Investors

Share Buybacks

In 2021, Amerigo's Board of Directors established a policy to return capital to shareholders through dividends and share repurchases.

Amerigo repurchases shares for cancellation through Substantial and Normal Course Issuer Bids.

A Substantial Issuer Bid was completed in November 2021, under which Amerigo acquired 7,116,345 common shares at Cdn$1.30 per share.

A Normal Course Issuer Bid ("NCIB") was initiated on December 2, 2021, to repurchase for cancellation up to 10,750,000 common shares over one year. On June 21, 2022, Amerigo completed the NCIB, retiring 10,750,000 common shares at an average price of Cdn$1.62 per share.

On December 2, 2022, Amerigo renewed the NCIB to repurchase for cancellation up to 11,080,000 common shares over one year. Amerigo retired 2,281,187 common shares at an average price of Cdn$1.57 per share.

On December 2, 2023, Amerigo renewed the NCIB to repurchase for cancellation up to 10,900,000 common shares over one year. Amerigo retired 1,436,754 common shares at an average price of Cdn$1.76 per share.

On December 2, 2024, Amerigo renewed the NCIB, under which it can repurchase for cancellation up to 12,000,000 common shares over one year.

Under the NCIB, common shares may be purchased in open market transactions on the TSX at the prevailing market price at the time of such transaction. Under TSX rules, the total number of common shares Amerigo is permitted to purchase is subject to a daily limit of 62,309. However, once per calendar week, Amerigo may make one block purchase that exceeds the daily purchase restriction.

Amerigo determines the number and timing of common shares purchased under the NCIB, depending on copper prices and market conditions. Although at a minimum, the Company intends to buy back enough shares to eliminate annual shareholder dilution, there cannot be any assurance as to how many common shares will ultimately be acquired by Amerigo under the NCIB. 

The table below reports the 2024 activity under the NCIB: