# CERRO LEON MRE INCREASES TO 162MOZ AGEQ

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385

Original source: https://wcsecure.weblink.com.au/pdf/USL/02996879.pdf

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T16:46:04.107Z

Atlas analysis updated: 2026-10-13T16:46:04.107Z

- Company: Unico Silver Limited

- Ticker: USL

- Exchange: ASX

- Region: Santa Cruz, Argentina

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc, Copper, Indium

- Document categories: Resource update

- Extracted: 2026-10-13 16:46:05 UTC

Narrative sentiment: 0.70 · Bullish

## Minestarters Atlas summary

Unico Silver reports a new Cerro Leon JORC resource of 31 Mt at 161 g/t AgEq for 162 Moz AgEq, an 88% tonnage increase and 73% AgEq ounce increase versus 2023, supported by additional drilling rather than newly disclosed individual intercepts. Its pit-constrained free-milling subset contains 44.6 Moz AgEq, with approximately 67% of equivalent ounces Indicated, supporting a planned maiden Scoping Study. The separate Joaquin estimate is historical and unverified under JORC; resources are not reserves, and the announcement contains inconsistent AgEq assumptions.

Reasoning: A substantial new resource expansion and a more mature free-milling development subset are material positives, tempered by global classification uncertainty, preliminary economics and inconsistent equivalency disclosures.

- Positive factor: Cerro Leon resource tonnage increased from 16.4 Mt to 31 Mt and contained AgEq increased from 93 Moz to 162 Moz.

- Positive factor: The free-milling subset contains 44.6 Moz AgEq, approximately 67% of which is Indicated.

- Positive factor: Independent JORC resource preparation, named Competent Person, laboratory disclosure and extensive QA/QC support the estimate.

- Negative factor: Most global resource tonnes are Inferred; no Measured resources or Ore Reserves are reported.

- Negative factor: Mining and processing assumptions remain preliminary and economic viability is not demonstrated.

- Negative factor: AgEq formulas and lead-price assumptions differ between sections; some stated totals also differ from component sums.

- Negative factor: Joaquin is a historical foreign estimate, excludes subsequent depletion and has not been verified under JORC.

- Rubric flag: AgEq assumptions consistency — Preserve the disclosed equivalent grades, but reconcile main-text coefficients 96.76/20.99/32.48 with appendix coefficients 79.18/25.56/39.41 and lead prices $0.05/lb versus $0.95/lb before valuation.

- Rubric flag: Category confidence basis — The approximately 67% Indicated claim concerns free-milling equivalent ounces; global Indicated tonnes are approximately 30% and free-milling Indicated tonnes approximately 58%.

- Rubric flag: Effective-date precision — New estimates are identified as September 2025 without an exact effective day; do not substitute the announcement date.

- Rubric flag: Totals and scope — Retain all printed totals without correcting them; global contained gold differs from category sums, and the Table 4 aggregate differs in scope from Table 1. Do not add overlapping totals and component rows.

- Rubric flag: Tonnage Growth tag qualification — An 88% tonnage increase is disclosed, but a like-for-like prior individual-metal grade is not; do not assert grade maintenance.

- Rubric flag: Metallurgical assumptions versus measured results — The metal recovery table supplies resource-equivalency assumptions based on prior testwork, without identifying individual tests or composites; do not turn these assumptions into new measured metallurgy facts.

- Rubric flag: Historical production schema — Table 3 is production depletion, not a resource or reserve category; retain its rows as raw data rather than assigning an invented resource classification.

- Rubric flag: Exploration target versus resource — The PLUS 150 portfolio target and future Joaquin MRE are prospective disclosures, not additional completed resource estimates.

- Rubric flag: RAG comparison applicability — The supplied baseline contains individual drill intercepts, while this announcement reports an MRE and explicitly no exploration results; resource grades are not like-for-like drill comparisons.

Facts used in scoring: 72

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: Cerro Leon's existing resource has been revised using additional drilling.

Evidence · text

> Unico Silver reports an updated MRE for the Cerro Leon project

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: Reported contained silver-equivalent ounces increased 73%, from 93 Moz to 162 Moz.

Evidence · text

> 73% increase in silver equivalent ounces \(93 to 162Moz\)

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: Approximately 67% of free-milling equivalent ounces are Indicated, supporting development assessment.

Evidence · text

> 67% of those free-milling ounces are now in the Indicated category

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The global estimate includes 21.6 Mt of Inferred material, exceeding its 9.4 Mt Indicated component.

Evidence · text

> Inferred 21.6 154 104 48 0.55 0.54 1.3 33.1 398 245 580

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: Cerro Leon's new estimate is explicitly reported under JORC 2012.

Evidence · text

> The Mineral Resource Estimate \(MRE\) is reported in accordance with the JORC Code \(2012\).

**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: Ian Taylor is the named responsible Competent Person and consents to inclusion of the estimate.

Evidence · text

> Mr Taylor consents to the inclusion in this announcement of the matters based upon this

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: Cerro Leon is reported at a 50 g/t AgEq cut-off.

Evidence · text

> 50 g/t AgEq is applied to oxide and sulphide material.

**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: Joaquin's 2013 foreign estimate has not been classified under JORC by a Competent Person.

Evidence · text

> A Competent Person has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: Joaquin's estimate is effective 15 February 2013, over twelve years before this announcement.

Evidence · text

> with an effective date of 15 February 2013

**Equivalent Assumptions Inconsistent**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The appendix uses different AgEq coefficients from the main disclosure despite quoting the same principal prices and recoveries.

Evidence · text

> Ag Eq = Ag \(g/t\) + 79.18 x Au \(g/t\) + 25.56 x Pb \(%\) + 39.41 x Zn \(%\)

## Extracted facts

Stored fact records: 72. Some facts used in scoring do not have a stored record.

## Resource Estimates (72)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-0)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:60de62b91f3937c48eb0
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 95
- Grade Unit: g/t
- Contained Metal: 28.9
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A substantial, reasonably constrained silver resource supports development assessment.

- Positive factor: 28.9 Moz silver in the Indicated category.

- Negative factor: Economic viability is unproven.

Evidence · table

> 95

Context: 9.4

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-1)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:60de62b91f3937c48eb0
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 0.54
- Grade Unit: g/t
- Contained Metal: 165
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold provides a meaningful credit within the silver-led resource.

- Positive factor: 165 koz gold classified as Indicated.

- Negative factor: Modest standalone gold grade; combined-metal economics are unproven.

Evidence · table

> 0.54

Context: 9.4

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-2)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:60de62b91f3937c48eb0
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 0.57
- Grade Unit: %
- Contained Metal: 119
- Contained Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead adds potential credits, but equivalency valuation requires clarification.

- Positive factor: 119 Mlb lead classified as Indicated.

- Negative factor: Lead-price assumptions conflict between sections.

Evidence · table

> 0.57

Context: 9.4

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-3)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:60de62b91f3937c48eb0
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 0.95
- Grade Unit: %
- Contained Metal: 199
- Contained Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Zinc is a potential byproduct contributor rather than a standalone economic case.

- Positive factor: 199 Mlb zinc classified as Indicated.

- Negative factor: Low standalone zinc grade and preliminary processing assumptions.

Evidence · table

> 0.95

Context: 9.4

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-4)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:a24e50787f16129c0653
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 48
- Grade Unit: g/t
- Contained Metal: 33.1
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling.

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 48

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-5)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:a24e50787f16129c0653
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 398
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Potential gold credits are material but remain geologically less constrained.

- Positive factor: 398 koz gold reported.

- Negative factor: Inferred classification; modest standalone grade.

Evidence · table

> 0.55

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-6)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:a24e50787f16129c0653
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 0.54
- Grade Unit: %
- Contained Metal: 245
- Contained Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead inventory is sizeable but its geological and valuation confidence is limited.

- Positive factor: 245 Mlb potential lead credits.

- Negative factor: Inferred classification and inconsistent lead-price disclosures.

Evidence · table

> 0.54

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-7)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:a24e50787f16129c0653
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 1.3
- Grade Unit: %
- Contained Metal: 580
- Contained Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Zinc adds meaningful potential byproduct scale but requires further definition.

- Positive factor: 580 Mlb zinc inventory.

- Negative factor: Inferred classification and unproven combined-metal economics.

Evidence · table

> 1.3

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-8)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:da39862d5fc5a5d2001b
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 62
- Grade Unit: g/t
- Contained Metal: 62
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Prior Tonnes: 16400000

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The explicitly reported global total demonstrates material scale growth, with mixed geological confidence.

- Positive factor: 62 Moz silver; global tonnage expanded from 16.4 Mt to 31 Mt.

- Negative factor: Total combines Indicated and Inferred; approximately 30% of tonnes are Indicated.

Evidence · table

> 62

Context: 31

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-9)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:da39862d5fc5a5d2001b
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 548
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Prior Tonnes: 16400000

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold adds substantial inventory, but the printed total needs reconciliation.

- Positive factor: 548 koz gold in the disclosed global total.

- Negative factor: Printed contained-gold total differs from the sum of category values; mostly Inferred tonnes.

Evidence · table

> 0.55

Context: 31

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-10)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:da39862d5fc5a5d2001b
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 0.54
- Grade Unit: %
- Contained Metal: 364
- Contained Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Prior Tonnes: 16400000

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead contributes potential credits with unresolved valuation detail.

- Positive factor: 364 Mlb lead disclosed.

- Negative factor: Mixed confidence categories and contradictory lead valuation assumptions.

Evidence · table

> 0.54

Context: 31

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-11)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:da39862d5fc5a5d2001b
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 1.1
- Grade Unit: %
- Contained Metal: 778
- Contained Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Prior Tonnes: 16400000

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The global zinc inventory offers byproduct scale without demonstrated economics.

- Positive factor: 778 Mlb zinc disclosed.

- Negative factor: Mostly Inferred tonnage and preliminary processing assumptions.

Evidence · table

> 1.1

Context: 31

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-12)

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: 2013-02-15T00:00:00.000Z
- Reporting standards: ni\_43\_101, other
- QP Signed: Yes
- Qualified person names: Luis Oviedo H
- Resource group id: resource:a1e8ad5cd6f6452886fc

#### Resource Data

- Category: indicated
- Tonnes: 15700000
- Grade: 65.2
- Grade Unit: moz
- Contained Metal: 65.2
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2013-02-15

#### 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: 2024-08-20T00:00:00.000Z

Reasoning: The historical estimate indicates scale but adds little new information and is not a current resource baseline.

- Positive factor: 65.2 Moz silver in historical M&I.

- Negative factor: 2013 estimate, unverified under JORC; cut-off undisclosed and subsequent depletion excluded.

Evidence · table

> 65.2

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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-13)

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: 2013-02-15T00:00:00.000Z
- Reporting standards: ni\_43\_101, other
- QP Signed: Yes
- Qualified person names: Luis Oviedo H
- Resource group id: resource:a1e8ad5cd6f6452886fc

#### Resource Data

- Category: indicated
- Tonnes: 15700000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 61.1
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2013-02-15

#### 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: 2024-08-20T00:00:00.000Z

Reasoning: Gold is a modest historical credit within the silver estimate.

- Positive factor: Historical gold byproduct inventory disclosed.

- Negative factor: Very low standalone gold grade; stale and not JORC-verified.

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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-14)

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: 2013-02-15T00:00:00.000Z
- Reporting standards: ni\_43\_101, other
- QP Signed: Yes
- Qualified person names: Luis Oviedo H
- Resource group id: resource:f686c744c7fd7d3fe14d

#### Resource Data

- Category: inferred
- Tonnes: 1000000
- Grade: 3.1
- Grade Unit: moz
- Contained Metal: 3.1
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2013-02-15

#### 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: 2024-08-20T00:00:00.000Z

Reasoning: This is a small, low-confidence historical addition.

- Positive factor: 3.1 Moz historical silver inventory.

- Negative factor: Inferred, stale and not verified under JORC.

Evidence · table

> 3.1

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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-15)

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: 2013-02-15T00:00:00.000Z
- Reporting standards: ni\_43\_101, other
- QP Signed: Yes
- Qualified person names: Luis Oviedo H
- Resource group id: resource:f686c744c7fd7d3fe14d

#### Resource Data

- Category: inferred
- Tonnes: 1000000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 3.7
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2013-02-15

#### 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: 2024-08-20T00:00:00.000Z

Reasoning: The gold credit has limited standalone significance.

- Positive factor: Gold quantity explicitly disclosed.

- Negative factor: Small, low-grade, historical Inferred inventory.

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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-16)

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: 2013-02-15T00:00:00.000Z
- Reporting standards: ni\_43\_101, other
- QP Signed: Yes
- Qualified person names: Luis Oviedo H
- Resource group id: resource:25858f4562b005ae59dd

#### Resource Data

- Category: inferred
- Tonnes: 16700000
- Grade: 68.3
- Grade Unit: moz
- Contained Metal: 68.3
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2013-02-15

#### 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: 2024-08-20T00:00:00.000Z

Reasoning: The printed total supports historical project scale, not a current depleted estimate.

- Positive factor: 68.3 Moz silver in the historical total, mostly historical M&I.

- Negative factor: Total predates production and remains unverified under JORC.

Evidence · table

> 68.3

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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-17)

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: 2013-02-15T00:00:00.000Z
- Reporting standards: ni\_43\_101, other
- QP Signed: Yes
- Qualified person names: Luis Oviedo H
- Resource group id: resource:25858f4562b005ae59dd

#### Resource Data

- Category: inferred
- Tonnes: 16700000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 64.2
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2013-02-15

#### 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: 2024-08-20T00:00:00.000Z

Reasoning: The historical byproduct total requires reconciliation and updating.

- Positive factor: Historical total gold quantity disclosed.

- Negative factor: Printed total differs from category sum; stale and undepleted.

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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-18)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:46f97313366d373b2657
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3200000
- Grade: 14.1
- Grade Unit: moz
- Contained Metal: 14.1
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 207
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A relatively strong silver grade in a free-milling development domain.

- Positive factor: 14.1 Moz Indicated oxide silver at 137 g/t.

- Negative factor: Economics and practical mining dilution remain unproven.

Evidence · table

> 14.1

Context: 3.20

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-19)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:46f97313366d373b2657
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3200000
- Grade: 0.6
- Grade Unit: g/t
- Contained Metal: 62
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 207
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold supports the free-milling silver-led development case.

- Positive factor: 62 koz Indicated oxide gold.

- Negative factor: Modest standalone gold grade.

Evidence · table

> 0.60

Context: 3.20

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-20)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:46f97313366d373b2657
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3200000
- Grade: 14
- Grade Unit: kt
- Contained Metal: 14
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 207
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A disclosed accessory metal inventory without established recoverable value for this entire domain.

- Positive factor: Indicated lead inventory quantified.

- Negative factor: Lead economic credits are restricted by prospect and route.

Evidence · table

> 14

Context: 3.20

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-21)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:46f97313366d373b2657
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3200000
- Grade: 3
- Grade Unit: kt
- Contained Metal: 3
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 207
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Trace-scale zinc is unlikely to drive this silver-gold oxide domain.

- Positive factor: Indicated inventory disclosed.

- Negative factor: Very low zinc grade; economic recovery not demonstrated.

Evidence · table

> 3

Context: 3.20

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-22)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:0b76b50d80936991b100
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 1520000
- Grade: 6.6
- Grade Unit: moz
- Contained Metal: 6.6
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 221
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A useful relatively high-grade contribution to the free-milling subset.

- Positive factor: 6.6 Moz Indicated transitional silver.

- Negative factor: Processing assumptions remain preliminary.

Evidence · table

> 6.6

Context: 1.52

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-23)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:0b76b50d80936991b100
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 1520000
- Grade: 0.68
- Grade Unit: g/t
- Contained Metal: 33
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 221
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold improves the combined precious-metal contribution of transitional material.

- Positive factor: 33 koz Indicated gold.

- Negative factor: Standalone gold economics are not demonstrated.

Evidence · table

> 0.68

Context: 1.52

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-24)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:0b76b50d80936991b100
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 1520000
- Grade: 8
- Grade Unit: kt
- Contained Metal: 8
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 221
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead is an accessory inventory with limited demonstrated economic significance.

- Positive factor: 8 kt Indicated lead inventory.

- Negative factor: Recovery and economic credits are not established across the domain.

Evidence · table

> 8

Context: 1.52

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-25)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:0b76b50d80936991b100
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 1520000
- Grade: 4
- Grade Unit: kt
- Contained Metal: 4
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 221
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Zinc is secondary to silver and gold in this transitional material.

- Positive factor: Indicated zinc inventory quantified.

- Negative factor: Low grade and unproven recoverable value.

Evidence · table

> 4

Context: 1.52

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-26)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:3a3cb6bded6a83eb10df
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3970000
- Grade: 5.8
- Grade Unit: moz
- Contained Metal: 5.8
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 159
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Silver contributes to the fresh resource alongside base-metal credits.

- Positive factor: 5.8 Moz Indicated silver.

- Negative factor: Lower silver grade and reliance on a polymetallic processing route.

Evidence · table

> 5.8

Context: 3.97

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-27)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:3a3cb6bded6a83eb10df
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3970000
- Grade: 0.31
- Grade Unit: g/t
- Contained Metal: 40
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 159
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold is a modest potential credit in fresh polymetallic material.

- Positive factor: 40 koz Indicated gold.

- Negative factor: Low gold grade and recovery optimisation still planned.

Evidence · table

> 0.31

Context: 3.97

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-28)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:3a3cb6bded6a83eb10df
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3970000
- Grade: 31
- Grade Unit: kt
- Contained Metal: 31
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 159
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead is a potentially useful flotation credit requiring valuation clarification.

- Positive factor: 31 kt Indicated fresh lead.

- Negative factor: Conflicting lead-price inputs and preliminary flotation assumptions.

Evidence · table

> 31

Context: 3.97

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-29)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:3a3cb6bded6a83eb10df
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3970000
- Grade: 83
- Grade Unit: kt
- Contained Metal: 83
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 159
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Fresh Indicated material carries the most concentrated zinc contribution.

- Positive factor: 83 kt Indicated zinc at the strongest zinc grade among weathering rows.

- Negative factor: Standalone zinc economics are not established.

Evidence · table

> 83

Context: 3.97

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-30)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:8c0ee6bb976053d98040
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1570000
- Grade: 4.1
- Grade Unit: moz
- Contained Metal: 4.1
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 153
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Useful oxide inventory requiring conversion drilling.

- Positive factor: 4.1 Moz oxide silver adds free-milling scale.

- Negative factor: Inferred classification and lower grade than Indicated oxide.

Evidence · table

> 4.1

Context: 1.57

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-31)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:8c0ee6bb976053d98040
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1570000
- Grade: 0.54
- Grade Unit: g/t
- Contained Metal: 27
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 153
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold supplements the oxide silver inventory.

- Positive factor: 27 koz oxide gold credit.

- Negative factor: Inferred and modest gold grade.

Evidence · table

> 0.54

Context: 1.57

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-32)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:8c0ee6bb976053d98040
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1570000
- Grade: 10
- Grade Unit: kt
- Contained Metal: 10
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 153
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Disclosed lead content has limited demonstrated economic significance.

- Positive factor: Lead inventory quantified.

- Negative factor: Inferred and unproven oxide lead recovery.

Evidence · table

> 10

Context: 1.57

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-33)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:8c0ee6bb976053d98040
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: oxide
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1570000
- Grade: 2
- Grade Unit: kt
- Contained Metal: 2
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 153
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A minor accessory inventory in oxide material.

- Positive factor: Zinc content disclosed.

- Negative factor: Very low grade and Inferred classification.

Evidence · table

> 2

Context: 1.57

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-34)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:27f70771ec8a3265294e
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1810000
- Grade: 5.1
- Grade Unit: moz
- Contained Metal: 5.1
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 157
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The transitional inventory adds free-milling potential but needs confirmation.

- Positive factor: 5.1 Moz transitional silver.

- Negative factor: Inferred classification.

Evidence · table

> 5.1

Context: 1.81

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-35)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:27f70771ec8a3265294e
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1810000
- Grade: 0.51
- Grade Unit: g/t
- Contained Metal: 30
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 157
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold adds potential credits to transitional silver material.

- Positive factor: 30 koz transitional gold.

- Negative factor: Inferred classification and modest grade.

Evidence · table

> 0.51

Context: 1.81

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-36)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:27f70771ec8a3265294e
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1810000
- Grade: 9
- Grade Unit: kt
- Contained Metal: 9
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 157
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead is an accessory inventory rather than a demonstrated development driver.

- Positive factor: 9 kt lead disclosed.

- Negative factor: Inferred and recovery value unproven.

Evidence · table

> 9

Context: 1.81

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-37)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:27f70771ec8a3265294e
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: transitional
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 1810000
- Grade: 5
- Grade Unit: kt
- Contained Metal: 5
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 157
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A minor potential zinc contribution.

- Positive factor: 5 kt zinc disclosed.

- Negative factor: Low grade and Inferred classification.

Evidence · table

> 5

Context: 1.81

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-38)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:10e82fc151df5e78ef68
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16590000
- Grade: 21.1
- Grade Unit: moz
- Contained Metal: 21.1
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 151
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Scale is meaningful, but combined-metal economics and conversion drilling are important.

- Positive factor: 21.1 Moz silver defines substantial fresh inventory.

- Negative factor: Inferred classification and relatively low silver grade.

Evidence · table

> 21.1

Context: 16.59

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-39)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:10e82fc151df5e78ef68
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16590000
- Grade: 0.52
- Grade Unit: g/t
- Contained Metal: 277
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 151
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold provides sizeable potential credits but is not yet a reliable mine-planning inventory.

- Positive factor: 277 koz fresh gold inventory.

- Negative factor: Inferred and recovery optimisation remains necessary.

Evidence · table

> 0.52

Context: 16.59

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-40)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:10e82fc151df5e78ef68
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16590000
- Grade: 91
- Grade Unit: kt
- Contained Metal: 91
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 151
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The lead inventory has potential but needs geological and processing confirmation.

- Positive factor: 91 kt potential fresh lead credits.

- Negative factor: Inferred classification and conflicting lead valuation assumptions.

Evidence · table

> 91

Context: 16.59

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-41)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:10e82fc151df5e78ef68
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: fresh
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16590000
- Grade: 255
- Grade Unit: kt
- Contained Metal: 255
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 151
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Zinc is a significant potential contributor in the fresh domain.

- Positive factor: 255 kt zinc gives meaningful fresh-resource scale.

- Negative factor: Inferred classification and unproven project economics.

Evidence · table

> 255

Context: 16.59

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-42)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:bbd8c674af4165e4adc1
- Deposit or zone: Pinguino-Sierra Blanca
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 28660000
- Grade: 62
- Grade Unit: g/t
- Contained Metal: 56.8
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 163
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The printed total demonstrates substantial scale with mixed classification confidence.

- Positive factor: 56.8 Moz silver in the property aggregate.

- Negative factor: Aggregate is mostly Inferred and overlaps component rows.

Evidence · table

> 62

Context: 28.66

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-43)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:bbd8c674af4165e4adc1
- Deposit or zone: Pinguino-Sierra Blanca
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 28660000
- Grade: 0.51
- Grade Unit: g/t
- Contained Metal: 469
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 163
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold adds material potential credits across the property aggregate.

- Positive factor: 469 koz total gold inventory.

- Negative factor: Mostly Inferred and low standalone gold grade.

Evidence · table

> 0.51

Context: 28.66

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-44)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:bbd8c674af4165e4adc1
- Deposit or zone: Pinguino-Sierra Blanca
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 28660000
- Grade: 0.57
- Grade Unit: %
- Contained Metal: 165
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 163
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Lead scale is meaningful but valuation remains uncertain.

- Positive factor: 165 kt lead aggregate.

- Negative factor: Mixed classification and contradictory lead-price assumptions.

Evidence · table

> 0.57

Context: 28.66

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-45)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:bbd8c674af4165e4adc1
- Deposit or zone: Pinguino-Sierra Blanca
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 28660000
- Grade: 1.23
- Grade Unit: %
- Contained Metal: 353
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 163
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Zinc contributes sizeable potential value to the polymetallic aggregate.

- Positive factor: 353 kt total zinc inventory.

- Negative factor: Mostly Inferred and economic viability unproven.

Evidence · table

> 1.23

Context: 28.66

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-46)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:131822ca1c6af088b27c
- Deposit or zone: PLUS 150 free-milling pit constrained resources
- Material type: mixed
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 4700000
- Grade: 136
- Grade Unit: g/t
- Contained Metal: 20.7
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 197
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: This is the strongest near-term development silver subset, with reasonable geological confidence.

- Positive factor: 20.7 Moz Indicated silver in pit-constrained free-milling material.

- Negative factor: No reserve or completed economic study.

Evidence · table

> 136

Context: 4.7

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-47)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:131822ca1c6af088b27c
- Deposit or zone: PLUS 150 free-milling pit constrained resources
- Material type: mixed
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 4700000
- Grade: 0.63
- Grade Unit: g/t
- Contained Metal: 95
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 197
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold is a useful credit in the development-focused precious-metal subset.

- Positive factor: 95 koz Indicated free-milling gold.

- Negative factor: Modest standalone gold grade; economics remain preliminary.

Evidence · table

> 0.63

Context: 4.7

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-48)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:47575ba38739abba96a8
- Deposit or zone: PLUS 150 free-milling pit constrained resources
- Material type: mixed
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 3400000
- Grade: 85
- Grade Unit: g/t
- Contained Metal: 9.2
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 136
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Useful development inventory that still requires conversion drilling.

- Positive factor: 9.2 Moz pit-constrained free-milling silver.

- Negative factor: Inferred classification and lower grade than the Indicated subset.

Evidence · table

> 85

Context: 3.4

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-49)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:47575ba38739abba96a8
- Deposit or zone: PLUS 150 free-milling pit constrained resources
- Material type: mixed
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 3400000
- Grade: 0.52
- Grade Unit: g/t
- Contained Metal: 56.9
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 136
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold adds potential credits to the lower-confidence free-milling component.

- Positive factor: 56.9 koz free-milling gold.

- Negative factor: Inferred classification and modest standalone grade.

Evidence · table

> 0.52

Context: 3.4

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-50)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:1ee453f6f20c229711fa
- Deposit or zone: PLUS 150 free-milling pit constrained resources
- Material type: mixed
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 8100000
- Grade: 115
- Grade Unit: g/t
- Contained Metal: 29.9
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 171
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The total establishes a material, comparatively mature development subset without demonstrating economic viability.

- Positive factor: 29.9 Moz silver in the free-milling total; approximately 67% of its AgEq ounces are Indicated.

- Negative factor: Mixed-category total; 67% refers to equivalent ounces rather than tonnes.

Evidence · table

> 115

Context: 8.1

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-51)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:1ee453f6f20c229711fa
- Deposit or zone: PLUS 150 free-milling pit constrained resources
- Material type: mixed
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 8100000
- Grade: 0.58
- Grade Unit: g/t
- Contained Metal: 152
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 171
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Gold adds useful potential revenue to the planned silver-led development assessment.

- Positive factor: 152 koz gold in the free-milling total.

- Negative factor: Total combines Indicated and Inferred; gold grade is modest.

Evidence · table

> 0.58

Context: 8.1

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-52)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:000679bd60a848de2824
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9.4
- Grade: 28.9
- Grade Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A substantial, reasonably constrained silver resource supports development assessment. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 28.9 Moz silver in the Indicated category.

- Negative factor: Economic viability is unproven.

Evidence · table

> 28.9

Context: 9.4

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-53)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:000679bd60a848de2824
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9.4
- Grade: 0.54
- Grade Unit: g/t
- Contained Metal: 165
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A substantial, reasonably constrained silver resource supports development assessment. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 28.9 Moz silver in the Indicated category.

- Negative factor: Economic viability is unproven.

Evidence · table

> 0.54

Context: 9.4

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-54)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:000679bd60a848de2824
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9.4
- Grade: 119
- Grade Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A substantial, reasonably constrained silver resource supports development assessment. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 28.9 Moz silver in the Indicated category.

- Negative factor: Economic viability is unproven.

Evidence · table

> 119

Context: 9.4

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-55)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:000679bd60a848de2824
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9.4
- Grade: 199
- Grade Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A substantial, reasonably constrained silver resource supports development assessment. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 28.9 Moz silver in the Indicated category.

- Negative factor: Economic viability is unproven.

Evidence · table

> 199

Context: 9.4

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-56)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:28fc6d57495716e9673d
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21.6
- Grade: 33.1
- Grade Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 33.1

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-57)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:28fc6d57495716e9673d
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21.6
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 398
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 0.55

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-58)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:28fc6d57495716e9673d
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21.6
- Grade: 245
- Grade Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 245

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-59)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:28fc6d57495716e9673d
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21.6
- Grade: 580
- Grade Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 580

Context: 21.6

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-60)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:af27b1a00ae54f786f1c
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31
- Grade: 62
- Grade Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 62

Context: 31

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-61)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:af27b1a00ae54f786f1c
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 548
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 0.55

Context: 31

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-62)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:af27b1a00ae54f786f1c
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31
- Grade: 364
- Grade Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 364

Context: 31

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-63)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:af27b1a00ae54f786f1c
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31
- Grade: 778
- Grade Unit: mlb
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The resource adds scale but needs conversion drilling. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: 33.1 Moz silver defines substantial additional scale.

- Negative factor: Inferred classification and lower silver grade than the Indicated component.

Evidence · table

> 778

Context: 31

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-64)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:c28bfb3e53f088fe8e5f
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 8690000
- Grade: 26.5
- Grade Unit: moz
- Contained Metal: 26.5
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 188
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The disclosed subtotal establishes the reasonably constrained silver inventory for these properties.

- Positive factor: 26.5 Moz silver in the Indicated subtotal.

- Negative factor: Subtotal overlaps its weathering components and is not additive.

Evidence · table

> 26.5

Context: 8.69

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-65)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:c28bfb3e53f088fe8e5f
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 8690000
- Grade: 0.48
- Grade Unit: g/t
- Contained Metal: 135
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 188
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The subtotal represents useful gold credits in a silver-led resource.

- Positive factor: 135 koz Indicated gold subtotal.

- Negative factor: Modest standalone gold grade.

Evidence · table

> 0.48

Context: 8.69

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-66)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:c28bfb3e53f088fe8e5f
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 8690000
- Grade: 54
- Grade Unit: kt
- Contained Metal: 54
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 188
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The subtotal quantifies potential lead credits with unresolved equivalency detail.

- Positive factor: 54 kt Indicated lead subtotal.

- Negative factor: Lead valuation assumptions conflict.

Evidence · table

> 54

Context: 8.69

#### 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"

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-67)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:c28bfb3e53f088fe8e5f
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 8690000
- Grade: 90
- Grade Unit: kt
- Contained Metal: 90
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 188
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A reasonably constrained potential zinc byproduct inventory.

- Positive factor: 90 kt Indicated zinc subtotal.

- Negative factor: Processing and economic contribution remain preliminary.

Evidence · table

> 90

Context: 8.69

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-68)

Cerro Leon · silver

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:b633d0e8ae9f5bec82dc
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 19970000
- Grade: 30.3
- Grade Unit: moz
- Contained Metal: 30.3
- Contained Unit: moz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 152
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: A sizeable inventory whose conversion and processing behaviour remain important.

- Positive factor: 30.3 Moz silver in the Inferred subtotal.

- Negative factor: Inferred confidence and predominantly fresh material.

Evidence · table

> 30.3

Context: 19.97

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-69)

Cerro Leon · gold

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:b633d0e8ae9f5bec82dc
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 19970000
- Grade: 0.52
- Grade Unit: g/t
- Contained Metal: 334
- Contained Unit: koz
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 152
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The subtotal establishes potential gold-credit scale.

- Positive factor: 334 koz gold subtotal.

- Negative factor: Inferred classification and modest standalone grade.

Evidence · table

> 0.52

Context: 19.97

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-70)

Cerro Leon · lead

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:b633d0e8ae9f5bec82dc
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 19970000
- Grade: 111
- Grade Unit: kt
- Contained Metal: 111
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 152
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: Potential lead credits are quantified but remain uncertain.

- Positive factor: 111 kt lead subtotal.

- Negative factor: Inferred and lead valuation inconsistencies.

Evidence · table

> 111

Context: 19.97

#### 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"

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cerro-leon-mre-increases-to-162moz-ageq--1863ba1b-27b5-498f-a9bc-477f06805385#fact-resource-facts-71)

Cerro Leon · zinc

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:b633d0e8ae9f5bec82dc
- Deposit or zone: Pinguino-Sierra Blanca
- Material type: Sub Total
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 19970000
- Grade: 263
- Grade Unit: kt
- Contained Metal: 263
- Contained Unit: kt
- Cutoff Grade: 50
- Cutoff Unit: g/t AgEq

#### Metal Equivalent

- Metal Eq. Grade: 152
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza

#### Location

- CRS: WGS84 / UTM Zone 19S

#### Review

- Needs Review: No
- Historical: No

Reasoning: The zinc subtotal is potentially material within the polymetallic resource.

- Positive factor: 263 kt zinc subtotal.

- Negative factor: Inferred confidence and preliminary economics.

Evidence · table

> 263

Context: 19.97

#### 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"

## 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.