# MARCH 2023 QUARTERLY REPORT Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d Original source: https://announcements.asx.com.au/asxpdf/20230427/pdf/45p1d9mlpd78g1.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T11:07:02.342Z Atlas analysis updated: 2026-10-19T11:07:02.342Z - Company: Unavailable - Ticker: USL - Exchange: ASX - Region: Santa Cruz province of Argentina - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Capital raise, Agreement transaction, Other, Resource update - Extracted: 2026-10-19 11:07:02 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Unico Silver's quarterly report is dominated by corporate actions: completion of the Pingüino acquisition and a A$5 million placement alongside a planned A$1 million SPP. The document also updates progress on the Cerro Leon resource work, but no new assays or resource estimate are reported here. The Pingüino foreign estimate is restated as historical context and noted as not JORC-compliant. Reasoning: Primarily a quarterly corporate update featuring a completed acquisition and equity funding, with project progress updates rather than new technical results. - Positive factor: The company announced completion of the Pingüino acquisition and a A$5 million placement plus A$1 million SPP - Positive factor: The quarterly report also highlights progress toward a maiden resource estimate for Cerro Leon - Positive factor: Cash balance at end of March quarter was A$3.72 million - Negative factor: No new drill results or resource estimate were announced in this document - Negative factor: The foreign estimate is explicitly historical and not JORC-compliant - Rubric flag: resource\_update extraction requested, but no new resource estimate is announced in this document — Treat the foreign estimate as historical context and avoid presenting it as a current resource update. Facts used in scoring: 13 ## Classification and evidence **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The foreign estimate is from September 2014 and no work has been completed since then. Evidence · text > No work has been completed since the September 2014 resource estimate **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The estimate is explicitly described as a foreign estimate and not compliant with the 2012 JORC Code. Evidence · text > the foreign estimates is not compliant with the Australasian Code for Reporting Exploration Results **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The foreign estimate table states cutoff values of 20, 70 and 125. Evidence · table > 20 Context: 11.6 **NI 43-101 Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document says the foreign estimate was prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101. Evidence · text > prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 \(NI 43-101\) **No QP/CP Disclosure** Polarity: negative Story-specific tag Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: The release states that a Competent Person has not yet done sufficient work to classify the estimate under JORC. Evidence · text > A Competent Person \(under ASX Listing Rules\) has not yet done sufficient work ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-0) Pingüino · silver Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: silver - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:a18040e9d15fd164fdac - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 11600000 - Grade: 66 - Grade Unit: g/t - Contained Metal: 24.9 - Contained Unit: moz - Cutoff Grade: 20 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 37.5 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: Historical indicated resource figures are clearly stated, but they are a restatement of an old foreign estimate rather than new project news. - Positive factor: Foreign estimate is quantified for the Pingüino Project - Positive factor: Reporting basis is identified as NI 43-101 in the document - Negative factor: Foreign estimate is not compliant with the 2012 JORC Code - Negative factor: No new work has been completed since the September 2014 resource estimate - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 66 Context: 11.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-1) Pingüino · gold Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: gold - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:a18040e9d15fd164fdac - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 11600000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 148 - Contained Unit: koz - Cutoff Grade: 20 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 37.5 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: The indicated gold resource is relevant context for the project, but it is historical and not newly announced. - Positive factor: Gold grade is explicitly stated in the foreign estimate table - Positive factor: The estimate is part of a large polymetallic silver-gold resource base - Negative factor: Historical foreign estimate only - Negative factor: No new drilling or assay work since the estimate - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 0.4 Context: 11.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-2) Pingüino · silver Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: silver - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:26a414b83fd3f043b0a6 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 39 - Grade Unit: g/t - Contained Metal: 7.6 - Contained Unit: moz - Cutoff Grade: 20 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 13.7 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: This is a clearly stated historical inferred resource figure, useful for context but not new information. - Positive factor: Inferred silver resource is explicitly stated in the foreign estimate table - Negative factor: Historical foreign estimate restatement - Negative factor: No new work completed since September 2014 - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 39 Context: 6.0 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-3) Pingüino · gold Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: gold - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:26a414b83fd3f043b0a6 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 71 - Contained Unit: koz - Cutoff Grade: 20 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 13.7 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: Historical inferred gold resource figures are disclosed, but they do not represent new technical results. - Positive factor: Gold grade is explicitly stated in the inferred category row - Negative factor: Historical estimate restatement - Negative factor: No new assay or reinterpretation work in this document - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 0.4 Context: 6.0 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-4) Pingüino · silver Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: silver - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:1b0b3522e2facd0388e3 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3800000 - Grade: 147 - Grade Unit: g/t - Contained Metal: 18 - Contained Unit: moz - Cutoff Grade: 70 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 25.9 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: The row provides a higher-grade historical indicated silver estimate, but it is still recycled background information. - Positive factor: Higher-cutoff indicated silver resource is stated in the table - Negative factor: Historical foreign estimate restatement - Negative factor: No new work since the 2014 estimate - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 147 Context: 3.8 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-5) Pingüino · gold Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: gold - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:1b0b3522e2facd0388e3 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3800000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 93 - Contained Unit: koz - Cutoff Grade: 70 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 25.9 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: A historical indicated gold figure is given for context, not as a new estimate. - Positive factor: Gold grade is stated for the higher-cutoff indicated row - Negative factor: Historical estimate - Negative factor: No new field or drill work since 2014 - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 0.8 Context: 3.8 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-6) Pingüino · silver Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: silver - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:5b342b7c91c2203ff364 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 87 - Grade Unit: g/t - Contained Metal: 3.7 - Contained Unit: moz - Cutoff Grade: 70 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 7 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: This is a historical inferred silver figure useful for project context only. - Positive factor: Inferred silver resource is quantified at the higher cutoff - Negative factor: Historical estimate restatement - Negative factor: No new assay data in the release - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 87 Context: 1.3 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-7) Pingüino · gold Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: gold - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:5b342b7c91c2203ff364 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 39 - Contained Unit: koz - Cutoff Grade: 70 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 7 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: Historical inferred gold tonnage and grade are disclosed, but they are not new results. - Positive factor: Gold grade is explicitly stated in the inferred row - Negative factor: Historical estimate only - Negative factor: No new work completed since 2014 - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 0.9 Context: 1.3 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-8) Pingüino · silver Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: silver - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:7a4f3fe5cf29d7e4ef01 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1800000 - Grade: 236 - Grade Unit: g/t - Contained Metal: 13.7 - Contained Unit: moz - Cutoff Grade: 125 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 18.8 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: This is a historical indicated silver estimate, not a new announcement. - Positive factor: Very high silver grade is explicitly disclosed in the table - Negative factor: Historical foreign estimate - Negative factor: No new work since the estimate date - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 236 Context: 1.8 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-9) Pingüino · gold Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: gold - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:7a4f3fe5cf29d7e4ef01 - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1800000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 60 - Contained Unit: koz - Cutoff Grade: 125 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 18.8 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: A historical indicated gold row is provided for context, but it is not new technical news. - Positive factor: Gold grade is disclosed in the high-cutoff indicated row - Negative factor: Historical estimate restatement - Negative factor: No new assay or drilling work - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 1.0 Context: 1.8 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-10) Pingüino · silver Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: silver - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:35db5ae02970fc49d0cc - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 134 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: moz - Cutoff Grade: 125 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 4 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: This is a historical inferred silver estimate and does not reflect new drilling or reassessment. - Positive factor: Inferred silver grade is explicitly stated - Negative factor: Historical estimate - Negative factor: No new work has been completed since the estimate - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 134 Context: 0.5 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/march-2023-quarterly-report--d33ca672-1ba4-4d19-a844-d0740692557d#fact-resource-facts-11) Pingüino · gold Historical result Needs review: historical\_restatement #### Identity - Project: Pingüino - Commodity: gold - Region: argentina - Reported Region: Santa Cruz province of Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:35db5ae02970fc49d0cc - Deposit or zone: Pingüino Project - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 1.5 - Grade Unit: g/t - Contained Metal: 23 - Contained Unit: koz - Cutoff Grade: 125 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2014-09-19 #### Metal Equivalent - Metal Eq. Grade: 4 - Metal Eq. Unit: moz AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mine Development Associates #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-09-19T00:00:00.000Z Reasoning: A historical inferred gold estimate is stated, but it is not a fresh result. - Positive factor: Gold grade is disclosed in the inferred high-cutoff row - Negative factor: Historical foreign estimate - Negative factor: No new assay or drilling work - Negative factor: Metal-equivalent assumptions are not disclosed Evidence · table > 1.5 Context: 0.5 #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 12.1 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.