Largo Physical Vanadium Corp. Announces Completion Of Qualifying Transaction

Largo Physical Vanadium Corp. ("LPV" or the "Company") ( TSXV: VAND), formerly Column Capital Corp. ("CPC"), is pleased to announce that it has completed its previously announced qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "TSXV"). The parties to the Qualifying Transaction received conditional approval from the TSXV on September 1, 2022 and a filing statement prepared in accordance with the requirements of the TSXV (the "Filing Statement") was subsequently filed under the Company's profile on SEDAR on September 13, 2022 and is available at

Trading in the common shares of LPV (the "Common Shares") is expected to commence on the TSXV under the symbol "VAND" following the receipt by the TSXV of customary post-closing documentation.

LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium and not speculating with regard to short-term changes in vanadium prices. LPV will offer pure-play exposure to vanadium and will initially hold the 200 mt of vanadium pentoxide equivalent contributed by Largo Inc. ("Largo") in connection with the Qualifying Transaction (the "Largo Contribution-in-Kind") and further vanadium to be acquired using the proceeds from LPV PrivateCo's (as defined below) $30,220,000 subscription receipt financing that closed on April 14, 2022 (the "Financing"). LPV will acquire and store vanadium units in commercial forms as well as in electrolyte solutions for vanadium redox flow battery ("VFRB") applications due to the unique non-degradation characteristic of the metal.

LPV is backed by Largo, one of the world's largest primary vanadium producers, which is advancing a 'two-pillar' business strategy as a high-quality vanadium supplier with an emerging clean energy storage business. Largo will provide services to LPV pursuant to a safekeeping agreement and technical advisory agreement, each effective on completion of the Qualifying Transaction. In addition to the vanadium contributed pursuant to the Largo Contribution-in-Kind, under a supply agreement between LPV and Largo, LPV has been granted a right of first refusal over any of Largo's non-committed commercial vanadium equivalent products from January to September of each fiscal year. LPV will also benefit from its relationships with Sprott Capital Partners LP and Term Oil, Inc. ("Term Oil"), who will provide advisory services pursuant to an advisory services agreement effective on completion of the Qualifying Transaction.

Paul Vollant, Chief Executive Officer of LPV, remarked: "With the completion of the Qualifying Transaction, LPV presents an attractive opportunity for investors not just to gain exposure to the long-term fundamentals of vanadium – a key transition metal for greener steel, strategic and energy storage industries – but also to gain exposure to and benefit from the growing VRFB market, in which Largo is an emerging leader."

Pursuant to the Qualifying Transaction:

(a) CPC changed its name to "Largo Physical Vanadium Corp.";

(b) Largo Physical Vanadium Corp. implemented a consolidation of its then issued and outstanding 3,450,000 common shares (the "CPC Common Shares") on the basis of one new CPC Common Share for every 7.547 existing CPC Common Shares;

(c) the subscription receipts of LPV PrivateCo issued in the Financing automatically converted into common shares of LPV PrivateCo in accordance with their terms;

(d) Largo Physical Vanadium Corp. acquired all of the issued and outstanding common shares of 1343840 B.C. Ltd. (formerly Largo Physical Vanadium Corp.), a private corporation incorporated under the Business Corporations Act (British Columbia) (the "BCBCA") ("LPV PrivateCo"), from the shareholders of LPV PrivateCo in exchange for the issuance of an aggregate of 16,316,600 Common Shares (being one Common Share for every common share of LPV PrivateCo);

(e) LPV PrivateCo and 1356909 B.C. Ltd., a wholly-owned subsidiary of Largo Physical Vanadium Corp., amalgamated under the BCBCA and continued as one corporation, 1356909 B.C. Ltd ("First Amalco"); and

(f) First Amalco and Largo Physical Vanadium Corp. amalgamated under the BCBCA and continued as one corporation, to form LPV.

For additional information about the Qualifying Transaction, please refer to CPC's press releases dated September 13, 2022, April 19, 2022, February 24, 2022, and February 2, 2022.

As of the date hereof, the Company has issued and outstanding a total of 16,773,735 Common Shares, a total of 29,814 options to purchase Common Shares and a total of 13,250 Common Share purchase warrants. Common Shares held by certain shareholders and insiders of the Company, including Largo and Term Oil, are held in escrow, as described in the Filing Statement. In light of the nature of LPV as a vehicle offering investors direct exposure to physical vanadium, LPV does not generally expect to issue additional stock options.

Board of Directors

The board of directors of the Company now consists of six directors: Paul Vollant (Chief Executive Officer), Jonathan Lee (nominee of Largo), Justin Reid (nominee of Term Oil), John Kanellitsas (Independent), Andrea Weinberg (Independent) and Larry Ciccarelli (Independent). In addition to Mr. Vollant as Chief Executive Officer, the officers of the Company are Carmelo Marrelli (Chief Financial Officer) and Monique Hutchins (Corporate Secretary).

Messrs. Lee and Reid are nominees of Largo and Term Oil respectively, pursuant to nomination rights agreements with the Company.

Early Warning Disclosure

In connection with the Qualifying Transaction, Largo acquired ownership, control or direction over Common Shares requiring disclosure pursuant to the early warning requirements of applicable securities laws.

Largo holds 11,048,300 Common Shares following the completion of the Qualifying Transaction, which accounts for approximately 65.9% of the outstanding Common Shares and approximately 65.7% of the Common Shares on a fully-diluted basis.

Largo acquired the Common Shares in connection with the Qualifying Transaction for investment purposes. Largo does not have any current intentions to increase or decrease its beneficial ownership or control or direction over any additional securities of the Issuer. Subject to applicable escrow restrictions described in the Filing Statement, Largo may, from time to time and depending on market and other conditions, acquire additional Common Shares through market transactions, private agreements, treasury issuances, or may sell all or some portion of the Common Shares it owns or otherwise trade in or with respect to securities of the Company.

A copy of the early warning report in respect of the foregoing may be obtained from Alex Guthrie, Senior Manager, External Relations, at

Additional Information

Further information concerning the Qualifying Transaction and LPV may be found under the Company's profile on SEDAR at, which contains copies of the Filing Statement, the press releases dated September 13, 2022, April 19, 2022, February 24, 2022, and February 2, 2022, the advisory services agreement, the safekeeping agreement, the supply agreement, the technical advisory agreement and the nomination rights agreements with Largo and Term Oil, all as described in this news release.

About LPV

LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium, a metal essential to achieving a greener world in key industries such as steel, aerospace and energy storage. Vanadium is non-degrading and fully recyclable when used as electrolyte in vanadium redox flow batteries (VRFBs) and offers carbon reducing attributes when used in steel alloying applications. LPV offers pure-play exposure to vanadium through its holdings of physical vanadium. LPV's strategy is not only to achieve appreciation through the acquisition of vanadium, but to own and actively supply vanadium to end users of VRFBs to advance to integration of renewable energy in long duration storage. This strategy is integral to LPV's business plan, as it necessarily defrays the costs to LPV associated with storage of vanadium, and demonstrates the benefits and utility of vanadium, therefore supporting vanadium's value. For more information, please visit

Forward-Looking Information

Certain statements contained in this news release, such as statements regarding the anticipated trading day on the TSXV, the occurrence and terms of the Largo Contribution-in-Kind and of further purchases of vanadium, the services to be provided under the advisory services, safekeeping, supply and technical advisory agreements, LPV's strategy and business plans, the VRFB market and the value of and uses for vanadium, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including that the Company's financial condition and development plans do not change as a result of unforeseen events. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, that the Company's financial condition and plans change, as well as the other risks and uncertainties applicable to the vanadium and vanadium redox flow battery industries and to the Company as set forth in the Company's Filing Statement in respect of the Qualifying Transaction filed under the Company's profile at The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Largo Physical Vanadium Corp.

For further information: LPV Media Contact: Paul Vollant, Chief Executive Officer, +41 796 630 895,