Q2 2024 Amerigo Resources Ltd Earnings Call Transcript
Key Points
- Amerigo Resources Ltd (ARREF) reported a strong financial performance in Q2 2024, with a net profit of $9.8 million and EBITDA of $22.3 million.
- The company benefited from rising copper prices, which averaged $4.39 per pound, contributing to higher revenues.
- Amerigo Resources Ltd (ARREF) declared its first performance dividend of CAD0.04 per share, demonstrating its ability to quickly share profits with shareholders.
- The company successfully reduced its debt to $15.5 million and improved its cash position to $28.7 million.
- Amerigo Resources Ltd (ARREF) maintained its annual production guidance of 62.4 million pounds of copper despite weather-related production challenges.
- The company faced a production reduction of 1 million pounds due to severe rains, impacting its output.
- There is uncertainty regarding future copper prices, which could affect revenue projections.
- Amerigo Resources Ltd (ARREF) has a working capital deficiency of $1.5 million, although it has been reduced from previous levels.
- The company is exposed to price volatility, with provisional copper sales subject to future price adjustments.
- Amerigo Resources Ltd (ARREF) has not been active in share buybacks this year, which may affect shareholder value perception.
Good afternoon. My name is Sylvie and I will be your conference operator today. At this time, I would like to welcome everyone to the Amerigo Resources Q2 2024 Earnings Conference Call. (Operator Instructions) Mr. Graham Farrell of Harbor Access Investor Relations. You may begin the conference.
Thank you, operator. Good afternoon and welcome everyone to Amerigo's quarterly conference call to discuss the company's financial results for the second quarter of 2024. We appreciate you joining us today. This call will cover Amerigo's financial and operating results for the second quarter ended June 30, 2024.
Following our prepared remarks, we will open the conference call to a question-and-answer session. Our call today will be led by Amerigo'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
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