Q1-2023 copper production of 16.5 million pounds, 4.5% over guidance
Q1-2023 cash cost1 of $1.91 per pound, 11% lower than guidance due to strong molybdenum credits
$5.5 million returned to shareholders in Q1-2023 _________________________________________________________________________________________________________________________
VANCOUVER, BRITISH COLUMBIA – April 11, 2023/Amerigo Resources Ltd. (TSX: ARG; OTCQX:
ARREF) (“Amerigo” or the “Company”) is pleased to announce production results for the quarter ended March
31, 2023 (“Q1-2023”) from Minera Valle Central (“MVC”), the Company’s 100% owned operation located near
Rancagua, Chile. Dollar amounts in this news release are in U.S. dollars (“USD”) unless indicated otherwise.
“We are pleased to report another strong operational quarter with production of 16.5 million pounds of copper at
a cash cost1 of $1.91 per pound. Copper production in the quarter was 4.5% over guidance. Strong credits from
higher molybdenum prices reduced cash cost1 by 11%, or $0.23 per pound, compared to our annual cash cost1
guidance,” said Aurora Davidson, Amerigo’s President and CEO. “This is a solid start for 2023, and we look
forward to reporting financial results on May 3.”
“In the first three months of 2023, we returned $5.5 million to Amerigo’s shareholders. This includes a sixth
consecutive quarterly dividend of Cdn$0.03 per share and the repurchase of 1.6 million common shares for
cancellation. Amerigo’s quarterly copper price was above $4 per pound for the first time since Q2-2022, and we
anticipate continued strength in copper prices to allow us to deploy performance dividends in 2023,” stated Ms.
Davidson.
In Q1-2023, MVC produced 16.5 million pounds (“M lbs”) of copper, with 61% of production coming from fresh
tailings. Copper production was 4.5% over guidance due to higher grades from fresh tailings and higher grades
and recoveries from historical tailings (“Cauquenes tailings”). Amerigo’s 2023 annual copper production
guidance is 62.3 M lbs.
Quarterly molybdenum production was 0.3 M lbs, 5.2% over guidance. Amerigo’s 2023 annual molybdenum
production guidance is 1.0 M lbs.
The annual plant maintenance shutdown at MVC and El Teniente is expected to last nine days and occur in May
2023. Our 2023 guidance factors in lower production from the shutdown.
Amerigo’s cash cost1 in Q1-2023 was $1.91 per pound (“/lb”), 11% lower than Amerigo’s annual guided cash
cost of $2.14/lb. The positive cash cost performance in the quarter was mainly driven by higher-than-guided
molybdenum by-product credits from stronger molybdenum production and market prices.
Amerigo’s quarterly copper price in Q1-2023 was $4.02/lb, compared to $3.80/lb in Q4-2022, and the Company’s
molybdenum price was $31.73/lb, up from $21.00/lb in Q4-2022.
1 This is a non-IFRS measure. See “Non-IFRS Measures” for further information.
On March 31, 2023, cash was $43.9 million (an increase of $6.1 million from December 31, 2022), and restricted
cash was $6.4 million (an increase of $2.2 million from December 31, 2022). Outstanding bank debt was $24.5
million (unchanged from December 31, 2022, the lowest debt held since Q1-2015).
On March 31, 2023, MVC’s water reserves were 4.7 million cubic meters, 0.7 million lower than at year-end
2022. As MVC exits the southern hemispheric summer and prepares to enter the beginning of Chile’s wet
season, water reserves remain sufficient to maintain projected Cauquenes processing rates for at least eighteen months, our maximum forecast horizon.

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