Business
Amerigo Resources Announces Q1-2024 Results & Quarterly Dividend
Q1-2024 net income of $4.3 million Quarterly EBITDA1 of $13.6 million – free cash flow to equity1 of $7.3 million Current copper prices substantially above Q1-2
About this update from Amerigo Resources Ltd
[{"type":"text","content":" Q1-2024 net income of $4.3 million Quarterly EBITDA1 of $13.6 million – free cash flow to equity1 of $7.3 million Current copper prices substantially above Q1-2024 average Quarterly dividend of Cdn$0.03 per share declared, representing a 7.7% yield3 VANCOUVER, British Columbia, May 08, 2024 (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, 2024 (“Q1-2024”). Dollar amounts in this news release are in U.S. dollars unless indicated otherwise. Amerigo’s Q1-2024 financial results included net income of $4.3 million, earnings per share (“EPS”) of $0.03, EBITDA1 of $13.6 million and free cash flow to equity1 of $7.3 million. In Q1-2024, Amerigo returned $3.7 million to shareholders2. “We are pleased to report a strong operational first quarter, with production trending over guidance and excellent cost management at MVC. During the first quarter, our average copper price was $3.95 per pound, and we generated free cash flow to equity of $7.3 million. Since the end of the quarter, copper prices have substantially appreciated, confirming our long-standing view on the strength of copper supply and demand fundamentals,” said Aurora Davidson, Amerigo’s President and CEO. “Amerigo’s Capital Return Policy has the tools to return surplus cash to shareholders in a timely manner. As stated last quarter, we are growing cash balances to our desired target level. This cash rebuild is accelerating under current copper prices, where the latest spot copper prices exceed our Q1-2024 provisional price by $0.50 per pound. With respect to our first quarter results, Amerigo's Board of Directors declared another quarterly dividend of Cdn$0.03 per share,” she added. On May 6, 2024, Amerigo’s Board of Directors declared its eleventh consecutive quarterly dividend. The dividend will be in the amount of Cdn$0.03 per share, payable on June 20, 2024, to shareholders of record as of May 30, 20244. 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 March 31, 2024, share closing price of Cdn$1.55, this represents an annual dividend yield of 7.7%3. This news release should be read with Amerigo’s interim consolidat...