Amerigo Resources Ltd.

In 2025, Amerigo reported net income of $35.4 million, EBITDA of $89.8 million, revenue of $227.3 million versus $192.8 million in 2024, and earnings per share of CAD 0.22 or CAD 0.30 as stated by management. Gross profit was $67.2 million, up 48% from $45.4 million in 2024. Copper production was 62.2 million pounds and molybdenum production was 1.5 million pounds; average copper price was $4.73 per pound, 14% higher than in 2024. Cash cost was $1.93 per pound versus $1.89 per pound in 2024, or $1.87 per pound excluding signing bonuses. For 2026, the company guided to 63.8 million pounds of copper, 1.5 million pounds of molybdenum, cash cost of $1.98 per pound, and capital expenditures of $17.5 million, including $6.4 million of optimization projects. Management also cited a 2026 EBITDA estimate of $74.5 million using a $4.80 copper price, with every $0.20 increase in copper price expected to add about $4.2 million to EBITDA.

Aurora Davidson framed 2025 as proof that Amerigo’s model works as designed: the company generated strong cash flow, eliminated debt, and returned capital through a volatile copper market. She emphasized MVC’s operational resilience, safety record, and low-risk, capital-light structure, saying the company does not need heroic assumptions to create value. Her tone was constructive on copper prices and confident that structural demand and constrained supply support Amerigo’s long-term positioning.

Carmen Amezquita highlighted the key financial drivers behind the year: revenue of $227.3 million, gross profit of $67.2 million, net income of $35.4 million, and EBITDA of $89.8 million. She said tolling and production costs rose to $160.1 million from $147.4 million, cash cost was $1.93 per pound, total cost was $3.81 per pound, and all-in sustaining costs were $4.02 per pound. On the balance sheet, she noted $40.3 million of cash and cash equivalents, working capital of $10.9 million, and nil borrowings at year-end; she also said Amerigo generated $60.5 million of operating cash flow and returned $20.4 million to shareholders in 2025 through dividends and buybacks.

Analysts focused on the timing of 2026 maintenance shutdowns, optimization projects, the impact of higher copper prices on the quarter’s settlement pricing, and whether the royalty structure could be revisited if copper stays elevated. Management said the shutdown is split between January and March, so it is effectively a Q1 event, and identified several optimization projects with short paybacks, including pumping capacity, cascade stage optimization, and rougher flotation transport improvements. On royalties, Davidson said Amerigo has reached out to El Teniente and expects discussions once timing and shutdown priorities allow, while noting the current capped royalty factors remain provisionally in place until revised terms are agreed. She also said MVC is already at full plant capacity, so further growth would come from efficiency gains rather than expansion.