CEO talking her own book (SEP-21): a "high yield copper factory" — MVC reprocesses Codelco's El Teniente tailings at flat volume (2026: 63.8 Mlb Cu, 1.5 Mlb Mo) and $1.98/lb cash cost, with no exploration or mine-build risk, so copper above budget flows to FCF (~$60M at $6 copper). Debt-free; all cash above a $30M floor returned via a 4c quarterly dividend, performance dividends (55c YTD) and buybacks. Key risks: the royalty reset now that copper is above the contract caps, and the 2037 term.
Codelco (Chilean state copper company; owner of El Teniente)
Referenced only (SEP-21): Chile's state copper company, owner of El Teniente and Amerigo's sole counterparty — supplies MVC's tailings under a master agreement to 2037 and is renegotiating the sliding-scale royalty above the $4.80/$5.50 caps.
In one line: the operator of a "high yield copper factory" — Amerigo's MVC plant reprocesses Codelco's El Teniente tailings at flat volume and low cost, so higher copper and moly prices fall straight to free cash flow, and everything above a $30M cash floor goes back to shareholders. She is the company's CEO: this is her own book.
No mine risk, all price leverage. No exploration, reserve replacement or mine build; 2026 guidance 63.8 Mlb Cu / 1.5 Mlb Mo at $1.98/lb cash cost; at $6 copper ~$100M EBITDA and ~$60M FCF. (2026-SEP-21)
Cash out, not hoarded. Debt-free since Oct-2025; a 4c quarterly dividend, performance dividends (55c YTD) and buybacks (15% of shares retired in five years) sweep all cash above $30M. (2026-SEP-21)
The Codelco contract is the key risk. A sliding-scale royalty now being reset because copper passed the $4.80/$5.50 caps; term to 2037 (extended once); growth only via another tailings deal in a low-risk jurisdiction. (2026-SEP-21)
Transcripts
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