Ms. Aurora Davidson reports

AMERIGO ANNOUNCES MVC REPAIRS UNDERWAY

Amerigo Resources Ltd. has provided an update regarding operations at Minera Valle Central (MVC), the company's 100-per-cent-owned operation located near Rancagua, Chile. MVC's operations were temporarily disrupted on June 23, 2023, following a significant climatic event that affected central Chile. Repairs are under way and are expected to be completed earlier than originally estimated.

As reported in the company's news release of June 26, 2023, torrential rainfall on the night of Friday, June 23, 2023, brought down three high-voltage towers connecting MVC to Chile's central power grid, causing a total power outage at the MVC plant. MVC reported no further damage to critical infrastructure, no injuries and no accidents.

Earlier this year, MVC completed a risk-mitigation project to install protective flotation equipment around the pipes transporting water and slurry between the Cauquenes historical tailings deposit and MVC's concentrator plant. Without this protection, there would have been material damage to these connecting pipelines.

MVC received an initial estimate that replacing the infrastructure to reconnect MVC to the power grid could take up to four weeks. A leading Chilean power infrastructure provider has begun sourcing and installing new towers, cables, aerial conductors and ancillary equipment. It is now expected that the repair work will be completed by July 9, 2023, two weeks earlier than originally estimated, enabling MVC to reconnect to the central grid and resume normalized copper and molybdenum concentrates production on July 10, 2023.

MVC's daily production is approximately 180,000 pounds of copper and 3,000 pounds of molybdenum. It is estimated that 2023 production will be lower by about three million pounds of copper and 50,000 pounds of molybdenum because of the power disruption. Before the power supply interruption, MVC's copper and molybdenum production had been overperforming guidance. The company now estimates that 2023 production will reach 60.5 million pounds of copper, approximately 3 per cent lower than the company's original guidance of 62.3 million pounds of copper. Amerigo's annual guidance of one million pounds of molybdenum remains unchanged.

"We have begun the work required to safely resume operations at MVC. Our team in Chile moved quickly to ensure the safety of employees and minimize the impact of lost production. We now expect to resume operations considerably earlier than originally thought," said Aurora Davidson, Amerigo's president and chief executive officer. "Amerigo is well positioned to face this emergency, backed by our proactive risk mitigation investments and a strong balance sheet. Annual production guidance has been marginally affected, and the company's quarterly dividend remains safe."

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 byproducts at the MVC operation in Chile by processing fresh and historical tailings from Codelco's El Teniente mine, the world's largest underground copper mine.

We seek Safe Harbor.