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Share Buybacks

Commencing in 2021, Amerigo’s Board of Directors established a Payout Policy to return capital to shareholders through share repurchases and dividends.

Amerigo repurchases shares for cancellation through a combination of Substantial Issuer Bids and Normal Course Issuer Bids.

A Substantial Issuer Bid was completed in November 2021 under which Amerigo acquired 7,116,345 common shares at a price of Cdn$1.30 per share.

On December 2, 2021, Amerigo initiated a Normal Course Issuer Bid (“NCIB”) to repurchase for cancellation up to 10,750,000 common shares over a period of 12 months. On June 21, 2022, Amerigo announced the completion of the NCIB, with the retirement of 10,750,000 common shares at an average price of Cdn$1.62 per share.

On December 2, 2022, Amerigo renewed the NCIB, and is currently repurchasing for cancellation up to 11,080,000 common shares over a period of 12 months terminating no later than December 1, 2023. Under the NCIB, common shares may be purchased in open market transactions on the TSX at the prevailing market price at the time of such transaction. Pursuant to TSX rules1, the total number of common shares that Amerigo is permitted to purchase is subject to a daily purchase limit of 62,016 common shares.

However, Amerigo may make one block purchase per calendar week which exceeds the daily purchase restriction. The actual number of common shares purchased pursuant to the NCIB, and the timing of such purchases are determined by Amerigo. There cannot be any assurance as to how many common shares will ultimately be acquired by Amerigo under the NCIB.

The table below reports the monthly activity under the NCIB:

Month Shares Purchased Under
NCIB
Average Repurchase Price
(Cdn$)
December 2022 -  
January 2023 1 317,535 1.57
  317,535 1.57

1 No common shares can be repurchased during Amerigo’s blackout period that started on January 23, 2023 and is currently expected to end on February 23, 2023.

TSX Policy 5.6 - Normal Course Issuer Bids

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