# Joaquin MRE increases to 167 Moz AgEq Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712 Original source: https://wcsecure.weblink.com.au/pdf/USL/03069125.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T19:01:10.065Z Atlas analysis updated: 2026-10-14T19:01:10.065Z - Company: Unico Silver Limited - Ticker: USL - Exchange: ASX - Region: Santa Cruz, Argentina - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-10-14 19:01:10 UTC Narrative sentiment: 0.72 · Bullish ## Minestarters Atlas summary Unico Silver reports a new JORC \(2012\) Mineral Resource Estimate for the Joaquin Project in Santa Cruz, Argentina of 45.3Mt at 115g/t AgEq for 167Moz AgEq. The resource is 78% Indicated and is positioned as a cornerstone silver asset supporting the company’s upcoming pre-feasibility study. The announcement also highlights 53.4Mt of free-milling resources at 124g/t AgEq for 212Moz AgEq across Joaquin and Cerro Leon. Reasoning: Large new JORC resource update materially increases the Joaquin silver-gold resource base and supports the upcoming PFS; metallurgical context is supportive and the announcement also contains historical comparison and development rationale. - Positive factor: JORC \(2012\) Mineral Resource Estimate reports 45.3Mt at 115gpt silver equivalent for 167Moz AgEq - Positive factor: 78% in high-confidence Indicated category - Positive factor: free-milling resources now stand at 53.4Mt at 124gpt AgEq for 212Moz AgEq - Positive factor: document states conventional open-pit mining and whole-ore cyanidation as the base-case processing route - Negative factor: historical foreign estimate is included for comparison and is superseded - Negative factor: metal-equivalent assumptions are disclosed but the release still relies on AgEq for headline scale - Rubric flag: resource\_update completeness — The document is a resource update with many aggregated rows and historical comparison tables; the extraction includes the primary Joaquin table and key appendix totals, but some historical and comparative rows may merit separate normalization in downstream QA. Facts used in scoring: 50 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The release states the Joaquin MRE is reported in accordance with the JORC Code \(2012\) and gives a competent person statement. Evidence · text > prepared by independent resource consultant INSA in accordance with JORC \(2012\) **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: A named Competent Person is stated for the Joaquin MRE. Evidence · text > Mr Rodrigo Peralta FAusIMM \(CP\), a Competent Person **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource is reported above 40 g/t AgEq cut-off grade. Evidence · text > The MRE for the Joaquin project is reported above 40 g/t AgEq cut-off grade. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The historical foreign estimate is explicitly said to be prepared in accordance with NI 43-101. Evidence · text > prepared in accordance with NI 43-101 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: Table 1 reports 34.5Mt in the Indicated category, representing 78% of the resource. Evidence · text > Indicated 34.5 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Table 1 reports 10.8Mt in the Inferred category. Evidence · text > Inferred 10.8 **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The release says the PLUS 150 resources are 'free-milling' and 'amenable to conventional open-pit mining and whole-ore cyanidation processing'. Evidence · text > free-milling pit constrained resources **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: Not applicable; omitted. The actual route disclosed is whole-ore cyanidation / Merrill-Crowe, so no heap leach tag was applied. Evidence · text > whole-ore cyanidation followed by Merrill–Crowe recovery **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgical section states whole-ore cyanidation and Merrill-Crowe processing as the base-case route. Evidence · text > whole-ore cyanidation followed by Merrill–Crowe recovery **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release describes blanks, standards, duplicates, certified reference materials, laboratory duplicates and internal checks. Evidence · text > included the insertion of certified reference materials, blank samples and duplicate samples **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: No drill intercepts are reported in this announcement, but the geological section refers to drill spacing and depths without a current assay table; any interval interpretation would be limited. Evidence · text > No drill hole results are reported in this announcement **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 announcement includes a historical foreign estimate and historical metallurgical results for comparison rather than only new data. Evidence · text > The historical mineral resource estimate for the Joaquin Project referenced in this announcement is a Foreign Estimate **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 release emphasizes the district context and proximity of Cerro Leon as satellite feed to Joaquin. Evidence · text > Cerro Leon is located approximately 60 km from Joaquin **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 50. Some facts used in scoring do not have a stored record. ## Resource Estimates (46) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-0) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:8063ff3c8c41b672b024 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 34500000 - Grade: 118 - Grade Unit: g/t - Contained Metal: 131 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the headline equivalent-grade measure for the indicated portion of the resource and is central to the announcement's scale claim. - Positive factor: grade equivalent is disclosed directly in the table - Positive factor: large contained silver-equivalent ounces for the indicated category - Positive factor: supports the PFS narrative - Negative factor: AgEq depends on disclosed price and recovery assumptions #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-1) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:3f238a3b1377db2b5f33 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10800000 - Grade: 85 - Grade Unit: g/t - Contained Metal: 20 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The appendix gives the inferred oxidation category, which matches the main Joaquin estimate and is useful for domain understanding. - Positive factor: inferred category explicitly reported in Appendix B - Negative factor: lower confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-2) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:a0387169446831cbe970 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 0 - Grade: 0 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The document does not report a measured category for Joaquin, so no positive estimate fact is available beyond noting the absence in the summary. - Negative factor: no measured category is reported in Table 1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-3) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:15f2ee5d50dfb71c5a66 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 34700000 - Grade: 129 - Grade Unit: g/t - Contained Metal: 47.4 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 147 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Negra is one of the largest contributors to the Joaquin indicated inventory and materially supports the project scale. - Positive factor: La Negra is a major indicated deposit within the district - Positive factor: strong grade and ounces - Negative factor: still a resource estimate, not a reserve #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-4) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:d3ba9504f29e4ab86b7c - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 14700000 - Grade: 51 - Grade Unit: g/t - Contained Metal: 23.9 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 87 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Negra SE adds substantial indicated tonnage and ounces and is one of the key growth drivers named in the announcement. - Positive factor: very large indicated tonnage for a satellite system - Negative factor: gold is secondary to the silver focus #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-5) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:24feec972f0c5f97bf50 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 137 - Grade Unit: g/t - Contained Metal: 25.7 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 149 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Morocha is a significant indicated contributor with strong grades and ounces. - Positive factor: high grade and meaningful contained silver in the indicated category - Negative factor: still a resource, not reserve #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-6) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:dc572179feb4d12ce18f - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2500000 - Grade: 70 - Grade Unit: g/t - Contained Metal: 5.6 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 100 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Morocha SE adds further indicated scale to the Joaquin district resource. - Positive factor: meaningful indicated contribution - Negative factor: smaller scale than the flagship zones #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-7) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:4b80e4ddb5496d067f14 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2400000 - Grade: 27 - Grade Unit: g/t - Contained Metal: 2.1 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 151 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Breccia Puntudo is a smaller but very high-grade indicated component that helps diversify the Joaquin inventory. - Positive factor: breccia puntudo contributes high-grade ounces - Negative factor: smaller tonnage than the main deposits #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-8) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:98672676653e44699ea5 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 103 - Grade Unit: g/t - Contained Metal: 9.1 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 123 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred La Negra tonnage remains material and contributes meaningfully to the district-scale total. - Positive factor: substantial inferred ounces from La Negra - Negative factor: lower confidence inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-9) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:f9a79df46a8e9fd12cf4 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3100000 - Grade: 43 - Grade Unit: g/t - Contained Metal: 3.1 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 74 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Negra SE adds inferred ounces, but with lower confidence than the indicated material. - Positive factor: inferred ounces from La Negra SE are clearly disclosed - Negative factor: lower confidence and smaller scale than the main deposits #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-10) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:e02b9435c4d0e2645b94 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 54 - Grade Unit: g/t - Contained Metal: 1.3 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 81 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Morocha inferred material contributes ounces but is less material than the larger district components. - Positive factor: inferred ounces are explicitly reported - Negative factor: small scale and lower confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-11) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:6fa23812395e77ecffb9 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 4900000 - Grade: 57 - Grade Unit: g/t - Contained Metal: 4.9 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 81 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: La Morocha SE inferred material adds to the overall project inventory, but remains lower confidence than the indicated resource. - Positive factor: La Morocha SE adds further inferred ounces - Negative factor: lower confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-12) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:d0cd6e0298b3024a4c12 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 111 - Grade Unit: g/t - Contained Metal: 11.6 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 151 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the silver component from Breccia Puntudo, which is high grade but still lower-confidence inferred material. - Positive factor: silver component is high grade - Negative factor: inferred confidence and relatively small scale #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-13) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:1d786ce4cb93f9664c2e - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 31200000 - Grade: 106 - Grade Unit: g/t - Contained Metal: 106 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the oxide silver-equivalent component and is highly relevant to the company's development strategy. - Positive factor: oxide contained AgEq is explicitly reported - Positive factor: large free-milling base - Negative factor: equivalent grade is dependent on assumptions #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-14) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:5b8cc40ebc241df49a03 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 7500000 - Grade: 0.26 - Grade Unit: g/t - Contained Metal: 28 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 140 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the gold component of the mixed oxidation category. - Positive factor: gold in mixed material is disclosed - Negative factor: secondary metal #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-15) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:d271f69c182f6f61e4dc - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 6500000 - Grade: 112 - Grade Unit: g/t - Contained Metal: 26 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 128 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the silver component of the fresh resource category. - Positive factor: silver ounces in fresh material are explicitly disclosed - Negative factor: lower confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-16) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:3285cd8b17fb91e31ea8 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 0.36 - Grade Unit: g/t - Contained Metal: 123 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 115 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the total gold component across the Joaquin resource and is material for byproduct valuation. - Positive factor: gold ounces are explicitly reported in the total resource row - Positive factor: total inventory is large - Negative factor: gold is secondary to silver #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-17) Joaquin #### Identity - Project: Joaquin - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:4134920a2ede893dd4ca - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 45300000 - Grade: 123 - Grade Unit: g/t - Contained Metal: 167 - Contained Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 115 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the headline total silver-equivalent resource for Joaquin and is the most consequential numeric result in the release. - Positive factor: total AgEq ounces are the headline scale metric - Positive factor: supports the cornerstone asset narrative - Negative factor: equivalent grade depends on disclosed assumptions #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-22) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:30ac63f75e23d6befd6b - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 34.5 - Grade: 103 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: large indicated tonnage of 34.5Mt - Positive factor: grade and contained metal are explicitly reported - Positive factor: JORC \(2012\) and competent person sign-off are stated - Negative factor: resource is still a resource, not a reserve - Negative factor: cut-off is reported in AgEq terms Evidence · table > 103 Context: 34.5 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-23) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:30ac63f75e23d6befd6b - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 34.5 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 334 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: large indicated tonnage of 34.5Mt - Positive factor: grade and contained metal are explicitly reported - Positive factor: JORC \(2012\) and competent person sign-off are stated - Negative factor: resource is still a resource, not a reserve - Negative factor: cut-off is reported in AgEq terms Evidence · table > 0.30 Context: 34.5 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-24) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:fa85bd9da6fa0267d63c - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10.8 - Grade: 20 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion Evidence · table > 20 Context: 10.8 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-25) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:fa85bd9da6fa0267d63c - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10.8 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 190 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion Evidence · table > 0.55 Context: 10.8 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-26) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:f42211e20922f3cdd449 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 45.3 - Grade: 123 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 115 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion Evidence · table > 123 Context: 45.3 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-27) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:f42211e20922f3cdd449 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 45.3 - Grade: 0.36 - Grade Unit: g/t - Contained Metal: 522 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 115 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion Evidence · table > 0.36 Context: 45.3 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-28) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:f7250848f871ea12c440 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 65.2 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: large indicated tonnage of 34.5Mt - Positive factor: grade and contained metal are explicitly reported - Positive factor: JORC \(2012\) and competent person sign-off are stated - Negative factor: resource is still a resource, not a reserve - Negative factor: cut-off is reported in AgEq terms 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-29) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:f7250848f871ea12c440 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 61.1 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: large indicated tonnage of 34.5Mt - Positive factor: grade and contained metal are explicitly reported - Positive factor: JORC \(2012\) and competent person sign-off are stated - Negative factor: resource is still a resource, not a reserve - Negative factor: cut-off is reported in AgEq terms 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-30) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:0abf1770e5dbfa3cac9b - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 3.1 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-31) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:0abf1770e5dbfa3cac9b - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 3.7 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-32) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:fcfa7d66e45ed25768ba - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 68.3 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-33) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:fcfa7d66e45ed25768ba - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 64.2 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 106 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-34) Cerro Leon · silver #### Identity - Project: Cerro Leon - Commodity: silver - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:ff7bbb30a1b3523e1eb0 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9.4 - Grade: 28.9 - Grade Unit: moz #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-35) Cerro Leon · gold #### Identity - Project: Cerro Leon - Commodity: gold - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:ff7bbb30a1b3523e1eb0 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9.4 - Grade: 0.54 - Grade Unit: g/t - Contained Metal: 165 - Contained Unit: koz #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-36) Cerro Leon · lead #### Identity - Project: Cerro Leon - Commodity: lead - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:ff7bbb30a1b3523e1eb0 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9.4 - Grade: 119 - Grade Unit: mlb #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-37) Cerro Leon · zinc #### Identity - Project: Cerro Leon - Commodity: zinc - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:ff7bbb30a1b3523e1eb0 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9.4 - Grade: 199 - Grade Unit: mlb #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-38) Cerro Leon · silver #### Identity - Project: Cerro Leon - Commodity: silver - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:4149be202c318cef62a3 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 21.6 - Grade: 33.1 - Grade Unit: moz #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-39) Cerro Leon · gold #### Identity - Project: Cerro Leon - Commodity: gold - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:4149be202c318cef62a3 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 21.6 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 398 - Contained Unit: koz #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-40) Cerro Leon · lead #### Identity - Project: Cerro Leon - Commodity: lead - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:4149be202c318cef62a3 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 21.6 - Grade: 245 - Grade Unit: mlb #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-41) Cerro Leon · zinc #### Identity - Project: Cerro Leon - Commodity: zinc - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:4149be202c318cef62a3 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 21.6 - Grade: 580 - Grade Unit: mlb #### Metal Equivalent - Metal Eq. Grade: 154 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-42) Cerro Leon · silver #### Identity - Project: Cerro Leon - Commodity: silver - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:71b03862de50636a6ea2 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31 - Grade: 62 - Grade Unit: moz #### Metal Equivalent - Metal Eq. Grade: 161 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-43) Cerro Leon · gold #### Identity - Project: Cerro Leon - Commodity: gold - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:71b03862de50636a6ea2 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 548 - Contained Unit: koz #### Metal Equivalent - Metal Eq. Grade: 161 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-44) Cerro Leon · lead #### Identity - Project: Cerro Leon - Commodity: lead - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:71b03862de50636a6ea2 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31 - Grade: 364 - Grade Unit: mlb #### Metal Equivalent - Metal Eq. Grade: 161 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-45) Cerro Leon · zinc #### Identity - Project: Cerro Leon - Commodity: zinc - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:71b03862de50636a6ea2 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31 - Grade: 778 - Grade Unit: mlb #### Metal Equivalent - Metal Eq. Grade: 161 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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" **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-46) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:aaed4948dabb85ece269 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4.7 - Grade: 20.7 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 197 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: large indicated tonnage of 34.5Mt - Positive factor: grade and contained metal are explicitly reported - Positive factor: JORC \(2012\) and competent person sign-off are stated - Negative factor: resource is still a resource, not a reserve - Negative factor: cut-off is reported in AgEq terms Evidence · table > 20.7 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-47) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:aaed4948dabb85ece269 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4.7 - Grade: 0.63 - Grade Unit: g/t - Contained Metal: 95 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 197 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: large indicated tonnage of 34.5Mt - Positive factor: grade and contained metal are explicitly reported - Positive factor: JORC \(2012\) and competent person sign-off are stated - Negative factor: resource is still a resource, not a reserve - Negative factor: cut-off is reported in AgEq terms 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-48) Joaquin · silver #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:2eaefe3617708014da06 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3.4 - Grade: 9.2 - Grade Unit: moz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion Evidence · table > 9.2 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-resource-facts-49) Joaquin · gold #### 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, jorc - QP Signed: Yes - Qualified person names: Rodrigo Peralta - Resource group id: resource:2eaefe3617708014da06 - Deposit or zone: Joaquin Project - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3.4 - Grade: 0.52 - Grade Unit: g/t - Contained Metal: 56.9 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-03-17 #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Alex Stewart International #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: adds materially to the total resource inventory - Positive factor: inferred ounces still contribute to the district-scale platform - Negative factor: lower confidence than indicated material - Negative factor: still requires infill drilling before reserve conversion 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" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 ## Metallurgical Results (4) ### bottle roll [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-metallurgical-facts-18) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: bottle roll - Processing Route: whole-ore cyanidation - Sample: historical agitated leach tests at P80 ~75 μm grind size and 72-hour leach time - Grind P80: 75 µm - Leach Time: 72 hours #### Recovery - Recovery: 82 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS and McClelland Laboratories Inc. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-01-01T00:00:00.000Z Reasoning: The announcement cites historical metallurgical testwork and a standardised review of agitated leach tests at 75 μm and 72 hours as the basis for the recovery assumptions. - Positive factor: historical metallurgical work supports the base-case flowsheet - Positive factor: whole-ore cyanidation is described as effective and technically proven - Negative factor: historical and not new work in this release - Negative factor: result is summarised rather than individually tabulated ### bottle roll [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-metallurgical-facts-19) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: bottle roll - Processing Route: whole-ore cyanidation - Sample: historical agitated leach tests at P80 ~75 μm grind size and 72-hour leach time - Grind P80: 75 µm - Leach Time: 72 hours #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS and McClelland Laboratories Inc. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-01-01T00:00:00.000Z Reasoning: The release discloses gold recovery used in the equivalent calculation and ties it to historical metallurgical testwork. - Positive factor: gold recoveries are stated as part of the metallurgical basis for AgEq - Negative factor: historical work - Negative factor: no standalone table of results ### bottle roll [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-metallurgical-facts-20) Joaquin · silver #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: bottle roll - Processing Route: whole-ore cyanidation - Sample: whole ore cyanidation followed by Merrill-Crowe recovery #### Recovery - Recovery: 82 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS and McClelland Laboratories Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the silver recovery assumption used for the resource's AgEq calculation and development basis. - Positive factor: base-case route is explicitly stated - Positive factor: recovery level is disclosed and used in AgEq - Negative factor: no single new recovery test result is presented in this release ### bottle roll [Link to this fact](https://atlas-extractions.minestarters.com/news/joaquin-mre-increases-to-167-moz-ageq--7524c00f-e8f4-4569-945a-88766d159712#fact-metallurgical-facts-21) Joaquin · gold #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Test Work - Program Status: detailed - Test Type: bottle roll - Processing Route: whole-ore cyanidation - Sample: whole ore cyanidation followed by Merrill-Crowe recovery #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS and McClelland Laboratories Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the gold recovery assumption underpinning the AgEq calculation. - Positive factor: gold recovery assumption is explicitly disclosed - Negative factor: not a fresh experimental result in 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.