Ms. Aurora Davidson reports

AMERIGO PROVIDES UPDATE ON MVC OPERATIONS

Amerigo Resources Ltd. has noted that operations at Minera Valle Central (MVC), the company's 100-per-cent-owned operation located near Rancagua, Chile, have been temporarily disrupted following a significant climatic event affecting central Chile.

Central Chile has been experiencing significantly higher-than-normal temperatures at the start of the Chilean winter season. Torrential rainfall in the past days under these conditions prevented snow from accumulating in the Andes mountains and caused tremendous amounts of water to pour down rivers and estuaries throughout central Chile, including at MVC. On the night of Friday, June 23, 2023, the heavy rain and rising water levels in the Cachapoal River brought down three high-voltage MVC towers, causing a total power outage at the MVC plant. No personnel injuries or accidents occurred, and Amerigo reports no further damage to MVC's equipment or infrastructure, and no adverse environmental impact.

MVC moved quickly to partially restore power, and the following day, June 24, 2023, secured two 1.5 MW (megawatt) power generators to assist in properly directing plant effluents to prevent environmental impact. On the morning of June 24, 2023, high-voltage line specialists from one of Chile's leading companies also inspected the damaged equipment on site. The specialists will begin work as soon as weather permits and have indicated that the repairs could take up to four weeks. This is a preliminary estimate, which is subject to change as full assessments are completed. MVC management is preparing a plan to resume operations while the power towers are restored.

"While preserving the safety of our employees and the environment at all times, MVC successfully weathered the most adverse weather front Chile has seen in the last 30 years," said Aurora Davidson, Amerigo's president and chief executive officer. She added: "We expect the damage to the power towers will have a limited impact at MVC, as we have already started to secure alternative energy sources while repairs are made. We are working around the clock to return to normal operations as soon as possible."

About Amerigo Resources Ltd.

Amerigo Resources 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 byproduct, 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.

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