Ms. Aurora Davidson reports

AMERIGO ANNOUNCES Q1-2023 RESULTS & QUARTERLY DIVIDEND

Amerigo Resources Ltd. has released financial results for the three months ended March 31, 2023. Dollar amounts in this news release are in U.S. dollars unless indicated otherwise.

Amerigo's quarterly financial results included net income of $9.1 million, earnings per share ("EPS") of $0.05 (Cdn$0.07), EBITDA1 of $18.5 million, and free cash flow to equity1 of $8.6 million. Q1-2023 financial results included $3.4 million in positive settlement adjustments to copper revenue, of which $3.8 million were final adjustments.

"We are pleased to report strong financial results for the first quarter of 2023," said Aurora Davidson, Amerigo's President and CEO. "As previously announced, quarterly copper and molybdenum production exceeded guidance, and Amerigo's cash cost was 11% lower than expected due to strong molybdenum by-product credits."

"During Q1-2023, copper prices continued to stabilize at $4 per pound, and Amerigo recorded its second consecutive quarter of positive price settlement adjustments. In this operating and copper price environment, Amerigo continued to deliver robust financial performance and cash flow metrics," Ms. Davidson added.

"These results have generated the declaration of our seventh consecutive quarterly dividend and supported Amerigo's current share buyback program, with another 1.6 million common shares purchased for cancellation during the quarter. While we wait to see once again the even higher copper price levels reached in early 2022, we are already returning capital to shareholders at a prodigious rate."

In Q1-2023, Amerigo returned $5.5 million to shareholders and paid $4.4 million for capital expenditures. Cash and restricted cash on March 31, 2023 were $50.3 million, compared to starting 2023 cash and restricted cash of $42.0 million.

On May 1, 2023, Amerigo's Board of Directors declared a quarterly dividend of Cdn$0.03 per share, payable on June 20, 2023, to shareholders of record as of May 30, 20233. Amerigo designates the entire amount of this taxable dividend to be an "eligible dividend" for purposes of the Income Tax Act (Canada), as amended from time to time. Based on Amerigo's March 31, 2023, share closing price of Cdn$1.63, this represents an annual dividend yield of 7.36%2.

This news release should be read in conjunction with Amerigo's interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for Q1-2023, available on the Company's website at www.amerigoresources.com and at www.sedar.com .

Highlights and Significant Items

Lower copper market prices in Q1-2023 affected Amerigo's financial performance compared to Q1-2022. The Company's Q1-2023 average copper price was $4.02 per pound ("/lb") compared to $4.64/lb in Q1-2022, resulting in lower copper revenue before notional charges of $9.2 million.

Net income during Q1-2023 was $9.1 million, a reduction of $6.4 million compared to the net income in Q1-2022 of $15.5 million due to lower copper revenue and higher production costs.

EPS during Q1-2023 was $0.05 (Cdn$0.07) (Q1-2022: $0.09 (Cdn$0.11).

Q1-2023 copper production was 16.5 million pounds ("M lbs") (Q1-2022: 16.5 M lbs), including 10.1 M lbs from fresh tailings (Q1-2022: 9.6 M lbs) and 6.4 M lbs from Cauquenes historical tailings (Q1-2022: 6.9 M lbs).

Molybdenum production during Q1-2023 was 0.3 million pounds (Q1-2022: 0.2 million pounds). MVC's molybdenum price increased to $31.73/lb (Q1-2022: $18.33/lb), resulting in a Q1-2023 molybdenum revenue of $8.0 million (Q1-2022: $3.4 million).

Copper tolling revenue is calculated from the gross value of copper produced in Q1-2023 of $66.8 million (Q1-2022: $73.8 million) and positive fair value adjustments to settlement receivables of $3.4 million (Q1-2022: $5.6 million), less notional items including DET royalties of $18.4 million (Q1-2022: $22.3 million), smelting and refining of $6.7 million (Q1-2022: $6.3 million) and transportation of $0.5 million (Q1-2022: $0.5 million).

The Company generated operating cash flow before changes in non-cash working capital1 of $13.2 million in Q1-2023 (Q1-2022: $20.6 million). Quarterly net operating cash flow was $18.2 million (Q1-2022: $23.5 million). Free cash flow to equity1 was $8.6 million (Q1-2022: $17.9 million).

Q1-2023 cash cost1 was $1.91/lb (Q1-2022: $1.90/lb), unchanged from Q1-2022, impacted by an increase of $0.19/lb in other direct costs and an increase in power costs of $0.09/lb, mitigated by a $0.28/lb increase in molybdenum by-product credits from stronger molybdenum production and prices.

Amerigo's financial performance is sensitive to changes in copper prices. MVC's Q1-2023 provisional copper price was $4.01/lb. The final prices for January, February, and March sales will be the average London Metal Exchange prices for April, May, and June, respectively. A 10% increase or decrease from the $4.01/lb provisional price used on March 31, 2023, would result in a $6.6 million change in revenue in Q2-2023 regarding Q1-2023 production.

During Q1-2023, Amerigo returned $5.5 million to shareholders (Q1-2022: $7.6 million), including $3.6 million through Amerigo's regular quarterly dividend of Cdn$0.03 per share, and $1.9 million used to purchase for cancellation 1.6 million common shares (Q1-2022: $3.4 million used to repurchase 2.4 million common shares).

On March 31, 2023, the Company held cash and cash equivalents of $43.9 million (December 31, 2022: $37.8 million), a restricted cash balance of $6.4 million (December 31, 2022: $4.2 million) and had working capital of $12.6 million (December 31, 2022: $10.0 million).

Investor Conference Call on May 4, 2023

Amerigo's quarterly investor conference call will occur on Thursday, May 4, 2023, at 11:00 am Pacific Daylight Time/2:00 pm Eastern Daylight Time.

Participants can join by visiting https://emportal.ink/3IS4o0U and 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 enter confirmation number 13362748.

About Amerigo and Minera Valle Central ("MVC")

Amerigo Resources Ltd. 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; ARG:TSX; OTCQX: ARREF

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