Amerigo Resources Ltd · TSX:ARG
Amerigo Resources — Investor Presentation (August 2026)
29 slides from Amerigo Resources's investor presentation, August 2026
Slide 1: The Copper Factory
AUG UST 2026 The Copper Factory Long-term copper exposure. Disciplined cash returns. TSX: ARG | OTCQX: ARREF 1
Slide 2: Forward Looking Information
Forward Looking Information ALL REFERENCES TO DOLLARS ARE US DOLLARS, UNLESS OTHERWISE INDICATED 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 This presentation
Slide 3: Forward Looking Information
Forward Looking Information ALL REFERENCES TO DOLLARS ARE US DOLLARS, UNLESS OTHERWISE INDICATED negotiations; • the resolution of environmental and other proceedings or disputes; Actual results and developments are likely to differ, and may differ materially, from those • the future supply of reaso
Slide 4: Amerigo's Value Proposition
Amerigo's Value Proposition Predictable and profitable Strong free cash flow A proven Capital Return copper production from a generation leveraged to Strategy (CRS) that has world-class asset increasing copper prices delivered strong shareholder returns Superior returns that are also Total Yield is
Slide 5: Copper Exposure without Traditional Mining Risk
Copper Exposure without Traditional Mining Risk Operational Attributes Shareholder Outcomes Partnered with Codelco Tailings-based production Stable processing volumes No exploration risks No resource replacement risk No major growth CAPEX Low sustaining CAPEX 5
Slide 6: The CRS Framework
The CRS Framework Operating Margin + No Debt + Low Sustaining Capex Excess Cash CRS ALLOCATION + + = Maximize Total Yield Quarterly Performance Share Dividends Dividends Buybacks The CRS maximizes Total Yield while protecting the Balance Sheet Excess cash is measured after maintaining Amerigo’s mini
Slide 7: CRS in Action: $161.3M Returned Since Launch
CRS in Action: $161.3M Returned Since Launch CRS in Action: $161.3M Returned Since Launch Quarterly Dividend Performance Dividend Share Buybacks THE FO UNDATI O N THE FLE X I BI LI TY E NG I NE THE O W NE RS HI P P RO TE CTO R • Paid quarterly (Cdn$0.04/share) • Sweeps excess cash • Executed opportu
Slide 8: Amerigo Has Delivered the Strongest Total Shareholder Return Among the Peer Group
Amerigo Has Delivered the Strongest Total Shareholder Return Among the Peer Group Shareholder returns accelerated when Amerigo formalized its Capital Return Strategy Source: Koyfin. Total shareholder return from CRS inception, October 1, 2021 to July 31, 2026, using total return series where availab
Slide 9: Why Performance Dividends Work
Why Performance Dividends Work Immediate conversion of excess cash into Total Yield Why Performance Dividends Work Immediate conversion of excess cash into Total Yield Faster Cash Returns Less Cash Trapped A Fuller Return Framework • Excess cash is distributed as • Higher fixed quarterly • Base divi
Slide 10: Total Yield Better Reflects Shareholder Returns
Total Yield Better Reflects Shareholder Returns Looking beyond Stated Dividend Yield to Total Yield Quarterly Dividends + Performance Dividends = Total Yield Total Yield > Stated Yield • The CRS is designed to maximize cash returned to Amerigo Total Yield vs. Stated Yield shareholders, not reported
Slide 11: Higher Returns with Lower Relative Volatility
Higher Returns with Lower Relative Volatility Strong shareholder returns coupled with disciplined risk management Predictable Strong balance cash flow sheet — no debt Superior risk-adjusted returns Higher absolute returns with lower risk = a higher Sharpe ratio Proven CRS allocations 11
Slide 12: Amerigo's Returns Have Been Strong on a Risk-Adjusted Basis
Amerigo’s Returns Have Been Strong on a Risk-Adjusted Basis The Sharpe ratio provides another lens for comparing Amerigo against copper peers Amerigo’s Returns Have Been Strong on a Risk-Adjusted Basis The Sharpe ratio provides another lens for comparing Amerigo against copper peers Source: Bloomber
Slide 13: Copper Demand is Becoming Broader and More Durable
Copper Demand is Becoming Broader and More Durable Copper Demand is Becoming Broader and More Durable Copper demand is supported by long-standing industrial uses and newer structural drivers Structural Drivers Traditional Drivers 1 Electrification 1 Construction 2 Energy transition 2 Industrial prod
Slide 14: A Long-Term Partnership with a World-Class Copper Asset
A Long-Term Partnership with a World-Class Copper Asset Decades of Tailings Access – Embedded Infrastructure – Contractual Framework 14
Slide 15: Tailings-Based Copper Production with a Lower Relative Environmental Footprint
Tailings-Based Copper Production with a Lower Relative Environmental Footprint • 100% of copper comes • 95% of energy • Low Scope 1 and Scope 2 from tailings (resource consumption from emissions and GHG intensity recovery) renewable electricity • High water recycling, low water • Circular economy •
Slide 16: Market Recognition is Broadening
Market Recognition is Broadening Recognition is building Recent COPX inclusion (a leading copper-focused ETF) Amerigo’s market value has increased alongside Growing institutional ownership greater investor recognition of its consistent operating model, cash generation and capital Increasing market a
Slide 17: Why Own Amerigo Today?
Why Own Amerigo Today? Strong absolute shareholder Strong risk-adjusted returns performance Total Yield not fully captured by Direct leverage to stronger copper stated yield metrics prices Predictable operating Strong free cash flow generation model Disciplined Capital Return Strategy Debt-free Bala
Slide 18: Appendices
Appendices
Slide 19: Corporate Structure
Corporate Structure CAPITALIZATION SHAREHOLDERS Share Price1 Cdn$6.63 Management/ Shares Outstanding1 161.4M Board 13% Options1 (average price Cdn$3.10) 8.68M Deferred Share Units1 141,985 Retail/HNW/Family Office 46% Market Capitalization1 Cdn$1.07B Institutional 41% Stated yield (quarterly dividen
Slide 20: Consistent Delivery: We Do What We Say
Consistent Delivery: We Do What We Say 03 Credibility • Execute stated priorities • Communicate transparently • Align actions with Financial shareholders Discipline • Protect the balance sheet Operational • Return excess cash to shareholders Execution • Avoid value-destructive growth • Deliver on pr
Slide 21: Pure Copper Play – High Leverage to Copper Prices
Pure Copper Play – High Leverage to Copper Prices Assumptions for 2026 Guidance (USD, 63.8 M lbs copper production) 1 Copper price ($/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 22: Amerigo's Multi-year Capital Allocation Strategy: A Long-Term View
Amerigo's Multi-year Capital Allocation Strategy: A Long-Term View Amerigo’s capital allocation model is designed to absorb normal operating and market variances while continuing to return excess cash. 2022 2023 2024 2025 2026 2027 Actual Guidance Expected Major assumptions As measured by MVC produc
Slide 23: Operational Resilience Fuels the CRS
Operational Resilience Fuels the CRS Full recovery in Q4-2023 from historic floods 200 Copper Actual Cash Plant 180 Production Production Cost Availability (M lbs) vs Guidance ($/lb) 160 2021 63.4 4% over $1.75 98.0% 140 2022 64.0 3.4% over $1.98 98.8% 120 2023 57.6 7.5% under $2.17 91.2% 100 80 202
Slide 24: CRS Since Inception
CRS Since Inception Dividends, Buybacks and Share Count Reduction Performance Dividends Supported by Stronger Copper Prices $0.20 $0.15 $0.10 Quarterly Dividends $0.05 Performance Dividends $- Opportunistic Share Buybacks Resulting in a Significant Reduction in Shares Shares Average Dollars 185 Repu
Slide 25: Chile
Copper is central to Chile’s economy and social contract Operations located Amerigo has a 30+ in Chile, the world’s year strategic leading copper relationship with producer Codelco’s El Teniente mine Chile Established Copper Codelco is Chile’s Jurisdiction state-owned copper Amerigo provides produce
Slide 26: El Teniente Royalties
El Teniente Royalties ▪ Sliding scale tied to copper prices Cu price Royalty Royalty ($/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 ▪ For copper prices outside these ranges, the parties meet to agree applicable roya
Slide 27: Molybdenum by-product credit
Molybdenum by-product credit ($/lb) ▪ MVC produces molybdenum as a by- Moly price Credit to Cash Cost product $ 14.00 $ (0.27) ▪ Molybdenum revenue is treated as a by- $ 16.00 $ (0.30) product credit in the cash cost $ 18.00 $ (0.34) calculation (a non-IFRS measure) $ 20.00 $ (0.38) $ 22.00 $ (0.42)
Slide 28: 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. Ms. Amezquita has been with Mr. Cácer
Slide 29: Board of Directors
Board of Directors Dr. Klaus Zeitler Robert Gayton George Ireland Ignacio Cruz Executive Chairman & Director Lead Independent Director Director Director Non-independent Director Accounting and governance expertise Mining and metals capital market expertise Chilean business leadership and Chair of th
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