Largo Inc., the world's largest primary vanadium producer, said on 30 October 2026 that it recorded its first-ever production of platinum and palladium in the third quarter, alongside first output of copper and gold, as by-products of its vanadium operations in Brazil.
What happened#
Largo's Q3 2026 production and sales results, dated 30 October 2026, report platinum production of 166 ounces and palladium production of 291 ounces contained in concentrates during the quarter, both marked as first production. The same release reports first production of 108 tonnes of copper and 289 ounces of gold contained in concentrates. Largo said this followed the start of full-scale production of these by-products in August 2026 at its Maracás Menchen mine and metallurgical complex in Bahia, Brazil.
The company, which trades on the TSX and Nasdaq under the ticker LGO, said it has already found buyers for the new material, selling copper-gold-PGM concentrate to three commodity trading firms and one European smelter. To free up capacity for the new output, Largo produced no ilmenite concentrate in the quarter, redirecting its flotation-plant infrastructure toward the higher-margin copper, gold and platinum-group-metals stream instead.
Executive Chairman and Co-Chief Executive Officer Alberto Arias said: "During the third quarter, Largo diversified its product mix with the start of production of copper, gold, platinum and palladium as new by-products of Largo's core V₂O₅ production business." Arias also pointed to the potential expansion of what he called the company's "high-profit-margin copper-gold-PGM business" as a priority alongside cost discipline, according to the release.
Core vanadium output declined as part of the same strategy. Vanadium pentoxide (V2O5) production fell 20.6% year over year to 2,093 tonnes in the quarter, down from 2,636 tonnes in Q3 2025, as Largo works to draw down inventories and prioritize higher-margin products. The company kept its full-year 2026 sales guidance at 7,500-9,500 tonnes but lowered its production guidance to 9,500-10,500 tonnes, from a prior range of 10,500-12,000 tonnes.
Why it matters for PGMs#
The ounces involved are tiny next to global primary platinum and palladium supply, and Largo's metal arrives as a flotation by-product of a vanadium-magnetite ore body rather than from a dedicated PGM reef. Still, the disclosure marks a new, non-traditional contributor to platinum and palladium supply outside the South African and Russian producer base that normally dominates primary PGM output, and the company has flagged room to grow the by-product business further.
Market context#
Platinum's spot price stood at $1,497.60 per ounce as of 3:54 p.m. EDT on 29 October 2026, according to JM Bullion, well below the metal's 26 January 2026 record of $2,923/oz on a WPIC basis. The Largo announcement is a company-specific development rather than a broad catalyst for PGM benchmarks.
What to watch#
Investors can watch for Largo's full quarterly financial results for cost and margin detail on the new copper-gold-PGM stream. On financing, Largo said a new definitive restructuring agreement with Banco Santander (Brasil) S.A., combined with previously announced deals, now covers approximately 58.4% of its commercial bank senior debt.
For broader PGM supply context, see DailyPlatinum's pages on platinum group metals, platinum mining stocks, platinum uses and the platinum spot price.
Sources:
- Largo Inc. Q3 2026 production and sales results, 30 October 2026, https://www.stocktitan.net/news/LGO/largo-reports-q3-2026-production-and-sales-results-reflecting-0ne2llpm1su2.html
- JM Bullion live platinum spot price, https://www.jmbullion.com/charts/platinum-price/