Ms. Aurora Davidson reportw

AMERIGO RENEWS NORMAL COURSE ISSUER BID

Amerigo Resources Ltd. has received approval from the Toronto Stock Exchange to proceed with a new normal course issuer bid.

The NCIB will commence on Dec. 2, 2023, and may continue to Dec. 1, 2024, or at such earlier time as the NCIB is completed or terminated at the option of the company.

Under the NCIB, Amerigo may purchase for cancellation up to 10.9 million common shares of the company, approximately 10 per cent of Amerigo's public float as of Nov. 24, 2023. As of Nov. 24, 2023, there were 164,845,034 issued and outstanding shares of the company, of which 109,114,122 were forming the public float.

"We are pleased to announce the renewal of Amerigo's ability to buy back shares for cancellation, which is one of our tools to return capital to shareholders," said Aurora Davidson, Amerigo's president and chief executive officer. "In the last two years, we retired more than 20.1 million shares under two NCIBs and one substantial issuer bid. Under the right market and treasury conditions, this trend could continue next year," added Ms. Davidson. "We look forward to continue showcasing our commitment to shareholder returns in 2024."

Amerigo's average daily trading volume for the six months ending Oct. 31, 2023, was 135,288 shares, and therefore, the new NCIB's daily purchase limit will be 33,822 shares, 25 per cent of ADTV. However, once per calendar week, Amerigo may make one block purchase that exceeds the daily purchase restriction.

Under the NCIB, shares may be purchased in open market transactions on the TSX at the prevailing market price at the time of such trade. All shares purchased under the NCIB will be cancelled.

Under Amerigo's previous NCIB, which commenced on Dec. 2, 2022, and will expire on Dec. 1, 2023, Amerigo received TSX approval to purchase up to 11.08 million shares in open market transactions on the TSX. As of the date of this release, Amerigo had repurchased and cancelled 2,281,187 shares at a weighted average purchase price of $1.57 per share under that earlier NCIB.

Amerigo has a multiyear capital allocation strategy and a capital return strategy that uses quarterly dividends, performance dividends and share buybacks to return capital consistently and flexibly to shareholders. Amerigo believes that from time to time, the purchase of shares under NCIBs is an attractive investment opportunity for Amerigo and accretive to the value of Amerigo's shares.

The actual number of shares purchased under the NCIB and the timing of such purchases will be determined by Amerigo. There cannot be any assurance as to how many shares, if any, will ultimately be acquired by the company.

About Amerigo Resources Ltd. and Minera Valle Central

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.

We seek Safe Harbor.