Ms. Aurora Davidson reports

AMERIGO PROVIDES Q3-2023 PRODUCTION UPDATE

Amerigo Resources Ltd. expects production for the quarter ending Sept. 30, 2023 (Q3 2023), from Minera Valle Central (MVC), the company's 100-per-cent-owned operation located near Rancagua, Chile, to be approximately 2.7 million pounds lower than the estimate set out in the company's revised plan because of continuing historic levels of rainfall in Chile.

MVC's expected production in Q3-2023 was already lower than usual due to MVC losing its connection to the central power grid from June 23 to July 21, 2023, following severe flooding from heavy rains in Central Chile. While the extensive repairs required to reconnect to the power grid were underway, MVC successfully produced 90,000 lbs of copper per day from July 6 to July 21, mitigating the negative production impact from the flooding.

On July 22, 2023, MVC resumed normal operations processing fresh and historic Cauquenes tailings. As a result of this flooding event, MVC reduced its annual copper production guidance by 3% to 60.5 million pounds ("M lbs"), of which 13.8 M lbs were expected to be produced in Q3-2023 and 16.6 M lbs in Q4-2023. Recently, heavy and sustained rainfall has precluded MVC's ability to process historical tailings from Cauquenes and necessitated all pumping equipment be utilized to remove water from Cauquenes rather than provide historic tailings to the concentrator. Concurrently, MVC has continued to process fresh tailings from El Teniente.

As a result of these massive rains, Q3-2023 copper production is now expected to be approximately 2.7 M lbs lower than the estimate set out in the Company's revised plan following the successful grid reconnection at MVC on July 22. Because the rainy season at MVC typically ends in mid-September, the Company is currently maintaining its revised target of 16.5 M lbs for Q4-2023.

"Ironically, after ten years of drought conditions during which we successfully adjusted operations to use less water, the adage of when it rains, it pours has proven true for Amerigo in 2023," said Aurora Davidson, Amerigo's President and CEO. She added, "The persistency and strength of these historic rains have forced us to stay out of Cauquenes to ensure workers' safety. It has also been necessary for us to pump more than 1.5 million cubic meters of water from the deposit as soon as practically and safely possible".

"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 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.

We seek Safe Harbor.