EQUIV. UNIT PRICE (US$/LB V₂0₅)¹
$6.38
SHARE PRICE
$0.71
VANADIUM HELD (V₂0₅ Eq.)
2.78MM LBS
MANAGEMENT FEE
0.85%
NAV
$24.55MM
NAV WEEKLY CHANGE
-0.26%
NAV PER SHARE²
US$1.04 • C$1.46
SP PREMIUM/(DISCOUNT) TO NAV
-51.37%
Share Price as of November 14, 2025
¹ Vanadium price represents a blended unit price of VAND's vanadium portfolio on a V₂0₅ equivalent basis.
² 16,816,799 total outstanding shares
Largo Physical Vanadium (LPV) is a new publicly listed vanadium holding company that will purchase and hold physical vanadium.
LPV provides shareholders with ownership of a key strategic mineral—vanadium, which is essential to achieve a greener world in key industries such as steel, aerospace and energy storage.
Why invest?
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Direct exposure to vanadium, a new-economy metal with robust growth forecasts
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Positive ESG impact with use of vanadium in steel and batteries
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Turnkey solution to invest in physical vanadium
Key Facts
TSX Venture Exchange (TSX.V)
VAND
Inception Date
September 7, 2022
Management Fees
0.85%
CUSIP
51710H205
ISIN
CA51710H2054
Technical Advisor and Safekeeper of Stored Vanadium
Largo Inc.
Auditor
KPMG
Storage Locations
Netherlands, Canada, South Korea
How to Purchase
LPV units trade in Canadian Dollars. LPV units can be purchased or sold like any regular equity security through financial advisors, full-service brokers and discount brokers. Your units will be held in your name through the third-party financial professional.
Shares are listed on TSX Venture Exchange under the symbol VAND. For further information on how to purchase, please contact Francesco D’Alessio +1.571.491.7827 or f.dalessio@lpvanadium.com.
Vanadium: A New Economy Metal
An informational video that explores incredible facts about vanadium’s origins and its critical role as a new economy material in batteries.
Performance
Market Price vs. Net Asset Value Since Inception
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the “Reset Zoom” button to return to the full timeline view.
Historical Premium/Discount: Market Price to Net Asset Value
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the “Reset Zoom” button to return to the full timeline view.
Vanadium Equivalent Held
Total Vanadium Pentoxide (V₂0₅) Equivalent Held by LPV (Graph)
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the “Reset Zoom” button to return to the full timeline view.
Source: Largo Physical Vanadium Corp.
Management and Directors
Francesco D’Alessio
Chief Executive Officer
Carmelo Marrelli
Chief Financial Officer
Larry Ciccarelli
Director
John Kanellitsas
Director
Jonathan Lee
Director
Erik Bethel
Director
Francesco D’Alessio
Chief Executive Officer
Mr. D'Alessio has over 17 years of experience in metals sales and trading, including overseeing sales and shipment of vanadium, among other commodities, as well as additional experience in clean energy storage sales. Mr. D'Alessio currently serves as President of Largo Clean Energy Corp. (“LCE”), a subsidiary of Largo, overseeing the strategic review process to fully maximize the value of LCE, including its access to the innovative Largo Physical Vanadium Corp. structure. Mr. D'Alessio began his tenure at Largo in 2019 as Head of Sales, Americas, and was subsequently promoted to the position of Commercial Director, being actively involved in the overall sales strategy at Company. His experience also includes co-founding and previously holding the title of Marketing and Sales Director at SiderAlloys Intl. SA, where he facilitated the company's global sales and raw material sourcing channels and go-to-market strategies. Prior to co-piloting the start-up of SiderAlloys in 2011, Mr. D'Alessio was Global Sales Manager of vanadium products for EVRAZ East Metals, where he managed all sales and marketing for the vanadium division. Mr. D'Alessio holds a Global Executive Master of Business Administration (GEMBA) from Bocconi University in Milan, Italy, and a Bachelor of Arts (B.A.) in Government and International Affairs from George Mason University in Fairfax, VA, USA.
Carmelo Marrelli
Chief Financial Officer
Mr. Marrelli is the principal of the Marrelli Group, which includes Marrelli Support Services Inc., DSA Corporate Services Inc., and other related entities. A Chartered Professional Accountant (CPA, CA, CGA) and member of the Institute of Chartered Secretaries and Administrators, he holds a Bachelor of Commerce from the University of Toronto. Mr. Marrelli serves as CFO for several TSX, TSX Venture Exchange, and CSE-listed companies, as well as non-listed companies, and is a director of select issuers.
Larry Ciccarelli
Director
Larry Ciccarelli is the President and Secretary of Rinlar Inc., a private family office, and the Vice President and Secretary of a private investment firm, KARR Securities which he co-founded in 1989. Since 2010, Mr. Ciccarelli has been Director and Chairman of Licella Holdings, Sydney, Australia. Also, a current Director of Arbios Biotech, Vancouver, since 2019. Mr. Ciccarelli is also the Director of Mura Technology, London, England, since 2018. Larry was the Founder and Chairman of a natural resource company, Karmin Exploration, Toronto-Sao Paulo, from 2011- 2019, which was subsequently acquired by Nexa Resources. Mr. Cicarelli was the Founder and Executive Chairman of Globestar Mining Co. Toronto-Santo Domingo, 1999-2009, which was subsequently acquired by Perilya Limited. In 2010, Mr. Ciccarelli was a finalist for Ernst & Young Entrepreneur of the Year and in 2009 he received both the Ontario Global Traders Award and the Ontario Business Achievement Award. From 1993-2015, Mr. Ciccarelli was the co-owner of the Sarnia Sting Major Junior Hockey League team and in 2004, co-founded the palliative care initiative for the Sarnia community, St. Joseph’s Hospice. Mr. Ciccarelli earned his BA from the University of Western in Ontario, Canada.
John Kanellitsas
Director
John Kanellitsas is the Executive Vice Chair of Lithium Americas Corp. He is now primarily responsible for business development and capital markets strategies. Mr. Kanellitsas joined Lithium Americas Corp. as a Director in 2011 and served as a former CEO until the company’s merger with Western Lithium USA Corp. in September 2015. He has over 25 years of experience in the investment banking and asset management industries. Mr. Kanellitsas co-founded and was a partner of Geologic Resource Partners, LLP, where he served as its Chief Operating Officer from 2004 to 2014. Prior to Geologic, Mr. Kanellitsas was employed by Sun Valley Gold, LLC and Morgan Stanley & Co. in New York and San Francisco. Mr. Kanellitsas has an MBA from the University of California in Los Angeles and a BSc degree in Mechanical Engineering from Michigan State University.
Jonathan Lee
Director
Mr. Lee is a Vice President with the private equity firm Arias Resource Capital Management LP. Prior to Arias Resource Capital Management, Mr. Lee worked with Ambac Assurance Corporation, a global bond insurer. Prior to Ambac, Mr. Lee held positions with the investment firm Raging River Capital, the mining hedge fund Geologic Resource Partners LLC, and Byron Capital Markets Ltd in Canada as a mining & metals equity research analyst. Additionally, Mr. Lee has prior experience as an Environmental Engineer with several construction and engineering firms. Mr. Lee previously served on the board of Park Lawn Company Ltd. and Bearing Lithium Corp. Mr. Lee earned his MBA from the Stern School of Business at New York University and holds a BS in Chemical Engineering with a minor in Economics from Tufts University.
Erik Bethel
Director
Erik Bethel is a global finance professional with experience in the private and public sectors. In 2020 he was nominated to serve as the U.S. ambassador to the Republic of Panama. Previously, he was nominated by the president and confirmed unanimously by the Senate to represent the United States at the World Bank. At the World Bank, Mr. Bethel participated in the analysis and deployment of over $100 billion of capital in the developing world through grants, loans, equity investments, and other financial products. Earlier in his career, Mr. Bethel worked as an investment banker and private equity professional focused on emerging markets. He was a managing director at Franklin Templeton Investments, where he executed private equity transactions in Latin America. Prior to this, he was based in Shanghai, China, as managing partner of SinoLatin Capital and managing director of ChinaVest. Earlier in his career, Mr. Bethel held a variety of emerging markets-focused private equity and investment banking positions at J.P. Morgan and Morgan Stanley in both New York and Mexico City. Mr. Bethel earned a BS in economics and political science from the United States Naval Academy in Annapolis and an MBA from the Wharton School of Business at the University of Pennsylvania. He speaks Spanish, Portuguese, and Mandarin.