Business
Amerigo Resources Announces Q1-2023 Results & Quarterly Dividend
Q1-2023 net income of $9.1 million as Amerigo beats production and cash cost guidance EBITDA1 of $18.5 million, cash balance grows to $43.9 million Quarterly di
About this update from Amerigo Resources Ltd
[{"type":"text","content":" Q1-2023 net income of $9.1 million as Amerigo beats production and cash cost guidance EBITDA1 of $18.5 million, cash balance grows to $43.9 million Quarterly dividend of Cdn$0.03 per share declared, representing a 7.36% yield2 VANCOUVER, British Columbia, May 03, 2023 (GLOBE NEWSWIRE) -- Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) (“Amerigo” or the “Company”) is pleased to announce financial results for the three months ended March 31, 2023 (“Q1-2023”). Dollar amounts in this news release are in U.S. dollars unless indicated otherwise. Amerigo’s quarterly financial results included net income of $9.1 million, earnings per share (“EPS”) of $0.05 (Cdn$0.07), EBITDA1 of $18.5 million, and free cash flow to equity1 of $8.6 million. Q1-2023 financial results included $3.4 million in positive settlement adjustments to copper revenue, of which $3.8 million were final adjustments. “We are pleased to report strong financial results for the first quarter of 2023,” said Aurora Davidson, Amerigo’s President and CEO. “As previously announced, quarterly copper and molybdenum production exceeded guidance, and Amerigo’s cash cost was 11% lower than expected due to strong molybdenum by-product credits.” “During Q1-2023, copper prices continued to stabilize at $4 per pound, and Amerigo recorded its second consecutive quarter of positive price settlement adjustments. In this operating and copper price environment, Amerigo continued to deliver robust financial performance and cash flow metrics,” Ms. Davidson added. “These results have generated the declaration of our seventh consecutive quarterly dividend and supported Amerigo’s current share buyback program, with another 1.6 million common shares purchased for cancellation during the quarter. While we wait to see once again the even higher copper price levels reached in early 2022, we are already returning capital to shareholders at a prodigious rate.” In Q1-2023, Amerigo returned $5.5 million to shareholders and paid $4.4 million for capital expenditures. Cash and restricted cash on March 31, 2023 were $50.3 million, compared to starting 2023 cash and restricted cash of $42.0 million. On May 1, 2023, Amerigo’s Board of Directors declared a quarterly dividend of Cdn$0.03 per share, payable on June 20, 2023, to shareholders of record as of May 30, 20233. Amerigo designates the entire amount of...