{"id":29771,"date":"2024-07-31T13:08:33","date_gmt":"2024-07-31T17:08:33","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=29771"},"modified":"2024-07-31T13:08:33","modified_gmt":"2024-07-31T17:08:33","slug":"amerigo-resources-reports-jump-in-q2-free-cashflow-close-to-debt-free","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/amerigo-resources-reports-jump-in-q2-free-cashflow-close-to-debt-free\/","title":{"rendered":"Amerigo Resources Reports Jump in Q2 Free Cashflow, Close to Debt Free"},"content":{"rendered":"<h3><strong>Q2 Highlights<\/strong><\/h3>\n<ul>\n<li>Net Income of $9.8 million, vs a loss of $3.8 million in Q2 2023.<\/li>\n<li>Quarterly EBITDA<sup>\u00a0<\/sup>of $22.3 million \u2013 Free Cash Flow to Equity of $6.7 million.<\/li>\n<li>12% FCF yield last 12 months.<\/li>\n<li>Debt\/EBITDA down to 0.3x, debt will be substantially paid off by year end.<\/li>\n<li>12<sup>th<\/sup> Quarterly Dividend, 10.3% current yield<\/li>\n<li>Previously declared Cdn$0.04 Performance Dividend triggered by Q2-2024 financial strength<\/li>\n<\/ul>\n<p><strong>Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) <\/strong>announced financial results for the three months ended June 30, 2024 (\u201cQ2-2024\u201d). <u>Dollar amounts in this news release are in U.S. dollars unless indicated otherwise.<\/u><\/p>\n<p>Amerigo\u2019s Q2-2024 financial results included net income of $9.8 million, earnings per share (\u201cEPS\u201d) of $0.06, EBITDA<sup>1<\/sup>\u00a0of $22.3 million and free cash flow to equity<sup>1<\/sup>\u00a0of $6.7 million. In Q2-2024, Amerigo returned $3.6 million to shareholders. Subsequent to quarter-end, on July 8, 2024, Amerigo declared its first performance dividend of Cdn$0.04.<\/p>\n<div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">We are pleased to report strong financial performance this quarter. A significant strengthening of copper prices and firm cost management contributed to strong earnings, EBITDA and free cash flow to equity. With our annual maintenance shutdown now completed and the impact of the previously reported rain-induced production loss absorbed, our 2024 production guidance is intact.<\/div><\/div>\n<div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">Amerigo\u2019s Capital Return Strategy has been fully deployed with regular quarterly dividends, share buybacks, and performance dividends. At current copper prices, equivalent to those we received last quarter, we continue to generate significant amounts of capital to return to shareholders.<\/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\">The strength of Amerigo\u2019s business plan is now on full display. Shareholders have received the declaration of our initial performance dividend very well and are benefitting from the prompt transfer of copper price strength to their pockets. Our initial performance dividend will be paid in addition to our twelfth quarterly dividend of Cdn$0.03, announced today. Despite the present short-term price correction, we anticipate continued strength in copper prices and look forward to returning capital as quickly as possible to shareholders.<span class=\"su-quote-cite\">Aurora Davidson, President &amp; CEO, Amerigo Resources Ltd.<\/span><\/div><\/div>\n<p>On July 29, 2024, Amerigo\u2019s Board of Directors declared its twelfth quarterly dividend. The dividend will be in the amount of Cdn$0.03 per share, payable on September 20, 2024, to shareholders of record as of August 30, 2024. Amerigo designates the entire amount of this taxable dividend to be an \u201celigible dividend\u201d for purposes of the\u00a0<em>Income Tax Act<\/em>\u00a0(Canada), as amended from time to time. Based on Amerigo\u2019s June 30, 2024, share closing price of Cdn$1.55, the Cdn$0.03 quarterly dividends, and the Performance Dividend of Cdn$0.04 per share declared on July 8, 2024, represents an annual dividend yield of 10.3%<sup>3<\/sup>.<\/p>\n<p>This news release should be read with Amerigo\u2019s interim consolidated financial statements and Management\u2019s Discussion and Analysis (\u201cMD&amp;A\u201d) for Q2-2024, available on the Company\u2019s website at\u00a0<a class=\"link rapid-noclick-resp\" href=\"https:\/\/www.globenewswire.com\/Tracker?data=lY9eFHtrfUCV2HUOU2G6MvUy6hhVbeWe4F30HCvGlJ_sh2-ALI2XKGvIAIrOD7SNAcn5dC6T0g3TCDYn3NrzmpFO1StfEDuQKCzcvm_aoq0nIdhj6yjsNXtyzyDdraqBSUlYx7nS-AGfd2oemx8EDu4HyhF5BIsSt8eBuDI29PEsEIi9Z6uSCjkU5k_CYZ3Z67UUn1yv2zrOnAWiS0Xb486BXClA3u9D6paxvEyC9bJKsLVGN72AIBrUoIerDup0EmFO_BGEYttBKzCq0aPqtTL4RoUYfr8g83IMuE7tn6M_a4p4spxUFmQosbkY1F1mCZ10y2kU6fi2xho2u3sI8DJ6cBGbqIJr8ciuEQOFBaNJ6LO2TFETU7OvWd7ElGMOm2IK1T4LLpff_7yUYzz5YkIaSoitzEbfrw3AaJAocmE=\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:www.amerigoresources.com;elm:context_link;itc:0;sec:content-canvas\" data-rapid_p=\"16\" data-v9y=\"1\"><u>www.amerigoresources.com\u00a0<\/u><\/a>and on the SEDAR+ website at\u00a0<a class=\"link rapid-noclick-resp\" href=\"https:\/\/www.globenewswire.com\/Tracker?data=xcSra7oybz2bSxFB3lKh6LU4Oh8utRl96z9E4dayLziMQCZewWG9Fo3MeVlzal1w5kkMDL4bj2Wq4P8O-4OAKKVPhMO8MozbRJ2K4EaJwCXw7SBUK79QHXRwsb5d2DfhEOnMBaGoTYFNkomGq6w-qp_HSi47sr8cDZUwRYAL1JGkDA6fPEjSvkrxGWuFA-jQd13SZ0S4sIvDm5ZN5_fF0N5DHdWHjjVj8GHAJSdM31b-au2pveocDZh6QlZVGnDANYxg69LA8YJyoLRD6iCVYXPIQ-Km01sFGMkW3vv7fnIcIfh0Si-Ee4zG5oJocg-BKcie1CGDGVow3XTkW-qDeHWfJ7_rA8nFdYGqUClvTqgQ7t2mHR4nyn2W8kXfyvioMM59iu3Os4Nf9eZEsrBYPg==\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:www.sedarplus.ca;elm:context_link;itc:0;sec:content-canvas\" data-rapid_p=\"17\" data-v9y=\"1\">www.sedarplus.ca<\/a>.<\/p>\n<h4>Q2 2024 Summary Table<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-29778 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1.png\" alt=\"\" width=\"1562\" height=\"692\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1.png 1562w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1-300x133.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1-1024x454.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1-768x340.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1-1536x680.png 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1-696x308.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/07\/Amerigo-Q2-Chart-1-1392x617.png 1392w\" sizes=\"auto, (max-width: 1562px) 100vw, 1562px\" \/><\/p>\n<h3><strong>Q2 Financial Highlights<\/strong><\/h3>\n<ul class=\"caas-list caas-list-bullet\">\n<li>Q2-2024 showed a strong financial performance under an increased MVC average copper price of $4.39 per pound (\u201c\/lb\u201d) (Q2-2023: $3.80\/lb), which combined with a copper production of 14.0 million pounds (\u201cM lbs\u201d) (Q2-2023: 13.6 M lbs) and lower tolling and production costs of $35.1 million (Q2-2023: $35.3 million), translated into net income of $9.8 million (Q2-2023: net loss of $3.8 million).<\/li>\n<\/ul>\n<ul class=\"caas-list caas-list-bullet\">\n<li>EPS in Q2-2024 was $0.06 (Cdn$0.08), compared to a loss per share (\u201cLPS\u201d) of $0.02 (Cdn$0.03) in Q2-2023.<\/li>\n<\/ul>\n<ul class=\"caas-list caas-list-bullet\">\n<li>The Company generated operating cash flow before changes in non-cash working capital<sup>1<\/sup>\u00a0of $14.3 million in Q2-2024 (Q2-2023: operating cash used of $2.3 million). Quarterly net operating cash flow was $23.8 million (Q2-2023: $0.5 million). Free cash flow to equity<sup>1<\/sup>\u00a0was $6.7 million in Q2-2024 (Q2-2023: negative free cash flow to equity<sup>1<\/sup>\u00a0of $12.8 million).<\/li>\n<\/ul>\n<ul class=\"caas-list caas-list-bullet\">\n<li>Q2-2024 cash cost<sup>1<\/sup>\u00a0was $1.96\/lb (Q2-2023: $2.37\/lb). The $0.41\/lb reduction in cash cost was caused predominantly by a $0.25\/lb increase in molybdenum by-product credits, a $0.07\/lb decrease in other direct costs and $0.05\/lb lower power costs.<\/li>\n<\/ul>\n<ul class=\"caas-list caas-list-bullet\">\n<li>The Company\u2019s liquidity was substantially strengthened during the quarter. On June 30, 2024, the Company\u2019s cash and cash equivalents increased to $28.7 million (December 31, 2023: $16.2 million), the Company\u2019s working capital deficiency (current assets less current liabilities) was reduced to $1.5 million (December 31, 2023: working capital deficiency of $12.3 million) and borrowings were reduced to $14.4 million (December 31, 2023: $20.7 million). The Company also held a restricted cash balance of $4.2 million (December 31, 2023: $6.3 million).<\/li>\n<\/ul>\n<ul class=\"caas-list caas-list-bullet\">\n<li>In Q2-2024, Amerigo returned $3.6 million to shareholders through Amerigo\u2019s regular quarterly dividend of Cdn$0.03 per share (Q2-2023: $3.7 million). In Q2-2023, $0.8 million was used to repurchase 0.7 million common shares through a Normal Course Issuer Bid.<\/li>\n<\/ul>\n<ul class=\"caas-list caas-list-bullet\">\n<li>The Company\u2019s financial performance is sensitive to changes in copper prices. MVC\u2019s Q2-2024 provisional copper price was $4.41\/lb. The final prices for April, May and June 2024 sales will be the average London Metal Exchange (\u201cLME\u201d) prices for July, August and September 2024, respectively. A 10% increase or decrease from the $4.41\/lb provisional price used on June 30, 2024, would result in a $6.3 million change in revenue in Q3-2024 regarding Q2-2024 production.<\/li>\n<\/ul>\n<h3><strong>Investor Conference Call on August 1, 2024<\/strong><\/h3>\n<p>Amerigo\u2019s quarterly investor conference call will occur on Thursday, August 1, 2024, at 11:00 a.m. Pacific Daylight Time\/2:00 p.m. Eastern Daylight Time.<\/p>\n<p>Participants can join by visiting\u00a0<a class=\"link rapid-noclick-resp\" href=\"https:\/\/www.globenewswire.com\/Tracker?data=ODNhUo1SbvzaR4JrHcPSDMmzgOTHYvdmxGJfr3ZXzW5uQI0gCqM91QuCEK6GMurrc6arXXcixKxNTjTTkvNiu0GSVjBfYPZT6wSIIgoGVak-0bbJchukAUmihW1s9UQ6oYn5Z1GzpKy3Tebz1KY0_UMNXLenP_srF447ATFWvujWQZwKYiy_DA0RcCIc1yhiZ4efgagt3oYWmWjA7tsy2hKABi7uZhVkIRT-xyu68ZNmkVO-_MWFni7iFAu37lHBUosNjGNe6Q4mAlLXqKPxWntFjElxpX0Rf8L3YwF4AQfKp6Hq3pHfRS-zTd7ey38X_M4uFrDQa4xweggtntw-AGT1GO__vgI0t58z9g78mT7SEKyu55GvdTosKjIObmlMIBBNVPjbfgbqje08_qTmm9WaBTaejKpYA1Ozzm--tao=\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:https:\/\/emportal.ink\/3VNPCys;elm:context_link;itc:0;sec:content-canvas\" data-rapid_p=\"18\" data-v9y=\"1\"><u>https:\/\/emportal.ink\/3VNPCys<\/u><\/a>\u00a0and 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 Q2-2024 Earnings Call.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) reports a blowout quarter in Q2 2024. 10% dividend yield and largely debt free by year end.<\/p>\n","protected":false},"author":30,"featured_media":26761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2430,56],"tags":[2097,2315,2359,2463,76,2437,2196,2195,2449,2448,2194],"class_list":{"0":"post-29771","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-amerigo-resources-ltd","11":"tag-chile-copper","12":"tag-chile-copper-demand","13":"tag-copper","14":"tag-energy-transition-metals","15":"tag-investing-in-copper","16":"tag-otcqx-arref","17":"tag-small-cap-investing","18":"tag-small-cap-miners","19":"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 Resources Reports Jump in Q2 Free Cashflow, Close to Debt Free | Capital 10X<\/title>\n<meta name=\"description\" content=\"Amerigo Resources Ltd. 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