The Amerigo Resources company announced financial results for the first quarter of 2024, highlighting net income of $4.3 million, earnings per share of $0.03 and an Ebitda of $13.6 million.
Solid operational and efficient cost management
According to Aurora Davidson, president and CEO of Amerigo, the first quarter featured strong operating performance, with production ahead of guidance and efficient cost management at MVC. The average copper price during this period was $3.95 per pound and the company generated free cash flow to equity of $7.3 million. Additionally, Davidson highlights copper price appreciation, which supports Amerigo’s view on the strength of long-term copper demand and supply.
Increase in cash balances and dividend declaration
Amerigo aims to rebuild its cash balances to a desired level, and with current copper prices, this process is accelerating. In fact, current copper spot prices exceed the provisional Q1 2024 price by $0.50 per pound. In relation to the first quarter results, Amerigo’s board of directors has declared another quarterly dividend of C$0.03 per share.
Eleventh consecutive quarterly dividend
Amerigo’s Board of Directors announced its eleventh consecutive quarterly dividend, amounting to C$0.03 per share. This dividend will be payable on June 20, 2024 to shareholders of record as of May 30, 2024.
