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Amerigo Resources (ARG) USD

At a glance: strengths & risks
✓Revenue growing (+61% y/y, Q2 2026)✓Profit growing (+142% y/y, Q2 2026)✓Margins improving (22%→29%, Q2 2026)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 9.4 vs avg 3.8)

Sector: Copper mining

COMM_ARG

Price chart

8.74 CADDay -1.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
8.74 CAD · -1.13%
Market cap
995 mln USD

Growth

Δ revenue y/y
61.1%
Δ EBITDA y/y
119.6%

Multiples

P/E (LTM)
21.5x
3y avg: 23.5x
P/B (FY)
8.6x
P/E (ann.)
13.6x
EV/EBITDA (LTM)
9.4x
3y avg: 3.8x
EV/EBITDA (ann.)
6.6x

Cash return

Dividend yield
8.7%
FCF yield (LTM)
1.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-7.8%
↓ details

Liquidity

Daily turnover (listing)
5.3 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK120.3
y/y 61.1%
30.7
y/y 176.8%
6.1
y/y 8.1%
36.8
y/y 119.6%
18.3
y/y 142.4%
23.0-4.7220.1
y/y 18.0%
113.6
y/y 10.0%
62.9%≈ -16.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK100.5
y/y 58.4%
24.9
y/y 198.6%
5.9
y/y 8.6%
30.8
y/y 123.2%
14.7
y/y 346.5%
40.1-5.7212.5
y/y 8.3%
118.9
y/y 14.7%
50.3%≈ -16.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK116.9
y/y —
29.9
y/y —
5.7
y/y —
35.7
y/y —
17.9
y/y —
23.7-2.4217.7
y/y 6.0%
115.1
y/y 9.9%
32.4%≈ -16.3Yahoo Finance
2025-06-30Q2 2025 (3M)OK74.7
y/y —
11.1
y/y —
5.7
y/y —
16.8
y/y —
7.5
y/y —
6.3-1.4186.5
y/y —
103.3
y/y —
29.2%-16.3Yahoo Finance
2025-03-31Q1 2025 (3M)OK63.5
y/y —
8.3
y/y —
5.5
y/y —
13.8
y/y —
3.3
y/y —
1.9-6.8196.2
y/y —
103.7
y/y —
12.6%-16.6Yahoo Finance
2024-12-31FY 2024 (12M)OK295.0
y/y 22.3%
38.2
y/y 319.1%
23.4
y/y 14.2%
61.5
y/y 108.2%
19.2
y/y 468.9%
59.8-9.3205.5
y/y 3.0%
104.8
y/y -0.1%
18.4%-32.6Yahoo Finance
2023-12-31FY 2023 (12M)OK241.2
y/y —
9.1
y/y —
20.4
y/y —
29.6
y/y —
3.4
y/y —
20.3-16.9199.6
y/y —
104.9
y/y —
—-5.8Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-06-30

Short-term debt (incl. ST leases)7
− Cash & equivalents23
Net debt-16

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

0%50%100%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2002040602023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

-40-30-20-1002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 4.25x of reported net profit; after capex, 1.81x.
year2022202320242025
cash flow / profit5.40x6.00x3.11x1.23x
accruals, % of assets-8.3%-8.5%-19.7%-3.8%
Last twelve months (to - Q2 2025): 1.31x of profit came back as operating cash flow.
capex 0.6x of depreciation · dividends 65% of free cash flow
● Capex is 55% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodC1 cash cost (copper)
$/lb		Copper production
kt		Molybdenum production
kt		AISC (copper)
$/lb
Q2 2026-061.74
−4.4%		7.67
+8.9%		0.18
+2.3%		4.81
+30.4%
H1 2026-061.7814.150.32—
Q1 2026-031.82
−18.0%		6.49
+8.1%		—5.03
+17.5%
Q4 2025-121.93
+11.6%		8.57
+3.2%		—4.23
+16.9%
FY 2025-121.93
+2.1%		—0.67
+14.7%		4.02
+7.8%
Q3 2025-091.806.60—3.85
Q2 2025-061.827.040.183.69
Q1 2025-032.226.00—4.28
Q4 2024-121.738.31—3.62
FY 2024-121.89
−12.9%		—0.583.73
−7.2%
FY 2023-122.17——4.02

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://amerigoresources.com/_resources/financials/ARG-MDA-Q2-2026.pdf; https://amerigoresources.com/_resources/news/nr-20260713.pdf; https://www.amerigoresources.com/_resources/financials/AIF_Year_Ended_December312025.pdf; https://www.amerigoresources.com/_resources/financials/ARG-Q4-MDA-2025.pdf; https://www.amerigoresources.com/_resources/news/nr-20260225.pdf; https://www.newsfilecorp.com/release/306955/

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Annual production
28.21 kt
2025

Production, kt

29.30202428.212025

Production

YearProduction, ktper day, kt
202528.21
−3.7%		0.08
202429.300.08

Company reports: https://amerigoresources.com/_resources/financials/ARG-MDA-Q2-2026.pdf; https://amerigoresources.com/_resources/news/nr-20260713.pdf; https://www.amerigoresources.com/_resources/financials/AIF_Year_Ended_December312025.pdf; https://www.amerigoresources.com/_resources/financials/ARG-Q4-MDA-2025.pdf; https://www.amerigoresources.com/_resources/news/nr-20260225.pdf; https://www.newsfilecorp.com/release/306955/

Key-commodity price — Copper

Current 14 486spot vs LTM +18%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -7.8% ▼ -1.2 pp 1d

Main driver: Copper +18% vs LTM; revenue ×1.19 vs costs ×1.09; EBITDA 119→126; at 7.1× EV/EBITDA → -8%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+82%14 486.4612 225.5911 157.07+18%-9%
Molybdenum (rev)+15%35.9028.3926.14+26%-8%
Electricity Spot (input cost) (cost)-10%117.4077.9262.56+51%-20%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue412
LTM EBITDA119
LTM cash costs (revenue − EBITDA)294
2 · Revenue projection
Revenue multiplier — spot×1.191 (+19%)
= Spot revenue491
Revenue multiplier — 3y price×0.916 (-8%)
= 3-year-price revenue378
3 · Costs projection
Cost multiplier — spot×1.087 (+9%)
= Spot cash costs319
Cost multiplier — 3y price×1.016 (+2%)
= 3-year-price cash costs298
4 · EBITDA projection (revenue − costs)
= Spot EBITDA172
= 3-year-price EBITDA80
Conservative EBITDA = min(spot, avg)126
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)7.1x
Target EV = EV/EBITDA × conservative EBITDA898
Net debt-16
Target market cap = EV − net debt935
Current market cap1 014

Upside = target market cap ÷ current − 1 = -7.8%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY241271-10.9%3046-34.6%
2024 FY295257+14.8%5836+58.1%
2025 FY332335-0.9%8279+4.1%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +13% vs +22% the year before — a -9.8 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 -9% · 2024 +22% · 2025 +13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 12.6x · target 75th pct (3y) 9.3x · LTM avg 7.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Copper mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KGHM Polska Miedzglobal16.76.3x6.3x
Sandfire ResourcesAustralia7.07.9x7.4x
Antofagastaglobal48.78.5x8.5x
Atalaya Miningglobal2.28.8x8.8x
Hudbay Mineralsglobal10.69.1x9.1x
Lundin Miningglobal20.49.1x9.1x
Ero Copperglobal3.810.3x10.3x
Freeport-McMoRanglobal100.311.8x11.8x
Taseko Minesglobal3.212.2x12.2x
First Quantum Mineralsglobal22.515.7x15.7x
Southern Copperglobal172.717.4x17.4x
Group median9.1x9.1x
Group average10.6x10.6x
This companyglobal1.09.4x9.4x

Group median 9.1x as traded, 9.1x adjusted; this company 9.4x — a 3% premium.

Group average 10.6x as traded, 10.6x adjusted; against the average this company is at a 11% discount.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-210.21 CADEx-dividend: 0.21 CAD per sharePaidYahoo Finance (ex-div)
2026-08-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2026-07-130.18 CADEx-dividend: 0.18 CAD per sharePaidYahoo Finance (ex-div)
2026-05-290.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2026-04-200.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2026-03-060.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2025-12-170.05 CADEx-dividend: 0.05 CAD per sharePaidYahoo Finance (ex-div)
2025-11-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2025-08-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2025-05-300.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2025-03-060.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2024-07-160.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2024-05-300.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2024-03-050.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2023-11-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2023-08-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2023-05-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2023-03-030.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-11-290.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-08-300.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-05-270.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2022-03-030.03 CADEx-dividend: 0.03 CAD per sharePaidYahoo Finance (ex-div)
2021-11-290.02 CADEx-dividend: 0.02 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Amerigo Resources (ARG) — from primary filings.

Frequently asked questions

What is Amerigo Resources (ARG)'s P/E ratio?
Amerigo Resources (ARG) trades at a P/E of 21.5x (price to trailing 12-month earnings).
What is Amerigo Resources (ARG)'s EV/EBITDA?
Amerigo Resources (ARG) trades at 9.4x EV/EBITDA.
What is Amerigo Resources (ARG)'s P/B ratio?
Amerigo Resources (ARG) trades at a P/B of 8.6x.
What is Amerigo Resources (ARG)'s dividend yield?
Amerigo Resources (ARG)'s trailing 12-month dividend yield is 8.7%.
What is Amerigo Resources (ARG)'s return on equity (ROE)?
Amerigo Resources (ARG)'s ROE is 62.9%.
What is Amerigo Resources (ARG)'s market capitalization?
Amerigo Resources (ARG)'s market cap is 995 mln USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map