Ms. Aurora Davidson reports

AMERIGO REPORTS Q3-2025 OPERATIONAL RESULTS

Amerigo Resources Ltd. has released operational results for the quarter ended Sept. 30, 2025, from Minera Valle Central (MVC), the company's 100-per-cent-owned operation located near Rancagua, Chile. Dollar amounts in this news release are in U.S. dollars unless indicated otherwise.

Operational results during Q3 2025 were impacted by lower fresh tailings throughput following an accident at the El Teniente mine, as reported in the company's news releases of Aug. 6 and Aug. 13, 2025. MVC did not receive fresh tailings for 10 days in August while El Teniente's mine operations were fully suspended. El Teniente's operations continue to ramp up under the safe and progressive restart of operations plan, but fresh tailings throughput has not yet returned to preaccident levels. Despite this dynamic situation, MVC's daily production has remained stable since the last week of August.

"Utilizing the tremendous flexibility of MVC's processing plant, our team has done an exceptional job increasing the processing of historic tailings and adjusting plant performance to minimize the continued impact from lower fresh tailings throughput. MVC's production results were heavily impacted in August, but MVC's September output was closely aligned with its original monthly production budget," said Aurora Davidson, Amerigo's president and chief executive officer.

"Notwithstanding MVC's agile response, the August production shortfall will likely prevent Amerigo from meeting its original annual production guidance of 62.9 million pounds of copper. We currently expect to produce between 60 and 61.5 million pounds of copper in 2025, which is 2 per cent to 5 per cent lower than our original guidance. Amerigo's molybdenum production and cash cost guidance remain in place," she added.

In Q3 2025, MVC produced 14.6 million pounds of copper and 350,000 pounds of molybdenum. During the quarter, MVC's plant availability was 98.3 per cent, and there were no lost-time accidents involving MVC employees.

Copper production during the nine months ended Sept. 30, 2025, was 43.3 million pounds, representing 69 per cent of Amerigo's annual copper production guidance of 62.9 million pounds. Year-to-date-2025 molybdenum production of 970,000 pounds represents 75 per cent of Amerigo's original annual molybdenum production guidance of 1.3 million pounds.

Amerigo's cash cost in Q3 2025 was $1.80 per pound and year-to-date-2025 cash cost was $1.93 per pound. Based on the operational and cost projections for the remainder of 2025, Amerigo's annual cash cost guidance of $1.93 per pound (excluding MVC's collective agreement signing bonuses) remains valid.

Average London Metal Exchange (LME) copper prices retracted 1 per cent and 2 per cent in July and August, 2025, respectively, compared with the June, 2025, average price of $4.46 per pound. The average price in September increased to $4.51 per pound, and, as of this news release, the average price to date in October has increased further to $4.70 per pound. Amerigo remains well positioned to eliminate its debt by year-end 2025 while continuing to fully deploy its capital return strategy.

Amerigo's average provisional copper price in Q3 2025 was $4.54 per pound, compared with $4.42 per pound in Q2 2025. Q2 2025 copper deliveries were marked to market on June 30, 2025, at $4.42 per pound and settled at the LME average monthly prices for July, 2025 ($4.44 per pound), August, 2025 ($4.38 per pound), and September, 2025 ($4.51 per pound).

The company's average molybdenum price was $24.11 per pound, up from $20.44 per pound in Q2 2025.

In Q3 2025, Amerigo returned $3.5-million to shareholders through its quarterly dividend. Year-to-date-2025 capital returned to shareholders totals $15.6-million ($10.5-million in quarterly dividends and $5.1-million in share buybacks).

On Sept. 30, 2025, Amerigo's cash position was $28-million ($7.9-million lower than Dec. 31, 2024) and restricted cash was $3.1-million ($1.3-million lower than Dec. 31, 2024). Outstanding bank debt was $7.5-million ($4-million lower than Dec. 31, 2024).

Capital return strategy (CRS)

Since implementing its CRS in October, 2021, Amerigo has returned $93.7-million to shareholders, $63-million through quarterly and performance dividends, and $30.7-million through share buybacks, reducing by 14 per cent the number of common shares outstanding at the inception of the CRS.

Amerigo's CRS consists of three mechanisms: quarterly dividends, performance dividends and share buybacks. These mechanisms provide shareholders with a consistent return on invested capital and quickly transfer the benefits of rising copper prices to Amerigo's shareholders.

Release of Q3 2025 financial results on Oct. 29, 2025

Amerigo will release its Q3 2025 financial results at the market open on Wednesday, Oct. 29, 2025.

Investor conference call on Oct. 30, 2025

Amerigo's quarterly investor conference call will be held on Thursday, Oct. 30, 2025, at 11 a.m. Pacific Daylight Time (2 p.m. Eastern Daylight Time).

Participants can join on-line and enter their names and phone numbers. The conference system will then call the participants and place them instantly into the call. Alternatively, participants can dial directly to be entered into the call by an operator. Dial 1-888-510-2154 (toll-free North America) and state they wish to participate in the Amerigo Resources Q3 2025 earnings call.

Interactive analyst centre

Amerigo's public financial and operational information is available for download in Excel format through Virtua's interactive analyst centre (IAC).

About Amerigo Resources Ltd.

Amerigo 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.

We seek Safe Harbor.