08:09 AM EDT, 10/30/2024 (MT Newswires) -- Amerigo Resources ( ARREF ) said Wednesday that it swung to net earnings in the third quarter following an increase in revenue.

The company booked net income of US$2.8 million or US$0.02 per share, reversing a loss of US$5.8 million or a loss of US$0.04 per share.

Amerigo said last year's results were negatively impacted by lower copper prices and production losses due to flooding throughout Chile.

Revenue increased to US$45.4 million from US$30.3 million while EBITDA surged to US$13.3 million from US$3.2 million.

"Our three key performance drivers, production, copper prices, and cost management, were robust in the third quarter," said Aurora Davidson, Amerigo's president and CEO.

Amerigo declared its initial performance dividend of $0.04 per share along with a quarterly dividend of $0.03 per share.

"This additional payment illustrated the ability of our capital return strategy to share the benefits of strong copper prices with shareholders quickly," Davidson said.