{"id":28438,"date":"2024-02-21T11:32:17","date_gmt":"2024-02-21T16:32:17","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=28438"},"modified":"2025-06-27T09:48:35","modified_gmt":"2025-06-27T13:48:35","slug":"amerigo-reports-4q-rebound-in-production-and-free-cashflow","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/amerigo-reports-4q-rebound-in-production-and-free-cashflow\/","title":{"rendered":"Amerigo Reports Q4 Rebound in Production and Free Cashflow"},"content":{"rendered":"<h3><strong>Earnings Highlights<\/strong><\/h3>\n<ul>\n<li>EBITDA rebounded 250% QoQ on a 50% increase in production<\/li>\n<li>Dividend maintained at $0.12\/sh on an annual basis (9.4% current yield)<\/li>\n<li>1.7x coverage of the dividend in Q4.<\/li>\n<li>Production back to recent highs.<\/li>\n<li>Cash costs declined 2% on a dollar basis YoY, though up 10%\/lb due to flooding impact on production. If production had been at regular levels, cash costs per lb would have decreased 1.5% YoY<\/li>\n<\/ul>\n<p><strong>Bottom Line:<\/strong> Amerigo has generated a ~9%\/yr dividend return for investors the last two years while also outperforming the COPX copper index by 4% over the same period. With low operational risk but also upside to higher copper prices, Amerigo is a solid risk adjusted option for copper investors that want to be paid while they wait for higher prices.<\/p>\n<p><strong>Amerigo Resources Ltd. (TSX: ARG) (OTCQX: ARREF)<\/strong> announced financial results for the year and three months (\u201cQ4-2023\u201d) ended December 31, 2023. Dollar amounts in this news release are in U.S. dollars unless indicated otherwise. Amerigo\u2019s annual financial results included net income of $3.4 million, earnings per share (\u201cEPS\u201d) of $0.02<br \/>\nand EBITDA of $34.6 million.<\/p>\n<p>In 2023, Amerigo returned $17.2 million to shareholders despite lower copper production levels due to historically significant Chilean weather events and a higher-than-normal capital expenditure (\u201cCapex\u201d) year.<\/p>\n<div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">We are pleased\u00a0 to report our return to normal operations in the fourth quarter, generating a strong operational and financial quarterly close for 2023. With copper prices in the neighbourhood of $3.80 per pound during the fourth quarter, we generated strong quarterly free cash flow to equity of $6.5 million, our ultimate financial performance measure. <\/div><\/div>\n<div class=\"su-quote su-quote-style-default su-quote-has-cite\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">We have turned the page on the impact of 2023\u2019s historically significant weather events and a year of scheduled, higher-than-normal capital expenditures. Amerigo is again building cash that will be returned to shareholders, and we anticipate the further tightening of copper supply and demand fundamentals to result in stronger copper prices in 2024. Amerigo&#8217;s Board of Directors declared another quarterly dividend of Cdn$0.03 per share, illustrating the continued prioritization of our strong capital return policy and reliability of our quarterly payout.\u00a0<span class=\"su-quote-cite\">Aurora Davidson, President &amp; CEO, Amerigo Resources Ltd.<\/span><\/div><\/div>\n<p>Q4-2023 marked the return to normal operations and strong financial results for Amerigo. In the fourth quarter, the Company posted net income of $3.9 million (EPS of $0.02), erasing the cumulative losses posted in the first nine months of 2023. In Q4-2023, EBITDA was $11.2 million, and free cash flow to equity was $6.5 million.<\/p>\n<p>On February 20, 2024, Amerigo\u2019s Board of Directors declared its tenth consecutive quarterly dividend. The dividend will be in the amount of Cdn$0.03 per share, payable on March 20, 2024, to shareholders of record as of March 6, 20244. Amerigo designates the entire amount of this taxable dividend to be an \u201celigible dividend\u201d for purposes of the Income Tax Act (Canada), as amended from time to time. Based on Amerigo\u2019s<br \/>\nDecember 29, 2023 share closing price of Cdn$1.39, this represents an annual dividend yield of 8.6%3.<\/p>\n<p>This news release should be read with Amerigo\u2019s audited consolidated financial statements and Management\u2019s Discussion and Analysis (\u201cMD&amp;A\u201d) for the years ended December 31, 2023 and 2022, available on the Company\u2019s website at www.amerigoresources.com and www.sedarplus.ca.<\/p>\n<p><span style=\"font-size: 8pt;\">1 This is a non-IFRS measure. See \u201cNon-IFRS Measures\u201d for further information<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28441\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Figure-1.png\" alt=\"\" width=\"1050\" height=\"454\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Figure-1.png 1050w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Figure-1-300x130.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Figure-1-1024x443.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Figure-1-768x332.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Figure-1-696x301.png 696w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\" \/><\/p>\n<h3><strong>Highlights and Significant Items<\/strong><\/h3>\n<p>\u25cf In 2023, Amerigo\u2019s operations and financial performance were affected by heavy rains and flooding in Chile, negatively impacting copper production. Amerigo\u2019s 2023 copper production of 57.6 million pounds (\u201cM lbs\u201d) was 10% lower than the 2022 production of 64.0 M lbs. The Company\u2019s average copper price in 2023 was also lower at $3.86 per pound (\u201c\/lb\u201d) compared to $4.01\/lb in 2022.<\/p>\n<p>\u25cf Notwithstanding the negative production impact, the Company posted 2023 net income of $3.4 million (2022: $4.4 million) and annual EPS of $0.02 (Cdn$0.03) (2022: $0.03 (Cdn$0.03)).<\/p>\n<p>\u25cf The Company\u2019s revenue in 2023 was $157.5 million (2022: $168.1 million). Revenue was comprised of lower gross value of copper tolled on behalf of DET of $220.7 million (2022: $255.4 million) from lower copper production and copper prices, less notional items including DET royalties of $58.8 million (2022:$70.5 million), smelting and refining of $23.3 million (2022: $24.0 million) and transportation of $1.6<br \/>\nmillion (2022: $1.7 million), and positive fair value adjustments to settlement receivables of $1.1 million (2022: negative adjustments of $6.2 million). Revenue also included increased molybdenum revenue of $19.4 million (2022: $15.1 million) due to stronger molybdenum production and prices in 2023.<\/p>\n<p>\u25cf 2023 copper production was 57.6 million pounds (\u201cM lbs\u201d) (2022: 64.0 M lbs), including 35.8 M lbs from fresh tailings (2022: 37.7 M lbs) and 21.8 M lbs from the Cauquenes historical tailings (2022: 26.3 M lbs).<\/p>\n<p>\u25cf 2023 molybdenum production was 1.2 M lbs (2022: 1.0 M lbs).<\/p>\n<p>\u25cf In 2023, the Company generated annual operating cash flow before changes in non-cash working capital of $22.3 million (2022: $34.9 million). Annual net operating cash flow in 2023 was $20.3 million (2022: $23.6 million). Free cash flow to equity in 2023 was $nil (2022: $17.1 million).<\/p>\n<p>\u25cf 2023 cash cost was $2.17\/lb (2022: $1.98\/lb). The main driver of the increase in cash cost was lower copper production, which increased other direct costs ($0.17\/lb) and power costs ($0.07\/lb). Higher industry-wide smelting and refining charges in 2023 impacted these costs by $0.04\/lb. Strong molybdenum production and prices in 2023 offset these increases with stronger by-product credits of<br \/>\n$0.10\/lb.<\/p>\n<p><span style=\"font-size: 8pt;\">1 This is a non-IFRS measure. See \u201cNon-IFRS Measures\u201d for further information.<\/span><\/p>\n<p>\u25cf The Company\u2019s financial performance is sensitive to changes in copper prices. MVC\u2019s year-end provisional copper price was $3.83\/lb, and final prices for October, November, and December 2023 sales will be the average London Metal Exchange (\u201cLME\u201d) prices for January, February, and March 2024, respectively. A 10% change from the $3.83\/lb provisional price used on December 31, 2023, would result in a $6.2 million change in revenue in Q1-2024 regarding Q4-2023 production.<\/p>\n<p>\u25cf In 2023, Amerigo returned $17.2 million to shareholders; $14.6 million was paid through Amerigo\u2019s quarterly dividend of Cdn$0.03 per share, and $2.6 million was returned through the purchase of 2.3 million common shares for cancellation through a Normal Course Issuer Bid. The Normal Course Issuer Bid was renewed on December 2, 2023, and allows Amerigo to purchase for cancellation up to 10.9 million common shares through December 1, 2024.<\/p>\n<p>\u25cf In 2023, net debt repayments were $5.3 million (2022: $7.0 million), and MVC drew $2.0 million from it working capital line of credit (2022: $nil). The Company\u2019s outstanding bank debt on December 31, 2023, was $20.7 million (December 31, 2022: $23.7 million). In 2023, the Company repaid all outstanding leases with payments of $1.9 million (2022: $1.0 million).<\/p>\n<p>\u25cf 2023 was an unusually intensive Capex year for the Company, with Capex payments of $16.9 million (2022: $9.8 million). Capex included building a new Cauquenes sump with an expected life of 3.5 years, investing in risk-mitigation projects and carrying out other sustaining Capex projects.<\/p>\n<p>\u25cf On December 31, 2023, the Company held cash and cash equivalents of $16.2 million (December 31,2022: $37.8 million), a restricted cash balance of $6.3 million (December 31, 2022: $4.2 million) and had a working capital deficiency of $12.3 million (December 31, 2022: working capital of $10.0 million).<\/p>\n<h3>Investor Conference Call on February 22, 2024<\/h3>\n<p>Amerigo\u2019s quarterly investor conference call will occur on Thursday, February 22, 2024, at 11:00 a.m. Pacific Standard Time\/2:00 p.m. Eastern Standard Time. Participants can join by visiting https:\/\/emportal.ink\/48Ie9Zs and entering their name and phone number.<\/p>\n<p>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 Q4-2023 Earnings Call.<\/p>\n<h3>About Amerigo and Minera Valle Central (\u201cMVC\u201d)<\/h3>\n<p>Amerigo Resources Ltd. is an innovative copper producer with a long-term relationship with Corporaci\u00f3n Nacional del Cobre de Chile (\u201cCodelco\u201d), the world\u2019s largest copper producer.<br \/>\nAmerigo produces copper concentrate, and molybdenum concentrate as a by-product at the MVC operation in Chile by processing fresh and historic tailings from Codelco\u2019s El Teniente mine, the world&#8217;s largest underground copper mine. Tel: (604) 681-2802; Web: www.amerigoresources.com; ARG:TSX; OTCQX:ARREF.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28443\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-2-Feb-21-2024.png\" alt=\"\" width=\"1042\" height=\"1017\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-2-Feb-21-2024.png 1042w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-2-Feb-21-2024-300x293.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-2-Feb-21-2024-1024x999.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-2-Feb-21-2024-768x750.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-2-Feb-21-2024-696x679.png 696w\" sizes=\"auto, (max-width: 1042px) 100vw, 1042px\" \/><\/p>\n<p><span style=\"font-size: 10pt;\">1 Non-IFRS Measures<\/span><br \/>\n<span style=\"font-size: 8pt;\">This news release includes five non-IFRS measures: (i) EBITDA, (ii) operating cash flow before changes in non-cash working<\/span><br \/>\n<span style=\"font-size: 8pt;\">capital, (iii) free cash flow to equity (\u201cFCFE\u201d), (iv) free cash flow (\u201cFCF\u201d) and (v) cash cost.<\/span><\/p>\n<p><span style=\"font-size: 8pt;\">These non-IFRS performance measures are included in this news release because they provide key performance measures<\/span><br \/>\n<span style=\"font-size: 8pt;\">used by management to monitor operating performance, assess corporate performance, and plan and assess the overall<\/span><br \/>\n<span style=\"font-size: 8pt;\">effectiveness and efficiency of Amerigo\u2019s operations. These performance measures are not standardized financial measures<\/span><br \/>\n<span style=\"font-size: 8pt;\">under IFRS Accounting Standards and, therefore, amounts presented may not be comparable to similar financial measures<\/span><br \/>\n<span style=\"font-size: 8pt;\">disclosed by other companies. These performance measures should not be considered in isolation as a substitute for<\/span><br \/>\n<span style=\"font-size: 8pt;\">performance measures in accordance with IFRS Accounting Standards.<\/span><\/p>\n<p><span style=\"font-size: 8pt;\">(i) EBITDA refers to earnings before interest, taxes, depreciation, and administration and is calculated by adding<\/span><br \/>\n<span style=\"font-size: 8pt;\">depreciation expense to the Company\u2019s gross profit.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28444\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-3-Feb-21-2024.png\" alt=\"\" width=\"964\" height=\"187\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-3-Feb-21-2024.png 964w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-3-Feb-21-2024-300x58.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-3-Feb-21-2024-768x149.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-3-Feb-21-2024-696x135.png 696w\" sizes=\"auto, (max-width: 964px) 100vw, 964px\" \/><\/p>\n<p><span style=\"font-size: 8pt;\">(ii) Operating cash flow before changes in non-cash working capital is calculated by adding back the decrease or subtracting<\/span><br \/>\n<span style=\"font-size: 8pt;\">the increase in changes in non-cash working capital to or from cash provided by operating activities.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28445\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-4-Feb-21-2024.png\" alt=\"\" width=\"963\" height=\"190\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-4-Feb-21-2024.png 963w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-4-Feb-21-2024-300x59.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-4-Feb-21-2024-768x152.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-4-Feb-21-2024-696x137.png 696w\" sizes=\"auto, (max-width: 963px) 100vw, 963px\" \/><\/p>\n<p><span style=\"font-size: 8pt;\">(iii) Free cash flow to equity (\u201cFCFE\u201d) refers to operating cash flow before changes in non-cash working capital, less capital<\/span><br \/>\n<span style=\"font-size: 8pt;\">expenditures plus new debt issued less debt and lease repayments. FCFE represents the amount of cash generated by<\/span><br \/>\n<span style=\"font-size: 8pt;\">the Company in a reporting period that can be used to pay for the following:<\/span><br \/>\n<span style=\"font-size: 8pt;\">a) potential distributions to the Company\u2019s shareholders and<\/span><br \/>\n<span style=\"font-size: 8pt;\">b) any additional taxes triggered by the repatriation of funds from Chile to Canada to fund these distributions.<\/span><br \/>\n<span style=\"font-size: 8pt;\">Free cash flow (\u201cFCF\u201d) refers to FCFE plus repayments of borrowings and lease repayments.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28446\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-5-Feb-21-2024.png\" alt=\"\" width=\"987\" height=\"414\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-5-Feb-21-2024.png 987w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-5-Feb-21-2024-300x126.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-5-Feb-21-2024-768x322.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-5-Feb-21-2024-696x292.png 696w\" sizes=\"auto, (max-width: 987px) 100vw, 987px\" \/><\/p>\n<p><span style=\"font-size: 8pt;\">(iv) Cash cost is a performance measure commonly used in the mining industry that is not defined under IFRS Accounting<\/span><br \/>\n<span style=\"font-size: 8pt;\">Standards. Cash cost is the aggregate of smelting and refining charges, tolling\/production costs net of inventory<\/span><br \/>\n<span style=\"font-size: 8pt;\">adjustments and administration costs, net of by-product credits. Cash cost per pound produced is based on pounds of<\/span><br \/>\n<span style=\"font-size: 8pt;\">copper produced and is calculated by dividing cash cost by the number of pounds of copper produced.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28447\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig-6.-Feb-21-2024.png\" alt=\"\" width=\"981\" height=\"418\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig-6.-Feb-21-2024.png 981w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig-6.-Feb-21-2024-300x128.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig-6.-Feb-21-2024-768x327.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig-6.-Feb-21-2024-696x297.png 696w\" sizes=\"auto, (max-width: 981px) 100vw, 981px\" \/><\/p>\n<p><strong><span style=\"font-size: 10pt;\">2 Capital returned to shareholders<\/span><\/strong><br \/>\n<span style=\"font-size: 8pt;\">The table below summarizes the capital returned to shareholders since Amerigo\u2019s Capital Return Strategy was implemented<\/span><br \/>\n<span style=\"font-size: 8pt;\">in October 2021.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28448\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-7-Feb-2024.png\" alt=\"\" width=\"978\" height=\"241\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-7-Feb-2024.png 978w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-7-Feb-2024-300x74.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-7-Feb-2024-768x189.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/02\/Amerigo-Fig.-7-Feb-2024-696x172.png 696w\" sizes=\"auto, (max-width: 978px) 100vw, 978px\" \/><\/p>\n<p><strong><span style=\"font-size: 10pt;\">3 Dividend yield<\/span><\/strong><br \/>\n<span style=\"font-size: 8pt;\">The disclosed annual yield of 8.6% is based on four quarterly dividends of Cdn$0.03 per share each, divided over Amerigo\u2019s<\/span><br \/>\n<span style=\"font-size: 8pt;\">December 29, 2023, closing share price of Cdn$1.39.<\/span><\/p>\n<p><strong><span style=\"font-size: 10pt;\">4 Dividend dates<\/span><\/strong><br \/>\n<span style=\"font-size: 8pt;\">A dividend of Cdn$0.03 per share will be paid on March 20, 2024, to shareholders of record as of March 6, 2024. Accordingly,<\/span><br \/>\n<span style=\"font-size: 8pt;\">the ex-dividend date will be March 5, 2024. Shareholders purchasing Amerigo shares on the ex-dividend date or after will not<\/span><br \/>\n<span style=\"font-size: 8pt;\">receive this dividend, as it will be paid to selling shareholders. Shareholders purchasing Amerigo shares before the ex-dividend<\/span><br \/>\n<span style=\"font-size: 8pt;\">date will receive the dividend.<\/span><\/p>\n<p><strong><span style=\"font-size: 10pt;\">5 MVC\u2019s copper price<\/span><\/strong><br \/>\n<span style=\"font-size: 8pt;\">MVC\u2019s copper price is the average notional copper price for the period before smelting and refining, DET notional copper<\/span><br \/>\n<span style=\"font-size: 8pt;\">royalties, transportation costs and excluding settlement adjustments to prior period sales.<\/span><br \/>\n<span style=\"font-size: 8pt;\">MVC\u2019s pricing terms are based on the average LME copper price of the third month following the delivery of copper<\/span><br \/>\n<span style=\"font-size: 8pt;\">concentrates produced under the DET tolling agreement (\u201cM+3\u201d). This means that when final copper prices are not yet known,<\/span><br \/>\n<span style=\"font-size: 8pt;\">they are provisionally marked to market at the end of each month based on the progression of the LME-published average<\/span><br \/>\n<span style=\"font-size: 8pt;\">monthly M and M+3 prices. Provisional prices are adjusted monthly using this consistent methodology until they are settled.<\/span><\/p>\n<p><span style=\"font-size: 8pt;\">Q3-2023 copper deliveries were marked-to-market on September 30, 2023 at $3.75\/lb and were settled in Q4-2023 as<\/span><br \/>\n<span style=\"font-size: 8pt;\">follows:<\/span><br \/>\n<span style=\"font-size: 8pt;\">\u2022 July 2023 sales settled at the October 2023 LME average price of $3.60\/lb<\/span><br \/>\n<span style=\"font-size: 8pt;\">\u2022 August 2023 sales settled at the November 2023 LME average price of $3.71\/lb<\/span><br \/>\n<span style=\"font-size: 8pt;\">\u2022 September 2023 sales settled at the December 2023 LME average price of $3.81\/lb<\/span><br \/>\n<span style=\"font-size: 8pt;\">Q4-2023 copper deliveries were marked to market on December 31, 2023 at $3.83\/lb and will be settled at the LME average<\/span><br \/>\n<span style=\"font-size: 8pt;\">prices for January ($3.78\/lb), February and March 2024.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amerigo saw rebounding production and free cashflow in 4Q 2023. Maintaining industry leading dividend yield. (TSX: ARG) (OTCQX: ARREF)<\/p>\n","protected":false},"author":30,"featured_media":26760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2430,56],"tags":[2097,2359,851,1846,2196,2375,2195,2194],"class_list":{"0":"post-28438","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-energy-transition-metals","8":"category-featured","9":"tag-amerigo-resources","10":"tag-chile-copper","11":"tag-copper-demand","12":"tag-copper-miners","13":"tag-investing-in-copper","14":"tag-junior-mining-stocks","15":"tag-otcqx-arref","16":"tag-tsx-arg"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amerigo Reports Q4 Rebound in Production and Free Cashflow | Capital 10X<\/title>\n<meta name=\"description\" content=\"Amerigo saw rebounding production and free cashflow in 4Q 2023. 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