Amerigo Resources Ltd · TSX:ARG
Amerigo Resources — Q4 2025 Earnings Presentation
19 slides from Amerigo Resources's earnings presentation, Feb 26, 2026
Slide 1: The Copper Factory
F EBRUARY 2026 The Copper Factory A long-term copper asset delivering long-term shareholder returns 1
Slide 2: Forward Looking Information
Forward Looking Information ALL REFERENCES TO DOLLARS ARE US DOLLARS, UNLESS OTHERWISE anticipated in such statements. Inherent in forward-looking statements are risks and INDICATED uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans
Slide 3: Forward Looking Information
Forward Looking Information ALL REFERENCES TO DOLLARS ARE US DOLLARS, UNLESS OTHERWISE • tax benefits and tax rates; INDICATED • the outcome of our copper concentrate sales and treatment and refining charge negotiations; Actual results and developments are likely to differ, and may differ materially
Slide 4: What we do for shareholders
What we do for shareholders Investment performance fueled by quick capital returns As we do not require growth capital, we return capital to shareholders Quarterly dividends (safe, predictable, paid each quarter) Performance dividends (flexible in all aspects) Share buybacks (Normal Course Issuer Bi
Slide 5: Value Proposition
Value Proposition W e r eco ver co p p er i n a W e o f f er d i r ect l ever ag e t o h i g h co p p er p r i ces “ co p p er f act o r y” Simple and sustainable business model; predictable Full exposure to high copper prices without traditional operations and cash flow mining risk, minimal overhea
Slide 6: Unmatched Returns Driven by CRS
Unmatched Returns Driven by CRS With stable copper prices over the period Amerigo Has Outperformed Mid-Tier Copper Producers, Copper ETFs and Copper Futures on a Compound Annual Growth Rate (CAGR) Since October 2021 when the CRS was Deployed 6
Slide 7: CRS Since Inception
CRS Since Inception With stable copper prices over the period Additional Dividends Primed Under Stronger Copper Prices Opportunistic Share Buybacks $0.06 Shares Average Dollars Repurchased Price CAD Spent CAD $0.05 2021 7.1M $1.30 $9.3M 2022 10.8M $1.62 $17.4M $0.04 2023 2.3M $1.57 $3.6M 2024 1.4M $
Slide 8: Operating Cash Flow is Key to CRS
Operating Cash Flow is Key to CRS $50.00 $6.00 $45.00 Weak $5.50 copper $40.00 price triggered by $5.00 $35.00 Ukraine invasion Historic $4.50 $30.00 floods in $16.60 Chile $37.02 $25.00 $22.65 $4.00 $23.51 $20.00 $18.30 $24.32 $3.50 $18.20 $15.00 $12.26 $10.89 $11.43 $1.83 $3.00 $10.00 $5.12 $1.85
Slide 9: Operational Excellence Fuels Industry-Leading CRS
Operational Excellence Fuels Industry-Leading CRS 100 Full recovery in Q4-2023 from 20.00 historic floods Copper Actual Cash Plant 90 18.00 Production Production Cost Availability (M lbs) vs Guidance ($/lb) 80 16.00 2021 63.4 4% over $1.75 98.0% 70 14.00 2022 64.0 3.4% over $1.98 98.8% 60 12.00 2023
Slide 10: We have Inexhaustible Material to Process
We have Inexhaustible Material to Process We have built our business to complement this world-class copper resource 10
Slide 11: Chile
Copper is the “salary of Chile” – building block of the economy and social contract Operations located Amerigo has a +30- in Chile, the world’s year strategic leading copper relationship with producer Codelco’s El Teniente mine Chile Minimal Jurisdictional Codelco is Chile’s Risk state-owned copper
Slide 12: Pure Copper Play – High Leverage to Copper Prices
Pure Copper Play – High Leverage to Copper Prices Assumptions for 2026 Guidance (USD, 63.8 M lbs copper production) 1 Copper price ($/lb) 4.80 5.00 5.20 5.40 5.60 5.80 6.00 EBITDA2 ($M) 74.5 79.4 84.1 88.5 92.6 96.5 100.1 FCF2 ($M) 34.8 39.4 43.7 47.9 51.8 55.6 59.2 1 Excludes the effect of settleme
Slide 13: Corporate Structure
Corporate Structure CAPITALIZATION SHAREHOLDERS Share Price1 Cdn$5.56 Management/ Shares Outstanding1 160.9 M Board 14% Options1 (average price Cdn$1.57) 8.4 M Deferred Share Units1 92,485 Retail Investors Institutional & 52% Family Office Investors Marlet Capitalization1 Cdn$894.6 M 34% Yield on qu
Slide 14: Appendices
Appendices
Slide 15: Amerigo's Multi-year Capital Allocation Strategy: A Long-Term View
Amerigo's Multi-year Capital Allocation Strategy: A Long-Term View Variances are Expected and Can Be Absorbed 2022 2023 2024 2025 2026 2027 Actual Guidance Expected Major assumptions As measured by MVC production is a predictable and stable operation M pounds copper produced annually 64.0 57.6 64.6
Slide 16: El Teniente Royalties
El Teniente Royalties ▪ Sliding scale tied to copper prices Cu price Royalty Royalty ($/lb) factor ($/lb) Fresh tailings $ 1.95 13.5% $ 0.26 $ 4.80 28.4% $ 1.36 Historical Tailings $ 1.95 16% $ 0.31 $ 5.50 39% $ 2.15 ▪ Outside of these price ranges, parties meet to extend the royalty factors (ongoin
Slide 17: Moly by-product credit
Moly by-product credit ($/lb) ▪ MVC produces molybdenum as a by- Moly price Credit to Cash Cost product $ 14.00 $ (0.27) ▪ When talking about cash cost (a non- $ 16.00 $ (0.30) IFRS measure) moly is considered a $ 18.00 $ (0.34) “credit” to cash cost $ 20.00 $ (0.38) $ 22.00 $ (0.42) ▪ At the right
Slide 18: Executive Management
Executive Management Aurora Davidson Dr. Klaus Zeitler Carmen Amezquita Christian Cáceres President, CEO & Director Executive Chairman & Director Chief Financial Officer General Manager, MVC Ms. Davidson has been with Amerigo Dr. Zeitler founded Amerigo in 2003. He Ms. Amezquita is a Chartered Mr. C
Slide 19: Board of Directors
Board of Directors Dr. Klaus Zeitler Robert Gayton George Ireland Ignacio Cruz Executive Chairman & Director Lead Independent Director Director Director Dr. Zeitler founded Amerigo in 2003. He has Dr. Gayton, FCPA (FCA) is a George Ireland has more than 40 years of Ignacio Cruz is a Civil Engineer m