AMERIGO RESOURCES LTD - ARREF STOCK NEWS

Amerigo Resources Ltd. (ARREF) reported a strong 2021 performance with copper production of 63.4 million pounds, exceeding guidance by 4%. The cash cost was $1.75/lb, 2% below expected levels. The company introduced dividends and share repurchase initiatives, returning $11.8 million to shareholders in Q4. Future guidance predicts production of 61.9 million pounds of copper in 2022 at a higher cash cost of $1.90/lb. The EBITDA is projected at $50 million, with potential impacts from fluctuating copper and molybdenum prices.

Amerigo Resources Ltd. (ARREF) has received TSX approval for a normal course issuer bid (NCIB), allowing the purchase of up to 10.75 million shares, approximately 6.14% of its outstanding shares, over the next year. This initiative, starting December 2, 2021, aims to enhance shareholder returns. The NCIB follows a previous substantial issuer bid where over 7.1 million shares were retired. Amerigo emphasizes that share repurchases are a beneficial capital use, with all purchased shares to be cancelled, indicating a commitment to shareholder value.

Amerigo Resources Ltd. (TSX: ARG; ARREF: OTC) announced the completion of its substantial issuer bid, purchasing 7,116,345 Common Shares at C$1.30 each, totaling C$9,251,248.50. This represents 3.91% of its issued shares, reducing the total issued and outstanding Common Shares to 174,844,733. The offer, which launched on September 29, 2021, expired on November 12, 2021. The company is also pursuing a Normal Course Issuer Bid to return additional capital to shareholders.

Amerigo Resources Ltd. (ARREF) announces the passing of director David Thomas, who joined the board in June 2021. Thomas brought over 40 years of mining industry experience, including roles at Kennecott Copper and Freeport Indonesia. His contributions to the Toromocho Copper Project were significant. Amerigo's Executive Chairman, Dr. Klaus Zeitler, expressed deep condolences, noting Thomas's invaluable technical knowledge. Amerigo operates in a long-term partnership with Codelco, producing copper and molybdenum concentrate from tailings at the MVC operation in Chile.

Amerigo Resources Ltd. reported a strong financial performance for Q3-2021, with a net income of $8.4 million and earnings per share (EPS) of $0.05. The company generated EBITDA of $18.5 million and operating cash flow of $14.1 million. Revenue rose to $48.1 million, driven by higher copper prices, with an average price of $4.23 per pound, up 39% year-over-year. Additionally, a quarterly dividend of Cdn$0.02 per share was declared, payable on December 20, 2021, offering a 6.35% annual yield based on recent share prices.

Amerigo Resources Ltd. (ARREF) reported strong production results for Q3-2021, achieving 16 million pounds of copper, exceeding guidance by 9%. The cash cost was $1.62/lb, 8% lower than forecasted and the lowest in 2021. Successful completion of the annual MVC plant maintenance shutdown is noted, enabling full production operations. Copper prices averaged $4.23/lb for the quarter. Cash and restricted cash increased by $18 million to $71 million, while bank debt remained unchanged at $35 million. Financial results will be released on November 3, 2021.

Amerigo Resources Ltd. (ARREF) has announced the reinstatement of quarterly dividends starting in Q4 2021, demonstrating strong financial performance and operational results. The company's Board plans to utilize its financial flexibility to repurchase up to Cdn$25 million in common shares through a modified Dutch auction, enhancing shareholder returns. The share buyback aims to retire approximately 10.6% to 11.6% of its outstanding shares, depending on the purchase price. The dividend declaration will be contingent on financial results and is subject to Board discretion.

Amerigo Resources Ltd. (ARREF) reported strong Q2-2021 financial results, achieving a net income of $11.6 million and earnings per share of $0.06, compared to a net loss of $3.6 million in Q2-2020. The company generated operating cash flow of $17.1 million, up from $2.8 million year-over-year, with improved cash positions. Revenue doubled to $50.5 million, driven by higher copper production and prices. However, Amerigo no longer relies on previous production guidance due to actual grades being lower than expected. The company reduced its bank debt to $33.8 million, a notable improvement.