Share Buybacks

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

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.

On December 2, 2021, Amerigo initiated a Normal Course Issuer Bid ("NCIB") to repurchase for cancellation up to 10,750,000 common shares over 12 months. On June 21, 2022, Amerigo announced the completion of the NCIB, with the retirement of 10,750,000 common shares at an average price of Cdn$1.62 per share.

On December 2, 2022, Amerigo renewed the NCIB and is currently repurchasing for cancellation up to 11,080,000 common shares over 12 months, terminating no later than December 1, 2023.

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 rules1, the total number of common shares Amerigo is permitted to purchase is subject to a daily limit of 62,016. However, Amerigo may make one block purchase per calendar week which exceeds the daily purchase restriction.

Amerigo determines the number of common shares purchased under the NCIB and the timing of such purchases. 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 monthly activity under the NCIB:

Month Shares Repurchased Under NCIB Average Repurchase Price (Cdn$)
December 2022 Nil -
January 2023 1 317,535 1.57
February 2023 1 137,616 1.51

1No common shares were repurchased during Amerigo's blackout period that started on January 23, 2023 and ended on February 23, 2023.