# \(Formerly known as E2 Metals Limited\) Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9 Original source: https://announcements.asx.com.au/asxpdf/20230927/pdf/05vc490377vb17.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-08T11:10:43.435Z Atlas analysis updated: 2026-11-08T11:10:43.435Z - Company: Unico Silver Limited - Ticker: USL - Exchange: ASX - Region: Santa Cruz, Argentina - Primary commodity: Silver - Secondary commodities: Gold, Zinc, Lead - Document categories: Resource update, Capital raise, Agreement transaction - Extracted: 2026-11-08 11:10:43 UTC Narrative sentiment: 0.45 · Bullish ## Minestarters Atlas summary Unico Silver reported an updated Mineral Resource Estimate for the Cerro Leon project in Santa Cruz, Argentina, including a maiden resource at Conserrat. The company says the combined resource increased to 91.3 million silver equivalent ounces, up 84% in silver equivalent ounces and 94% in tonnes versus the 2014 Pingüino estimate. The annual report also discusses a $5 million placement and a share purchase plan completed during the year. Reasoning: The main substantive event is an updated Cerro Leon Mineral Resource Estimate, with a meaningful uplift from the prior Pingüino estimate and a maiden resource at Conserrat. It is positive for scale and project maturity, though the estimate still carries a substantial inferred component and includes historical foreign-estimate comparison. - Positive factor: maiden resource at Conserrat - Positive factor: combined Cerro Leon MRE increased to 91.3 Moz AgEq - Positive factor: 94% increase in tonnes and 84% increase in silver equivalent ounces versus the 2014 Pingüino Estimate - Positive factor: JORC 2012 compliance stated - Positive factor: cut-off grades disclosed - Negative factor: resource includes a large inferred component - Negative factor: foreign estimate at Pingüino was published during 2014 - Negative factor: multiple values are reported as silver equivalent rather than standalone economics Facts used in scoring: 16 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The report states, "The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) 2012 Edition." Evidence · text > The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) 2012 Edition. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The report says the Pingüino Estimate was "published during 2014 under Canadian Technical reporting National Instrument \(NI\) 43-101 standards." Evidence · text > published during 2014 under Canadian Technical reporting National Instrument \(NI\) 43-101 standards. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document states both the 50 g/t and 150 g/t silver equivalent cut-off grades used for reporting. Evidence · text > At all prospects, the MRE only considered material within 150 m of the surface at a 50 g/t silver equivalent cut-off grade **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The release says the updated MRE includes "a maiden resource at Conserrat." Evidence · text > a maiden resource at Conserrat ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#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, ni\_43\_101 - Resource group id: resource:66a13d7266e4fc5df0f0 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 84 - Grade Unit: g/t - Contained Metal: 16.45 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 169 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > Pingüino \(100%\) Near Surface Mineralisation \(above 250 mRL\) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6 Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades \| Zone: Pingüino \(100%\) \| Category: Indicated \| Tonnes \(Mt\): 6 \| Ag Eq \(g/t\): 169 \| Ag \(g/t\): 84 \| Au \(g/t\): 0.39 \| Zn \(%\): 1.12 \| Pb \(%\): 0.45 \| AgEq Moz: 33.0 \| Ag Moz: 16.45 \| Au koz: 76.6 \| Zn Mlb: 150.8 \| Pb Mlb: 60.6 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#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, ni\_43\_101 - Resource group id: resource:66a13d7266e4fc5df0f0 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 0.39 - Grade Unit: g/t - Contained Metal: 76.6 - Contained Unit: koz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 169 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: Gold is disclosed as part of the Pingüino resource row and adds value to the polymetallic inventory. It is meaningful but secondary to the silver-focused estimate. - Positive factor: updated Mineral Resource Estimate - Positive factor: contained gold ounces disclosed - Positive factor: JORC Code 2012 Edition stated - Negative factor: gold is a byproduct within a silver-focused estimate - Negative factor: resource is stated at a silver equivalent cut-off Evidence · table > Pingüino \(100%\) Near Surface Mineralisation \(above 250 mRL\) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6 Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades \| Zone: Pingüino \(100%\) \| Category: Indicated \| Tonnes \(Mt\): 6 \| Ag Eq \(g/t\): 169 \| Ag \(g/t\): 84 \| Au \(g/t\): 0.39 \| Zn \(%\): 1.12 \| Pb \(%\): 0.45 \| AgEq Moz: 33.0 \| Ag Moz: 16.45 \| Au koz: 76.6 \| Zn Mlb: 150.8 \| Pb Mlb: 60.6 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-2) 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, ni\_43\_101 - Resource group id: resource:66a13d7266e4fc5df0f0 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 1.12 - Grade Unit: % - Contained Metal: 150.8 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 169 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: The Pingüino indicated row includes zinc as a material byproduct credit. It is useful for understanding polymetallic value, though not the headline commodity. - Positive factor: updated resource estimate - Positive factor: byproduct zinc grade and contained metal disclosed - Negative factor: zinc is a secondary metal in a silver-led estimate Evidence · table > Pingüino \(100%\) Near Surface Mineralisation \(above 250 mRL\) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6 Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades \| Zone: Pingüino \(100%\) \| Category: Indicated \| Tonnes \(Mt\): 6 \| Ag Eq \(g/t\): 169 \| Ag \(g/t\): 84 \| Au \(g/t\): 0.39 \| Zn \(%\): 1.12 \| Pb \(%\): 0.45 \| AgEq Moz: 33.0 \| Ag Moz: 16.45 \| Au koz: 76.6 \| Zn Mlb: 150.8 \| Pb Mlb: 60.6 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-3) 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, ni\_43\_101 - Resource group id: resource:66a13d7266e4fc5df0f0 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 60.6 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 169 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: Lead is explicitly reported in the Pingüino indicated resource row and adds to the polymetallic inventory. It is a secondary credit rather than the main driver. - Positive factor: updated resource estimate - Positive factor: lead grade and contained metal disclosed - Negative factor: lead is a secondary metal in a silver-led estimate Evidence · table > Pingüino \(100%\) Near Surface Mineralisation \(above 250 mRL\) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6 Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades \| Zone: Pingüino \(100%\) \| Category: Indicated \| Tonnes \(Mt\): 6 \| Ag Eq \(g/t\): 169 \| Ag \(g/t\): 84 \| Au \(g/t\): 0.39 \| Zn \(%\): 1.12 \| Pb \(%\): 0.45 \| AgEq Moz: 33.0 \| Ag Moz: 16.45 \| Au koz: 76.6 \| Zn Mlb: 150.8 \| Pb Mlb: 60.6 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#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: ni\_43\_101, jorc - Resource group id: resource:745a3767151977d42fa9 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6280000 - Grade: 103.4 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 193.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 103.4 Context: 6.28 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#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: ni\_43\_101, jorc - Resource group id: resource:745a3767151977d42fa9 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6280000 - Grade: 0.58 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 193.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.58 Context: 6.28 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-6) 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: ni\_43\_101, jorc - Resource group id: resource:745a3767151977d42fa9 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6280000 - Grade: 0.77 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 193.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.77 Context: 6.28 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-7) 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: ni\_43\_101, jorc - Resource group id: resource:745a3767151977d42fa9 - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 6280000 - Grade: 0.54 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 193.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.54 Context: 6.28 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#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: ni\_43\_101, jorc - Resource group id: resource:a591e7242d1afacb15ab - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 65.3 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 147 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 65.3 Context: 2.21 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#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: ni\_43\_101, jorc - Resource group id: resource:a591e7242d1afacb15ab - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 0.66 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 147 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.66 Context: 2.21 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-10) 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: ni\_43\_101, jorc - Resource group id: resource:a591e7242d1afacb15ab - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 0.52 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 147 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.52 Context: 2.21 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-11) 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: ni\_43\_101, jorc - Resource group id: resource:a591e7242d1afacb15ab - Deposit or zone: Pingüino - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 0.35 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 147 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.35 Context: 2.21 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-12) 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: ni\_43\_101, jorc - Resource group id: resource:17ab41e73369193883f3 - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 8490000 - Grade: 93.49 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 181.4 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 93.49 Context: 8.49 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-13) 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: ni\_43\_101, jorc - Resource group id: resource:17ab41e73369193883f3 - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 8490000 - Grade: 0.6 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 181.4 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.60 Context: 8.49 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-14) 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: ni\_43\_101, jorc - Resource group id: resource:17ab41e73369193883f3 - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 8490000 - Grade: 0.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 181.4 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.70 Context: 8.49 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/formerly-known-as-e2-metals-limited--976d4357-fb1c-4fea-a455-98a643a697e9#fact-resource-facts-15) 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: ni\_43\_101, jorc - Resource group id: resource:17ab41e73369193883f3 - Mining method: open\_pit - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 8490000 - Grade: 0.49 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 181.4 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Review - Needs Review: No - Historical: No Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: updated Mineral Resource Estimate - Positive factor: JORC Code 2012 Edition stated - Positive factor: silver equivalent ounces disclosed - Negative factor: resource is stated at a silver equivalent cut-off - Negative factor: laboratory not stated Evidence · table > 0.49 Context: 8.49 #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **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 3.5 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.