Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) ('Amerigo' or the 'Company') announces production results for the quarter ended June 30, 2023 ('Q2-2023') 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.

'MVC's copper production in the second quarter was 13.6 million pounds. As expected, the quarter was impacted by our 8-day annual plant maintenance shutdown but unexpectedly impacted by a full shutdown on June 23, 2023, through the end of the quarter.

The extraordinary flooding that severed MVC's connection to Chile's central power grid, causing the shutdown, resulted in 1.3 million pounds of lost copper production in June,' said Aurora Davidson, Amerigo's President and CEO. Ms. Davidson added, 'Using additional sources of secured power, on July 6, 2023, MVC began processing fresh tailings from El Teniente and producing 90,000 pounds of copper daily. Repair work to the infrastructure necessary for reconnection to Chile's central power grid is underway, including a revised work program with additional upgrades and repairs to increase safety levels from a similar climatic event. We currently expect fully restored operations at MVC during the last week of July.' In Q2-2023, MVC produced 13.6 million pounds ('M lbs') of copper, with 65% of production coming from fresh tailings. Copper production to the end of May 2023 was trending 4% over guidance. As a result of the lost production due to the climatic event, cumulative production to June 30, 2023 of 30.15 M lbs was 1.5% below guidance.

Amerigo's 2023 adjusted copper production guidance of 60.5 M lbs, reflecting the impact of the unexpected shutdown and announced to the market on June 30, 2023, remains in place. Q2-2023 molybdenum production was 0.3 M lbs. YTD molybdenum production of 0.6 M lbs is 10.3% over guidance. Amerigo's annual molybdenum production guidance remains at 1.0 M lbs. Amerigo's cash cost1 in Q2-2023 was $2.37 per pound ('/lb'), higher than in preceding quarters, primarily due to lower production. Before the interruption of operations due to the climatic event, MVC's YTD cash cost1 was $2.09/lb, below guidance. Amerigo's quarterly copper price in Q2-2023 was $3.80/lb, compared to $4.02/lb in Q1-2023, and the Company's molybdenum price was $20.76/lb, down from $31.73/lb in Q1-2023.

On June 30, 2023, cash was $31.7 million (a decrease of $6.1 million from December 31, 2022), and restricted cash was $4.2 million (unchanged from December 31, 2022). Outstanding bank debt was $21.0 million, compared to $24.5 million on December 31, 2022. On June 30, 2023, MVC's water reserves were over 10.0 million cubic meters, compared to 4.7 million cubic meters on March 31, 2023. Water reserves are sufficient to maintain projected Cauquenes processing rates for at least eighteen months, our maximum forecast horizon.

Investor conference call on August 3, 2023

About Amerigo and MVC

Amerigo is an innovative copper producer with a long-term relationship with Corporacion 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; Listing: ARG: TSX.

Contact:

Tel: (604) 697-6207

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: the estimated time to complete the work to reconnect MVC to the Chilean central grid and fully restore operations at MVC; the extent of the impact on the Company's operations at MVC caused by the unexpected shutdown at the end of Q2-2023; forecasted production and operating costs; our strategies and objectives; our estimates of the availability and quantity of tailings and the quality of our mine plan estimates; the sufficiency of MVC's water reserves to maintain projected Cauquenes tonnage processing for a period of at least 18 months; prices and price volatility for copper, molybdenum and other commodities and materials we use in our operations; the demand for and supply of copper, molybdenum and other commodities and materials that we produce, sell and use; sensitivity of our financial results and share price to changes in commodity prices; our financial resources and financial condition and our expected ability to redeploy other tools of our capital return strategy; interest and other expenses; domestic and foreign laws affecting our operations; our tax position and the tax rates applicable to us; our ability to comply with our loan covenants; the production capacity of our operations, our planned production levels and future production; potential impact of production and transportation disruptions; hazards inherent in the mining industry causing personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties and suspension of operations estimates of asset retirement obligations and other costs related to environmental protection; our future capital and production costs, including the costs and potential impact of complying with existing and proposed environmental laws and regulations in the operation and closure of our operations; repudiation, nullification, modification or renegotiation of contracts; our financial and operating objectives; our environmental, health and safety initiatives; the outcome of legal proceedings and other disputes in which we may be involved; the outcome of negotiations concerning metal sales, treatment charges and royalties; disruptions to the Company's information technology systems, including those related to cybersecurity; our dividend policy, including the potential deployment of performance dividends in 2023 and general business and economic conditions, including, but not limited to, our assessment of strong market fundamentals supporting copper prices. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such statements. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks generally encountered in the permitting and development of mineral projects such as unusual or unexpected geological formations, negotiations with government and other third parties, unanticipated metallurgical difficulties, delays associated with permits, approvals and permit appeals, ground control problems (including, but not limited to, the condition of the land on the banks of the Cachapoal river in the vicinity of where the new power towers are to be installed), adverse weather conditions (including, but not limited to, continued extreme rainfall and unseasonal temperatures that could delay the completion of the repairs to the damaged power towers), process upsets and equipment malfunctions; risks associated with labour disturbances and availability of skilled labour and management; risks related to the potential impact of global or national health concerns, including COVID-19, and the inability of employees to access sufficient healthcare; government or regulatory actions or inactions; fluctuations in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks created through competition for mining projects and properties; risks associated with lack of access to markets; risks associated with availability of and our ability to obtain both tailings from Codelco's Division El Teniente's current production and historic tailings from tailings deposit; the availability of and ability of the Company to obtain adequate funding on reasonable terms for expansions and acquisitions; mine plan estimates; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; risks associated with environmental compliance and changes in environmental legislation and regulation; risks associated with our dependence on third parties for the provision of critical services; risks associated with non-performance by contractual counterparties; risks associated with supply chain disruptions; title risks; social and political risks associated with operations in foreign countries; risks of changes in laws affecting our operations ortheirinterpretation, including foreign exchange controls and risks associated with tax reassessments and legal proceedings. Many of these risks and uncertainties apply to the Company and its operations and Codelco and its operations. Codelco's ongoing mining operations provide a significant portion of the materials the Company processes and its resulting metals production. Therefore, these risks and uncertainties may also affect their operations and have a material effect on the Company

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