uses certain non-GAAP financial performance measures in its press release and MD&amp;A, which are described in the following section.</i></p>
    <p style="text-align: justify;"><i>Revenues Per Pound</i></p>
    <p style="text-align: justify;"><i>The Company's press release refers to revenues per pound sold, a non-GAAP performance measure that is used to provide investors with information about a key measure used by management to monitor performance of the Company.</i></p>
    <p style="text-align: justify;"><i>This measure, along with cash operating costs and total cash costs, is considered to be one of the key indicators of the Company's ability to generate operating earnings and cash flow from its Marac&#225;s Menchen Mine and sales activities. This revenues per pound measure does not have any standardized meaning prescribed by IFRS and differs from measures determined in accordance with IFRS. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.</i></p>
    <p style="text-align: justify;"><i>The following table provides a reconciliation of this measure per pound sold to revenues as per the Q3 2021 unaudited condensed interim consolidated financial statements.</i></p>
    <div id="footer_page_6">
        <p style="text-align: right;">Page 6 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div id="header_page_7">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; width: 1.04287%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; width: 24.978%; white-space: nowrap; border-top: 0.75pt solid #000000;" colspan="5"><b>Three months ended</b></td>
            <td style="text-align: center; vertical-align: bottom; width: 1.96987%; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; width: 1.04287%; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; width: 25.0429%; white-space: nowrap; border-top: 0.75pt solid #000000;" colspan="5"><b>Nine months ended</b></td>
            <td style="text-align: center; vertical-align: bottom; width: 1.96987%; border-top: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; white-space: nowrap;"><b>September 30,</b><br><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; white-space: nowrap;" colspan="2">September 30,<br>2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; white-space: nowrap;" colspan="2"><b>September 30,</b><br><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; white-space: nowrap;" colspan="2">September 30,<br>2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues - V<sub>2</sub>O<sub>5</sub> produced<sup>1</sup></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>28,627</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>76,381</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> sold - produced (000s lb)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>3,308</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>10,265</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> revenues per pound of V<sub>2</sub>O<sub>5</sub> sold - produced ($/lb)</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 9.96524%; background-color: #f2f2f2;"><b>8.65</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 10%; background-color: #f2f2f2;"><b>7.44</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues - V<sub>2</sub>O<sub>5</sub> purchased<sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><b>455</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> sold - purchased (000s lb)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>-</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>55</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> revenues per pound of V<sub>2</sub>O<sub>5</sub> sold - purchased ($/lb)</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 9.96524%; background-color: #f2f2f2;"><b>-</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 10%; background-color: #f2f2f2;"><b>8.27</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues - V<sub>2</sub>O<sub>5</sub><sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>28,627</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><b>76,836</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> sold (000s lb)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>3,308</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>10,320</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> revenues per pound of V<sub>2</sub>O<sub>5</sub> sold ($/lb)</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 9.96524%; background-color: #f2f2f2;"><b>8.65</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 10%; background-color: #f2f2f2;"><b>7.45</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues - FeV produced<sup>1</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>22,621</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><b>63,908</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">FeV sold - produced (000s kg)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>716</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>2,321</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">FeV revenues per kg of FeV sold - produced ($/lb)</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 9.96524%; background-color: #f2f2f2;"><b>31.59</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 10%; background-color: #f2f2f2;"><b>27.53</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues - FeV purchased<sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>2,613</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><b>7,210</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">FeV sold - purchased (000s kg)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>88</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>265</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">FeV revenues per kg of FeV sold - purchased ($/lb)</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 9.96524%; background-color: #f2f2f2;"><b>29.69</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 10%; background-color: #f2f2f2;"><b>27.21</b></td>
            <td style="border-top: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #f2f2f2;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues - FeV<sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>25,234</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><b>71,118</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">FeV sold (000s kg)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>804</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>2,586</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; border-bottom: 0.75pt solid #000000; padding-left: 4pt;">FeV revenues per kg of FeV sold ($/lb)</td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 9.96524%; background-color: #f2f2f2;"><b>31.39</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 10%; background-color: #f2f2f2;"><b>27.50</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 11.9351%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.04287%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1.96987%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; padding-left: 4pt;">Revenues<sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>53,861</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">27,474</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2;"><b>147,954</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">77,733</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; border-bottom: 0.75pt solid #000000; padding-left: 4pt;">V<sub>2</sub>O<sub>5</sub> equivalent sold (000s lb)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>5,919</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">5,115</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #f2f2f2;"><b>18,727</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">14,348</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 43.9166%; border-bottom: 0.75pt solid #000000; padding-left: 4pt;">Revenues per pound sold ($/lb)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>9.10</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000;">5.37</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.96987%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>7.90</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000;">5.42</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 1.96987%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;"><font style="color: #394346;"><i>i.</i></font><font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Calculated from note 16 from the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020: V</i><sub><i>2</i></sub><i>O</i><sub><i>5</i></sub><i> revenues of $28,627 less revenues from purchased products of $nil gives revenues from produced products of $28,627. FeV revenues of $25,234 less revenues from purchased products of $2,613 gives revenues from produced products of $22,621.</i></p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;"><font style="color: #394346;"><i>ii.</i></font><font style="width: 9.94pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>As per note 16.</i></p>
    <p style="text-align: justify;"><br><i>Cash Operating Costs Per Pound</i></p>
    <p style="text-align: justify;"><i>The Company's press release refers to cash operating costs per pound, a non-GAAP performance measure, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Marac&#225;s Menchen Mine is performing compared to plan and prior periods, and also to assess its overall effectiveness and efficiency.</i></p>
    <div id="footer_page_7">
        <p style="text-align: right;">Page 7 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <p style="text-align: justify;"><i>Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. These costs are then divided by the pounds of vanadium sold that were produced by the Marac&#225;s Menchen Mine to arrive at the cash operating costs per pound. This measure differs to the new total cash costs non-GAAP measure the Company&#160; uses to measure its overall performance (see later in this section).&#160; </i></p>
    <p style="text-align: justify;"><i>These measures, along with revenues, are considered to be one of the key indicators of the Company's ability to generate operating earnings and cash flow from its Marac&#225;s Menchen Mine. These cash operating costs measures do not have any standardized meaning prescribed by IFRS and differ from measures determined in accordance with IFRS. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.</i></p>
    <p style="text-align: justify;"><i>In addition, the Company's MD&amp;A refers to cash operating costs excluding royalties. This is a non-GAAP performance measure and is calculated as cash operating costs less royalties, as disclosed in the following table.</i></p>
    <p style="text-align: justify;"><i>The following table provides a reconciliation of cash operating costs per pound for the Marac&#225;s Menchen Mine to operating costs as per the Q3 2021 unaudited condensed interim consolidated financial statements.</i></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 1.04287%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 24.9131%; border-top: 0.75pt solid #000000;" colspan="5"><b>Three months ended</b></td>
            <td style="vertical-align: bottom; text-align: center; width: 1.04287%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; width: 24.9131%; border-top: 0.75pt solid #000000;" colspan="5"><b>Nine months ended</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;"><b>September 30,</b><br><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">September 30,<br>2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;"><b>September 30,</b><br><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.04287%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">September 30,<br>2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Operating costs<sup>1</sup></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>32,126</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">20,977</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>95,264</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">56,786</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Professional, consulting and management fees<sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>1,007</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">853</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>2,986</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">2,123</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Other general and administrative expenses<sup>2</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>236</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">390</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>1,003</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">1,155</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; width: 47.9722%;">Less: loss on iron ore sales<sup>1</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(134</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(50</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; width: 47.9722%;">Less: conversion costs<sup>1</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(2,037</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(6,660</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; width: 47.9722%;">Less: product acquisition costs<sup>1</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(2,479</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(3,877</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(8,656</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(7,180</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; width: 47.9722%;">Less: distribution costs<sup>1</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(1,331</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(3,839</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; width: 47.9722%;">Less: inventory write-down<sup>3</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(2</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%;">(317</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 47.9722%;">Less: depreciation and amortization expense<sup>1</sup></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(4,825</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">(3,264</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(15,713</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">(11,745</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Cash operating costs</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>22,563</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">15,079</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>64,333</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">40,822</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 2.65pt; padding-left: 8.65pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 47.9722%;">Less: royalties<sup>1</sup></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(2,707</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">(1,552</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>(6,588</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">(5,149</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Cash operating costs excluding royalties</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>19,856</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">13,527</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>57,745</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">35,673</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; border-bottom: 0.75pt solid #000000; padding-left: 4pt;">Produced V<sub>2</sub>O<sub>5</sub> sold (000s lb)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>5,621</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">4,310</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>17,686</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9.96524%;">13,195</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt;">Cash operating costs per pound ($/lb)</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>4.01</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">3.50</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; background-color: #f2f2f2;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%; background-color: #f2f2f2;"><b>3.64</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%; background-color: #f2f2f2;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.04287%; padding-left: 4pt;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 9.96524%;">3.09</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1.96987%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 47.9722%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">Cash operating costs excluding royalties per pound ($/lb)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>3.53</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; border-bottom: 0.75pt solid #000000;">3.14</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;"><b>3.27</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; background-color: #f2f2f2; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.04287%; padding-left: 4pt; border-bottom: 0.75pt solid #000000;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.96524%; border-bottom: 0.75pt solid #000000;">2.70</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.96987%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;"><font style="color: #394346;"><i>i.</i></font><font style="width: 13.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>As per note 20 from the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020.</i></p>
    <div id="footer_page_8">
        <p style="text-align: right;">Page 8 of 9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
        <p style="text-align: right;"><img src="exhibit99-1x001.jpg" style="width: 111px;" height="25"></p>
    </div>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;"><font style="color: #394346;"><i>ii.</i></font><font style="width: 9.44pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>As per the Mine properties segment in note 16 from the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020. </i></p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;"><font style="color: #394346;"><i>iii.</i></font><font style="width: 6.89pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>As per note 5 from the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 and 2020.</i></p>
    <p style="margin-top: 0pt; margin-left: 16pt; text-indent: -18pt; text-align: justify;"><i>____________________</i></p>
    <div id="_edn1">
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><sup><i>1</i></sup><i> The cash operating costs excluding royalties and revenues per pound per pound sold are reported on a non-GAAP basis. Refer to the "Non-GAAP Measures" section of this press release. Revenues per pound sold are calculated based on the quantity of V2O5 sold during the stated period.</i></p>
    </div>
    <div id="_edn2">
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><sup><i>2</i></sup><i> Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.</i></p>
    </div>
    <div id="_edn3">
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><sup><i>3</i></sup><i> Defined as current assets less current liabilities per the consolidated statements of financial position.</i></p>
    </div>
    <div id="_edn4">
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><sup>4</sup> <i>Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate.</i></p>
    </div>
    <div id="_edn5">
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><sup><i>5</i></sup> <i>Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.</i></p>
    </div>
    <div id="_edn6">
        <p style="margin-bottom: 0pt; text-align: justify; margin-top: 0pt;"><sup><i>6</i></sup><i> GAAP - Generally Accepted Accounting Principles</i></p>
        <p style="margin-top: 0pt; text-align: justify;"><i>7 Drilling and engineering work performed on the Campbell Pit, and NAN and GAN deposits, in addition to the inclusion of titanium dioxide ("TiO2") has resulted in a significant increase in reserves and resources</i></p>
    </div>
    <div id="footer_page_9">
        <p style="text-align: right;">Page 9 of 9</p>
    </div>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>exhibit99-1x001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-1x001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  0" P,# @0# P,$! 0$!0D&!04%
M!0L(" 8)#0L-#0T+# P.$!01#@\3#PP,$A@2$Q46%Q<7#A$9&QD6&A06%Q;_
MVP!# 00$! 4%!0H&!@H6#PP/%A86%A86%A86%A86%A86%A86%A86%A86%A86
M%A86%A86%A86%A86%A86%A86%A86%A;_P  1"  9 &\# 2(  A$! Q$!_\0
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M\3WU@;JX"P*;V5(8\0!SPO3.#T'4UO\ _!/_ ,6I#?:MX,N';]__ *=:9Z9
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M\.ZK%IUK%#'<W)LY$A1Y=KSL&(P % '7.5/7BO8E^!/PKVC/A*WS_P!=I?\
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'YN<WU9__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
