Sidoti:Amerigo Resources Ltd.(ARREF:$0.89-NR) Earnings PrePlease visit
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ARREF Morning Meeting Note for 7/13/2022 Lower 2022 And 1Q:23 EPS Estimates On Reduced Copper Price Assumptions; Maintain $2 Price Target, Supported By Higher Production, Clean Balance Sheet And Long-Term Codelco Agreement
We lower our full-year 2022 and 2023 copper price assumptions to $4.06 and $4.00 per pound (from $4.41 and $4.03), respectively, on the impact of China shutdowns and slower global economic growth over the next six quarters.
Yesterday Amerigo reported 2Q:22 production of 14.9 million pounds, despite the regularly scheduled nine-day annual maintenance shutdown, in line with our projection.
Management raised annual production guidance by 3% and maintained production cost targets; cash costs are expected to be slightly higher, however, due to lower moly content in fresh tailings.
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