Amerigo Resources Q2 2024 Earnings Call Transcript

Quartr
Provided by Quartr
August 1, 2024

There are 7 speakers on the call.

Operator

Thank you. Mr. Graham Farrell of Harbor Access Investor Relations, you may begin the conference.

Speaker 1

Thank you, operator. Good afternoon, and welcome, everyone, to Amerigo's quarterly conference call to discuss the company's financial results for the Q2 of 2024. We appreciate you joining us today. This call will cover Amerigo's financial and operating results for the Q2 ended June 30, 2024. Following our prepared remarks, we will open the conference call to a question and answer session.

Speaker 1

The call today will be led by AMERCO's President and Chief Executive Officer, Aurora Davidson along with the company's Chief Financial Officer, Carmen Amezquita. Before we begin our formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward looking statements. Forward looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ significantly from those projected or suggested by any forward looking statements due to a variety of factors, which are discussed in detail in our SEDAR filings.

Speaker 1

I will now hand the call over to Aurora Davidson. Please go ahead, Aurora.

Speaker 2

Thank you, Graham. Welcome to Amerigo's earnings call for the Q2 of 2024. All other figures reported in this call are U. S. Dollars, except where we specifically refer to Canadian dollars.

Speaker 2

The fundamental driver for Amerigo's strong financial performance in the Q2 was sharply rising copper prices, which averaged $4.39 per pound for MVC compared to $3.95 per pound in Q1 2024. In this price environment, it was a good quarter to be a copper producer, but a great quarter to be an Amerigo shareholder. Amerigo posted a net profit of 9.8 $1,000,000 EBITDA of $22,300,000 operating cash flow before changes in working capital of $14,300,000 and free cash flow to equity of 6,700,000 dollars This happened during the quarter when we completed our planned annual 8 day maintenance shutdown. During the quarter, we also absorbed the impact of £1,000,000 of reduced production due to severe rains. In other words, this tremendous financial performance occurred during what we expect to be our lowest production quarter.

Speaker 2

And please remember that we have maintained our annual production guidance of £62,400,000 of copper. Cash on our balance sheet grew considerably in the 2nd quarter to 28,700,000 dollars Our restricted cash level was $4,200,000 and we reduced our debt to $15,500,000 We also substantially reduced the company's working capital deficiency to $1,500,000 down from $12,300,000 at year end 2023. Not only were copper prices significantly stronger during the quarter, but MVC also managed its costs well. Our quarterly cash cost was $1.96 per pound and we have a normalized cash cost of $1.92 per pound for the first half of the year. These are below our cash cost guidance of $2.08 for the year.

Speaker 2

During our last earnings call, I mentioned that we were building up our cash position to the desired target of $25,000,000 and that once there additional cash would be distributed to shareholders via performance dividends, share buybacks or a combination of both. We hit that target and I think we did it faster than many realized we could. Our stronger financial position resulted in the declaration of Amerigo's first performance dividend of CAD0.04 per share, which will be paid on August 6. This initial performance dividend demonstrates Amerigo's unique ability me offer a high level view of the first half of twenty twenty four. We met production guidance and beat cost guidance.

Speaker 2

The average MVC copper price in the first half of the year was $4.16 per pound, which enabled us to generate net income of $14,000,000 EBITDA of $35,900,000 and free cash flow to equity of 14,000,000 dollars There were no lost time accidents or environmental incidents at MVC. The change from El Nino to La Nina has tempered weather risk. We had no rain in July, but we have some heavy rain forecasted for tomorrow. Also have ample water reserves. Looking forward, we expect normal operations at MVC for the year's second half.

Speaker 2

As you know, Amerigo has now fully deployed the three tools of its capital return strategy, quarterly dividends, performance dividends and share buybacks. Americas initial performance dividend was announced on July 9, which means that shareholders will receive at least C0.16 dollars this year, a 10.3% yield based on today's share price. We know of no other copper equity investment with an attractive, predictable, base dividend yield as we offer, but we don't stop there. 1 other copper equity investment has also implemented additional and powerful mechanisms such as our performance dividend to spontaneously return extra cash to shareholders. America's performance dividend is a flexible tool regarding timing, frequency and the amount of capital we can return to shareholders.

Speaker 2

For example, our initial CAD0.04 performance dividend is greater than one of our regular quarterly dividends of CAD0.03 and this was possible after only 1 quarter of strengthening copper prices. The unpredictability of performance dividends is meant to encourage and reward patient holders of our shares. The opportunity cost of missing a performance dividend is high, which provides an extra incentive to tuck away Amerigo shares and ignore market volatility. If you are new to the Amerigo story, performance dividends are only one of the three tools of our capital return strategy. When deployed, all 3 have an immediate positive impact on shareholders and currently they are all deployed.

Speaker 2

As you can see, Americas return to shareholders is happening now as copper prices start to rise, not in the distant We cannot predict the average copper price in the remaining months of We cannot predict the average copper price in the remaining months of 2024. However, we can state with certainty that the challenges involving the supply and demand dynamics for copper have not changed since our last call. We remain confident that copper prices will continue to strengthen over time. The recent copper prices of around $5 per pound were too short lived to move any investment decisions to bring new copper supplies online. Although copper prices above for dollars are excellent news for Amerigo, that is still a territory where the incentive price for new copper investments has not been reached.

Speaker 2

When the incentive price is reached, the world will still need to develop mines from discovery to production. The world needs more than just brownfield expansion of existing mines. The most recent report on this topic published by S&P Global in June 2024 indicates that copper mines are some of the slowest to develop from start to finish, taking an average of 16.2 years. S and P also recently stated that their studies show the world will need to produce more copper in the next 12 years than in the previous 120 years. Without this copper, the energy transition will not be achieved.

Speaker 2

The magnitude of a task this size cannot be overstated. In our opinion, both statistics point to higher future copper prices. S and P is not alone in recognizing the bullish scenario for copper prices. The most recent 2024 forecast from JPMorgan shows a 0.7% growth in copper mine production, a 2.5% growth in refined copper production and a 3.2% growth in refined copper consumption. What does this mean?

Speaker 2

It means that the forecasted tons of refined copper consumption mine production. This will again drain the world's copper inventories and tighten the markets, leading to upward pressure on copper prices as we saw in the copper inventories in China are not coming down at the same rate as they usually do after mid year. At higher prices, there is also an appetite to tap into copper scrap to the greatest extent possible. Still, the expectation is that even if muted, demand will continue to outstrip the supply from copper mines. Against this backdrop, Amerigo is uniquely positioned.

Speaker 2

We have a long term business at MVC that produces additional copper for Chile. MVC has excellent operating performance and generates operational cash flow predictably. Excess cash flow can be quickly, flexibly and efficiently returned to shareholders. We think that we are only just starting to see the beginning of a secular rise in copper prices. Copper prices briefly broke through the $5 mark in the 2nd quarter, primarily due to strains need to hope for higher future share prices to make money.

Speaker 2

They can rely on the business outcome of a solid copper producing operation with a consistent pattern of securely of secure quarterly dividends. Amerigo investors already receive significant intangible returns with every quarterly dividend. With performance dividends, such as we recently declared, American investors are poised to receive even higher returns as copper prices increase further. And as I said before, these are good times for copper producers and great times for Amerigo shareholders. I will now ask Carmen Amezquita, Amerigo's Chief Financial Officer, to discuss the company's financial results.

Speaker 2

Carmen, please go ahead.

Speaker 3

Thanks, Aurora. We are pleased to present the Q2 2024 quarterly financial report from Amerigo and its MVC operation in Chile. The company continued to report strong financial results in the Q2 of 2020 4. We posted net income of $9,800,000 earnings per share of $0.06 or CAD0.08 and operating cash flow before changes in non cash working capital of CAD14,300,000 Copper production in Q2 2024 was £346,000 higher quarter on quarter and along with a higher average copper price of $4.39 per pound compared to $3.80 per pound in Q2 2023 resulted in gross copper revenue of $63,000,000 in Q2 2024 compared to $52,800,000 in the comparative quarter. The notional items deducted from top line copper revenue include DET royalties of 18,500,000 dollars smelting and refining of $5,800,000 and transportation of 400,000 In Q2 2024, we had positive fair value adjustments of 6,900,000 compared to 3,500,000 in negative settlement adjustments posted in Q2 2023.

Speaker 3

After these revenue deductions, copper tolling revenue in Q2 2024 was $45,200,000 compared to $29,200,000 quarter on quarter. Our molybdenum revenue was higher this quarter $6,400,000 compared to $2,900,000 in the comparative quarter, primarily due to the positive settlement adjustments recorded during the quarter of $1,200,000 compared to negative settlement adjustments of $2,100,000 in the comparative quarter. Therefore, Amerigo's final revenue in Q2 2024 was $51,600,000 dollars an increase from the $32,000,000 recognized in Q2 2023, driven fundamentally by higher copper and moly prices. Tolling and production costs decreased quarter on quarter to $35,100,000 compared to $35,300,000 in Q2 2023. Reasons for reduced tolling and production costs included decreases in direct costs of $800,000 which I will address shortly, and lower plant and administrative costs of $1,300,000 compared to $1,600,000 in Q2 2023, mostly due to a 17% weaker Chilean peso quarter on quarter.

Speaker 3

Offsetting these lower costs was an increase in depreciation of $800,000 quarter on quarter from CapEx projects put into use at the end of 2023 that began to be depreciated during the quarter and a $100,000 increase in moly royalties to DET due to higher moly prices. Regarding the performance of direct tolling and production costs, in Q2 2024, we faced a $300,000 decrease in power costs due to lower power consumption and lower pass through charges and $400,000 lower grinding media costs due to less consumption and lower steel costs. This was then offset by $200,000 higher historic tailing extraction costs due to costs incurred to remove rainwater from the sump and a $300,000 increase in line costs due to higher prices. Our head office general and administrative expenses were $1,100,000 slightly up from $1,000,000 in Q2 2023. Other gains included a gain of $600,000 compared to $800,000 in Q2 2023, almost entirely consisting of a foreign exchange gain.

Speaker 3

The company's finance expense in Q2 2024 was $400,000 consistent with the comparative period quarter. The company recognized an income tax expense of $5,600,000 with a current tax expense of $6,300,000 offset by a deferred income tax recovery of $700,000 All of the above items resulted quarterly net income of $9,800,000 compared to a loss of $3,800,000 quarter on quarter. Before moving on to the statement of financial position, I will mention some non IFRS measures used by the company, cash cost, total cost and all in sustaining cost. Amerigo's cash cost in Q2 2024 was $1.96 per pound, decreasing from $2.37 per pound quarter on quarter. The $0.41 per pound reduction in cash cost was caused predominantly by a $0.25 per pound increase in molybdenum byproduct credits, along with a $0.07 per pound decrease in other direct costs and a $0.05 per pound lower power costs.

Speaker 3

Total cost decreased to $3.78 per pound, a decrease of $0.06 per pound from Q2 2023's $3.84 per pound. This was the result of the $0.41 reduction in cash cost, offset by a $0.30 increase in DET royalties from a higher copper price and $0.05 increase in depreciation. Starting in Q1, 2024, we are reporting all in sustaining costs to include cash cost plus DET royalties and depreciation. In other words, total cost plus sustaining CapEx and corporate G and A. In Q2, 2024, our all in sustaining cost was 4 point $2.0 per pound compared to $4.44 per pound in Q2 2023.

Speaker 3

Moving to the statement of financial position, in June 30, 2024, the company had cash and cash equivalents of 28,700,000 dollars restricted cash of $4,200,000 and a working capital deficiency of $1,500,000 a significant reduction from the working capital deficiency of $12,300,000 on December 31, 2023. Regarding cash flows during the quarter, Amerigo generated cash flow from operations of $14,300,000 and the net cash flow generated from the quarter, including changes in working capital was $23,800,000 In terms of uses of cash, dollars 3,400,000 was used in investing activities for CapEx and $6,000,000 was used in financing activities, which included $3,600,000 in dividends paid to shareholders at CAD0.03 per share, as well as CAD4 1,000,000 in the repayment of borrowings, offset by a change in restricted cash of CAD2 1,000,000 dollars As a final comment, our Q2 2024 copper sales were booked at a provisional copper price of $4.41 per pound. The final settlement prices for April, May June 2024 sales will be the average LME prices for July, August September 2024, respectively. Each 10% change from the $4.41 per pound provisional price would result in a $6,300,000 change in revenue in Q3 2024 regarding Q2 2024 production. We now know the July price, which was $4.26 per pound.

Speaker 3

Therefore, the final negative price adjustment for our April 2024 sales, which are now fully priced, will be $795,000 The May June 20 24 sales will be final priced at the average LME prices for August September 2024, respectively. Today's spot price is $4.08 per pound. We will report Amerigo's Q3 2024 financial results in October 2024 and thank you for your continued interest in the company. We will now take questions from call participants. Thank

Operator

And your first question will be from Steven Farazani at Sidoti. Please go ahead.

Speaker 4

Good afternoon, Aurora, Carmen. Thanks for the detail on the call. I wanted to start out asking about not about copper prices, but actually go the other way and ask about cash costs. You had a second quarter in a row where you've been under $2 and that's well below your full year guidance. I know you're getting a significant benefit from higher moly prices, but outside of moly prices and we don't know how that swings, What are you seeing in terms of the other cost areas?

Speaker 4

I know power is down. I think Carmen mentioned some other costs are down. Do those trends continue outside of a big swing in moly? Can you stay under $2 I'm not asking to make a forecast, but generally speaking?

Speaker 2

Steve, the major driver beyond the byproduct credit impact that we have and you correctly stated it's significant, is the behavior of the Chilean peso on one hand, which has been weaker than what we would have expected to be with the strong copper prices that we saw in Q2. And other than that, it is cost management of items that are not contract price, for example, maintenance, for example, just regular production costs at MVC that are subject to long term contracts such as power or the supply of lime or the supply of grinding balls. Every little bit adds, so Chilean a weaker Chilean peso has a significant positive impact on cash cost.

Speaker 4

Great. Thanks for that. Update on CapEx, on the filing, there's some approval for some water removal pumps, which I guess makes sense. What are you expecting now full year CapEx?

Speaker 2

It's not changing significantly. The big change to the CapEx was announced in Q1. Those are the 2

Speaker 4

dollars We originally expected to incur most of that

Speaker 2

in 2024. We currently expect to incur around $1,600,000 on those two dollars on those two projects in the year. The additional pumps to be 100% devoted for water removal at the in case of heavy rains will have an additional CapEx of $1,400,000 They may be delivered by year end. That would be our best case scenario, but they may be delivered in 2025. So it's mostly just a small timing would have an effect on the total CapEx for the year.

Speaker 2

But we're not seeing any significant variances. On the CapEx projects that have been completed by MVC so far in 2024 fully completed projects, the cost closing shows around 2% of cost overrun, which is not significant. So we're not seeing a significant change in our CapEx for the year. When you factor in the initial CapEx that we have projected and these additional projects, we're looking at around $12,000,000 to $13,000,000 of CapEx for 2024. And all of those are basically with updated figures as of the end of June.

Speaker 4

So we do So still down significantly from last year?

Speaker 2

Absolutely, absolutely. Last year, we flagged it out as a high CapEx year and we indicated the reasons why, the construction of the sump and the installation of our standby transformer or supply of our standby transformer. This is not a year of that CapEx magnitude.

Speaker 4

Right. If I could ask on I know bullish long term copper prices, you noted what we all think is sort of a temporary correction in copper prices. When you're thinking about returning, this is not a yes or no question, but give us a little color on when the Board is thinking about returning capital to shareholders. How they I know obviously in a perfect case you have elevated and stable copper prices. In this interim period, these copper prices are holding above $4 but on a at least on a temporary decline, how does that weigh in your decision on returning capital to shareholders now that the balance sheet is in much better shape?

Speaker 2

Yes. The overall framework of the capital return policy is that we know that we need and we want to have a sufficient cash reserve, which we have identified as CAD25 1,000,000 Then there is the observation of the spot prices, which are not insignificant. We have 3 months of exposure on our copper prices, which we have to be mindful of. So it's not the fact only that you have closed a strong quarter. We were priced provisionally for 3 of those months.

Speaker 2

So we just have to observe and see how the copper price continues to progress. And but nothing really changes. The fundamental tool is a quarterly dividend. And to the extent that additional cash continues to be built up in the balance sheet, it will be distributed. It's just a matter of whether it's distributed via performance dividends or share buybacks.

Speaker 2

But there's always that observation because they do have an effect on us. Carmen just mentioned the closing of July has a correction in price, a final price adjustment that we know we have to consider for the April sale. So those are just factors that are always looked at by the Board. The Board meets at least every quarter to look at capital allocation. And when it needs to have decisions made outside of that calendar as what occurred with performance dividends.

Speaker 2

We meet and we discuss all the information that is in front of us and the decision is properly made.

Speaker 4

Right. That's really helpful. If I could just get one more, Anne, I know you had the one labor agreement in the last 12 months. I know there's another one. What's the timing on that?

Speaker 2

That is October of 2025 for the big labor agreement with our operators.

Speaker 4

So you got more than 12 months away?

Speaker 2

Correct.

Speaker 4

Great. Thanks so much, Farah.

Operator

Thank you. Next question will be from Terry Fisher at CIBC World Markets. Please go ahead.

Speaker 5

Thank you. Can you hear me? Hello?

Speaker 2

We can hear you.

Speaker 5

Okay. Good. First, just a quick observation. Note 2 is very helpful. And I just want to thank you for putting that in.

Speaker 5

Secondly, it's interesting to observe twice as much cash on the balance sheet as debt that should speak volumes to a number of investors, I would hope. I have 4 quick ones. Let me just table them. Number 1, Moly historically in the company, as long as I've been invested, is not often this strong. I'm just wondering if there's anything you can say about the future outlook for Moly?

Speaker 5

Secondly, you had one director resign who I think represented 1 of the largest blocks of shares out there. And I'm wondering if there's anything you can tell us about their intentions, whether that stock might start to come on to the market or are they still happy long term shareholders? 3rd question is, I noticed that while 700,000 shares were purchased during the quarter, if you look at the number of shares outstanding at the end of June versus the beginning of the year, they're up. So options And if you can give any color on that going forward, I have not done the homework myself to go through the annual report and subsequent filings on the status of the vesting and prices of the options. So I apologize, but if there's any comment you could make that would be great.

Speaker 5

And then finally, not so much a question, but what was just recently asked about the timing of special dividends. A number of companies who do that tend to do it towards the end of the year and look backwards at how the whole year went. That's kind of what I was thinking. But I heard in your comments Aurora that this is to reward long term shareholders. And I think that's wise.

Speaker 5

I think the Board's made a good decision there that in other words, you can't tell what quarter it may happen. So if you want the performance dividends, you have to continue to be a long term shareholder. And I think that makes a lot of sense. And I would also say that that use of the surplus cash is not constrained in the same way that the NCIB is constrained in terms of the volume of shares that are traded. So those are my 3 questions and a comment.

Speaker 2

Okay. So let's start with moly. Moly prices were decent in the Q2. They were $21 quite similar to what we had in the comparative quarter as Carmen noted. Obviously, this helps us.

Speaker 2

It's not what we're there to do, but it's great to have a strong moly production, which is attributable to our MVC team and it's a strong moly price. We had factored a similar moly price in our guidance as what we're seeing now based on the information that we had in November 2023 when we were doing the budget. So I really cannot add a lot more comment, Terry. Moly price is a bit of a black box. Sometimes it gives you good surprises as what we saw in Q1 of last year when it reached $31 or more.

Speaker 2

And sometimes it corrects rapidly. So there's really nothing more that I can tell you on that one except that when it stays at similar prices as we're seeing now, it's really good for the bottom line. Your question regarding the changes to the Amerigo Board, Michael Lucic retired from the Board on June 30. He had been a Director of the company for more than 4 years. He is a prolific businessman and a busy person.

Speaker 2

So he plans to devote more of his time to other projects. I think that Michael owned around 12,500,000 shares or around 7.5% of the issued and outstanding when he left the Board. So what occurs after that is really not reportable anymore because he doesn't hold more than 10%. What can I say? He has been a long term shareholder.

Speaker 2

He has done very well with his investment in Amerigo. But each investment has a lifecycle and investors have their own capital allocation decisions. So, whether Michael decides to keep some or all of his investment in Amerigo, it's basically his own decision to make. But just as a reference, Amerigo has had significant shareholders in the past with substantial positions larger than 10%, which was not the case here. And when they concluded their own investment cycle with the company, those shares were orderly absorbed by the market.

Speaker 2

So there's really nothing else I can say there. Your third question, where were we on the third question? Just remind me what it was about.

Speaker 5

Yes. The number of shares outstanding at the end of June is higher than at the beginning of the year in spite of your share buybacks.

Speaker 2

We haven't done any share buybacks in this year. If you look at our financial statements and if you look at our information on the website, we haven't been active on the share buybacks this year. And I note your point and the Board is aware, at least we would like to have a stable share position in the year where the options that are exercised by employees and most of us who exercise options hold on to our share. So we are also long term shareholders of the company as for obvious reasons. We would like to maintain a stable number of shares during the year.

Speaker 2

We still have 6 more months to go on the current normal course issuer bid. And I would say the expectation is that normal course issuer bids will continue to be renewed on an annual basis. So there's always that option to deploy that third aspect of our capital return policy.

Speaker 5

Sorry, that was my mistake. I read that you repurchased $700,000 but that was last year in the second quarter.

Speaker 2

Correct.

Speaker 5

My mistake.

Speaker 2

And then your final comment was essentially on the timing of the performance dividend. Yes, we want to have full flexibility, full flexibility in terms of timing, how often it could be declared and for what amount. And I think that the feature of not having established pattern on the performance dividend is important for that surprise factor and to incentivize shareholders to be shareholders of Amerigo.

Speaker 5

That's great. Thank you, Aurora. Another great quarter. Congratulations.

Speaker 2

Thank you, Terry.

Operator

And your next question will be from John Falcari at Mutual of America Capital Management. Please go ahead.

Speaker 6

Thank you. And thanks, Zohr, for managing through another excellent quarter. Three quick questions. First one, is moly priced on the same terms as copper, meaning with the lag? Just mechanically, is it worth the same way?

Speaker 2

Moly also is forward priced. Our contract with our Moly client gives them the ability to choose the settlement period. And Carmen, I think that right now we have most of our sales priced on an N+4 basis, correct?

Speaker 3

Yes, that's correct.

Speaker 6

Okay. Thank you. 2nd question regarding copper itself, should it in the future be a tightening in the market where copper was to break about $5 as it did recently. Would that necessitate a renegotiation of the royalty agreement? I'm not sure the royalty agreement addresses the potential for dramatically higher copper prices.

Speaker 6

Is there a cap at the moment above which the agreement does not cover?

Speaker 2

John, the agreement speaks differently for the royalty on the fresh tailings and the Cauquenes tailings or the old tailings. For the fresh tailings, we have a price cap of $4.80 per pound. For cokeness, we have a cap of $5.50 per pound. If the copper prices were to break outside of the $4.80 on an average basis for more than 2 months and indications of the market showed that higher prices would continue in the future or were expected to continue in the future, we would sit down we would need to sit down with El Teniente not to renegotiate the agreement, but to extend the slope of the curve of the factor of the royalty, which basically means prolong the formula beyond the 4.80 that we currently have for the fresh and $550,000,000 that we currently have for the old tailings.

Speaker 6

Thank you. And the last question I had was just a bit more theoretical. As the debt is gradually reduced to 0, which will happen over the next 18 months or so. Obviously, that will free up cash that was used for debt service, which to some degree equates to approximately $0.01 a share per quarter, maybe $0.04 annually. Would the Board consider or has there been thought given to permanently increasing the regular dividend from say $0.03 to $0.04 on a quarterly basis as the debt is extinguished or is that at the moment not contemplated and maybe would just enhance the ability for more of a discretionary performance payment?

Speaker 2

It hasn't been discussed yet because we are not there yet. Certainly, that is a possibility that will have to be considered because as you mentioned, essentially our what we call right now free cash flow to equity will be free cash flow. We will not have any further debt obligations. So that will have to be considered in due course.

Speaker 6

Okay. Well, in summation, thank you. It was an excellent quarter and well done.

Speaker 2

Thank you so

Operator

much. Thank you. And at this time, we have no other questions registered. Please proceed.

Speaker 2

Perfect. So if we don't have any further questions in front of us, I think that concludes our call. We will report again in 3 months' time our Q3 of the year results. And in the meantime, as always, we're available to shareholders at any time to answer any questions or just to provide additional information as you require. Thank you so much and have a great rest of your summer.

Operator

Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines.

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Amerigo Resources Q2 2024
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