Amerigo Resources Q3 2026 Earnings Results & Report

Amerigo Resources EPS Results

• Actual EPS: C$0.20
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Amerigo Resources Revenue Results

• Actual Revenue: C$120.47 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Amerigo is an innovative copper producer with a long-term relationship, through its fully-owned subsidiary Minera Valle Central ('MVC'), with Corporación Nacional del Cobre de Chile ('Codelco'), the world's largest copper producer. Amerigo produces copper concentrate and molybdenum concentrate as a by-product 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.

Amerigo Resources Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strong operational performance: MVC produced 17 million pounds of copper in Q3, with 98.1% plant availability and cash costs of $1.55 per pound. Year-to-date production reached 48.2 million pounds, keeping Amerigo on track for its full-year copper and molybdenum guidance despite heavy rainfall.
• Positive Sentiment: Higher copper and molybdenum prices drove significant financial improvement, with revenue up 61% year over year to $84.6 million, net income rising to $22.7 million, and free cash flow reaching $28.1 million. Management said ongoing plant optimization also lifted fresh-tailings copper recovery to 28.5% from 22.2% a year earlier.
• Positive Sentiment: Amerigo returned $27.8 million to shareholders during Q3 and $93.9 million year to date, through performance and quarterly dividends plus share repurchases. The company declared another C$0.04 quarterly dividend and highlighted its debt-free balance sheet, while shares outstanding have declined 15.4% since the capital-return strategy began in 2021.
• Negative Sentiment: Amerigo remains highly exposed to commodity prices and weather conditions; a 10% move in copper prices from the Q3 level would have changed quarterly revenue by approximately $11.2 million. Heavy rain caused some historic-tailings processing downtime, and higher copper prices also increased DET royalties and total cost per pound, while discussions over the royalty structure remain unresolved.

Presentation

[Operator]

I would now like to turn the call over to Graham Farrell from Investor Relations. Sir, please go ahead.

[Graham Farrell, Head of Investor Relations at Amerigo]

Thank you, operator. Good afternoon, everyone, and welcome to Amerigo's conference call to discuss the company's financial and operating results for the third quarter of September 30th, 2026. We appreciate you joining us. Today's call will be led by Amerigo's President and Chief Executive Officer, Aurora Davidson, and Chief Financial Officer, Carmen Amezquita. Following the prepared remarks, we will open the call for questions. Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied. Further information concerning these risks and uncertainties is available in the company's filings on SEDAR+. I will now turn the call over to Aurora. Please go ahead.

[Aurora Davidson, President and CEO at Amerigo]

Thank you, Graham, and thank you everyone for joining us today. Q3 was another strong operational and financial quarter for Amerigo. It continued what we have seen throughout 2026. Reliable operating performance at MVC, disciplined cost management, strong cash generation, and significant capital returns to shareholders. If some of that sounds familiar to those of you who listen to us every quarter, I will take it as good news. Let me start with the operation. MVC produced 17 million pounds of copper at a cash cost of $1.55 per pound. Plant availability was 98.1%, and we ended the quarter with 48.2 million pounds of year-to-date copper production, representing 76% of our annual guidance. What I particularly like about the quarter is that we delivered these results despite heavy rainfall, which reduced the number of days available to process historic tailings.

[Aurora Davidson, President and CEO at Amerigo]

Nevertheless, our production is ahead of our internal year-to-date target. That matters because reliability is not simply about operating well when everything goes as planned. In recent years, MVC has invested in redundancy, water management, and process stability, making the operation more resilient, as evidenced in Q3. Cost performance was equally strong. Our Q3 cash cost was $1.55 per pound. Year-to-date normalized cash cost was $1.66 per pound, below our annual guidance of $1.98 per pound. Strong molybdenum prices contributed significantly through the by-product credit, with MVC's Q3 average molybdenum price at $32 per pound. Nine months into the year, the operating picture is straightforward. Production is where it needs to be. Costs are performing better than guidance, and MVC continues to operate reliably. For a copper producer, that kind of stability can sound uneventful, but it is not.

[Aurora Davidson, President and CEO at Amerigo]

Making an operation like MVC look uneventful takes quite a bit of work. But there is more to MVC than quarterly production and cost metrics. The culture of the MVC operation is one of its distinguishing features. Last January, MVC completed four years without a lost-time accident among its employees. That is an exceptional record for an industrial operation, and it belongs to the people at MVC. It reflects thousands of individual decisions made correctly each day. MVC also continues to innovate. This year, it was recognized for the second consecutive year at Chile's Circular Awards, taking first place in the water challenge for a project that positioned MVC to achieve a 78% process water recycling rate in 2025. Last year, MVC was recognized for another project focused on energy efficiency and emissions reductions. These achievements don't appear in our quarterly operating metrics, but they are part of MVC's DNA.

[Aurora Davidson, President and CEO at Amerigo]

Safety, resource efficiency, innovation, and operational discipline aren't separate from good financial performance. Over time, they help produce it. In a moment, Carmen will walk you through the financial results. I will just give the headlines. Q3 reported net income of $22.7 million, EBITDA of $48 million, and free cash flow of $28.1 million. These results benefited from a strong copper market. MVC's average recognized copper price was $6.55 per pound, up from $4.54 in Q3 2025. But copper prices alone do not explain Amerigo. Copper prices create an opportunity. MVC's job is to convert that opportunity into cash. Amerigo does not have a large construction pipeline competing for capital, and our current sustaining capital requirements are relatively low. Given that, our job at Amerigo is to decide, with discipline, how much of that cash the business needs and how much should go to shareholders.

[Aurora Davidson, President and CEO at Amerigo]

Here, another important factor is at play, institutional continuity. I have been with Amerigo for 23 years, including seven as CEO, and Carmen has served as our CFO for six years. At MVC, Cristian Cáceres has been with the operation for 32 years, including 11 years as MVC's general manager, and a management team with similarly deep experience supports him. That continuity gives us considerable institutional knowledge. Not every public company has that continuity at the senior management level. It means today's decision-makers know the history behind those decisions, have worked together across different copper markets, and understand the business's strengths and the rationale for financial discipline. I believe this continuity will make a difference going forward. We will continue to assess the capital required to preserve reliability and pursue future opportunities while maintaining the same discipline in capital investment and in returning capital to shareholders.

[Aurora Davidson, President and CEO at Amerigo]

As a result of all these factors, when MVC operates effectively and copper prices are supportive, cash moves efficiently through the business. That brings me to the capital return strategy. Q3 offers a particularly good example of the CRS functioning as intended. During the quarter, Amerigo paid $27.8 million to shareholders. Of this amount, $20.4 million was paid as performance dividends, $4.5 million as quarterly dividends, and $2.9 million through share repurchases. For the first nine months of 2026, the total reached $69.5 million. Including the 21-cent Canadian performance dividend paid on October 14th, our largest to date, Amerigo has returned $93.9 million to shareholders in 2026. That tells investors a great deal about Amerigo's cash-generating capacity in the current copper environment and demonstrates what the CRS was designed to do. The board has now declared another four-cent Canadian quarterly dividend payable in December.

[Aurora Davidson, President and CEO at Amerigo]

The quarterly dividend serves as a dependable base for the CRS. The performance dividend is a different CRS tool. It provides shareholders with an immediate capital return when the business generates cash beyond its operating and strategic requirements. Share repurchases give us a third tool. We use them when buying shares is an attractive use of shareholder capital and when it is appropriate to offset dilution. Investors therefore need to consider all three components together. At Amerigo, focusing solely on the quarterly dividend yield provides an incomplete picture of shareholder returns. At our September 30th share price of CAD 8.74, the quarterly dividend represented a stated annualized yield of 1.83%. However, if we include the performance dividends declared in 2026, the dividend yield rises to 8.12%, not accounting for the additional benefit of share repurchases. This massive difference is why we have increasingly focused our investor communications on total yield.

[Aurora Davidson, President and CEO at Amerigo]

Total yield is not a new capital allocation policy. It is a more comprehensive way to measure the value to shareholders of the policy we have executed for several years. Without going back through the mechanics of the CRS yet again, I think $93.9 million returned to shareholders so far this year explains the concept and its success better than I can. Another aspect of 2026 is worth noting. Amerigo's share price rose from CAD 4.54 on December 31st, 2025, to CAD 8.74 on September 30th, 2026, an increase of about 93%. We are pleased with that performance, obviously, but higher copper prices and a higher share price do not change how we run the business. If anything, this is when discipline matters most. We do not control the copper price.

[Aurora Davidson, President and CEO at Amerigo]

We control how reliably MVC operates, we can carefully deploy our capital while maintaining the strength of our debt-free balance sheet, and we can return excess capital to investors as quickly as possible through the CRS. I would add to that list of can-dos, the business culture we have built. Safety first, operational discipline, environmental responsibility, and management continuity. That brings me briefly to the copper market. I don't think investors need another lengthy explanation of the copper thesis from us. Anyone who has listened to our calls over the years has certainly heard it, and I am reasonably confident that copper hasn't been waiting for Amerigo to explain the strength of the copper market yet again. The point for Amerigo is straightforward. Q3 once again demonstrated our positive exposure to strong copper prices.

[Aurora Davidson, President and CEO at Amerigo]

The highest quarterly average LME copper price on record, combined with reliable production and disciplined costs, flowed quickly into our earnings, free cash flow, and shareholder distributions. At the same time, the CRS does not require us to assume that today's copper price will exist indefinitely. Our business objective is not to build Amerigo around today's copper price, but rather to ensure the operation and balance sheet remain resilient at materially lower copper prices throughout. With that as our goal, you can see the important advantage of the performance dividend component of the CRS over a permanent increase in the quarterly dividend resulting from a period of strong copper prices. Performance dividends allow an immediate return of additional capital to shareholders in stronger markets without forcing the company to build its cost structure or permanent distribution commitments around a particular point in the copper cycle.

[Aurora Davidson, President and CEO at Amerigo]

The true test of a successful capital allocation strategy is not what it returns at high copper prices, but whether it is also designed to leave the business properly positioned when prices change. That is why balance sheet strength remains integral to the CRS. When cash is earned and the business does not need it, we can return it. When conditions change, we retain flexibility. I think that's a very important feature of Amerigo. As previously disclosed, discussions with DET regarding the royalty structure at copper prices above $4.80 and $5.5 per pound are ongoing. We will not comment on the substance of those discussions while they are underway. We will update shareholders when there is something important to report. When I step back from Q3, I see more than just another set of strong quarterly numbers.

[Aurora Davidson, President and CEO at Amerigo]

I see an operation with an exceptional safety culture, a team that has received external recognition for environmental and resource efficiency initiatives, and experienced management committed to ongoing improvement and to financial discipline. Those qualities are difficult to capture in a spreadsheet, but I believe they explain why our results have become somewhat repetitive. By the way, we're quite comfortable with that repetition. Strong copper prices have created a significant opportunity. Market volatility, while sometimes uncomfortable, also presents opportunities for investors. Amerigo does not rely on the equity markets for capital to grow, and the equity markets do not affect the operational excellence at MVC. However, they do, from time to time, provide the opportunity to participate in Amerigo at a reduced price. While the market works through its latest bout of uncertainty, nothing at Amerigo remains uncertain.

[Aurora Davidson, President and CEO at Amerigo]

Our ongoing task is to protect this model's durability, continue investing where returns justify it, retain the financial discipline that has served us well, and strengthen the operating foundations required to support the business over the long term. With that, I'll turn the call to Carmen Amezquita, who will take you through the quarter's financial results in detail. Thank you.

[Carmen Amezquita, CFO at Amerigo]

Thanks, Aurora. The third quarter was another excellent quarter for Amerigo. I will discuss Amerigo's key drivers of profitability, our cash cost metrics, quarterly cash flow and capital returns, and our outlook for the balance of 2026. In terms of profitability, the key drivers were strong copper production, record copper prices, low cash costs, and disciplined operating execution at MVC. Copper production increased to 17 million pounds, up 16% from 14.6 million pounds in the third quarter of 2025, which had lower than normal production due to the DET accident in the prior year. MVC's recognized copper price averaged $6.55 per pound, compared with $4.54 per pound in Q3 2025. Revenue increased 61% year-over-year to $84.6 million. This reflected higher production, stronger copper prices, and $6.9 million in positive adjustments to the fair value of settlement receivables.

[Carmen Amezquita, CFO at Amerigo]

As investors know, our tolling model means that the gross value of copper produced is not the same as the revenue ultimately recognized by Amerigo, as with higher copper prices comes increased DET royalties. However, even with the increased DET royalties resulting in an increased total cost, the gross value of copper still drives materially stronger profitability and cash generation for Amerigo. Operationally, MVC delivered strong execution with 98.1% plant availability and no reportable safety incidents during the quarter. Heavy rain reduced the number of days available to process historic tailings, but prior investments in plant redundancy and process optimization supported strong overall performance. Fresh tailings accounted for 71% of quarterly copper production, compared with 47% in Q3 2025. Cash cost was $1.55 per pound, down $0.25 per pound from $1.80 in Q3 2025.

[Carmen Amezquita, CFO at Amerigo]

Year-to-date cash cost was $1.70 per pound, and normalized cash cost was $1.65 per pound, 17% below annual guidance of $1.98 per pound. The outperformance reflects higher copper production and stronger molybdenum by-product credits, with the average molybdenum price increasing to $32.38 per pound from $24.11 per pound in Q3 2025. Total cost was $4.34 per pound compared with $3.71 per pound in Q3 2025. The increase was primarily due to higher DET notional royalties resulting from stronger copper prices, partly offset by the lower cash cost and lower depreciation and amortization per pound. All-in sustaining cost was $4.53 per pound compared with $3.85 per pound in Q3 2025, mostly as the result of $0.63 per pound increase in total cost.

[Carmen Amezquita, CFO at Amerigo]

Below the gross profit line, net income increased to $22.7 million, or $0.14 per basic and diluted share, compared with $6.7 million or $0.04 per share in Q3 2025. The year-over-year improvement was driven by higher copper tolling revenue and positive settlement adjustments, partly offset by the higher DET notional copper royalties, tolling and production costs, other losses, and income tax expense. Turning to cash flow, Q3 was another strong demonstration of Amerigo's ability to convert operating performance into shareholder returns. Operating cash flow before changes in non-cash working capital was $30.5 million, compared with $12.4 million in Q3 2025. Free cash flow was $28.1 million, compared with $11.1 million in the comparative quarter. During Q3, Amerigo returned $27.8 million to shareholders, comprised of $20.4 million in performance dividends, $4.5 million in quarterly dividends, and $2.9 million through share buybacks.

[Carmen Amezquita, CFO at Amerigo]

Year-to-date, payments to shareholders totaled $69.5 million, including $45 million in performance dividends, $14 million in quarterly dividends, and $10.5 million through share buybacks. Amerigo ended the quarter with $50.1 million in cash and cash equivalents, compared with $40.3 million at December 31st, 2025. This balance reflects strong cash generation while funding the operation and delivering substantial returns to shareholders. From a capital allocation perspective, this is exactly how the capital return strategy is intended to function. Strong operating performance and low sustaining capital requirements generate cash. Cash first supports the operation and protects our debt-free balance sheet, and excess cash is returned to shareholders through quarterly dividends, performance dividends, and share buybacks. Since implementing the strategy in October 2021, Amerigo has returned $168 million to shareholders and reduced the shares outstanding by 15.4%.

[Carmen Amezquita, CFO at Amerigo]

This combination of cash generation, capital discipline, and per-share returns is the basis of Amerigo's total yield model. Looking ahead, MVC remains on track to achieve the annual production guidance of 63.8 million pounds of copper and 1.5 million pounds of molybdenum. Through September 30, 2026, MVC produced 48.2 million pounds of copper, ahead of our internal target and representing 76% of annual guidance, while molybdenum production of 1.15 million pounds was also ahead of the pace required to achieve the annual guidance. From a cost perspective, the third quarter cash cost of $1.55 per pound reinforces the underlying efficiency of MVC's operations and supports our confidence in the full-year outlook. Year-to-date capital expenditures totaled $12.8 million. We continue to invest selectively in sustaining and optimization initiatives while maintaining significant capacity for shareholder returns. Finally, Amerigo continues to maintain meaningful leverage to copper prices.

[Carmen Amezquita, CFO at Amerigo]

At September 30, the provisional copper price used by MVC was $6.55 per pound. A 10% movement from that level would positively or negatively affect Q3 2026 revenue by approximately $11.2 million relative to Q3 production. That sensitivity highlights both the opportunity and the leverage embedded in the business as copper market fundamentals remain constructive. We want to thank you for your continued interest in Amerigo. We will now take questions from call participants.

[Operator]

At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q&A roster. Our first question comes from the line of Ben Pirie with Atrium Research. Your line is now open.

[Ben Pirie, Co-Founder and Equity Research Analyst at Atrium Research]

Hi, Aurora, Graham, and Carmen. Ben from Atrium here. I do sound like a broken record, but congrats on another great quarter. Just diving to a couple more unique questions, I think. Fresh tailings grades and throughput seemed solid through the quarter. Could you comment on the current status and outlook for El Teniente's fresh tailings delivery? I know there was a recent incident on site. So just wanted to see if you've seen any impact on greater volume coming to your plant.

[Aurora Davidson, President and CEO at Amerigo]

Ben, that is a good question. If you look at our production news release for the third quarter, you can see that we have received very consistent throughput from El Teniente regarding fresh tailings, both in Q2 and in Q3. It is around 105,000 tons per day. So give or take a few rounding numbers there. It is very consistent between the two quarters, and we are seeing the same in October with our daily production reports.

[Aurora Davidson, President and CEO at Amerigo]

That is a higher volume than what we were seeing in prior quarters, and just for comparison, the Q3 of 2025, we had throughput of around 93,000 tons per day compared to 105,000 tons per day this quarter. That is good news. It speaks well about El Teniente's own operation in terms of how they are churning the mine and what they are sending down to MVC. Regarding grade, we have also seen slightly higher grades.

[Aurora Davidson, President and CEO at Amerigo]

The grade in Q3 was 0.20%, and we had a grade of 0.18% in Q3 of 2025. That is something we do not control, right? We just have to work with the grade that we receive. Where you can see a significant upward trend, and that is something that we control and that is exactly what we were referring to during the earnings call, is in copper recovery. MVC had a copper recovery on fresh tailings of 28.5% in Q3 compared to 22.2%, easy number to remember, in Q3 2025. So when you see a 6.3% change and increase, a strengthening of copper recoveries year-on-year, there is a reason behind that. And the reason behind that is the fine-tuning and the optimization that MVC has been doing with the help of our technical advisors for seven years now. And it is incremental and it is compounding.

[Aurora Davidson, President and CEO at Amerigo]

We are not just compounding in terms of financial returns. I think we are compounding in terms of operational efficiency. We have mentioned that before, nothing dramatic, nothing to issue a news release on, but it is just focusing on the different sectors of the plant. Focusing on reducing losses throughout the different processes. So when you do that consistently day after day, month after month, year-after-year, you start to build up these efficiencies that we are seeing now.

[Aurora Davidson, President and CEO at Amerigo]

And we are very proud of them because it reflects just operational sustenance from the MVC perspective in not being comfortable with where they are, but on continuing to execute on those little points that may not be, I mean, 6.3% copper recovery, it is fantastic. But when you top that with the volume that we get, you start seeing the impact on the whole operation because we are not working with low volumes.

[Aurora Davidson, President and CEO at Amerigo]

We are working with huge volumes, as I said, 105,000 tons per day. And then on top of that, incremental recovery increases. That is exactly what we are seeing driving the very stable and strong production results that we are seeing, Ben. I hope that answers the question.

[Ben Pirie, Co-Founder and Equity Research Analyst at Atrium Research]

Yes. Thank you. Thank you for the additional context. Certainly adds up over time, all the incremental changes. Moving to the historic tailings, you spoke a little bit about the rainfall impacting the processing of historic tailings. Can you just elaborate on how rainfall would affect that? Looking ahead, is this something that investors should look out for from a seasonality perspective in terms of rainier seasons or quarters?

[Aurora Davidson, President and CEO at Amerigo]

Yeah. The single most significant factor that is correlated with days of heavy rain is safety. The historic tailings deposit, it is adjacent to MVC, but you have to drive half an hour to get there. It is a significantly vast operation, and we have to ensure that it is operated safely at all times. When you have the amount of rain that Chile has been having this year, this is perhaps the wettest year in recent Chilean history, as a result of the El Niño weather phenomenon. You have to be very careful in operating in conditions that are sludgy, in conditions that represent significant depth of operations, and where there is a remoteness of aspect involved.

[Aurora Davidson, President and CEO at Amerigo]

We are extremely careful with ensuring that if there is a very heavy rain day, we just do not operate in Cauquenes. That is the best way of avoiding any surprise, safety-wise. There is no comparison between having an accident and losing a day or two of production. Having said that, what has happened over the years is that knowing that these weather events have the tendency of becoming more common, just because of climatic conditions, we have invested on different projects at Cauquenes to ensure, first of all, that the infrastructure is as protected as it can be. We have spoken before about the setup that we have done to ensure that all our pipes are floating in case of heavy rains.

[Aurora Davidson, President and CEO at Amerigo]

We have also invested in having substantial pumping capacity dedicated at the Cauquenes sumps to ensure that as conditions of rain subside, we can remove that water as fast and as quickly as possible. The investments to reduce any operational downtime have been made and are in place. But in reality, we are not going to be taking any safety risks in terms of operating when there is heavy rain involved. We factor a number of days within our production budget, so we are not going in blindly any year and expecting that there will not be any days or that we will have zero days of rain in Cauquenes. There is a quantification associated with our own weather forecast going into the annual budget. But this year, we have had more production days lost because of heavy rain conditions without any impact to production.

[Aurora Davidson, President and CEO at Amerigo]

If there were to be any impact on production, we would communicate that quickly to the market, as we've done in several instances before, when we knew that weather was impacting our planned guidance. This year hasn't presented a production challenge. We continue to see rain in October. We may continue to see rain for the rest of the year, but we're tracking ahead of internal targets, as Carmen mentioned, as I mentioned. Right now, there is nothing to report weather-wise to the market.

[Ben Pirie, Co-Founder and Equity Research Analyst at Atrium Research]

Great. Thank you. It's good additional context. Lastly, hopefully, I'm not taking too much time here, but just on the cash costs coming in well below guidance, a big piece of that being the higher molybdenum prices. I know you mentioned you didn't want to get into the copper pricing forecast, but do you have any commentary on the molybdenum prices, as now it's becoming a larger piece or at least having a larger impact on the financials for Amerigo?

[Aurora Davidson, President and CEO at Amerigo]

Yeah. No comment there. We have seen consistently strong moly prices, molybdenum prices, for most of the year. What we have to control is that we produce as much moly as we can at the plant, that we're not falling behind, so that we can capture what the market presents to us. I have no forward view on moly prices. In the same way that we have a strong view on copper prices, we don't have that same granularity of understanding the moly market to provide any valid comment. We're not seeing any weakening of moly prices so far this year. Moly is produced on a secondary basis, mostly as a byproduct. As several mines face production challenges on their copper stream, they will also face some production challenges on their moly stream.

[Aurora Davidson, President and CEO at Amerigo]

Moly price benefits in a way from disruptions in the copper production cycle worldwide. For us, what remains important is to ensure that our moly operation is working smoothly and that we are on track with our production targets to capture the benefit, both of the stronger moly price and also of higher copper production. Because one of the benefits of a cash cost performance is coming as well from a very stable copper production for us.

[Ben Pirie, Co-Founder and Equity Research Analyst at Atrium Research]

Amazing. No, that's good. Thank you. Okay, that's all I had today. Thanks for the time, and congrats again on another strong quarter.

[Aurora Davidson, President and CEO at Amerigo]

Thank you, Ben.

[Operator]

That concludes our question and answer session. I will now turn the call back to Aurora Davidson for closing remarks.

[Aurora Davidson, President and CEO at Amerigo]

Thank you for passing on the call to me. I am surprised that we do not have any further questions, but I will take that as Carmen having done a very good job in presenting all the financial information, and hopefully I am not boring you more than usual today. Thank you everyone for joining us. Q3 continued what has been a strong year for Amerigo. The operating and financial results speak for themselves, and we remain focused on maintaining that discipline that produced them. We appreciate your continued interest in Amerigo and look forward to speaking with you again next year.

[Operator]

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

Participants

Analysts

• Graham Farrell, Head of Investor Relations at Amerigo
• Aurora Davidson, President and CEO at Amerigo
• Carmen Amezquita, CFO at Amerigo
• Ben Pirie, Co-Founder and Equity Research Analyst at Atrium Research