Ms. Aurora Davidson reports

AMERIGO RENEWS NORMAL COURSE ISSUER BID ("NCIB")

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

• Renewal of NCIB allows continued repurchase of shares for cancellation;
• Up to 11.7 million shares may be purchased for cancellation;
• Primary NCIB goal remains maintaining a constant YoY (year-over-year) outstanding share count;
• Amerigo's capital return strategy includes quarterly dividends, performance dividends and NCIB.

"Amerigo's capital return strategy continues to deliver tangible value to the company's shareholders," said Aurora Davidson, Amerigo's president and chief executive officer. "With the renewal of the normal course issuer bid, we reaffirm our commitment to disciplined capital allocation. As part of our multifaceted capital return strategy, which also includes quarterly dividends and performance dividends, we have retired more than 25.6 million shares over the past four years. The renewal of the NCIB allows Amerigo to continue to opportunistically repurchase shares, guided by copper prices, market conditions and our expectation of strong cash flow. The minimum goal for the NCIB remains consistent with previous years: to maintain a constant share count and enhance long-term shareholder value."

Under the NCIB, Amerigo may purchase for cancellation up to 11.7 million common shares of the company, approximately 10 per cent of Amerigo's public float as of Nov. 18, 2025. On that date, there were 161,491,267 issued and outstanding shares of the company, of which 117,270,397 were forming the public float.

Amerigo's average daily trading volume (ADTV) for the six months ending Oct. 31, 2025, was 272,958 shares. Therefore, the NCIB's daily purchase limit will be 68,239 shares, which is 25 per cent of the 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. The shares will be purchased in accordance with the requirements of the TSX and will be cancelled.

Amerigo will determine the actual number of shares purchased under the NCIB and the timing of such purchases. There can be no assurance as to how many, if any, shares will ultimately be acquired by the company.

The NCIB will commence on Dec. 2, 2025, and may continue until Dec. 1, 2026, or at such earlier time as the NCIB is completed or terminated at the company's option.

Under Amerigo's previous NCIB, which commenced on Dec. 2, 2024, and will expire on Dec. 1, 2025, Amerigo received TSX approval to purchase up to 12 million shares in open market transactions on the TSX, and Amerigo repurchased and cancelled 3,967,984 shares at a weighted average purchase price of $1.80 per share.

Amerigo's market-leading capital return strategy uses quarterly dividends of four cents per share, performance dividends and share buybacks to create value for shareholders through consistent capital returns. Amerigo believes that the opportunistic purchase of shares under NCIBs is an appropriate use of available funds and is accretive to the value of Amerigo's shares. The NCIB aligns with Amerigo's long-term commitment to create value for its shareholders.

Capital returned to shareholders.

The attached table summarizes the capital returned to shareholders since the implementation of Amerigo's capital return strategy in October, 2021.

About Amerigo Resources Ltd. and Minera Valle Central (MVC)

Amerigo 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.