EARLY WARNING REPORT UNDER
NATIONAL INSTRUMENT 62 - 103
ALTERNATIVE MONTHLY REPORTING SYSTEM
ALTERNATIVE REPORTER: MACKENZIE FINANCIAL CORPORATION
180 Queen Street West
Toronto, Ontario
M5V 3K1
REPORTING ISSUER: Largo Resources Ltd.
REPORT FOR END OF: September 2008
REPORT OF SHARE ACTIVITY:
Mackenzie Financial Corporation (“Mackenzie”) reports that as a result of purchases of common
shares of Largo Resources Ltd. (“Largo Resources”) by one or more of its mutual fund and
private client managed accounts, the aggregate number of common shares on a flow through
basis of Largo Resources held by all of Mackenzie’s managed accounts on September 30, 2008
was 26,084,700 common shares, representing approximately 17.6% of all outstanding common
shares on a flow through basis.
CHANGE FROM PREVIOUS REPORT:
Mackenzie’s previous report, dated September 10, 2008 reported holdings of 22,167,400
common shares of Largo Resources representing approximately 15.0% of all the outstanding
common shares on a flow through basis on behalf of Mackenzie’s mutual fund and private client
managed accounts as at August 31, 2008. Since September 1, 2008, there has been an increase
of 3,917,300 common shares representing an increase of 2.6% of the total outstanding common
shares on a flow through basis within Mackenzie’s mutual fund and private client managed
accounts.
BENEFICIAL OWNERSHIP, CONTROL OR DIRECTION:
Mackenzie specifically disclaims any beneficial ownership of the reported common shares, but
as investment manager it maintains exclusive power to exercise investment control or direction
over such common shares for its managed accounts as the beneficial owners.
PURPOSE OF THE REPORT:
The common shares were acquired in the ordinary course of business, for investment purposes
only and not for the purpose of exercising control or direction over Largo Resources. Mackenzie
managed accounts may from time to time acquire additional common shares, dispose of some or
all of the existing or additional common shares or may continue to hold the common shares.
RELIANCE ON EXEMPTION:
This report is issued under the Alternative Monthly Reporting System described in National
Instrument 62 - 103. Neither Mackenzie nor any of its managed accounts presently intend to:
a) make a formal take-over bid for any common shares of Largo Resources;
b) propose a transaction that would constitute a take-over bid in reliance on an
exemption in the Securities Act (Ontario); or
c) propose a reorganization, amalgamation, merger, arrangement or similar business
combination with Largo Resources which would result in Mackenzie’s managed
accounts controlling the company, alone or with others.
CERTIFICATION:
To the best of its knowledge:
a) Mackenzie and its managed accounts do not in the ordinary course of business
receive material facts or changes about Largo Resources which have not been
publicly disclosed;
b) Mackenzie is eligible to file this Alternative Monthly Reporting System report
pursuant to the National Instrument;
c) Mackenzie is not a joint actor with anyone else in connection with this report; and
d) Mackenzie and its managed accounts have not entered into any agreements with
Largo Resources in connection with the purchases.
CONTACT PERSON:
For further information, contact: Clyde Roach
Telephone: (416) 922-5322, extension 4074
DATE AND SIGNATURE:
This report is dated October 10, 2008 and is signed by an authorized officer of Mackenzie.
MACKENZIE FINANCIAL CORPORATION
“D. Lynn Vickers”
_______________________________________
D. Lynn Vickers
Vice-President, Chief Compliance Officer
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