Q3 2024 Amerigo Resources Ltd Earnings Call Transcript
Key Points
- Amerigo Resources Ltd (ARREF) reported strong financial results for Q3 2024, with a net income of $2.8 million and EBITDA of $13.3 million.
- The company declared its 13th consecutive quarterly dividend, highlighting a consistent return to shareholders.
- Copper production increased by 46% compared to Q3 2023, reaching 16.3 million pounds, driven by improved operations at El Teniente.
- The average copper price received was $4.22 per pound, contributing to a gross copper revenue of $68.8 million.
- Amerigo's cash cost decreased to $1.93 per pound, below the annual guidance, indicating effective cost management.
- The average copper price in Q3 2024 was lower than in Q2 2024, resulting in $3.3 million in negative price settlement adjustments.
- Amerigo's financial performance is highly sensitive to copper prices, which can fluctuate significantly.
- The company experienced a working capital deficiency of $4.9 million as of September 30, 2024.
- Despite strong production, the company faces external risks such as weather impacts and dependency on El Teniente's throughput and grades.
- A new federal tax in Canada on share buybacks could impact the company's capital return strategy.
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 Q3 2024 Earnings Conference Call. Note that all lines have been placed on mute to prevent any background noise. After the formal remarks, there will be a question-and-answer session. [Operator Instructions].
Thank you. Mr. Graham Farrell, Investor Relations. You may begin.
Thank you, Sylvie. Good afternoon and welcome everyone to Amerigo's quarterly earnings call for the third quarter of 2024. We appreciate you joining us today. This call will cover Amerigo's financial and operating results for the quarter ended September 30, 2024. Aurora Davidson, Amerigo's President and Chief Executive Officer; and Carmen Amezquita, the company's Chief Financial Officer, will lead the call today. Following Aurora and Carmen's prepared remarks, we will open the conference call to a question-and-answer session.
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