| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 6,534 | $5.76 | $37,618 | 1.54% | $3.73 | $13,261 | +54.4% | — |
In short: CEO talking her own book: a "high yield copper factory" with flat 63.8 Mlb copper guidance and $1.98/lb cash cost, so copper above budget flows straight to free cash flow — "at $6, projected EBITDA reaches 100 million and free cash flow approaches 60 million" (YTD LME average $6.07). No debt since Oct-2025; all cash above a $30M floor is returned (4c quarterly, 55c of performance dividends YTD, buybacks that retired 15% of shares).
Amerigo doesn't dig for copper. Chile's state miner Codelco runs El Teniente, the world's largest underground copper mine, and after it has extracted what it wants, the leftover crushed rock (the "tailings") still holds a little copper and molybdenum. Amerigo's plant takes that waste as it flows past, pulls out the remaining metal, and sends the rest back. It pays Codelco a royalty for the privilege. Because the "ore" is already mined and delivered, Amerigo has no exploration bills, no new mines to build and fairly low upkeep costs.
Output barely changes from year to year, so its profits swing almost entirely with the copper price. Production costs about $1.98 a pound; with copper around $6, much of the difference becomes spare cash, and the company has promised to hand back everything above a $30 million safety cushion as dividends and share buybacks. The things to watch are the new, higher royalty rate Codelco will set now that copper is above the old contract's price caps, and the contract's 2037 end date. Remember that this is the CEO pitching her own company.
8:25The LME average copper price as of today is $6.07 per pound. So if I give you the $6 guidance, it's as good as it gets. At $6, we said projected EBITDA reaches 100 million and free cash flow approaches 60 million. So all of that variability and sensitivity to the rise in copper prices are embedded within the communication that we give to our shareholders at the start of the year.
In short: "No major news this month." (Dividend Portfolio holding.)
In short: Q2 at Minera Valle Central: 16.9 million pounds of copper at 99% plant availability, first-half production and normalized cash costs ahead of guidance, debt-free, and a record Cdn$0.18 performance dividend. On the Dividend Portfolio's $2.00 entry (bought 10/7/25) he has collected $0.51/share — "a 25% yield on our original share price." Little room for production growth, "nevertheless, this is currently a cash machine, and I will hold as I am bullish on copper and our cost basis is far below the current price."
Amerigo does not mine. It processes the waste rock ("tailings") already dug up by a giant Chilean copper mine, which is why its costs are low, its capital spending is small, and it carries no debt. Last quarter it pulled 16.9 million pounds of copper out of those tailings with the plant running 99% of the time, and paid a record extra dividend of C$0.18.
The arithmetic on his own position explains the stance: bought at $2.00 in October 2025, he has since received $0.51 per share in dividends — a 25% return per year on the original price, purely in cash. He is candid that production can't grow much from here, so the stock isn't a multibagger; it is income. "This is currently a cash machine, and I will hold as I am bullish on copper."
In short: His prime "wait for your spot" case study — a Chilean company (Rick Rule a shareholder) that doesn't mine but reprocesses 80 years of tailings from Codelco's El Teniente for copper + molybdenum. As copper rose it "just creates cash," which it returns via the Walter Schloss sequence — pay off debt, then dividend, then special dividend, then buybacks. He bought "a bunch of sluggish shares during the COVID situation… under maybe 50 cents," now paying multiples of that in dividends. Held ("I'll give one of the portfolios").
Amerigo doesn't dig a mine. It takes the giant waste piles ("tailings") left over from 80 years of Codelco's El Teniente copper mine in Chile and reprocesses them to pull out the copper and molybdenum still in there. Because there's no mine to build, when the copper price rose the business simply threw off cash. What management does with that cash is the whole point — it follows a disciplined sequence made famous by value investor Walter Schloss: first pay off all debt, then start a dividend, then add special one-off dividends, then buy back shares. Every step hands more value to the owners.
Polomny bought it near the COVID lows for "under maybe 50 cents," and says it now pays out multiples of that price in dividends each year — the payoff for "waiting for your spot" and holding a boring cash machine for years. Rick Rule is also a shareholder, and Polomny holds it in one of his model portfolios.
26:48give you an example. I'll give one of the portfolios. There's this company down in Chile. It trades in the Canadian exchange. It's called Amerigo Resources. Okay. It's existed for many years. Okay. Rick Rule, Uncle Rick, is a shareholder. What does it do? It does not mine copper.
In short: Holding; no major news this month (Dividend Portfolio).
In short: No major news this month (Dividend Portfolio holding).
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.