# For personal use only Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f Original source: https://announcements.asx.com.au/asxpdf/20240924/pdf/0687l8qlry50kk.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T10:57:51.914Z Atlas analysis updated: 2026-10-19T10:57:51.914Z - Company: Unavailable - Ticker: USL - Exchange: ASX - Region: Argentina - Primary commodity: Silver - Secondary commodities: Gold, Zinc, Lead - Document categories: Other, Capital raise, Agreement transaction, Resource update, Drill results - Extracted: 2026-10-19 10:57:52 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary This annual report reviews Unico Silver’s FY2024 activities, including portfolio consolidation in Santa Cruz, Argentina, and the completion of an $8.0 million placement. It also discusses historical resources, exploration targets, and planned future drilling, but does not present a new drill result or updated resource estimate as the main event. The document is primarily corporate and strategic in nature. Reasoning: A corporate annual report dominated by portfolio consolidation, financing, and exploration planning rather than a current technical result. - Positive factor: Annual report discloses a 16-fold increase in total silver equivalent resources to over 160 million oz AgEq via transactions and consolidation. - Positive factor: Company completed a $8.0 million placement at $0.17 per share, improving funding for planned exploration. - Positive factor: Board reports maiden drill program planned for Cerro Leon commencing October 2024. - Negative factor: Document is a broad annual report rather than a single technical results release. - Negative factor: Includes historical resource and drill information alongside corporate and financing updates. - Negative factor: No new drill assays or new resource estimate are reported in the current period. Facts used in scoring: 16 ## Classification and evidence **Category Upgrade** Polarity: positive Story-specific tag Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The annual report states a 16-fold increase in total silver equivalent resources, from 10 million oz AgEq to over 160 million oz AgEq. Evidence · text > 16-fold increase in total silver equivalent resources **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The performance-rights section specifies a resource hurdle above a 50gpt AgEq cut off. Evidence · text > Above 50gpt AgEq cut off **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The report says Joaquin is centred 60 km west of Cerro Leon and highlights proximity and strategic optionality. Evidence · text > centred 60 km west of Cerro Leon **Bonanza Intercept** Polarity: positive Story-specific tag Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: DDJ-117 returned 4.5m at 1699gpt Ag and 22g/t Au, well above ordinary underground grade thresholds. Evidence · text > 4.5m at 1699g/t Ag, 22g/t Au from 272m **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: Multiple drill intercepts are reported as downhole lengths without any true width disclosure. Evidence · text > 4.5m at 1699g/t Ag, 22g/t Au from 272m **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document republishes historical drill holes and historical resource tables rather than new assay results. Evidence · text > Historical focus on Veta Chala-Archen vein structures **Drill Program Planned** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The report says a maiden drill program is planned for Cerro Leon commencing October 2024. Evidence · text > commence a maiden drill program at Cerro Leon **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed an $8.0 million placement at $0.17 per share. Evidence · text > $8.0 million placement at $0.17 per share ## Extracted facts Stored fact records: 15. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### DDJ-117 [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-drill-facts-10) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDJ-117 - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: USL #### Geometry - Grade: 1699 - Grade Unit: g/t - Intercept: 4.5 m - From: 272 m - To: 276.5 m - Intercept Depth: 272 m #### Classification - Program: exploration - Sample Type: drill - Group ID: DDJ-117:272-276.5 - Mining Method: underground #### Location - Location: La Negra Feeder - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2024-05-13T00:00:00.000Z Reasoning: Strong historical silver intercept at La Negra Feeder. - Positive factor: Very high silver grade over a meaningful width. - Positive factor: Open at depth, suggesting upside. - Positive factor: Specific hole and interval are stated. - Negative factor: Historical result referenced in annual report rather than new assay. - Negative factor: No true width disclosed. - Negative factor: Cut-off and QA/QC not provided for this interval. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDJ-117 [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-drill-facts-11) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDJ-117 - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: USL #### Geometry - Grade: 22 - Grade Unit: g/t - Intercept: 4.5 m - From: 272 m - To: 276.5 m - Intercept Depth: 272 m #### Classification - Program: exploration - Sample Type: drill - Group ID: DDJ-117:272-276.5 - Mining Method: underground #### Location - Location: La Negra Feeder - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2024-05-13T00:00:00.000Z Reasoning: Gold component of the historical DDJ-117 intercept. - Positive factor: High gold grade over 4.5 m. - Positive factor: Same intercept also reports strong silver values. - Negative factor: Historical result rather than new assay. - Negative factor: No true width stated. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDJ-277 [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-drill-facts-12) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDJ-277 - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: USL #### Geometry - Grade: 1311 - Grade Unit: g/t - Intercept: 33.7 m - From: 130.6 m - To: 164.3 m - Intercept Depth: 130.6 m #### Classification - Program: resource - Sample Type: drill - Group ID: DDJ-277:130.6-164.3 - Mining Method: underground #### Location - Location: Joaquin - Easting: 2457176 - Northing: 4677480 - Elevation: 811 m - Azimuth: 351 ° - Dip: -89 ° - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2024-08-20T00:00:00.000Z Reasoning: Historical Joaquin silver intercept from DDJ-277. - Positive factor: High-grade silver over a long interval. - Positive factor: Hole metadata are disclosed. - Negative factor: Historical drill result, not newly reported here. - Negative factor: No true width disclosed. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DDJ-277 [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-drill-facts-13) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDJ-277 - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: USL #### Geometry - Grade: 0.5 - Grade Unit: g/t - Intercept: 33.7 m - From: 130.6 m - To: 164.3 m - Intercept Depth: 130.6 m #### Classification - Program: resource - Sample Type: drill - Group ID: DDJ-277:130.6-164.3 - Mining Method: underground #### Location - Location: Joaquin - Easting: 2457176 - Northing: 4677480 - Elevation: 811 m - Azimuth: 351 ° - Dip: -89 ° - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2024-08-20T00:00:00.000Z Reasoning: Gold component of DDJ-277 historical intercept. - Positive factor: Gold grade is explicitly paired with the silver intercept. - Negative factor: Historical result rather than new work. - Negative factor: No true width disclosed. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ## Resource Estimates (11) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-0) Cerro Leon · silver #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: jorc - Resource group id: resource:4916c7169897645a6f7d - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Tonnes: 6820000 - Grade: 77 - Grade Unit: g/t - Contained Metal: 37.8 - Contained Unit: moz ageq #### Prior Estimate - Resource Date: 2024-06-30 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Indicated silver resource at Cerro Leon with substantial tonnage and silver equivalent content. - Positive factor: JORC compliant indicated resource is stated. - Positive factor: Contained metal and silver equivalent grade are disclosed. - Positive factor: Estimate is part of the company's flagship project. - Negative factor: No cut-off grade disclosed. - Negative factor: Broad annual report context reduces immediacy of novelty. - Negative factor: Contained metal is reported as AgEq Moz rather than separate metal tonnage in the table. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-1) Cerro Leon · silver #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2024-06-30T00:00:00.000Z - Reporting standards: jorc - Resource group id: resource:2954610bd5635632672d - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Tonnes: 9650000 - Grade: 71 - Grade Unit: g/t - Contained Metal: 53.5 - Contained Unit: moz ageq #### Prior Estimate - Resource Date: 2024-06-30 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Large inferred silver resource forming part of the Cerro Leon inventory. - Positive factor: JORC compliant inferred resource is stated. - Positive factor: Large tonnage and silver equivalent grade are disclosed. - Negative factor: Inferred category lowers geological confidence. - Negative factor: No cut-off grade disclosed. - Negative factor: Annual report context rather than a dedicated resource update. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-3) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:b51f902a4fd1cfb9936d - Deposit or zone: Joaquin #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 128 - Grade Unit: g/t - Contained Metal: 65.2 - Contained Unit: moz #### Metal Equivalent - Metal Eq. Grade: 138 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical silver component of Joaquin M&I estimate. - Positive factor: Table provides the silver grade and contained ounces for the M&I category. - Negative factor: Historical foreign estimate rather than current JORC resource. - Negative factor: No cut-off disclosed. Evidence · table > 128 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-4) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:0852992f68e9e0bcba65 - Deposit or zone: Joaquin #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 100 - Grade Unit: g/t - Contained Metal: 3.1 - Contained Unit: moz #### Metal Equivalent - Metal Eq. Grade: 110 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical silver component of Joaquin inferred estimate. - Positive factor: Silver grade and ounces are explicitly disclosed. - Negative factor: Historical estimate only. - Negative factor: Lower confidence inferred category. Evidence · table > 100 Context: 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-5) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:9767f9bc686338d951c4 - Deposit or zone: Joaquin #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 126 - Grade Unit: g/t - Contained Metal: 68.3 - Contained Unit: moz ag #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical total silver component of Joaquin foreign estimate. - Positive factor: Total silver ounces and grade are stated. - Negative factor: Historical foreign estimate, not current data. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-6) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: reserve - Effective date: 2018-01-01T00:00:00.000Z - Resource group id: resource:cf172ccd0e95f39992f2 - Deposit or zone: Joaquin #### Resource Data - Category: probable - Tonnes: 470000 - Grade: 721 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: moz ag #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-01-01T00:00:00.000Z Reasoning: Historical Joaquin underground reserve reference from the text. - Positive factor: Maiden underground reserve is mentioned with tonnage, grade and contained ounces. - Positive factor: Reserve supports prior mining history at La Morocha. - Negative factor: Only referenced historically in the annual report, not newly announced. - Negative factor: No current reserve update or mine plan details. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-7) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:b51f902a4fd1cfb9936d - Deposit or zone: Joaquin #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 61.1 - Contained Unit: koz #### Metal Equivalent - Metal Eq. Grade: 138 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical gold component of Joaquin M&I estimate. - Positive factor: Gold grade and contained ounces are explicitly stated in the foreign estimate table. - Negative factor: Historical foreign estimate, not a new resource statement. - Negative factor: Very low gold grade relative to silver focus. Evidence · table > 0.12 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-8) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:0852992f68e9e0bcba65 - Deposit or zone: Joaquin #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 3.7 - Contained Unit: koz #### Metal Equivalent - Metal Eq. Grade: 110 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical gold component of Joaquin inferred estimate. - Positive factor: Gold grade and contained ounces are explicitly stated. - Negative factor: Historical foreign estimate only. - Negative factor: Low grade and low contained ounces relative to silver focus. Evidence · table > 0.12 Context: 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-9) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:9767f9bc686338d951c4 - Deposit or zone: Joaquin #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 64.2 - Contained Unit: koz #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical total gold component of Joaquin foreign estimate. - Positive factor: Total historical gold ounces are stated in the table. - Negative factor: Historical estimate only, not current work. - Negative factor: No update to this estimate is presented. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-14) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:b78129963b85202d2825 #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 126 - Grade Unit: g/t - Contained Metal: 68.3 - Contained Unit: moz #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical total foreign estimate for Joaquin. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Total historical foreign estimate is explicitly stated. - Positive factor: Silver-equivalent grade and contained ounces are disclosed. - Negative factor: Historical estimate only; not a current compliant estimate. - Negative factor: No separate current update or verification work reported here. Evidence · table > 126 Context: 16.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/for-personal-use-only--0bf90388-ec65-4a4d-994b-f8ddd4f81a6f#fact-resource-facts-15) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Resource group id: resource:b78129963b85202d2825 #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 64.2 - Contained Unit: koz #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: Historical total foreign estimate for Joaquin. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Total historical foreign estimate is explicitly stated. - Positive factor: Silver-equivalent grade and contained ounces are disclosed. - Negative factor: Historical estimate only; not a current compliant estimate. - Negative factor: No separate current update or verification work reported here. Evidence · table > 0.12 Context: 16.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ## 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.