Largo Resources Announces Closing of Secondary Offering

/NOT INTENDED FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, July 24, 2018 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) announced today the closing of the previously announced underwritten secondary offering of 60,000,000 common shares and an additional 9,000,000 common shares representing the exercise in full of the over-allotment option which was exercised on closing by the underwriters (the "Offering"). The selling shareholders, listed below, received all of the net proceeds from the Offering.

Credit Suisse Securities (Canada), Inc. and Morgan Stanley Canada Limited co-led the Offering, with CIBC Capital Markets acting as joint bookrunner, and Cormark Securities Inc., H.C. Wainwright & Co., LLC and Mackie Research Capital Corp. acting as co-managers.

The selling shareholders under the Offering consisted of Arias Resource Capital Fund L.P., Arias Resource Capital Fund II L.P., Arias Resource Capital Fund II (Mexico) L.P., The Cranley Trust, Cranley Investments Holdings, LLC, and Mark Smith.

The common shares subject to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold in the United States absent registration under or an applicable exemption from the registration requirements of the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares herein described, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Largo Resources

Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "LGO". For more information on Largo, please visit our website at www.largoresources.com.

SOURCE Largo Resources Ltd.