Amerigo Announces Strong 2025 Results
1 This is a non-IFRS measure. See “Non-IFRS Measures” for further information.
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February 25, 2026
N.R. 2026-02
Amerigo Announces Strong 2025 Results
& Quarterly Dividend
• 2025 Net Income of $35.4 million, EBITDA1 of $89.8 million and Free Cash Flow to Equity1 of $37.1
million
• 18th Quarterly Dividend of Cdn$0.04 Declared
• $20.4 million Returned to Shareholders in 2025
• Company Remains Bullish on Copper Prices, Capital Return Strategy Fully Deployed
VANCOUVER, BRITISH COLUMBIA – February 25, 2026/Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF)
(“Amerigo” or the “Company”) is pleased to announce strong financial results for the year and three months
(“Q4-2025”) ended December 31, 2025. Dollar amounts in this news release are in U.S. dollars unless indicated
otherwise.
Amerigo’s 2025 financial results included net income of $ 35.4 million, basic earnings per share (“EPS”) of
$0.22, EBITDA1 of $89.8 million and free cash flow to equity 1 (“FCFE1”) of $ 37.1 million. In 2025, Amerigo
returned $ 20.4 million to shareholders through quarterly dividends and share buybacks. Additionally, a
performance dividend of Cdn$0.05 per share was declared on December 17, 2025 and paid on January 15 ,
2026, marking Amerigo’s second year of full deployment of all the elements of its Capital Return Strategy2
(“CRS”).
“Amerigo delivered strong financial results in 2025, driven by exceptional operating performance from MVC
and disciplined cost management across the business. Our operational resilience was supported by a year of
rising copper prices, evidenced by a 9% increase in the average annual London Metal Exchange (“LME”) copper
price. Amerigo’s operational leverage in this dynamic copper price environment continued to support the
unique ability of the Company’s Capital Return Strategy 2 to promptly reward shareholders,” said Aurora
Davidson, Amerigo’s President and CEO.
“In 2025, despite intra-year price volatility, Amerigo responded to rising copper prices by quickly increasing the
quarterly dividend by 33% and declaring our second performance dividend. We reduced our annual share count
by 2.8 million shares, and very importantly, we eliminated our debt, which will allow increased cash to flow
directly to shareholders through the CRS,” Ms. Davidson added.
“As we enter 2026, LME copper prices have reached historical highs, and we think these new pric e levels will
persist due to solid market fundamentals and a repricing of real assets as currency debasement continues.
This provides a solid environment for our business . Amerigo’s low capital intensity enables us to efficiently
convert operating performance into free cash flow, and our CRS remains a top corporate priority. We will
1 This is a non-IFRS measure. See “Non-IFRS Measures” for further information.
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continue to focus on reliability, asset integrity and long- term operational stability, all of which support our
ability to generate and return capital to shareholders.”
As reported in Amerigo’s news release of January 13, 2026, copper production from Minera Valle Central
(“MVC”), the Company’s wholly owned operation located near Rancagua, Chile, reached 62.2 million pounds
(“M lbs”) of copper (2024: 64.6 M lbs). MVC also produced 1.5 M lbs of molybdenum in 2025 (2024: 1.3 M lbs).
Financial results for Q4-2025 were strong and include net income of $ 17.9 million, EPS of $0. 10, EBITDA1 of
$38.1 million, and FCFE1 of $14.7 million.
On February 23, 2026, Amerigo’s Board of Directors declared its eighteenth consecutive quarterly dividend.
The dividend will be in the amount of Cdn$0.04 per share, payable on March 20, 2026, to shareholders of record
as of March 6, 20263. Amerigo designates the entire amount of this taxable dividend to be an “eligible dividend”
for purposes of the Income Tax Act (Canada), as amended from time to time.
Based on Amerigo’s December 31 , 2025 share closing price of Cdn$4.54, the Cdn$0.04 quarterly dividend
declared on February 23, 2026, represents an annual dividend yield of 3.5%.
This news release should be read with Amerigo’s audited consolidated financial statements and
Management’s Discussion and Analysis (“MD&A”) for the years ended December 31, 2025, and 2024, available
on the Company’s website at www.amerigoresources.com and on the SEDAR+ website at www.sedarplus.ca.
Highlights and Significant Items
• Amerigo achieved solid financial performance in 202 5, posting net income of $ 35.4 million (2024: $19.2
million), led by increase s of $30.9 million in copper tolling revenue and $3.6 million in molybdenum
revenue, and mitigated by increases of $12.8 million in tolling and production costs , $4.9 in deferred tax
expense and $4.7 million in current income tax expense.
• MVC’s copper production was 62.2 million pounds (“M lbs”) (2024: 64.6 M lbs) at an average MVC copper
price of $4.73 per pound (“/lb”) (2024: $4.15/lb).
• Copper and molybdenum royalties paid to Codelco’s Division El Teniente (“DET”) in 2025 were $94.2
million (2024: $79.8 million).
2025 2024 Q4-2025 Q4-2024
MVC's copper price ($/lb)5 4.73 4.15 5.35 4.06
Revenue ($ millions) 227.3 192.8 79.8 50.8
Net income ($ millions) 35.4 19.2 17.9 2.4
Basic EPS ($) 0.22 0.12 0.10 0.01
Basic EPS (Cdn$) 0.30 0.16 0.14 0.02
EBITDA1 ($ millions) 89.8 68.8 38.1 19.6
Operating cash flow before changes in non-cash working capital1 ($ millions) 60.5 47.1 24.6 13.8
FCFE1 ($ millions) 37.1 27.8 14.7 8.0
At December 31, 2025 2024
Cash ($ millions) 40.3 35.9
Restricted cash ($ millions) - 4.4
Borrowings ($ millions) - 10.7
Shares outstanding at end of period (millions) 161.7 164.5
1 This is a non-IFRS measure. See “Non-IFRS Measures” for further information.
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• EPS in 2025 was $0.22 (Cdn$0.30), compared to $0.12 (Cdn$0.16) in 2024.
• The Company generated operating cash flow before changes in non-cash working capital1 of $60.5 million
in 2025 (2024: $47.1 million). Annual net operating cash flow was $43.7 million (2024: $59.8 million). Free
cash flow to equity1 was $37.1 million (2024: $27.8 million).
• The Company repaid $11.5 million in debt (2024: $9.8 million), becoming debt -free in October 2025, and
returned $20.4 million (2024: $21.2 million) to shareholders through dividends and share buybacks during
the year.
• 2025 c ash cost 1 was $1. 93/lb (202 4: $1.89/lb). The $0. 04/lb increase in cash cost was caused
predominantly by a $0.09/lb increase in direct labour (including $0.06/lb associated with signing bonuses
on MVC’s 3- year plant operators’ collective agreement), a $0.04/lb increase in power cost, a $0.04/lb
increase in lime costs, a $0.03/lb increase in maintenance, and a $0.04/lb increase in other direct costs,
offset by a $0.16/lb decrease in smelting and refining charges in response to the 2025 annual benchmark
and a $0.09/lb increase in molybdenum by -product credits from stronger molybdenum production and
prices.
• On December 31, 2025 , the Company held cash and cash equivalents of $40.3 million and no restricted
cash, compared with $35.9 million in cash and cash equivalents and $4.4 million in restricted cash on
December 31, 202 4. Working capital (current assets less current liabilities) on December 31, 2025 was
$10.9 million, up from a working capital deficiency of $6.5 million on December 31, 2024.
• On December 31, 2025, the provisional copper price used by MVC was $5.35/lb. The final prices for
October, November, and December 2025 sales will be the average LME prices for January ($5.94/lb),
February, and March 2026, respectively. A 10% increase or decrease from the $5.35/lb provisional price
used on December 31, 2025, would result in a $10.2 million change in revenue in the first quarter of 2026
(“Q1-2026”) regarding Q4-2025 production.
Investor Conference Call on February 26, 2026
Amerigo’s quarterly investor conference call will occur on Thursday, February 2 6, 2026, at 11:00 a.m. Pacific
Standard Time/2:00 p.m. Eastern Standard Time. Participants can join by visiting https://emportal.ink/4nTAdr8
and entering their name and phone number.
The conference system will then call the participants and place them on the call instantly . Alternatively,
participants can dial directly to be entered into the call by an Operator. Dial 1 -888-510-2154 (Toll-Free North
America) and state they wish to participate in the Amerigo Resources 2025 Earnings Call.
Interactive Analyst Center
Amerigo's public financial and operational information is available for download in Excel format through
Virtua’s Interactive Analyst Center (“IAC”). You can access the IAC by visiting www.amerigoresources.com
under Investors > Interactive Analyst Center.
About Amerigo and Minera Valle Central (“MVC”)
Amerigo Resources Ltd. is an innovative copper producer with a long -term relationship with Corporación
Nacional del Cobre de Chile (“Codelco”), the world’s largest copper producer. Amerigo produces copper
concentrate, and molybdenum concentrate as a by-product at the MVC operation in Chile by processing fresh
and historic tailings from Codelco’s El Teniente mine, the world's largest underground co pper mine. Tel: (604)
681-2802; Web: www.amerigoresources.com; ARG: TSX; OTCQX: ARREF.
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Contact Information
Aurora Davidson Graham Farrell
President and CEO Investor Relations
(604) 697-6207 (416) 842-9003
[email protected] [email protected]
December 31, December 31,
2025 2024
$ thousands $ thousands
Cash and cash equivalents 40,313 35,864
Restricted cash - 4,449
Property plant and equipment 132,288 143,708
Other assets 45,140 21,450
Total assets 217,741 205,471
Total liabilities 102,617 100,682
Shareholders' equity 115,124 104,789
Total liabilities and shareholders' equity 217,741 205,471
2025 2024
$ thousands $ thousands
Revenue 227,321 192,773
Tolling and production costs (160,137) (147,364)
Other expenses (7,756) (11,297)
Finance expense (1,725) (2,198)
Income tax expense (22,269) (12,674)
Net income 35,434 19,240
Other comprehensive income 268 984
Comprehensive income 35,702 20,224
Earnings per share - basic 0.22 0.12
Earnings per share - diluted 0.21 0.12
2025 2024
$ thousands $ thousands
Cash flow from operating activities 60,526 47,149
Changes in non-cash working capital (16,814) 12,629
Net cash generated from operating activities 43,712 59,778
Net cash used in investing activities (11,887) (9,341)
Net cash used in financing activites (27,398) (29,401)
Net increase in cash and cash equivalents 4,427 21,036
Effect of foreign exchange rates on cash 22 (1,420)
Cash and cash equivalents, beginning of year 35,864 16,248
Cash and cash equivalents, end of year 40,313 35,864
Summary Consolidated Statements of Financial Position
Summary Consolidated Statements of Income and Comprehensive Income
Years Ended December 31,
Summary Consolidated Statements of Cash Flows
Years Ended December 31,
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1 Non-IFRS Measures
This news release includes f ive non-IFRS measures: (i) EBITDA, (ii) operating cash flow before changes in non- cash working
capital, (iii) free cash flow to equity (“FCFE”), (iv) free cash flow (“FCF”) and (v) cash cost.
These non-IFRS performance measures are included in this news release because they provide key performance measures used
by management to monitor operating performance, assess corporate performance, and plan and assess the overall effectiveness
and efficiency of Amerigo’s operations. These performance measures are not standardized financial measures under
International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting
Standards”), and, therefore, amoun ts presented may not be comparable to similar financial measures disclosed by other
companies. These performance measures should not be considered in isolation as a substitute for performance measures in
accordance with IFRS Accounting Standards.
(i) EBITDA refers to earnings before interest, taxes, depreciation, and administration and is calculated by adding d epreciation
expense to the Company’s gross profit.
(ii) Operating cash flow before changes in non-cash working capital is calculated by adding back the decrease or subtracting the
increase in changes in non-cash working capital to or from cash provided by operating activities.
(iii) Free cash flow to equity (“FCFE”) refers to operating cash flow before changes in non-cash working capital , less capital
expenditures, less borrowing repayments. FCFE represents the amount of cash generated by the Company in a reporting
period that can be used to pay for the following:
a) potential distributions to the Company’s shareholders and
b) any additional taxes triggered by the repatriation of funds from Chile to Canada to fund these distributions.
Free cash flow (“FCF”) equals FCFE plus borrowing repayments.
(Expressed in thousands) 2025 2024 Q4-2025 Q4-2024
$ $ $ $
Gross profit 67,184 45,409 32,388 13,736
Add:
Depreciation and amortization 22,611 23,351 5,740 5,857
EBITDA 89,795 68,760 38,128 19,593
(Expressed in thousands) 2025 2024 Q4-2025 Q4-2024
$ $ $ $
Net cash provided by operating activities 43,712 59,778 23,667 20,973
Add (deduct):
Changes in non-cash working capital 16,814 (12,629) 974 (7,223)
Operating cash flow before non-cash working capital 60,526 47,149 24,641 13,750
(Expressed in thousands) 2025 2024 Q4-2025 Q4-2024
$ $ $ $
Operating cash flow before changes in non-cash working capi 60,526 47,149 24,641 13,750
Deduct:
Cash used to purchase plant and equipment (11,887) (9,341) (2,392) (1,796)
Repayment of borrowings, net of new debt issued (11,500) (9,994) (7,500) (4,000)
Free cash flow to equity 37,139 27,814 14, 749 7,954
Add:
Repayment of borrowings, net of new debt issued 11,500 9,994 7,500 4,000
Free cash flow 48,639 37,808 22,249 11,954
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(iv) Cash cost is a performance measure commonly used in the mining industry that is not defined under IFRS. Cash cost is the
aggregate of smelting and refining charges, tolling/production costs net of inventory adjustments and administration costs,
net of by -product credits. Cash cost per pound produced is calculated by dividing cash cost by the pounds of copper
produced.
(Expressed in thousands) 2025 2024
$ $
Tolling and production costs 160,137 147,364
Add (deduct):
Smelting and refining charges 14,207 25,199
Transportation costs 1,598 1,645
Inventory adjustments (1,103) (1,589)
By-product credits (26,471) (22,856)
Depreciation and amortization (22,611) (23,351)
DET royalties - molybdenum (5,430) (4,466)
Cash cost 120,327 121,946
Copper tolled (M lbs) 62.21 64.56
Cash cost ($/lb) 1.93 1.89
2 Capital returned to shareholders
The table below summarizes the capital returned to shareholders since the implementation of Amerigo’s CRS in October
2021.
(Expressed in millions)
Shares
repurchased Dividends Paid Total
$ $ $
2021 8.8 2.8 11.6
2022 12.3 15.8 28.1
2023 2.6 14.6 17.2
2024 1.8 19.4 21.2
2025 5.2 15.2 20.4
30.7 67.8 98.5
3 Dividend dates
A dividend of Cdn$0.04 per share will be paid on March 20, 2026, to shareholders of record as of March 6, 2026. Under the “T+1
settlement cycle”, the Company’s shares will commence trading ex-dividend at the opening of trading on March 6, 2026.
Shareholders purchasing Amerigo shares on or after the ex-dividend date will not receive this dividend, as it will be paid to the
selling shareholders. Shareholders purchasing Amerigo shares before the ex-dividend date will receive the dividend.
4 MVC’s copper price
MVC’s copper price is the average notional copper price for the period before smelting and refining, DET notional copper
royalties, transportation costs and excluding settlement adjustments to prior period sales.
MVC’s pricing terms are based on the average LME copper price of the third month following the delivery of copper concentrates
produced under the DET tolling agreement (“M+3”). This means that when final copper prices are not yet known, they are
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provisionally marked to market at the end of each month based on the progression of the LME-published average monthly M and
M+3 prices. Provisional prices are adjusted monthly using this consistent methodology until they are settled.
Q3-2025 copper deliveries were marked to market on September 30, 2025, at an average provisional price of $4.54/lb and were
settled in Q4-2025 as follows:
• July 2025 sales settled at the October 2025 LME average price of $4.85/lb
• August 2025 sales settled at the November 2025 LME average price of $4.90/lb
• September 2025 sales settled at the December 2025 LME average price of $5.35/lb
Q4-2025 copper deliveries were marked to market on December 31, 2025, at an average provisional price of $5.35/lb and will be
settled at the LME average prices for January ($5.94/lb), February and March 2026.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain “forward -looking information” as such term is defined under applicable securities laws
(collectively called "forward-looking statements"). This information relates to future events or the Company’s future performance.
All statements other than statements of historical fact are forward -looking statements. The use of any of the words "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions
are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements
concerning:
• forecasted production and operating costs;
• our strategies and objectives;
• our estimates of the availability and quantity of tailings and the quality of our mine plan estimates;
• prices and price volatility for copper, molybdenum and other commodities and materials we use in our operations;
• the demand for and supply of copper, molybdenum and other commodities and materials that we produce, sell and use;
• sensitivity of our financial results and share price to changes in commodity prices;
• our financial resources and financial condition;
• interest and other expenses;
• domestic and foreign laws affecting our operations;
• our tax position and the tax rates applicable to us;
• the production capacity of our operations, our planned production levels and future production;
• potential impact of production and transportation disruptions;
• estimates of asset retirement obligations and other costs related to environmental protection;
• our future capital and production costs, including the costs and potential impact of complying with existing and proposed
environmental laws and regulations in the operation and closure of our operations;
• repudiation, nullification, modification or renegotiation of contracts;
• our financial and operating objectives;
• our environmental, health and safety initiatives;
• the outcome of legal proceedings and other disputes in which we may be involved;
• the outcome of negotiations concerning metal sales, treatment charges and royalties;
• disruptions to the Company's information technology systems, including those related to cybersecurity;
• our dividend policy, including the security of the quarterly dividends and our Capital Return Strategy; and
• general business and economic conditions, including, but not limited to, our assessment of strong market fundamentals
supporting copper prices.
These forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such statements. Inherent in forward -looking statements are risks
and u ncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks
generally encountered in the operation, permitting and development of mineral projects such as unusual or unexpected
geological for mations, negotiations with government and other third parties, unanticipated metallurgical difficulties, delays
associated with permits, approvals and permit appeals, ground control problems, adverse weather conditions (including, but not
limited, to heavy rains), process upsets and equipment malfunctions; risks associated with labour disturbances and availability of
skilled labour and management; risks related to the potential impact of global or national health concerns; government or
regulatory actions or inactions, including, but not limited to, the imposition of tariffs on the importation of copper; fluctuations in
the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks created
through competition for mining projects and properties; risks associated with lack of access to markets; risks associated with
availability of and our ability to obtain both tailings from DET’s current production and historic tailings from the tailings deposit;
the availability of and ability of the Company to obtain adequate funding on reasonable terms for expansions and acquisitions ;
mine plan estimates; risks posed by fluctuations in exchange rates and interest rates, as well as general econo mic conditions;
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risks associated with environmental compliance and changes in environmental legislation and regulation; risks associated with
our dependence on third parties for the provision of critical services; risks associated with non-performance by contractual
counterparties; risks associated with supply chain disruptions; title risks; social and political risks associated with operations in
foreign countries; risks of changes in laws affecting our operations or their interpretation, including foreign exchange controls;
hazards inherent in the mining industry causing personal injury or loss of life, severe damage to or destruction of property and
equipment, pollution or environmental damage, claims by third parties and suspension of operations;
and risks associated with tax reassessments and legal proceedings. Many of these risks and uncertainties apply to the Company
and its operations, as well as DET and its operations. DET’s ongoing mining operations provide a significant portion of the materials
the Company processes and its resulting metals production. Therefore, these risks and uncertainties may also affect the
Company's operations and have a material effect.
Actual results and developments will likely differ materially from those expressed or implied by the forward-looking statements in
this news release. Such statements are based on several assumptions which may prove to be incorrect, including, but not limited
to, assumptions about:
• general business and economic conditions;
• interest and currency exchange rates;
• changes in commodity and power prices;
• acts of foreign governments and the outcome of legal proceedings;
• the supply and demand for deliveries of and the level and volatility of prices of copper, molybdenum and other commodities
and products used in our operations;
• the ongoing supply of material for processing from DET’s current mining operations, including a resumption of supply of
tailings pursuant to the ramp -up of El Teniente’s operations under the Safe and Progressive Restart of Operations following
the tunnel collapse at the El Teniente mine;
• the grade and projected recoveries of tailings processed by MVC;
• the ability of the Company to profitably extract and process material from the historic tailings deposit;
• the timing of the receipt of and retention of permits and other regulatory and governmental approvals;
• our costs of production and our production and productivity levels, as well as those of our competitors;
• changes in credit market conditions and conditions in financial markets generally;
• our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis;
• the availability of qualified employees and contractors for our operations;
• our ability to attract and retain skilled staff;
• the satisfactory negotiation of collective agreements with unionized employees;
• the impact of changes in foreign exchange rates and capital repatriation on our costs and results;
• engineering and construction timetables and capital costs for our expansion projects;
• costs of closure of various operations;
• market competition;
• tax benefits and tax rates;
• the outcome of our copper concentrate sales and treatment and refining charge negotiations;
• the resolution of environmental and other proceedings or disputes;
• the future supply of reasonably priced power;
• average recoveries for fresh and historic tailings;
• our ability to obtain, comply with and renew permits and licenses in a timely manner; and
• our ongoing relations with our employees and entities with which we do business.
Future production levels and cost estimates assume no adverse mining or other events that would significantly affect budgeted
production levels.
Climate change is a global issue that could pose significant challenges affecting the Company's future operations. This could
include more frequent and intense droughts followed by intense rainfall. Over the last several years, Central Chile has
experienced both drought and significant rain. The Company’s operations are sensitive to water availability and the reserves
required to process projected historic tailings tonnage.
Current and future proposed tariffs are not expected to have an impact on the Company. However, they could indirectly affect
commodity prices and general business and economic conditions in which the Company operates.
Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s
control, the Company cannot assure that it will achieve or accomplish the expectations, beliefs or projections described in the
forward-looking statements.