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Amerigo Resources (TSX: ARG; OTCQX: ARREF) has announced a significant safety milestone at its Minera Valle Central (MVC) copper operation in Chile. The facility has achieved three consecutive years without lost-time accidents, accumulating 1,823,782 man-hours during this period.
MVC, which employs 296 workers and can accommodate up to 880 workers and subcontractors during peak periods like annual maintenance shutdowns, has demonstrated the effectiveness of its safety practices and training programs. According to CEO Aurora Davidson, this achievement underscores the company's commitment to worker safety while ensuring operational continuity and minimizing potential financial losses.
Amerigo Resources reported strong 2024 operational results, with copper production reaching 64.6 million pounds, exceeding guidance by 4%. The company achieved a record 65.0 million pounds of copper deliveries and 1.3 million pounds of molybdenum production, 8% above guidance.
The company's cash cost was $1.89 per pound in 2024, significantly better than guidance, with a normalized cash cost of $1.87 per pound. The average copper price in 2024 was $4.15 per pound. The company ended 2024 with a cash position of $35.9 million and outstanding bank debt of $11.5 million.
For 2025, Amerigo projects copper production of 62.9 million pounds and expects to be debt-free by year-end. The company's normalized cash cost is expected to be $1.93 per pound under assumed copper price of $4.15 per pound. Since September 2021, Amerigo has returned $78.1 million to shareholders through dividends and share buybacks.
Amerigo Resources has received TSX approval for a new normal course issuer bid (NCIB) running from December 2, 2024, to December 1, 2025. The company can purchase up to 12 million common shares (10% of public float) for cancellation. The daily purchase limit is set at 62,309 shares, with block purchases allowed weekly. Under the previous NCIB, Amerigo repurchased 1.4 million shares at Cdn$1.76 average price. The company's Capital Return Strategy combines quarterly dividends, performance dividends, and share buybacks, with a current dividend yield of 9.4%. Since October 2021, Amerigo has returned $74.5 million to shareholders through share repurchases and dividends.
Amerigo Resources reported strong Q3-2024 financial results with net income of $2.8 million, compared to a $5.8 million loss in Q3-2023. Copper production reached 16.3 million pounds, a 46% increase from Q3-2023. The company achieved EBITDA of $13.3 million and free cash flow to equity of $5.9 million.
The company returned $8.5 million to shareholders through a quarterly dividend of Cdn$0.03 per share and a performance dividend of Cdn$0.04 per share. The Board declared its thirteenth quarterly dividend of Cdn$0.03 per share, payable on December 20, 2024. Based on the September 30 share price of Cdn$1.74, this represents an annual dividend yield of 9.2%.
Amerigo Resources reported strong Q3-2024 operational results, outperforming guidance. Key highlights include:
- Copper production of 16.3 million pounds
- Cash cost of $1.93 per pound
- Quarterly copper price of $4.22 per pound
- $8.5 million paid in dividends
The company's YTD-2024 production is trending ahead of annual guidance. MVC's water reserves are sufficient for at least eighteen months of projected processing rates. Amerigo's cash position increased to $25.1 million, while bank debt decreased to $15.5 million. The company continues to implement its Capital Return Strategy, having returned $72.7 million to shareholders since September 2021.
Amerigo Resources (TSX: ARG; OTCQX: ARREF) announced strong Q2-2024 financial results, with net income of $9.8 million, EPS of $0.06, EBITDA of $22.3 million, and free cash flow to equity of $6.7 million. The company's performance was driven by strengthened copper prices, averaging $4.39/lb, and firm cost management. Amerigo declared its 12th quarterly dividend of Cdn$0.03 per share, payable on September 20, 2024, and a performance dividend of Cdn$0.04 per share. Based on the June 30, 2024 share price, this represents an annual dividend yield of 10.3%. The company's cash position improved to $28.7 million, with reduced borrowings of $14.4 million.
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.
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