Mr. Aurora Davidson reports

AMERIGO REPORTS STRONG Q1 2026 OPERATIONAL RESULTS & DECLARES CDN$0.16 PER SHARE PERFORMANCE DIVIDEND

Amerigo Resources Ltd. has released the operational results for the quarter ended March 31, 2026 (Q1 2026), 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 United States dollars unless indicated otherwise.

• Largest performance dividend to date of 16 Canadian cents per share declared;
• Performance dividend equivalent to trailing four quarterly dividends;
• Q1 2026 copper production of 14.3-million pounds; maintenance shutdown complete;
• Q1 2026 cash cost significantly beats annual guidance.

"MVC delivered production above expectations in Q1 2026 while completing its annual maintenance shutdown. Our cash cost also came in significantly below annual guidance during the quarter. MVC's strong operating performance was further supported by robust copper market fundamentals, with London Metal Exchange (LME) copper prices averaging $5.83 per pound, the highest quarterly average price on record. These prices reflect the continued underlying strength in the copper market and contributed to the tremendous cash generation achieved during the quarter," said Aurora Davidson, Amerigo's president and chief executive officer.

"Consistent with Amerigo's capital return strategy (CRS), the board of directors approved a 16-Canadian-cent-per-share performance dividend. This is the highest performance dividend declared in the company's history and is equivalent to the total of four regular quarterly dividends. The performance dividend is a powerful component of the CRS and represents the return of excess capital generated during the quarter. The performance dividend is intentionally non-recurring, preserves full financial flexibility and does not impinge upon the company's ability to pay its recurring quarterly dividend. The performance dividend also illustrates the company's ability to leverage the benefits of its disciplined capital allocation strategy and quickly return significant amounts of capital to shareholders when performance allows," she added.

On April 13, 2026, Amerigo's board of directors declared a performance dividend in the amount of 16 Canadian cents per share, payable on May 13, 2026, to shareholders of record as of April 20, 2026. Amerigo designates the entire amount of this taxable dividend to be an eligible dividend for purposes of the Income Tax Act (Canada), as amended from time to time.

In Q1 2026, MVC produced 14.3-million pounds (M lb) of copper and 0.32 Mlb of molybdenum. Q1 2026 is expected to be the lowest production quarter of 2026 due to a 10-day production hiatus associated with MVC's planned annual maintenance. The maintenance shutdown was completed without incidents or delays, and Amerigo's annual production guidance of 63.8 Mlb of copper and 1.5 Mlb of molybdenum remains in place.

During the quarter, MVC's plant availability was 98.5 per cent, and there were no lost-time accidents involving MVC employees.

The company's cash cost in Q1 2026 was $1.82 per pound (/lb), trending below Amerigo's guided annual cash cost of $1.98/lb, which is particularly relevant given the lower production in the quarter due to the annual MVC maintenance shutdown.

Amerigo's copper deliveries are priced for sale on an M+3, or three-month, basis. This contractual arrangement creates three pricing steps.

First, monthly deliveries are priced on a provisional basis using the average LME copper price for that month. These monthly deliveries are then marked to market, also on a provisional basis, at the end of each reporting period. Ultimately, each monthly delivery is settled at a final price based on the LME average copper price for the third month following delivery.

During Q1 2026, all the final price settlements for MVC's Q4 2025 copper deliveries were positive (final prices were higher than provisional prices). Q4 2025 copper deliveries had been marked to market on Dec. 31, 2025, at an average price of $5.35/lb, and were settled at the LME average monthly copper prices for January, February and March, 2026, as shown in the attached table.

In Q1 2026, Amerigo paid $16.5-million to shareholders, including $5.9-million through share buybacks, $5.9-million in performance dividends and $4.7-million in quarterly dividends. Amerigo had 61,583 fewer shares outstanding on March 31, 2026, compared with Dec. 31, 2025.

As of March 31, 2026, Amerigo's cash position was $57.2-million, $16.9-million higher than the $40.3-million reported as of Dec. 31, 2025.

Capital return strategy

Since implementing its CRS in October, 2021, Amerigo has paid $114.8-million to shareholders, $78.3-million through quarterly and performance dividends, and $36.5-million through share buybacks, reducing the number of common shares outstanding by 14.9 per cent as of the CRS implementation date.

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 Q1 2026 financial results on April 29, 2026

Amerigo will release its Q1 2026 financial results at the market open on Wednesday, April 29, 2026.

Investor conference call on April 30, 2026

Amerigo's quarterly investor conference call will be held on Thursday, April 30, 2026, at 11 a.m. Pacific Time/2 p.m. Eastern Time.

Participants can join by visiting and entering their name and phone number. The conference system will then call the participants and place them on the call instantly.

Alternatively, participants can dial directly to be entered into the call by an operator. Dial 1-888-715-9871 (toll-free North America) and state that they wish to participate in the Amerigo Resources Q1 2026 earnings call.

Interactive analyst centre

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

About Amerigo Resources Ltd and 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 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.