# EDGAR Filing Document

**Accession Number:** 0001400438
**File Stem:** 0000902664-23-001558
**Filing Date:** 2023-2
**Character Count:** 35369
**Document Hash:** fd028a004f20adaf5c1153604b9364d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-23-001558.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000902664-23-001558

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Largo Inc.
- **CENTRAL INDEX KEY:** 0001400438
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93259
- **FILM NUMBER:** 23618344

**BUSINESS ADDRESS:**
- **STREET 1:** 65 Queen Street West
- **STREET 2:** Suite 820
- **CITY:** Toronto, Ontario
- **STATE:** A6
- **ZIP:** M5H 2M5
- **BUSINESS PHONE:** 4168619797

**MAIL ADDRESS:**
- **STREET 1:** 65 Queen Street West
- **STREET 2:** Suite 820
- **CITY:** Toronto, Ontario
- **STATE:** A6
- **ZIP:** M5H 2M5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Largo Resources Ltd.
- **DATE OF NAME CHANGE:** 20070523
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arias Resource Capital Fund II L.P.
- **CENTRAL INDEX KEY:** 0001505018
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, P.O. BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** (345) 949-8066

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, P.O. BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SECURITIES AND EXCHANGE COMMISSION** | &nbsp;&nbsp;**SECURITIES AND EXCHANGE COMMISSION** |
| &nbsp;&nbsp;**Washington, D.C. 20549** | &nbsp;&nbsp;**Washington, D.C. 20549** |
| &nbsp;&nbsp;**SCHEDULE 13G/A** | &nbsp;&nbsp;**SCHEDULE 13G/A** |
| &nbsp;&nbsp;Under the Securities Exchange Act of 1934 | &nbsp;&nbsp;Under the Securities Exchange Act of 1934 |
| &nbsp;&nbsp;(Amendment No. 1)\* | &nbsp;&nbsp;(Amendment No. 1)\* |
| &nbsp;&nbsp; Largo Inc. | &nbsp;&nbsp; Largo Inc. |
| &nbsp;&nbsp;(Name of Issuer) | &nbsp;&nbsp;(Name of Issuer) |
| &nbsp;&nbsp; Common Shares, no par value | &nbsp;&nbsp; Common Shares, no par value |
| &nbsp;&nbsp;(Title of Class of Securities) | &nbsp;&nbsp;(Title of Class of Securities) |
| &nbsp;&nbsp; 517097101 | &nbsp;&nbsp; 517097101 |
| &nbsp;&nbsp;(CUSIP Number) | &nbsp;&nbsp;(CUSIP Number) |
| &nbsp;&nbsp; December 31, 2022 | &nbsp;&nbsp; December 31, 2022 |
| &nbsp;&nbsp;(Date of event which requires filing of this statement) | &nbsp;&nbsp;(Date of event which requires filing of this statement) |
| &nbsp;&nbsp;Check the appropriate box to designate the rule pursuant to which this Schedule 13G/A is filed: | &nbsp;&nbsp;Check the appropriate box to designate the rule pursuant to which this Schedule 13G/A is filed: |
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;Rule 13d-1(b) |
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;Rule 13d-1(c) |
| &nbsp;&nbsp;🗷 | &nbsp;&nbsp;Rule 13d-1(d) |
| &nbsp;&nbsp;(Page 1 of 13 Pages) | &nbsp;&nbsp;(Page 1 of 13 Pages) |

---

______________________________

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("<u>Act</u>") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes)

---

| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 2 of 13 Pages** |

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---

| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP Ltd. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP Ltd. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP Ltd. |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 6,547 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 6,547 Common Shares |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 6,547 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 6,547 Common Shares |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 6,547 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 6,547 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 6,547 Common Shares |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.01% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO |

---

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| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 3 of 13 Pages** |

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---

| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Fund II L.P. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Fund II L.P. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Fund II L.P. |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 26,468,209 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 26,468,209 Common Shares |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 26,468,209 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 26,468,209 Common Shares |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 26,468,209 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 26,468,209 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 26,468,209 Common Shares |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 41.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 41.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 41.35% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN |

---

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| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 4 of 13 Pages** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Fund II (Mexico) L.P. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Fund II (Mexico) L.P. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Fund II (Mexico) L.P. |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Ontario, Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Ontario, Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Ontario, Canada |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 1,501,731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 1,501,731 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 1,501,731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 1,501,731 |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,501,731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,501,731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,501,731 |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 2.35% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN |

---

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| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 5 of 13 Pages** |

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| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP II Ltd. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP II Ltd. | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP II Ltd. |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 27,969,940 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 27,969,940 Common Shares |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 27,969,940 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 27,969,940 Common Shares |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 27,969,940 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 27,969,940 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 27,969,940 Common Shares |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 43.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 43.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 43.70% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO |

---

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| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 6 of 13 Pages** |

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| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Management LP | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Management LP | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital Management LP |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> State of Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> State of Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> State of Delaware |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 109,756 Common Shares issuable upon exercise of options |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 109,756 Common Shares issuable upon exercise of options |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 109,756 Common Shares issuable upon exercise of options |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.17% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN |

---

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| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 7 of 13 Pages** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP LLC | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP LLC | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> Arias Resource Capital GP LLC |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> State of Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> State of Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> State of Delaware |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 109,756 Common Shares issuable upon exercise of options |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 109,756 Common Shares issuable upon exercise of options |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 109,756 Common Shares issuable upon exercise of options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 109,756 Common Shares issuable upon exercise of options |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 0.17% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> OO |

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|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 8 of 13 Pages** |

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| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> J. Alberto Arias | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> J. Alberto Arias | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> J. Alberto Arias |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Peru |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 62,533 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 62,533 Common Shares |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 28,086,243 Common Shares (including 109,756 Common Shares issuable upon exercise of options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 28,086,243 Common Shares (including 109,756 Common Shares issuable upon exercise of options) |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 62,533 Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 62,533 Common Shares |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 28,086,243 Common Shares (including 109,756 Common Shares issuable upon exercise of options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 28,086,243 Common Shares (including 109,756 Common Shares issuable upon exercise of options) |
| **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 28,148,776 Common Shares (including 109,756 Common Shares issuable upon exercise of options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 28,148,776 Common Shares (including 109,756 Common Shares issuable upon exercise of options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 28,148,776 Common Shares (including 109,756 Common Shares issuable upon exercise of options) |
| **10** | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 43.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 43.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 43.90% |
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IN |

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|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 9 of 13 Pages** |

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|:---|:---|
| &nbsp;&nbsp;**Item 1(a).** | &nbsp;&nbsp;**NAME OF ISSUER:** |
|  | &nbsp;&nbsp;The name of the issuer is Largo Inc. (the "<u>Issuer</u>"). |

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|:---|:---|
| &nbsp;&nbsp;**Item 1(b).** | &nbsp;&nbsp;**ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:** |
|  | &nbsp;&nbsp;The Issuer's principal executive offices are located at 55 University, Suite 1105, Toronto, Ontario M5J 2H7, Canada. |

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|:---|:---|
| &nbsp;&nbsp;**Item 2(a).** | &nbsp;&nbsp;**NAME OF PERSON FILING:** |
|  | &nbsp;&nbsp;This statement is filed by: |

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(i) Arias Resource Capital GP Ltd., a Cayman Islands exempted
 company (" <u>Arias GP</u> "), with respect to the Common Shares (as defined in Item 2(d) below) held by it;

(ii) Arias Resource Capital Fund II L.P., a Cayman Islands
 exempted limited partnership (" <u>Arias II Fund</u> "), with respect to the Common Shares held by it;

(iii) Arias Resource Capital Fund II (Mexico) L.P., an Ontario
 limited partnership (" <u>Arias II (Mexico) Fund</u> " and together with Arias GP and Arias II Fund, the " <u>Arias Entities</u> "),
 with respect to the Common Shares held by it;

(iv) Arias Resource Capital GP II Ltd., a Cayman Islands
 exempted company (" <u>Arias II GP</u> "), 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 (" <u>Arias Management</u> "), 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 Vice President of Arias Management (" <u>Mr. Lee</u> ");

(vi) Arias Resource Capital GP LLC, a Delaware limited
 liability company (" <u>Arias Management GP</u> "), 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 (" <u>Mr. Arias</u> "), with respect to the Common Shares held by him, 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, and as the sole director of each of Arias GP and Arias II GP and as director of Arias GP II, which serves as the general partner of Arias II (Mexico) Fund, with respect to the Common Shares held by the Arias Entities.

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|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 10 of 13 Pages** |

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|:---|:---|
|  | &nbsp;&nbsp;The foregoing persons are hereinafter sometimes collectively referred to as the "<u>Reporting Persons</u>." |
|  | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**Item 2(b).** | &nbsp;&nbsp;**ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:** |
|  | &nbsp;&nbsp;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. |

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|:---|:---|
| &nbsp;&nbsp;**Item 2(c).** | &nbsp;&nbsp;**CITIZENSHIP:** |
|  | &nbsp;&nbsp;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. |

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|:---|:---|
| &nbsp;&nbsp;**Item 2(d).** | &nbsp;&nbsp;**TITLE OF CLASS OF SECURITIES:** |
|  | &nbsp;&nbsp;Common Shares, no par value (the "<u>Common Shares</u>"). |

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|:---|:---|
| &nbsp;&nbsp;**Item 2(e).** | &nbsp;&nbsp;**CUSIP NUMBER:** |
|  | &nbsp;&nbsp;517097101 |

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|:---|:---|
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:** |

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(a) ◻ Broker or dealer registered under Section 15 of the Act,

(b) ◻ Bank as defined in Section 3(a)(6) of the Act,

(c) ◻ Insurance Company as defined in Section 3(a)(19) of the Act,

(d) ◻ Investment Company registered under Section 8 of the Investment Company Act of 1940,

(e) ◻ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f) ◻ Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F),

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| | | |
|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 11 of 13 Pages** |

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(g) ◻ Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G),

(h) ◻ Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act,

(i) ◻ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

(j) ◻ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);

(k) ◻ Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution:<u> </u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**OWNERSHIP**. |
|  | &nbsp;&nbsp;The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference. |
|  | &nbsp;&nbsp;The percentages set forth in this Schedule 13G/A are based on approximately 64,005,000 Common Shares outstanding as of November 9, 2022, as reported in Exhibit 99.2 attached to the Issuer's Report of Foreign Issuer on Form 6-K filed with the Securities and Exchange Commission on November 9, 2022, and assumes the exercise of the options reported herein. |

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|:---|:---|
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.** |
|  | &nbsp;&nbsp;Not applicable. |

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|:---|:---|
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.** |
|  | &nbsp;&nbsp;Not applicable. |

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|:---|:---|
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.** |
|  | &nbsp;&nbsp;Not applicable. |

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|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 12 of 13 Pages** |

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|:---|:---|
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.** |
|  | &nbsp;&nbsp;Not applicable. |

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|:---|:---|
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**NOTICE OF DISSOLUTION OF GROUP.** |
|  | &nbsp;&nbsp;Not applicable. |

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|:---|:---|
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**CERTIFICATION.** |

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Not applicable.

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|:---|:---|:---|
| **CUSIP No. 517097101** | **13G/A** | **Page 13 of 13 Pages** |

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**SIGNATURES**

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of our knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of our knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. |
| DATED: February 13, 2023 | /s/ J. Alberto Arias |
|  | J. ALBERTO ARIAS, (i) individually, (ii) as Director of: (a) Arias Resource Capital GP Ltd., (b) Arias Resource Capital GP II Ltd., (x) for itself and (y) as General Partner of Arias Resource Capital Fund II L.P. and Arias Resource Capital Fund II (Mexico) L.P. and (iii) as Sole Member of Arias Resource Capital GP LLC, (x) for itself and (y) as General Partner of Arias Resource Capital Management LP. |

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