# Building the Next Tier-One Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347 Original source: https://announcements.asx.com.au/asxpdf/20250923/pdf/06pk00jlhbq8nh.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T14:02:30.093Z Atlas analysis updated: 2026-10-19T14:02:30.093Z - Company: Unavailable - Ticker: USL - Exchange: ASX - Region: Santa Cruz, Argentina - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Resource update, Other, Metallurgy - Extracted: 2026-10-19 14:02:30 UTC Narrative sentiment: 0.28 · Bullish ## Minestarters Atlas summary This investor presentation centers on the September 2025 Cerro Leon mineral resource estimate, which the company says now totals 31Mt at 161g/t silver equivalent for 162 Moz AgEq. It also repeats the Joaquin historical foreign estimate and outlines the PLUS 150 exploration target and broader development strategy. Most of the numerical resource content is reused from earlier company releases rather than presenting entirely new information. Reasoning: The dominant current event is a resource update / presentation around the September 2025 Cerro Leon MRE, but much of the content restates prior releases and historical estimates. The underlying resource base is materially positive, though novelty is partly limited by the presentation format and historical sourcing. - Positive factor: Cerro Leon global resource is stated to have increased to 31Mt at 161gpt silver equivalent for 162 Moz AgEq - Positive factor: The release states the estimate includes 67% in the high-confidence Indicated category and is JORC 2012 compliant - Positive factor: The document also discloses a transparent silver-equivalent formula and supporting historical metallurgical work - Negative factor: The announcement is an investor presentation recycling prior ASX releases and says no new information materially affects the original announcements - Negative factor: The Joaquin figure is explicitly a historical foreign estimate and not reported in accordance with JORC - Negative factor: Some resource material is presented as an exploration target, which is conceptual and not a mineral resource - Rubric flag: resource\_update completeness vs provided text — The transcribed text does not visibly include a measured-row numeric line in Table 1; if the source PDF contains it, extract that row as well. Facts used in scoring: 19 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Cerro Leon resource table is explicitly stated to conform to the JORC Code 2012 Edition. Evidence · text > The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The exploration target section names Todd Williams as the Competent Person and states he consents to inclusion. Evidence · text > based on, and fairly reflects, information compiled by Mr Todd Williams, a Competent Person **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The exploration target and resource tables disclose AgEq assumptions and supporting equivalence formulas, enabling comparability. Evidence · text > AgEq = Ag \(g/t\) + 96.76 x Au \(g/t\) + 20.99 x Pb \(%\) + 32.48 x Zn \(%\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Joaquin estimate is explicitly labeled a historical foreign estimate from February 2013. Evidence · text > Table 2. Joaquin Project – Historical Foreign Estimate as of February 2013 **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The presentation says the Joaquin estimate is a Foreign Estimate and not reported in accordance with JORC Code 2012. Evidence · text > The estimates of mineralisation in respect of the Joaquin Project included in this announcement are foreign estimates **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The presentation says it contains information extracted from previous ASX releases and no new information materially affects the original announcements. Evidence · text > This presentation contains information extracted from previous ASX releases **Metal Equivalent Opaque** Polarity: neutral Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: The Cerro Leon AgEq assumptions are disclosed, so this tag does not apply to the main resource rows; however the presentation also repeats equivalent grades across historical and current tables, making the equivalent a derived metric rather than a standalone commodity. Evidence · text > Cerro Leon’s reported silver equivalent \(AgEq\) is consistent with previous reports and is based on the following assumptions **Free Milling** Polarity: positive Story-specific tag Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The exploration target is described as free-milling oxide and transitional silver-gold mineralisation recoverable via whole ore cyanidation. Evidence · text > The target includes free-milling oxide and transitional silver-gold mineralisation **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The presentation emphasizes adjacent districts and proximity-driven growth potential across Cerro Leon and Joaquin. Evidence · text > two adjacent silver districts **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 19. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-0) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:7883146b299f35c6715f - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 9400000 - Contained Metal: 57.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the indicated AgEq row for Cerro Leon. - Positive factor: AgEq grade is explicitly tabled and the assumptions are fully disclosed - Positive factor: The indicated category is the higher-confidence part of the resource - Negative factor: This is an equivalent-grade row restated in a presentation - Negative factor: The equivalent is not a substitute for the underlying metal rows #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-1) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:7883146b299f35c6715f - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 0.54 - Grade Unit: g/t - Contained Metal: 165 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the gold grade companion row for the indicated Cerro Leon resource. - Positive factor: Gold is a disclosed byproduct in the Cerro Leon resource table - Positive factor: AgEq assumptions are disclosed and the estimate is JORC 2012 compliant - Negative factor: This gold grade is a component of a broader resource update restated in the presentation - Negative factor: The row is not a standalone new assay result #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-2) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:7883146b299f35c6715f - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 0.57 - Grade Unit: % - Contained Metal: 119 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the lead grade row for the indicated Cerro Leon resource. - Positive factor: Lead is explicitly included in the Cerro Leon metal-equivalent calculation - Positive factor: The resource table provides both grade and contained metal - Negative factor: This is a table row from a presentation restating the resource update - Negative factor: Lead is a byproduct metal rather than the primary commodity focus #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-3) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:7883146b299f35c6715f - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 199 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the zinc grade row for the indicated Cerro Leon resource. - Positive factor: Zinc is explicitly disclosed in the indicated resource table and in the AgEq formula - Positive factor: Contained zinc is also printed, supporting scale assessment - Negative factor: This is a restated estimate in a presentation, not new assay data - Negative factor: Zinc is a byproduct metal in a silver-focused resource #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-4) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4d4028124f72aa65cae1 - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 21300000 - Contained Metal: 104 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the inferred AgEq row for Cerro Leon. - Positive factor: AgEq contribution from the inferred category is explicitly reported - Negative factor: Equivalent grade is restated in the presentation - Negative factor: Lower confidence than the indicated category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-5) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4d4028124f72aa65cae1 - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 21300000 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 398 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the gold grade row for the inferred Cerro Leon resource. - Positive factor: Gold is a stated component of the inferred Cerro Leon resource - Positive factor: Contained gold is disclosed - Negative factor: This is a restated historical resource row in the presentation - Negative factor: Lower-confidence inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-6) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4d4028124f72aa65cae1 - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 21300000 - Grade: 0.54 - Grade Unit: % - Contained Metal: 245 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the lead grade row for the inferred Cerro Leon resource. - Positive factor: Lead is included in the inferred Cerro Leon estimate and in the AgEq formula - Negative factor: This is a historical presentation row rather than fresh disclosure #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-7) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4d4028124f72aa65cae1 - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 21300000 - Grade: 1.3 - Grade Unit: % - Contained Metal: 580 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-09-23 #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: This is the zinc grade row for the inferred Cerro Leon resource. - Positive factor: Zinc grade and contained metal are stated in the inferred category - Negative factor: Historical restatement within the presentation - Negative factor: Inferred category reduces confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-8) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2025-09-23T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:0f16f64a2764a9459b3a - Deposit or zone: Cerro Leon - Resource basis: gross #### Resource Data - Category: measured #### Prior Estimate - Resource Date: 2025-09-23 #### Lab - Laboratory: Unico Silver Announcement #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-23T00:00:00.000Z Reasoning: The source text does not show a measured row value in the transcribed table, so no numeric resource fact can be extracted. - Positive factor: The presentation refers to a JORC mineral resource table for Cerro Leon - Negative factor: No measured row values are visible in the provided text #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-9) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-01T00:00:00.000Z - Reporting standards: jorc, other - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4f8e5ce94029fa6a1d95 - Deposit or zone: Joaquin - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 128 - Grade Unit: g/t - Contained Metal: 65.2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 138 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-01T00:00:00.000Z Reasoning: This is the AgEq row for the historical indicated Joaquin estimate. - Positive factor: Contained AgEq is explicitly reported for the historical Joaquin estimate - Negative factor: Historical estimate only - Negative factor: The row is restated from an older source Evidence · table > 128 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-10) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-01T00:00:00.000Z - Reporting standards: jorc, other - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4f8e5ce94029fa6a1d95 - Deposit or zone: Joaquin - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 61.1 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 138 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-01T00:00:00.000Z Reasoning: This is the gold row for the Joaquin historical indicated estimate. - Positive factor: Gold is disclosed in the historical Joaquin resource table - Negative factor: Historical foreign estimate with low novelty - Negative factor: Not reported as a current compliant resource in this presentation Evidence · table > 0.12 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-11) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-01T00:00:00.000Z - Reporting standards: jorc, other - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4374d2a2e8841d76927f - Deposit or zone: Joaquin - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 100 - Grade Unit: g/t - Contained Metal: 3.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2013-02-01 #### Metal Equivalent - Metal Eq. Grade: 110 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-01T00:00:00.000Z Reasoning: This is the AgEq row for the historical inferred Joaquin estimate. - Positive factor: AgEq for the inferred historical row is explicitly given - Negative factor: Historical estimate - Negative factor: Inferred category Evidence · table > 100 Context: 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-12) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-01T00:00:00.000Z - Reporting standards: jorc, other - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:4374d2a2e8841d76927f - Deposit or zone: Joaquin - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 3.7 - Contained Unit: koz #### Prior Estimate - Resource Date: 2013-02-01 #### Metal Equivalent - Metal Eq. Grade: 110 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-01T00:00:00.000Z Reasoning: This is the gold row for the Joaquin inferred historical estimate. - Positive factor: Gold is disclosed for the inferred Joaquin historical estimate - Negative factor: Historical estimate only - Negative factor: Lower-confidence inferred category Evidence · table > 0.12 Context: 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-13) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2019-01-01T00:00:00.000Z - Reporting standards: other - Resource group id: resource:3f2456f62c9093cb1143 - Deposit or zone: Depletion - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 330000 - Grade: 410 - Grade Unit: g/t - Contained Metal: 4.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2019-01-01 #### Metal Equivalent - Metal Eq. Grade: 421 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-01-01T00:00:00.000Z Reasoning: This is the Joaquin historical production depletion row. - Positive factor: Historical production depletion is explicitly disclosed - Negative factor: This is production depletion rather than a current resource growth result #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-17) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-01T00:00:00.000Z - Reporting standards: jorc, other - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:511ff0773fb9a0bc0bf4 - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 126 - Grade Unit: g/t - Contained Metal: 68.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2013-02-01 #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-01T00:00:00.000Z Reasoning: This is the Joaquin inferred silver row from the historical foreign estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Historical Joaquin inferred estimate is explicitly stated - Negative factor: Historical foreign estimate with low confidence relative to current JORC work Evidence · table > 126 Context: 16.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-resource-facts-18) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-01T00:00:00.000Z - Reporting standards: jorc, other - QP Signed: Yes - Qualified person names: Todd Williams - Resource group id: resource:511ff0773fb9a0bc0bf4 - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 64.2 - Contained Unit: koz #### Prior Estimate - Resource Date: 2013-02-01 #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-01T00:00:00.000Z Reasoning: This is the Joaquin inferred silver row from the historical foreign estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Historical Joaquin inferred estimate is explicitly stated - Negative factor: Historical foreign estimate with low confidence relative to current JORC work Evidence · table > 0.12 Context: 16.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ## Metallurgical Results (3) ### cyanide leaching [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-metallurgical-facts-14) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: cyanide leaching - Processing Route: whole ore cyanidation - Sample: oxides and transitional mineralisation - Grind P80: 75 µm - Leach Time: 48 hours #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test #### Lab - Laboratory: historical metallurgical testwork - Consultant: Pan American Silver #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2010-01-01T00:00:00.000Z Reasoning: Historical silver recovery testwork referenced for the free-milling oxide and transitional material. - Positive factor: The document states historical metallurgical testwork achieved about 80% Ag recovery on whole ore cyanidation - Positive factor: The processing route is clearly identified as whole ore cyanidation - Negative factor: This is historical testwork, not new results in this presentation - Negative factor: The summary relies on previously reported recoveries ### cyanide leaching [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-metallurgical-facts-15) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: cyanide leaching - Processing Route: whole ore cyanidation - Sample: oxides and transitional mineralisation - Grind P80: 75 µm - Leach Time: 48 hours #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Lab - Laboratory: historical metallurgical testwork - Consultant: Pan American Silver #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2010-01-01T00:00:00.000Z Reasoning: Historical gold recovery referenced for the free-milling oxide and transitional material. - Positive factor: The same historical testwork references about 85% Au recovery - Positive factor: Whole ore cyanidation is explicitly stated - Negative factor: Historical testwork only - Negative factor: No new metallurgy results are disclosed in this presentation ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e5d85e8b-a28f-4bc5-bfc4-befbde7a3347#fact-metallurgical-facts-16) Marta Centro · silver Historical result Needs review: historical\_restatement #### Identity - Project: Marta Centro - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation - Sample: Marta Centro sulphide sample #### Recovery - Recovery: 92.3 % - Recovery Basis: actual\_test - Conc. Grade: 51.5 - Conc. Grade Unit: % Zn #### Lab - Laboratory: G&T #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2010-01-01T00:00:00.000Z Reasoning: Historical flotation result cited in the presentation for the Marta Centro sulphide sample. - Positive factor: The document states a zinc concentrate of 51.5% Zn and 92.3% Zn recovery - Negative factor: Historical testwork only - Negative factor: Byproduct sulphide metallurgy rather than the main silver oxide resource #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92.3% is at or above the exceptional band \(90%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.