Amerigo Provides Q3-2023 Production Update - Seite 2

“Our team at MVC continues to work tirelessly to resume normal operations. While we cannot have final or definite clarity on the effect of the rains on our current quarter’s production, we have estimated a decrease of 2.7 million pounds of copper. We are evaluating all options to increase production in Q4-2023 to mitigate this impact and will provide an update in due course. Although the operational conditions have been unprecedented, other offsetting factors, such as a stronger U.S. dollar against the Chilean peso and the Company’s untapped $15 million working capital line of credit, allow us to reaffirm that the Company’s return of capital strategy remains in place”.

As of September 10, 2023, year-to-date cumulative rain at MVC has been 695 mm, compared to full-year annual rainfall of 287 mm in 2022 and 247 mm in 2021. Recently, there have been numerous days when rainfall has been over 20mm, 50 mm and even 100 mm, furthering the impact on normal operations. The rain season typically ends in mid-September at MVC.

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: [phone]; Web: www.amerigoresources.com; ARG:TSX; OTCQX: ARREF

Contact Information

Aurora Davidson
President and CEO
[phone]
[e-mail]

Graham Farrell
Investor Relations
[phone]
[e-mail]

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information and statements defined in applicable securities laws (collectively called "forward-looking statements"). These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: