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$1.55, this represents an annual dividend yield of 7.7%3. This news release should be read with Amerigo's interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for Q1-2024, available on the Company's website at www.amerigoresources.com and on the SEDAR+ website at www.sedarplus.ca.                     Q1-2024 Q1-2023 MVC's copper price ($/lb)4       3.95 4.02 Revenue ($ millions)       44.9 52.6 Net income ($ millions)       4.3 9.1 EPS ($)       0.03 0.05 EPS (Cdn)       0.03 0.07 EBITDA1($ millions)       13.6 18.5 Operating cash flow before changes in non-cash working capital1($ millions)   10.2 13.2 FCFE1($ millions)       7.3 8.6     March 31, 2024 Dec. 31, 2023     Cash ($ millions)   13.8 16.2     Restricted cash ($ millions)   6.2 6.3     Borrowings ($ millions)   19.0 20.7     Shares outstanding at end of period (millions)   165.4 164.8                 Highlights and Significant Items In Q1-2024, operations from Minera Valle Central ("MVC"), the Company's 100% owned operation near Rancagua, Chile, outperformed copper production and cash cost1 guidance by 2% and 9%, respectively. Copper production in Q1-2024 was 16.0 million pounds ("M lbs") (Q1-2023: 16.5 M lbs), including 8.5 M lbs from fresh tailings (Q1-2023: 10.1 M lbs) and 7.5 M lbs from Cauquenes historical tailings (Q1-2023: 6.4 M lbs). Molybdenum production in Q1-2024 and Q1-2023 was 0.3 million pounds. Both copper and molybdenum prices were lower in Q1-2024 compared to Q1-2023, which had a negative impact on Q1-2024 revenue. The Company's Q1-2024 average copper price was $3.95 per pound ("/lb") compared to $4.02/lb in Q1-2023, and the Company's molybdenum price was $19.67/lb in Q1-2024, compared to $31.73/lb in Q1-2023. Net income during Q1-2024 was $4.3 million (Q1-2023: $9.1 million) due to lower copper and molybdenum revenue and lower unrealized foreign exchange gains, offset by lower tolling and production costs and lower taxes. EPS during Q1-2024 was $0.03 (Cdn$0.03), compared to $0.05 (Cdn$0.07) in Q1-2023. The Company generated operating cash flow before changes in non-cash working capital1 of $10.2 million in Q1-2024 (Q1-2023: $13.2 million). Quarterly net operating cash flow was $4.5 million (Q1-2023: $18.2 million). Free cash flow to equity1 was $7.3 million in Q1-2024 (Q1-2023: $8.6 million), given significantly lower capital expenditures ("Capex") in Q1-2024. Q1-2024 cash cost1 was $1.96/lb (Q1-2023: $1.91/lb), including $0.07/lb paid to MVC's supervisors as the signing bonus of a 3-year collective labour agreement. Normalized cash cost1, excluding the effect of the signing bonus, was $1.89/lb. The Company's financial performance is sensitive to changes in copper prices. MVC's Q1-2024 provisional copper price was $3.97/lb. The final prices for January, February, and March 2024 sales will be the average London Metal Exchange ("LME") prices for April ($4.30/lb), May, and June 2024, respectively. A 10% increase or decrease from the $3.97/lb provisional price used on March 31, 2024, would result in a $6.3 million change in revenue in Q2-2024 regarding Q1-2024 production5. In Q1-2024, Amerigo returned $3.7 million to shareholders through Amerigo's regular quarterly dividend of Cdn$0.03 per share (Q1-2023: $3.6 million). In Q1-2023, $1.9 million was used to repurchase 1.6 million common shares through a Normal Course Issuer Bid. On March 31, 2024, the Company held cash and cash equivalents of $13.8 million (December 31, 2023: $16.2 million), restricted cash of $6.2 million (December 31, 2023: $6.3 million), and its working capital deficiency was $4.2 million, down from a working capital deficiency of $12.3 million on December 31, 2023. On May 6, 2024, two production optimization Capex projects were approved to be initiated in 2024. The Capex for these projects is expected to be $2.3 million, resulting in an annualized increase of around 345 tonnes or 760,000 lbs of copper when completed. Investor Conference Call on May 9, 2024 Amerigo's quarterly investor conference call will occur on Thursday, May 9, 2024, at 11:00 a.m. Pacific Daylight Time/2:00 p.m. Eastern Daylight Time. Participants can join by visiting https://emportal.ink/3T2LOH1 and entering their name and phone number. The conference system will then call the participants and place them instantly into the call. Alternatively, participants can dial directly to be entered into the call by an Operator. Dial 1-888-664-6392 (Toll-Free North America) and state they wish to participate in the Amerigo Resources Q1-2024 Earnings Call. 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 copper mine. Tel: (604) 681-2802; Web: www.amerigoresources.com; ARG:TSX; OTCQX: ARREF. Contact Information       Aurora Davidson Graham Farrell President and CEO Investor Relations (604) 697-6207 (416) 842-9003 Summary Consolidated Statements of Financial Position   March 31, December 31,   2024 2023   $ thousands $ thousands Cash and cash equivalents 13,801 16,248 Restricted cash 6,214 6,282 Property plant and equipment 151,274 156,002 Other assets 28,348 21,027 Total assets