Largo Resources shares rise 12.20% intraday after signing binding term sheet for multi-year EXW contract with potential $56M cash proceeds.

Largo Resources surged 12.20% intraday, as the company announced a binding term sheet for a multi-year EXW contract with potential cash proceeds exceeding $56 million. The company, which produces vanadium and operates mines in Brazil, holds a 65.7% stake in Largo Vanádio de Maracás S.A. and aims to maintain stable vanadium production in 2025 while testing copper and platinum-group metals to expand into new business areas.