TSX.V:LGO

www.largoresources.com

Creating a World Leading Strategic Mineral Company

February, 2011

A Member of the Forbes & Manhattan Group of Companies

Forward Looking Statements

The information presented contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward‑looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward‑looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements and forward‑looking information 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 state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and forward‑looking information are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward‑looking information, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations; actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates..  Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward‑looking information, 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 and forward‑looking information. The Company does not undertake to update any forward-looking statements or forward‑looking information that are incorporated by reference herein, except in accordance with applicable securities laws.

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately.  Mineral resources that are not mineral reserves do not have demonstrated economic viability. 

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources

The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources.  United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms.  “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

Shareholder Value

Positioned to be a leading player in the primary production of

vanadium:

Top two undeveloped vanadium deposits in the world Potential lowest cost producer of primary vanadium Vanadium prices rebounding

Potential to be a leading non Chinese producer of tungsten

Largest undeveloped tungsten-moly deposit in the world Short term low cost production opportunity: Currais Novos Strong long term relationships with industry leaders

3

Our World Class Assets

Vanadium:

Maracás (Brazil) World’s highest grade vanadium deposit

Campo Alegre de Lourdes (Brazil) World’s Class iron, titanium and vanadium deposit

Tungsten:

Northern Dancer (Yukon) Largest undeveloped tungsten-moly deposit in the world

Currais Novos (Brazil) Near term tungsten and molybdenum production

4

Experienced Management Team

5

Mark Brennan, President & CEO Founding member of Desert Sun Mining with over 20 years financing experience in North America & Europe. Founder and principal of Linear Capital, Brasoil Corporation, James Bay Resources, Morumbi Oil & Gas and former President, CEO and Chairman of Admiral Bay Resources.

Tim Mann, P. Eng., Vice President, Engineering, Mining Engineer with extensive international operations and management experience in mine engineering, development and mine operations with SNC Lavalin, Placer Dome and Goldcorp. Andy Campbell, M.Sc., P.Geo. , Vice President Exploration, Over 30 years experience in mining and exploration, including LAC Minerals and Noranda.

Kurt Menchen, General Manager, BrazilFormer Jacobina Mine Manager, Brazil. Mining Engineer with over 30 years experience including Anglo Gold and Desert Sun Mining.

Les Ford, Technical Director of Brazilian OperationsWith over 40 years of experience constructing, developing and producing vanadium projects, Mr. Ford is arguably one of the world’s foremost experts in vanadium. Previously Assistant General Manager of Highveld Steel and a member of the Highveld Executive committee and Managing Director of Rand Mines Vansa.

Rodrigo Costa, Project Manager, Brazil Most recently Metallurgy Manager with a major mining company in Brazil. His previous experience includes commissioning and constructing mines as well as acting as General Manager with one of Brazil's largest private mining companies.

Kevin Brewer, P. Geo., General Manager – Northern Dancer Project Geologist with over 20 years of mining and exploration experience combined with extensive knowledge of regulatory and environmental assessment processes.

Deborah Battiston, C.G.A., Chief Financial OfficerOver 20 years of accounting and financial management experience.

666

Tim Mann, P. Eng.Chief Operating Officer

Mark BrennanPresident & CEO

Robert Campbell, P. Geo.

VP Exploration

Yukon

Kevin BrewerGeneral Manager, Yukon

Mauro SilvaElectrical Engineer

Mauricio ColettiMining Engineer

Rodrigo CostaDirector of Operations

Israel NonatoSenior Exploration Geologist

Kurt MenchenGeneral Manager,

Carlos LorenzoEnvironmental Geologist

Les FordTechnical Director

Eldes BittencourtGeologist

Brazil

6

Toronto

Main Office Location

Management Breakdown

Strong Board of Directors

7

Stan Bharti, P.Eng., ChairmanOver 25 years xperience in operations, public markets and finance. Has raised over $500 million in the last decade. Former founder and Chairman of Desert Sun Mining.

Mark Brennan, President/CEO and DirectorFounding member of Desert Sun Mining with over 20 years financing experience in North America & Europe. Founder and principal of Linear Capital, Brasoil Corporation, James Bay Resources, and Morumbi Oil & Gas.

Bill Pearson, Ph.D., P.Geo., Director & Technical Advisor Over 33 years experience in the mining & exploration industry; former VP Exploration at Desert Sun Mining.

Mike Hoffman, P.Eng., DirectorProfessional mining engineer with over 25 years experience; former VP at Yamana Gold and Desert Sun Mining

William Clarke, Director Former Ambassador to Brazil and Sweden. Former Advisor to Desert Sun Mining.

Dr. Allen Alper*Accomplished senior executive, 30 year career at Osram Sylvania. Formerly VP and General Manager Osram Chemical/Metallurgical Division (15 years). Expert in manufacturing and marketing of Tungsten, Molybdenum and other strategic metals. Holder of 33 patents in high temperature metals.

* Advisory Board member

Why Invest in Vanadium?

Rare Strategic Metal with the highest strength to weight ratio

World production totals only 70,000 tons per year and demand continues to grow

Main Commercial use: steel industry Small amount doubles the strength of steel alloy and increases

corrosion and abrasion resistance Airplanes, automobiles, construction

The future of Vanadium is Green Vanadium will play an integral role in the green revolution

Lithium Redox Batteries & Clean Energy Technologies Vanadium increases effectiveness of energy storage – energy

can be stored longer and re-charged faster Electric cars, solar panels, wind turbines etc. New applications = increasing demand

8

Vanadium Uses: Steel Drives Demand

Steel industry: 90% ferro-vanadium end use

Carbon Steel 36% High strength low alloys 22% Stainless/tool 9% Full Alloy 20%

Ferro-vanadium (FeV) used in high performance steels for:

Construction (building frames, bridges, etc.) Ship construction Structural applications Airplanes Automobiles and parts Railways Tools

9

Vanadium Uses: Growth in Green Technologies

Diagram of a Vanadium Flow Battery 10

Vanadium Redox Storage Batteries

Wind Turbines Solar Panels Backup Electrical Systems Hybrid/Electric Cars

Vanadium and Green Batteries

Source: USGS, Byron Capital Markets

► Vanadium phosphate cathode material can support 20% more energy storage than cobalt oxide, 26% more than iron phosphate and 56% more than manganese oxide, solving the issue of quick discharge in electric cars

► Highest voltages measured, generating a more powerful battery

Van

ad

ium

A

dvan

tag

es

Voltage with Different Cathodes (v)

11

4.8

4.1 4.03.7 3.6

3.3

Li3V2(PO4)3 LiVPO4F LiMn2O4 LiCoO2 Li2FePO4F LiFePO4

Lithium Vanadium Electric Car

The potential demand for electric cars can substantially increase demand for lithium-ion batteries with cathodes compounded by vanadium

Photo Courtesy of Tesla Motors

Green Applications and Increasing Demand

Vanadium Consumption Breakdown (mt ‘000)

CAGR = 7,2%

59.1 60.856.1

60.6 64.067.7

71.675.7

0.5

5.3

8.8

13.5

20.4

61.1

56.160.8

59.1

96.1

85.1

76.5

69.4

2007 2008 2009E 2010E 2011E 2012E 2013E 2014E

Conventional Automotive + Grid

12

Vanadium Production & Projection Chart

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

20150.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

World Vanadium Production & Projection*(1998 thru 2015)

Years

Pro

ducti

on &

Pro

jecti

on

(,000)

metr

ic t

onnes o

f V

Pri

ce o

f FeV

(US$/k

g)

ProjectionProduction

*USGS Mineral Commodity Summaries 1998-2010 USGS Mineral Yearbook Vanadium 2002-2008 MetalBulletin 13

Vanadium Projects

14

Top Two Undeveloped Vanadium Deposits in the World

Potential to be one of the Lowest Cost Producers

Maracás (Brazil) World’s highest grade vanadium deposit

Campo Alegre de Lourdes (Brazil) World’s Class Fe-Ti-V deposit

Vanadium Projects

15

• Located in mining-friendly and politically stable Brazil

• Established infrastructure: roads, electricity, shipping routes, water sources and ports

• Local communities provide access to labor and basic supplies

Maracás Vanadium Project, Brazil

16

Mineral reserve: 13.1 million tonnes grading 1.34% Vanadium Pentoxide

Mineral Resource: 23.2 million tonnes grading 1.27% Vanadium Pentoxide (measured + Indicated)

1.94% V2O5 mill feed projected during first 8 years production (mineral reserve)

Results for Definitive Feasibility Study announced August 2008Yearly production 5,000 tonnes Ferro vanadium Open pit with low strip ratio of 2.23:1Mill throughput of 1,600 tpdRecovery of 77.9%Proven mining technology and processes23 year production planCommissioning 18 months from finance

Maracás Deposit

17

Tremendous Exploration Upside!•Mag-Survey indicates continuation of trends to both the N. & S.

•40 km of strike length along belt 80% remains unexplored

•Glucari A. Deposit remains open at depth

•Exploration holes show good results and will be further explored

Gulcari “A” footprint: 400M x 300M

2,000 ha property (8 km x 2.5 km)

V2O5 hosted in extensive magnetite layers in 8 km Rio Jacaré Intrusive

18

Cross Section – Gulcari “A” Deposit

Maracas: Current Operating Parameters

19

(5,000 Tonne Per Annum Scenario)

Current ferro-vanadium price: US$28.00 per Kg

Cash operating costs (years 1-6 of production): US$6.71 per Kg

Average pre-tax operating cash flow: US$ 80.0 MM per year

Initial CAPEX US$ 212.0 MM

Payback 4.3 Years

Maracás Vanadium Project – Process Flow

20

Potential Timeline to Production

21

2006

Due Diligence

NI43-101 CompliantResource

Definition Drilling

Scoping Studies

Feasibility Study

Project Financing

Construction

Production

Project Permitting

Maracás, Brazil

Engineer & Purchase

2007 2008 2009 2010 2011 2012

aaaaa

2013

Largo – Comparative Landscape

22

  Largo Resources (LGO) Windimurra (PMA)Property Maracás Windimurra

Share Price 0.35 N/AMarket Cap $101.2 MM N/A

MM Tons 13.1* 79**Avg. Grade 1.34%*** 0.46%Mine Life 20 yrs 20yrs

Mill Throughput 1,600 tpd 10,000 tpdTarget Production 4,500 (10MM Lbs) 5,600 (12.3MM Lbs)

Strip ratio 2.33:1 0.30:1Recovery 71% 51%Total Cost $13.00Kg $25Kg****

Nearest Markets Brazil, South America, USA ChinaCurrently Served by South Africa, Russia ChinaOff Take Agreement Glencore Noble

* Largo’s NI43-101 Mineral Reserve for Gulcari “A” in the Maracas district (Bahia, Brazil)** Windimurra’s JORC-compliant Mineable Reserve*** 1.94% projected during the first 8 yrs of production.**** Euroz Broker Research

Maracás Vanadium Deposit, Brazil

23

Campo Alegre Vanadium Property, Brazil

650 kilometres west-northwest of Salvador with excellent access & infrastructure

Non NI 43-101 compliant resource: 133 million tonnes grading 50% Fe, 21% TiO2 , 0.75% V2O5

Property consists of 7 concessions covering 9,274.66 ha

24 km by 5.5km The surrounding terrain is

typical flat plateaus with a maximum relief of 30-40 metres

Vegetation consists of low trees, shrubs and grasslands

The land is used for ranch/farm land

24

One of the World’s Highest Grade Vanadium Deposits

Campo Alegre Property: Geology Map

25

Iron, titanium and vanadium mineralization hosted in extensive laterally continuous massive magnetite layers in the Campo Alegre de Lourdes Intrusion

Intrusion consists of a sequence of gabbro, anorthosite and pyroxenite

11 known showings and occurrences traced along strike for 9 kilometres

Non-compliant NI43-101 resource calculated by the CBPM encompasses these zones

Deposits remain open along strike and at depth

26

Campo Alegre Property: Showings

Tuiuiu Redondo

Massive Magnetite Drill Hole Collar

Testa Branca

Massive Magnetite

Strategic Metal with highest melting point of all metals

Market dominated by China Chinese produce 90% of global supply Tight export restrictions Chinese supply dwindling

Main Commercial use: steel industry Automotive, drilling, electronics, construction materials &

pipelines

27

Why Invest in Tungsten?

Tungsten End-Use

4%

15% 20%

61%

Tungsten Applications in the US

Series1

28

Hard metals and steel alloy: 81 percent of end-use

*Source: (USGS)

End Use in the United States

heavy machinery and specialty alloys jet turbine engines and light-bulb filaments sporting goods (golf clubs, tennis racquets). electronics pipelines mining & construction

materials.

2%5%

1%1%

1%

1%

3%

86%

Production 2007

Other

Russia

Portugal

Korea

Austria

Bolivia

Canada

China

Tungsten World Production

29

China world tungsten production: 86 percent

*Source: (USGS)

Total world production 89,600 tpa of metal. China: imposing export quotas and increasing imports of tungsten.* The rapid increase in demand in China tightened raw material availability to other markets.

China Export tungsten quotas

(tonnes metal)

2008 14,6002009 14,900

Tungsten Projects

30

Two Wold-Class Tungsten Deposits:

Potential to Supply +20% of World’s Tungsten Demand from Sources Outside China

Northern Dancer (Yukon) Largest undeveloped tungsten-moly deposit in the world

Currais Novos (Brazil) Near term tungsten and molybdenum production

Tungsten Projects

31

Northern Dancer: Highlights

March 2009 NI 43-101 resource estimate: 223.4 MT grading 0.107% WO3 and

0.029% Mo (Measured & Indicated)

32

Higher-grade Tungsten and Molybdenum

zone:

60.3 MT of 0.14% WO3 and 0.045% Mo (M&I)

and

5.4 MT of 0.13% WO3 and 0.047% Mo

(Inferred)

201.2 MT grading 0.09% WO3 and 0.024%

Mo (Inferred)

Pit optimization analysis complete

11,500 metre infill drilling program

completed

Discussions with off-take partners and JV

partner

One of largest undeveloped Tungsten-Molybdenum deposits in the world

Northern Dancer: Identification of

Higher Grade Zones

33

Currais Novos: Good Location & Access

Good Location & Access in Northeastern Brazil

165 km west-southwest of Natal in south central Rio Grande do Norte State, Brazil

The nearest community is Currais Novos (37,300 pop) which lies 12 kilometres north of the project area

Access to the project is on the Campina Grande-Natal Highway

Excellent site well suited for mine infrastructure, number of past producers in the immediate area

LOI signed to acquire 4 additional properties

34

Currais Novos: Summary Highlights

Targeting near term production– Currais Novos Project The project envisions the initial reprocessing and recovery

of tungsten from two tailings piles deposited during the processing of ore from the Barra Verde and Boca de Laje tungsten mines

Previous owners estimate a historical (1980’s) resource of 4.1 million tonnes (non NI 43-101 compliant resource)

Due diligence and updated independent resource model completed

Plant construction underway Production to begin July 2011

Targeting 1.5 million lbs of WO3 per year

35

Capital Structure

36

Stock symbol: LGO – TSX.V

Share price: $0.42

Shares issued (Basic): 309 million

Management &Institutions: 80%

52-week High/Low: $0.58 / $0.14

Market cap (Basic): C$ 130MM

Debt: Nil

Investor Contact

37

Mark BrennanPresident & CEO

mbrennan@largoresources.com

Darcie LaddBusiness Development Manager

dladd@largoresources.com416-861-5938

www.LargoResources.com

Largo Resources

38

APPENDIX

Vanadium fundamentals Maracas feasibility parameters Maracas PGM potential Tungsten fundamentals

Overview – Vanadium and Steel

39

Vanadium is mainly used in the form of ferrovanadium (88%)

Titanium alloys are the main non-ferrous use. (9%)

Source: CPM group, Vanadium Industry Outlook

Vanadium is used as an additive in steels and alloys because of its properties as an active grain refiner and deoxidant. Vanadium imparts strength, toughness and wear resistance due to its strong affinity to carbon. When added to steels and carbons, vanadium is able to retard grain growth and acts as an effective hardening agent.

Global Vanadium Usage

SteelTitanium AlloysChemicals

40

Vanadium Consumption

Steel Industry Consumption: 90% Ferro-Vanadium End Use

Carbon Steel 36% High strength low alloys 22% Stainless/tool 9% Full Alloy 20%

Ferro-vanadium (FeV) used in high performance steels for:

Construction (building frames, bridges, etc.) Ship construction Structural applications Pipelines Automobiles and parts Railways Tools

Vanadium Demand

North America 13

%

Europe 19

%

Japan10

%

China 22

%

Other Asia15

%

Other** 20

%

41

World vanadium production in 2011 totals ~70,000 tonnes annually

2007 Demand

North America 10

%

Europe 14

%

Japan 7%

China 39

%

Other Asia13

%

Other** 18

%

2012P Demand*

*Source: CRU, Vanadium Market Outlook July 2008

** Brazil and South American markets Included

The famous Sears building in Chicago, is made with high strength vanadium steel

sections.

Vanadium Demands

Vanadium End - Uses Carbon Steel

37% High Strength Low Alloys

22% Stainless/tool

9%

42Vanadium End Uses

0

0.5

1

1.5

2

2.5

3

3.5

4

CarbonHSLASTS/ToolFull AlloyTi AlloyChemicals

Full Alloy 20% Titanium Alloy 9% Chemicals 3%

Sources of Vanadium

2007 2015*Primary 20% 24%

By-Product 24% 14%Co-Product 56% 62%

43

Primary: Produced from vanadium-rich ore. Mines rely on vanadium for the majority of their

revenue.

By-Products: Oil residues and recycling of spent catalyst. By Product producers have higher operating costs than most primary and co-product

producers. By-Product small Chinese producers currently occupy the “swing producer” in the

vanadium industry. *

*Source: CRU, Vanadium Outlook

Co-Products: Production of vanadium with steel is driven by the economics of the

steel industry. Co-products can not be increased without increasing the steel

production.

Global Production

44

2007 World Production

China 46% Russia 17%

South Africa 36%

2015P** World Production

Maracás* 5% Australia 7% U.S 7%

China 45% Russia 11%

South Africa 23%

**CRU, Vanadium Market Outlook

Major Vanadium Producers

Vanadium Producers 2007**

Evraz Group 44.0%

Xstrata 8.3%

Beijing Pancheng Vanadium Trade Co 28.8%

Gulf Chem. & Metallurg 3.6%

Others* 15.4%

45

*All Oil Residue and Catalyst Vanadium Producers ** CRU Vanadium Market Outlook

Vanadium Price Outlook: Strong

$-

$9.00

$18.00

$27.00

$36.00

$45.00

$54.00

$63.00

$72.00

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000Market Balance (LHS) Ferro-V Price

Base Case: World Vanadium Supply and Demand

Annual, Projected through 2018p

Projected

Metric Tonnes $/Kg. V.

Actual

46Source: CRU

Maracás - DFS Production Parameters

Main Project Production Parameters:

Mine reserve of 13,079,000 tonnes of ore at 1.34% V2O5

Strip ratio at 2.23

Vanadium recovery at 71.6%

Production of 70,648 tonnes of vanadium contained in ferrovanadium alloy over 23 years

Commissioning in 3rd quarter of 2011

Ramp–up of production in 4th quarter of 2011

Production of 3,813 tonnes of vanadium in 2012

Peak production period from years 2- 8 producing approximately 4,520 tonnes of vanadium per year

Production declining to 1,748 tonnes from year 14 to 2247

Maracás – DFS Economic Results

SUDENE tax incentive comprises a reduction of corporate tax of 75%

Payback of 1.9 years when SUDENE tax incentives applied

48

Pre-TaxWith No Corporate

Tax IncentivesWith Corporate Tax

Incentives

IRR (%) 43.9 34.9 41.6

NPV @ 10% US$489.0 MM US$335.9 MM US$436.3 MM

Undiscounted Cashflow

US$1,422.2 MM US$1,049.4 MM US$1,257.2 MM

Maracás PGM Exploration Blue Sky

PGM’s: high Pt:Pd ratio similar to

Bushveld & Great Dyke

208,000 ounces PGMs

High Pt:Pd ratio (4:1)

Higher concentration PGMs interstitial to

sulphides

Phase II 5,000 metre drill program Q2

2008

High-priority targets: 700M anomaly NE

of Gulcari “A”; 900M anomaly south of

Novo Amparo

49

Tungsten End-Use

4% 15%

20%61%

Tungsten Applications in the US

Other

Steel Alloys

Mill Products

Hard Metals

50

Hard metals and steel alloy: 81 percent of end-use

*Source: (USGS)

End Use in the United States heavy machinery and specialty alloys jet turbine engines and light-bulb filaments sporting goods (golf clubs, tennis racquets). electronics pipelines mining & construction materials.

China tungsten demand

The US is entirely dependant on imports and US Strategic stockpile. Companies outside China with tungsten exposure are few and far between. 2007, US tungsten imports 11,500 tonnes from mainly: China, Canada,

Bolivia and Portugal. US account for 13% of total tungsten consumption. Source: (USGS)

51

US domestic tungsten source

China demand growth

Global Industry Analyst, Inc : China’s own use of tungsten was growing at 8 percent per year.

China is the world’s largest tungsten consumer.

Chinese industries demand tungsten and authorities are keen to ensure uninterrupted supply.

Experienced Management

Mark Brennan, President & CEO• Mr. Brennan, age 47, has been president and director of Largo Resources Ltd., since March 2005. He is a co-founder and

director of James Bay Resources since its inception in November 2007 and is a co-founder and Director of Morumbi Oil and Gas Inc. since its inception in June 2009. Mr. Brennan has been the president of Linear Capital Corp., a merchant bank focused on developing assets in the mining & oil and gas sectors since February 1998 and is also a co-founder of Brasoil do Brasil Exploracao Petrolifera S.A., a private oil and gas producing and exploration company operating in Brazil since 2006. Mr. Brennan was a co-founder and director of North Sea Energy Inc. an operator of oil production assets in the UK’s North Sea until November 2007 and has been a director of Vast Exploration Inc. since February 2005. Mr. Brennan has been Chairman and founder of Castle Resources since October 2006 and was the Chief Executive Officer of Admiral Bay Resources Inc. from September 2003 to October 2005. Mr. Brennan was also a founding member of Desert Sun Mining that re-commissioned the Jacobina project in Bahia, Brasil and was sold to Yamana Gold in 2006.

Tim Mann, P. Eng., VP Engineering• Mr Mann is a mining engineering who graduated from Nottingham University in the UK with a B.Sc. (Hons) in Mining

Engineering. He is registered as a Professional Engineer in Ontario, Canada. Since 2007 he has been Vice President of Projects for Largo Resources.From 2004 to 2006 he provided engineering and project management through TLM Consulting. Assignments included the following: author of National Instrument 43-101 Preliminary Assessment for Cu-PGM open pit property in Northern Ontario: author of confidential report for certain open pit/underground gold projects in China; Project Manager for Mt Bundy Project Feasibility Study for Valencia Ventures Inc. in Australia; acted as Project Manager for feasibility study for Kinross’ Gurupi Project in Brazil; provided mine-related consulting services to SNC-Lavalin and RWE NUKEM of the UK.From 1997 to 2004 he held various positions with SNC-Lavalin, but was mainly engaged as Project Manager on projects involving due diligence work, asset reviews and feasibility studies. From 1984 to 1997 he worked in various mine operating roles for Placer Dome and subsequently Goldcorp. Major roles comprised General Manager of the Campbell Mine in NW Ontario from 1990 to 1994 and General Manager of the Detour Lake Mine in Ontario from 1987 to 1990. From 1996-1997 he was Vice President of Operations for Goldcorp, which at the time had operating mines in north-western Ontario and South Dakota. The company also held industrial mineral interests through its Havelock Lime and Saskatchewan Minerals Division.

52

Experienced Management

Andy Campbell, M.Sc., P.Geo., VP Exploration• Mr. Campbell is an exploration geologist with over 33 years experience in mining and exploration industry

through Canada, United States and Latin America with a solid track record of managing, developing and evaluating mineral opportunities for both the business development and exploration sectors.He holds a Bachelor of Arts Degree in Geological Science from the University of California at Santa Barbara, (1978) and a Master of Science Degree in Geology from the University of Western Ontario (1985).He has worked for a number of major and junior companies during his career most notably Noranda (Falconbridge Limited) and Lac Minerals (Barrick Gold). He has been involved with Largo Resources Ltd since its inception in November 2003 as Vice-President of Exploration. His responsibilities have been too managed and supervised a number of exploration programs in Ecuador, Brazil and Yukon at various stages of development and evaluate and find new mineral opportunities around the world.

Kurt Menchen, General Manager, Brazil• Mr. Menchen is a mining engineer graduated from the Federal University of Rio Grande do Sul, engaged

Anglo American /Brazil in 1976. Subsequently spent one year in South Africa attending a comprehensive training program in the underground mines of Vaal Reefs/Transvaal. In 1977 joined Anglo’s Brazilian team to explore and develop the UG mine of Jacobina , Bahia. Jacobina was put on a hold in 1978/79 therefore Mr. Menchen was seconded to De Beers MATS to operate diamond mines in Angola. During his tenure there he operated one of the most prolific diamonds fields in Africa and developed its five years production plan. At the end of 1979 he returned to Anglo’s Brazilian team to participate in the construction of the UG gold mine of Jacobina in Bahia. The mine was successfully commissioned in 1982 and one year later he took over as general manager. Between 1983 and 1995 operated the Jacobina mine actively participating in its expansion in 1990 In 1996 William Resources bought the Jacobina Mine from Anglo American and invited Mr. Menchen to join as general manager, however, depressed gold prices in 1998 led to the closure of Jacobina. Mr. Menchen remained with William until 2002 when Desert Sun Mining started to rexplore Jacobina and eventually in 2005 declared commercial production. In 2006 Jacobina was sold to Yamana. Mr. Menchen ran the Jacobina operation for Yamana in its initial period and by the end of 2006 joined Largo Resources .

53

Experienced Management

Leslie Ford, Technical Director of Brazilian Operations• Mr. Ford began his career in 1970 with Highveld Steel and Vanadium Corp. where he was appointed Assistant Technical

Manager at the Vantra Project in South Africa. During his tenure with Highveld Mr. Ford developed an innovative change to the process chemistry used in the production of V2O5 which allowed for a major increase in production and a significant decrease in operating costs. Mr. Ford later went on to become Assistant General Manager of Highveld Steel and a member of the Highveld Executive committee. Since 1989 Mr. Ford’s expertise has been consulted for several major vanadium projects, including, the Rand Mines Vansa vanadium plant where Ford was appointed Managing Director and successfully redesigned and commissioned the plant making Rand Mines Vansa one of the lowest cost producers of V2O5 in the world.Mr. Ford has also held senior positions with Xstata Alloys, Precious Metals Australia, and Windimurra where he has similarly been appointed to evaluate and reform production processes and to appraise potential ventures in the vanadium industry.

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