Strong Copper Production
Copper production was 15.5 million pounds, accounting for 46% of Amerigo's annual guidance of 62.9 million pounds. This was despite lower production in Q1 due to an annual maintenance shutdown.
Decline in Cash Costs
Cash cost per pound declined to $1.82 in the second quarter, with annual cash cost guidance of $1.93 per pound expected to be met.
Shareholder Returns
A quarterly dividend of CAD 0.03 per share was paid, representing $3.5 million, and 3.1 million common shares were repurchased and canceled during the quarter at a weighted average price of CAD 1.78 per share, representing $4 million.
Increase in Share Price
Amerigo's share price increased from CAD 1.91 to CAD 2.12 during the second quarter, and further to CAD 2.17, representing a 36% year-to-date increase.
Positive Financial Performance
Net income for the second quarter was $7.5 million, with an EBITDA of $17.8 million.