Ms. Aurora Davidson reports

AMERIGO'S MVC RESUMES NORMAL PRODUCTION

Minera Valle Central (MVC), Amerigo Resources Ltd.'s 100-per-cent-owned operation located near Rancagua, Chile, has resumed normal production after completing the removal of more than 2.2 million cubic metres of water from the Cauquenes historical tailings deposit.

The excess water at Cauquenes accumulated following heavy and sustained rainfall in the region from Aug. 19 to Sept. 10. To expedite the resumption of normal operations at Cauquenes, pumping equipment was diverted to remove water from Cauquenes rather than provide historic tailings to the concentrator. However, during this time, MVC continued to process fresh tailings from El Teniente.

The annual rainfall in 2023 at MVC is estimated to be more than 695 millimetres (mm). This figure is approximately 160 per cent more than the yearly precipitation totals of 287 mm in 2022 and 247 mm in 2021. The last day of heavy rain was Sept. 10, 2023; as of the date of this news release, there is no heavy rainfall in the forecast. The rain season at MVC is typically over by this time of the year.

As previously stated in its news release of Sept. 11, 2023, Amerigo now estimates that MVC's copper production for the quarter to end Sept. 30, 2023 (Q3 2023), will be approximately 11.1 million pounds (Mlb). This is 2.7 million pounds lower than the company's revised copper production guidance of 13.8 Mlb issued after MVC was impacted by flooding in the region in June, 2023.

"After more than three years of exceeding production guidance, this is unquestionably an anomalous production period for Amerigo," said Aurora Davidson, Amerigo's president and chief executive officer. She added: "However, operations are now back to normal, and all members of the Amerigo and MVC teams are working at full capacity to exceed our Q4 2023 copper production guidance of 16.6 Mlb. The company's financial strength has absorbed the production shortfalls in the second and third quarters, and the fundamentals of Amerigo's multiyear capital allocation strategy remain in place."

About Amerigo Resources Ltd.

Amerigo Resources is an innovative copper producer with a long-term relationship with Corporacion Nacional del Cobre de Chile, 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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