09:06 AM EDT, 05/08/2024 (MT Newswires) -- Amerigo Resources ( ARREF ) reported Wednesday a steep decline in net income for the first quarter.

America posted net earnings of US$4.3 million, or US$0.03 per share, during the period, down from US$9.1 million, or US$0.05 per share.

Revenue fell to US$44.9 million from US$52.6 million. EBITDA slipped to US$13.6 million from US$18.5 million.

Amerigo attributed the earnings decline to lower copper and molybdenum revenue, as well as lower unrealized foreign exchange gains.

"Since the end of the quarter, copper prices have substantially appreciated, confirming our long-standing view on the strength of copper supply and demand fundamentals," said Aurora Davidson, Amerigo's president and CEO.

The board declared a dividend of $0.03 per share, the company's 11th consecutive quarterly dividend. The dividend is payable June 20 to shareholders of record as of May 30.