08:16 AM EDT, 07/31/2024 (MT Newswires) -- Amerigo Resources Ltd. ( ARREF ) on Wednesday swung to a profit for the second quarter on a "significant strengthening of copper prices and firm cost management."

It announced a net income of US$9.8 million for its second quarter compared to a loss of $3.8 million a year earlier.

Amerigo's Q2-2024 financial results included an earnings per share (EPS) of US$0.06 compared to a loss of $0.02 a year earlier; EBITDA of US$22.3 million versus just $1.7 million; and free cash flow to equity of US$6.7 million versus a negative $12.8 million.

It returned US$3.6 million to shareholders.

Subsequent to quarter-end, on July 8, 2024, Amerigo declared its first performance dividend of C$0.04.

Aurora Davidson, Amerigo's President and CEO, in a statement said. "With our annual maintenance shutdown now completed and the impact of the previously reported rain-induced production loss absorbed, our 2024 production guidance is intact."

Davidson added: "Amerigo's Capital Return Strategy has been fully deployed with regular quarterly dividends, share buybacks, and performance dividends. At current copper prices, equivalent to those we received last quarter, we continue to generate significant amounts of capital to return to shareholders."

"The strength of Amerigo's business plan is now on full display. Shareholders have received the declaration of our initial performance dividend very well and are benefitting from the prompt transfer of copper price strength to their pockets. Our initial performance dividend will be paid in addition to our twelfth quarterly dividend of C$0.03, announced today. Despite the present short-term price correction, we anticipate continued strength in copper prices and look forward to returning capital as quickly as possible to shareholders."