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Amerigo Resources reported its Q2-2024 operational results with a copper production of 14.0 million pounds (M lbs) and maintained its 2024 guidance. Despite a reduction in production due to heavy rains, the company still trended below its guided cash cost of $2.08 per pound, achieving a Q2-2024 cash cost of $1.96 per pound. The company declared a quarterly dividend of $3.6 million and an additional performance dividend of $4.8 million. Amerigo's cash position increased to $28.7 million, and its debt was reduced to $15.5 million. The company will release its Q2-2024 financial results on July 31, 2024, followed by an investor conference call on August 1, 2024.
Amerigo Resources has declared its first Performance Dividend of Cdn$0.04 per share, payable on August 6, 2024, to shareholders of record as of July 16, 2024. This dividend, coupled with quarterly dividends, results in an annualized yield of 10.3%. The declaration of this dividend marks the full deployment of Amerigo’s Capital Return Strategy initiated in September 2021. Since then, the company has paid out Cdn$40.5 million in dividends and repurchased Cdn$23.7 million worth of shares, reducing its outstanding shares by 11.1%. The strong copper prices and Amerigo’s operational efficiency have enabled this robust return to shareholders.
Amerigo Resources has announced the retirement of Michael Luzich from its board of directors, effective June 30, 2024. Luzich, who joined the board on May 12, 2020, is also the founder of Luzich Partners , a significant shareholder in Amerigo. Luzich is retiring to focus on other business ventures. Dr. Klaus Zeitler, Amerigo's Executive Chair, expressed gratitude for Luzich's contributions over the past four years and wished him continued success.
Amerigo Resources (TSX: ARG; OTCQX: ARREF) provided an operational update on its Minera Valle Central (MVC) operation in Chile following heavy rains. From June 13 to June 23, 2024, MVC experienced 267 mm of rainfall, which caused water accumulation in the Cauquenes historic tailings deposit, halting historic tailings processing. However, production guidance remains unchanged.
MVC deployed floating pumps to remove the water, extracting 1.6 million cubic meters of rainwater. Water removal is expected to conclude by June 29, 2024, and historical tailings processing will resume on June 30, 2024. Despite an estimated production impact of 1.0 million pounds of copper, MVC's 2024 production guidance of 62.4 million pounds of copper and 1.2 million pounds of molybdenum remains intact.
The power supply was unaffected, and fresh tailings processing continues normally. No further heavy rain is forecasted in the region.
Amerigo Resources provided an update on the effect of heavy rains at their Minera Valle Central (MVC) operation in Chile. Heavy rains on June 13-14, 2024, resulted in 116 mm of rainfall, causing water accumulation in the Cauquenes historic tailings deposit and halting its processing. MVC continues to process fresh tailings, and the power supply remains unaffected. The estimated production impact is 0.55 million pounds of copper, but this is not expected to change MVC's 2024 production guidance. Additional heavy rains are forecasted for the week of June 17, 2024.
Amerigo Resources announced strong Q1-2024 financial results with net income of $4.3 million, EBITDA of $13.6 million, and free cash flow to equity of $7.3 million. The company declared a quarterly dividend of Cdn$0.03 per share, representing a 7.7% yield. Operations from Minera Valle Central outperformed production and cost guidance. Copper and molybdenum prices in Q1-2024 were lower than Q1-2023, impacting revenue. The company's financial performance is sensitive to copper price fluctuations.
Amerigo Resources announces the results of its 2024 Annual General Meeting of Shareholders with positive outcomes. Shareholders voted in favor of all business items, including the election of all director nominees. Detailed voting results are accessible on SEDAR+.
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