• Q3-2026 Net Income of $22.7 million, EBITDA¹ of $48.0 million and Free Cash Flow¹ of $28.1 million

• Quarterly Dividend of Cdn$0.04 per share Declared

• 17.0 Million Pounds of Copper Produced at a Cash Cost¹ of $1.55/lb

• $93.9 million returned to shareholders YTD under Amerigo's Capital Return Strategy ("CRS")

Vancouver, British Columbia--(Newsfile Corp. - October 28, 2026) - Amerigo Resources Ltd. (TSX: ARG) (OTCQX: ARREF) ("Amerigo" or the "Company") reports financial results for the quarter ended September 30, 2026 ("Q3-2026") and announces the declaration of its quarterly dividend. Dollar amounts in this news release are in U.S. dollars unless indicated otherwise.

In Q3-2026, Amerigo generated net income of $22.7 million, EBITDA¹ of $48.0 million, operating cash flow from operations before changes in non-cash working capital¹ of $30.5 million, and free cash flow¹ of $28.1 million.

"Q3-2026 was another strong quarter for Amerigo. MVC produced 17.0 million pounds of copper, with 98.1% plant availability and a cash cost¹ of $1.55 per pound. Combined with record copper prices and supportive molybdenum prices, this operating performance generated net income of $22.7 million, EBITDA¹ of $48.0 million and free cash flow¹ of $28.1 million," said Aurora Davidson, Amerigo's President and CEO.

"These results again demonstrate the strength of Amerigo's business model. Our consistently excellent operating performance is efficiently converted into free cash flow¹ because of our limited sustaining capital requirements. Then, the disciplined application of Amerigo's CRS maintains financial strength and business flexibility. With that achieved, excess cash is quickly returned to shareholders rather than allowing it to accumulate unnecessarily on the balance sheet."

"The CRS is working as intended. Amerigo returned $69.5 million to shareholders in the first nine months of 2026. Through October 14, 2026, annual shareholder returns total $93.9 million, including the latest and largest performance dividend to date of Cdn$0.21 per share, paid on October 14, 2026. The quarterly dividend component of the CRS provides a consistent base return to shareholders, while performance dividends and share buybacks allow Amerigo to quickly and flexibly return additional capital when it is earned. As part of a Total Yield analysis, investors should consider all three CRS components when evaluating the shareholder returns generated by Amerigo."

On October 26, 2026, the Board declared a quarterly dividend of Cdn$0.04 per share, payable on December 18, 2026, to shareholders of record as of November 30, 2026. Amerigo designates the full amount of this taxable dividend as an "eligible dividend" for purposes of the Income Tax Act (Canada), as amended from time to time.

On September 14, 2026, Amerigo's Board of Directors declared a performance dividend of Cdn$0.21 per share, the largest in the Company's history, bringing performance dividends declared year-to-date to Cdn$0.55 per share. The Company paid this performance dividend on October 14, 2026.

The performance dividend paid on October 14, 2026, and the quarterly dividend payable on December 18, 2026, together represent approximately $29.0 million, or 58% of Q3-2026 ending cash.

Based on Amerigo's September 30, 2026 share price of Cdn$8.74, the quarterly dividend represents a stated yield of 1.83%. Including performance dividends declared year-to-date, shareholders have received a total yield of 8.12%, demonstrating the significant contribution of performance dividends to Amerigo's CRS.

This news release should be read with Amerigo's interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for Q3-2026, available on the Company's website at www.amerigoresources.com and on the SEDAR+ website at www.sedarplus.ca.

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Highlights and Significant Items

• The Company achieved strong production in Q3-2026, producing 17.0 million pounds ("M lbs") of copper (Q3-2025: 14.6M lbs), supported by excellent operational execution, 98.1% plant availability, and a clean workplace safety record. This was further supported by the highest quarterly average LME copper price on record, with MVC recognizing an average copper price of $6.55 per pound ("/lb") in Q3-2026, up from $4.54/lb in Q3-2025.

• Q3-2026 net income was $22.7 million, compared with $6.7 million in Q3-2025. The increase primarily reflected higher copper tolling revenue, positive copper settlement adjustments and increased molybdenum revenue, partially offset by higher DET notional copper royalties, tolling and production costs and income tax expense.

• Basic earnings per share ("EPS") in Q3-2026 was $0.14 (Cdn$0.20), compared with $0.04 (Cdn$0.06) in Q3-2025.

• The Company generated operating cash flow before changes in non-cash working capital¹ of $30.5 million in Q3-2026, compared with $12.4 million in Q3-2025. Free cash flow¹ was $28.1 million in Q3-2026 (Q3-2025: $11.1 million).

• Q3-2026 cash cost¹ was $1.55/lb (Q3-2025: $1.80/lb). The $0.25/lb decrease in cash cost was primarily due to a $0.12/lb increase in molybdenum by-product credits, driven by a 34% increase in molybdenum prices, and a $0.07/lb decrease in lime costs from reduced lime consumption associated with less historic tailings processing.

• In Q3-2026, Amerigo paid $27.8 million to shareholders, comprising $20.4 million in performance dividends, $4.5 million in quarterly dividends, and $2.9 million in share buybacks. For the nine months ended September 30, 2026, total payments to shareholders amounted to $69.5 million, including $45.0 million in performance dividends, $14.0 million in quarterly dividends, and $10.5 million in share buybacks.

• On September 30, 2026, the Company held cash and cash equivalents of $50.1 million, compared with $40.3 million on December 31, 2025. The Company had a working capital deficiency (current assets less current liabilities) of $18.6 million on September 30, 2026, compared with working capital of $10.9 million on December 31, 2025. The September 30, 2026, working capital deficiency primarily reflected dividends declared and payable after quarter-end and does not indicate a change in the Company's approach to maintaining balance sheet strength and financial flexibility.

• On September 30, 2026, MVC used a provisional copper price of $6.55/lb. The final prices for July, August, and September 2026 sales will be the average LME prices for October, November, and December 2026, respectively. A 10% change from the $6.55/lb provisional price used on September 30, 2026, would result in an $11.2 million change in Q4-2026 revenue relative to Q3-2026 production.

Investor Conference Call on October 29, 2026

Amerigo's quarterly investor conference will be held on Thursday, October 29, 2026, at 11:00 a.m. Pacific Daylight Time/2:00 p.m. Eastern Daylight Time.

Participants can join by visiting https://registrations.events/easyconnect/5696440/recFVdSs0p8ycfTtM/ and entering their name and phone number. The conference system will then call the participants and place them on the call instantly.

Alternatively, participants may dial 1-800-715-9871 and ask the operator to join the Amerigo Resources Q3-2026 Investor Conference Call.

Interactive Analyst Center

Amerigo's published financial and operational information is available for download in Excel format through Q4 Inc.'s Interactive Analyst Center ("IAC"). You can access the IAC by visiting www.amerigoresources.com, then selecting Investors > Interactive Analyst Center.

About Amerigo and MVC

Amerigo Resources Ltd. produces copper concentrate and molybdenum concentrate at its MVC operation in Chile through a long-term relationship with Corporación Nacional del Cobre de Chile ("Codelco").

Tel: (604) 681-2802; Web: www.amerigoresources.com; (TSX: ARG); (OTCQX: ARREF).

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¹ Non-IFRS Measures

This news release includes four non-IFRS measures: (i) EBITDA, (ii) operating cash flow before changes in non-cash working capital, (iii) free cash flow ("FCF") and (iv) cash cost.

These non-IFRS performance measures are included in this news release because they provide key performance measures used by management to monitor operating performance, assess corporate performance, and plan and assess the overall effectiveness and efficiency of Amerigo's operations. These performance measures are not standardized financial measures under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), and, therefore, amounts presented may not be comparable to similar financial measures disclosed by other companies. These performance measures should not be considered in isolation as a substitute for performance measures in accordance with IFRS Accounting Standards.

(i) EBITDA refers to earnings before interest, taxes, depreciation, and administration and is calculated by adding depreciation expense to the Company's gross profit.

(ii) Operating cash flow before changes in non-cash working capital is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital to or from cash provided by operating activities.

(iii) Free cash flow refers to operating cash flow before changes in non-cash working capital, less capital expenditures. FCF represents the amount of cash generated by the Company in a reporting period that can be used to pay for potential distributions to the Company's shareholders and any additional taxes triggered by the repatriation of funds from Chile to Canada to fund these distributions.

(iv) Cash cost is a performance measure commonly used in the mining industry that is not defined under IFRS. Cash cost is the aggregate of smelting and refining charges, tolling/production costs net of inventory adjustments and administration costs, net of by-product credits. Cash cost per pound produced is based on pounds of copper produced and is calculated by dividing cash cost by the number of pounds of copper produced.

² Capital returned to shareholders

The table below summarizes the capital returned to shareholders since Amerigo's CRS was implemented in October 2021.

³ Dividend dates

A dividend of Cdn$0.04 per share will be paid on December 18, 2026, to shareholders of record as of November 30, 2026. Under the "T+1 settlement cycle", the Company's shares will commence trading on an ex-dividend basis at the opening of trading on November 30, 2026. Shareholders purchasing Amerigo shares on or after the ex-dividend date will not receive this dividend, as it will be paid to the selling shareholders. Shareholders purchasing Amerigo shares before the ex-dividend date will receive the dividend.

⁴ MVC's copper price

MVC's copper price is the average notional copper price for the period before smelting and refining, DET notional copper royalties, transportation costs and excluding settlement adjustments to prior period sales.

MVC's pricing terms are based on the average LME copper price of the third month following the delivery of copper concentrates produced under the DET tolling agreement ("M+3"). This means that when final copper prices are not yet known, they are provisionally marked to market at each month-end based on the progression of the LME-published average monthly M and M+3 prices. The Company adjusts provisional prices monthly using this consistent methodology until they are settled.

Q2-2026 copper deliveries had been marked-to-market on June 30, 2026 at an average price of $6.17/lb, and were settled at the LME average monthly copper prices for July, August and September 2026, as follows:

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Q3-2026 copper deliveries were marked to market on September 30, 2026, at an average price of $6.55/lb and will be settled at the LME average prices for October, November and December 2026.

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Cautionary Statement Regarding Forward-Looking Information

This news release contains certain "forward-looking information" as defined under applicable securities laws (collectively referred to as "forward-looking statements"). This information relates to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions is intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning:

• forecasted production and cash cost for 2026;
• our strategies and objectives;
• our estimates of the availability and quantity of tailings and the quality of our mine plan estimates;
• prices and price volatility for copper, molybdenum and other commodities and materials we use in our operations;
• the demand for and supply of copper, molybdenum and other commodities and materials that we produce, sell and use;
• sensitivity of our financial results and share price to changes in commodity prices;
• our financial resources and financial condition, and our expected ability to fully deploy all tools of our CRS;
• domestic and foreign laws affecting our operations;
• our tax position and the tax rates applicable to us;
• the production capacity of our operations, our planned production levels and future production;
• our future capital and production costs, including the costs and potential impact of complying with existing and proposed environmental laws and regulations in the operation and closure of our operations;
• our financial and operating objectives;
• our environmental, health and safety initiatives;
• our dividend policy; and
• general business and economic conditions, including, but not limited to, our assessment of strong market fundamentals supporting copper prices.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such statements. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks generally encountered in the operation, permitting and development of mineral projects such as unusual or unexpected geological formations, negotiations with government and other third parties, unanticipated metallurgical difficulties, delays associated with permits, approvals and permit appeals, ground control problems, adverse weather conditions (including, but not limited, to heavy rains), process upsets and equipment malfunctions; risks related to hazards inherent in the mining industry, causing personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties and suspension of operations; risks related to the repudiation, nullification, modification or renegotiation of contracts; risks associated with labour disturbances and availability of skilled labour and management; risks related to the potential impact of global or national health concerns; government or regulatory actions or inactions; fluctuations in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks created through competition for mining projects and properties; risks associated with lack of access to markets; risks related to availability of and our ability to obtain both tailings DET current production and historic tailings from tailings deposit; the availability of and ability of the Company to obtain adequate funding on reasonable terms for expansions and acquisitions; mine plan estimates; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; risks associated with environmental compliance and changes in environmental legislation and regulation; risks related to our dependence on third parties for the provision of critical services; risks associated with non-performance by contractual counterparties; risks related to supply chain disruptions; title risks; social and political risks associated with operations in foreign countries; risks of changes in laws affecting our operations or their interpretation, including foreign exchange controls; and risks associated with tax reassessments and legal proceedings. Many of these risks and uncertainties apply to the Company and its operations, as well as DET and its operations. DET's ongoing mining operations provide a significant portion of the materials the Company processes and of its resulting metals production. Therefore, these risks and uncertainties may also affect the Company's operations and have a material effect.

Actual results and developments are likely to differ and may differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on several assumptions which may prove to be incorrect, including, but not limited to, assumptions about:

• general business and economic conditions;
• interest and currency exchange rates;
• changes in commodity and power prices;
• acts of foreign governments and the outcome of legal proceedings;
• the supply and demand for, deliveries of, and the level and volatility of prices of copper, molybdenum and other commodities and products used in our operations;the ongoing supply of material for processing from Codelco's current mining operations at the El Teniente mine, including the ramp-up of El Teniente's operations under the Safe and Progressive Restart of Operations plan following the tunnel collapse at the El Teniente mine in July 2025;
• the grade and projected recoveries of tailings processed by MVC;
• the ability of the Company to profitably extract and process material from the historic tailings deposit;
• the timing of the receipt and retention of permits and other regulatory and governmental approvals;
• our costs of production and our production and productivity levels, as well as those of our competitors;
• changes in credit market conditions and conditions in financial markets generally;
• our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis;
• the availability of qualified employees and contractors for our operations;
• our ability to attract and retain skilled staff;
• the satisfactory negotiation of collective agreements with unionized employees;
• the impact of changes in foreign exchange rates and capital repatriation on our costs and results;
• engineering and construction timetables and capital costs for our expansion projects;
• costs of closure of various operations;
• market competition;
• tax benefits and tax rates;
• the outcome of our copper concentrate sales and treatment and refining charge negotiations;
• the resolution of environmental and other proceedings or disputes;
• the future supply of reasonably priced power;
• rainfall in the vicinity of MVC continuing to trend towards normal levels;
• average recoveries for fresh and historic tailings;
• our ability to obtain, comply with and renew permits and licenses in a timely manner; and
• our ongoing relations with our employees and entities we do business with.

Future production levels and cost estimates assume no additional adverse mining or other events affecting budgeted production levels.

Climate change is a global issue that could pose challenges that could affect the Company's future operations. This could include more frequent and more intense droughts, followed by heavy rainfall. Central Chile has experienced both drought and significant rain in recent years. The Company's operations are sensitive to water availability and the reserves required to process projected historic tailings tonnage.

Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure that it will achieve or accomplish the expectations, beliefs or projections described in the forward-looking statements.

The preceding list of important factors and assumptions is not exhaustive. Other events or circumstances could cause our results to differ materially from those estimated, projected, and expressed in or implied by our forward-looking statements. You should also consider the matters discussed under the Risk Factors section in the Company's Annual Information Form. The forward-looking statements contained herein speak only as of the date of this news release. Except as required by law, we undertake no obligation to revise any forward-looking statements or the preceding list of factors, whether due to publicly available information or otherwise, in light of new information or future events.

Future-oriented financial information ("FOFI") or financial outlooks included in this news release are based on the assumptions set out in the Company's 2026 Budget, which was prepared in accordance with the Company's accounting policies. FOFI has been included in this news release to provide context to the Company's 2026 guidance and may not be appropriate for other purposes.

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Source: Amerigo Resources Ltd.