April Monthly Vanadium News

Vanadium is Top of Mind for International Monetary Fund (“IMF”)

The IMF released an analytical note in April 2024 where it estimates that vanadium demand could increase over 8x by 2050 due to energy transition demand. The increased demand for vanadium is significantly greater than almost all other better known minerals such as graphite, cobalt or copper and only second to lithium.

Significant Strides in Vanadium Energy Storage

In the past month, several important developments have been made in the field of vanadium-based energy storage. As we move towards a sustainable energy future, our progress is gaining remarkable momentum, and I am pleased to provide you with updates on these exciting developments.

We begin with groundbreaking announcements of large-scale energy storage projects that have the potential to reshape how we think about power stability and renewable integration. Notably, EnerFlow's initiation of a 100MW/600MWh vanadium flow battery (“VFB”) power station in Weifang, China, and the commencement of the Neijiang 100MW/400MWh VFB project in Sichuan, China, highlight the scalability and reliability of vanadium in large energy storage applications. The scale of these projects has true global significance.

In tandem with these developments, the multi-form composite energy storage project launched by CHNEnergy that includes vanadium, represents an innovative approach to harnessing the strengths of different storage forms. This initiative will pave the way for more integrated and efficient energy systems, demonstrating vanadium's versatility and compatibility with other technologies.

The economic impact of vanadium's rise in the energy sector is also becoming increasingly evident. The signing of a multi-billion-yuan investment for a GW-level vanadium flow battery and industrial chain base in Huaibei, China is a testament to the economic opportunities that vanadium energy storage brings.

Furthermore, global recognition of vanadium's potential is on the rise. The U.S. Department ofEnergy's endorsement, reflects growing confidence in vanadium's role in overcoming the limitations of current lithium-based systems. This is a crucial endorsement for the future positioning of vanadium in the competitive battery market.

However, amidst these successes, we are reminded of the challenges in the mining sector. Bushveld Minerals’ operational hurdles underscore the importance of stable and strategic resource management. As we celebrate our advancements, we also remain vigilant in ensuring the sustainability and reliability of our supply chains.

Concluding on a note of strategic partnerships, the collaboration between Australian Flow Batteries and SCHMID Group to enhance residential energy storage solutions signifies vanadium's expanding footprint beyond utility-scale projects to residential applications.This is a key step in our mission to democratize energy storage solutions, making them accessible and beneficial on a global scale.

As we reflect on these developments, the narrative is clear: vanadium is not just a part of the future energy matrix; it is becoming a central pillar in the global transition to sustainable energy systems. At Largo Physical Vanadium, we are committed to leading this charge, investing in innovation, and fostering partnerships that amplify our impact.

Thank you for your continued support as we navigate this exciting journey together.

Best regards,

Paul Vollant - CEO & Director

Largo Physical Vanadium Update – April 2024¹

LPV’s (VAND:TSXV,VANAF:OTCQX) net assets are over 90% held in physical vanadium products. LPV’s net asset value (“NAV”) is now at C$1.53/share, implying that our closing share price as of April 30, 2024, was trading at a 32% discount.

Recent Vanadium News

100MW/600MWh! EnerFlow Signed A Contract for A Vanadium Flow Energy Storage Power Station Demonstration Project in Hanting District, Weifang City

CHN Energy Lithium Iron Phosphate + Vanadium Flow + SodiumIon + Flywheel
Multi-Form Composite Energy Storage Demonstration Project Officially Started

Total Investment of 2 Billion Yuan! GW-level Vanadium Flow Battery and Industrial Chain Base Project Signed in Huaibei, Anhui

The Neijiang 100MW/400mwh Vanadium Flow Battery Energy Storage Power Station Demonstration Project in Sichuan Has Started Construction

Vanadium Batteries: The DOE Just Bought This Lithium Killer

Australian Flow Batteries, SCHMID Group Sign MoU to Revolutionize Residential Energy Storage Market

100MW/400MWh! Jilin Plans to Build a New Energy Storage Demonstration Project

Joining hands with Dalian Ronke Energy Storage, CNNP Rich Energy Signed a Green Low-carbon Energy Storage Industrial Park

Chengde Wai Vanadium Energy Storage 100MW/400MWh Vanadium Flow Battery Energy Storage System Production Line Project Entered the Stage of Environmental Assessment Publicity

Bushveld Minerals Warns About Suspension of Operations as Liquidity Crunch Worsens

VanadiumCorp Starts Production at First Electrolyte Plant

EU Project HyFlow: Efficient, Sustainable and Cost-effective Hybrid Energy Storage System for Modern Power Grids

About Largo Physical Vanadium Corp.

Largo Physical Vanadium Corp. (LPV) is a pure-play physical vanadium investment company. LPV provides direct exposure to vanadium through a secure, convenient and exchange-traded vehicle. Vanadium is essential to achieving a greener world, though carbon reduction, in key industries such as steel, aerospace and energy storage. LPV's strategy is to achieve appreciation through the acquisition of vanadium as well as actively supplying the fast growing vanadium redox flow battery (VRFB) industry to advance the integration of renewable energy in long duration storage.

LPV's common shares trades on the TSX Venture Exchange under the symbol "VAND". For more information, please visit www.lpvanadium.com

Paul Vollant,
Chief Executive Officer

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¹ Key Metrics (as of April 2024 closing)

² LPV’s marked to market average vanadium price blending various products and geographies