SCHEDULE 13G/A 0001732325 XXXXXXXX LIVE 3 Common Shares, no par value 12/31/2025 0001400438 Largo Inc. 517097101 FIRST CANADIAN PLACE, 100 KING ST., WEST SUITE 1600 Toronto A6 M5X 1G5 Rule 13d-1(d) Arias Resource Capital GP Ltd. E9 0.00 6547.00 0.00 6547.00 6547.00 N 0.01 OO Arias Resource Capital Fund II L.P. E9 0.00 26468209.00 0.00 26468209.00 26468209.00 N 31.77 PN Arias Resource Capital Fund II (Mexico) L.P. A6 0.00 1501731.00 0.00 1501731.00 1501731.00 N 1.80 PN Arias Resource Capital GP II Ltd. E9 0.00 27969940.00 0.00 27969940.00 27969940.00 N 33.57 OO Arias Resource Capital Management LP DE 0.00 346618.00 0.00 346618.00 346618.00 N 0.41 PN Reflects 346,618 Common Shares issuable upon exercise of options. Arias Resource Capital GP LLC DE 0.00 346618.00 0.00 346618.00 346618.00 N 0.41 OO Reflects 346,618 Common Shares issuable upon exercise of options. J. Alberto Arias R5 9898599.00 28323105.00 9898599.00 28323105.00 38221704.00 N 43.15 IN The 9,898,599 Common Shares over which this Reporting Person has sole voting power and sole dispositive power include (i) 4,918,033 Common Shares held by ARC Fund III (as defined in Item 2(a)) and (ii) 4,918,033 Common Shares issuable upon exercise of warrants held by ARC Fund III. Largo Inc. The Issuer's principal executive offices are located at 1 First Canadian Place, 100 King Street West, Suite 1600, Toronto, Ontario M5X 1G5, Canada. This statement is filed by: (i) Arias Resource Capital GP Ltd., a Cayman Islands exempted company ("Arias GP"), with respect to the common shares, no par value (the "Common Shares") of Largo Inc. (the "Issuer") held by it; (ii) Arias Resource Capital Fund II L.P., a Cayman Islands exempted limited partnership ("Arias II Fund"), with respect to the Common Shares held by it; (iii) Arias Resource Capital Fund II (Mexico) L.P., an Ontario limited partnership ("Arias II (Mexico) Fund" and together with Arias GP and Arias II Fund, the "Arias Entities"), with respect to the Common Shares held by it; (iv) Arias Resource Capital GP II Ltd., a Cayman Islands exempted company ("Arias II GP"), as the general partner of Arias II Fund and Arias II (Mexico) Fund, with respect to the Common Shares held by Arias II Fund and Arias II (Mexico) Fund; (v) Arias Resource Capital Management LP, a Delaware limited partnership ("Arias Management"), with respect to the Common Shares issuable upon exercise of options held by Mr. Arias (as defined below) and Mr. Jonathan Lee, who serves as a Director of the Issuer ("Mr. Lee"); (vi) Arias Resource Capital GP LLC, a Delaware limited liability company ("Arias Management GP"), as the general partner of Arias Management, with respect to the Common Shares issuable upon exercise of options held by Mr. Arias and Mr. Lee; and (vii) J. Alberto Arias ("Mr. Arias"), (w) with respect to the Common Shares held by him, (x) as the sole member of Arias Management GP, with respect to the Common Shares issuable upon exercise of options held by Mr. Lee and himself, (y) as the sole director of each of Arias GP and Arias II GP, with respect to the Common Shares held by the Arias Entities, and (z) as the sole partner of Arias Resource Capital Fund III L.P., a Cayman Islands exempted limited partnership ("ARC Fund III"), with respect to the Common Shares held by ARC Fund III and the Common Shares issuable upon exercise of warrants held by ARC Fund III. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Shares reported herein. The original Schedule 13G and the amendments thereto with respect to the Reporting Persons' beneficial ownership of the Common Shares filed with the Securities and Exchange Commission prior to the date hereof were filed by Arias Resource Capital Fund II L.P. (CIK 0001505018). The address of the principal business office of each of the Reporting Persons is c/o Arias Resource Capital Management LP, 201 S. Biscayne Blvd - Suite 2860, Miami, FL 33131. Arias II Fund is an exempted limited partnership organized under the laws of the Cayman Islands. Arias II (Mexico) Fund is a limited partnership organized under the laws of Ontario, Canada. Arias GP and Arias II GP are exempted companies organized under the laws of the Cayman Islands. Arias Management is a limited partnership organized under the laws of the State of Delaware. Arias Management GP is a limited liability company organized under the laws of the State of Delaware. Mr. Arias is a citizen of Peru. Y The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G are based on 83,313,022 Common Shares outstanding as of November 11, 2025, as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on December 3, 2025, and assumes the exercise of the options and warrants reported herein. 43.15% The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Y Y Y Y Y Y Arias Resource Capital GP Ltd. /s/ J. Alberto Arias 02/11/2026 Arias Resource Capital Fund II L.P. /s/ J. Alberto Arias 02/11/2026 Arias Resource Capital Fund II (Mexico) L.P. /s/ J. Alberto Arias 02/11/2026 Arias Resource Capital GP II Ltd. /s/ J. Alberto Arias 02/11/2026 Arias Resource Capital Management LP /s/ J. Alberto Arias 02/11/2026 Arias Resource Capital GP LLC /s/ J. Alberto Arias 02/11/2026 J. Alberto Arias /s/ J. Alberto Arias 02/11/2026