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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
Darcie LaddBusiness Development Manager
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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