Untitled mining news story
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-10-13 17:57:48 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver announced a new Joaquin JORC resource of 45.3 Mt at 115 g/t AgEq for 167 Moz AgEq, with most tonnes classified as Indicated; the release compares it with a superseded 2013 estimate rather than announcing individual drill assays. Restated Cerro Leon resources take the reported portfolio to 330 Moz AgEq, while the PLUS 150 table reports 212 Moz AgEq supporting a planned Q3 2026 PFS. Historical metallurgical work supports conventional cyanidation, but the resources are not reserves and several headline, table and appendix totals differ.
Reasoning: The current event is a substantial new Joaquin resource estimate with a predominantly Indicated classification and disclosed reporting assumptions. Development economics remain subject to the forthcoming PFS, and inconsistent totals reduce extraction and comparison confidence.
Positive factors
- New Joaquin JORC resource reports 167 Moz AgEq, including 123 Moz silver.
- Most Joaquin tonnes are Indicated, supporting progression toward the planned PFS.
- Resource reporting discloses a 40 g/t AgEq cut-off, equivalent assumptions, independent Competent Person and QA/QC.
- Historical metallurgy and industrial processing support conventional whole-ore cyanidation.
Negative factors
- Mineral Resources are not Ore Reserves and economic viability remains unproven.
- The growth comparison uses a superseded 2013 foreign estimate and accounts for historical depletion; it is not a routine like-for-like annual comparison.
- Headline, table and appendix figures contain differences beyond uniform presentation, including gold ounces, Indicated tonnes and combined tonnes.
- The current estimate has no external audit, and additional work is required for detailed mine scheduling.
Rubric flags
- Resource effective dates — March 2026 and September 2025 are month-only table vintages; do not fabricate exact effective or historical announcement dates. Only the foreign estimate has an explicit effective date, 2013-02-15.
- Historical comparison and prior fields — Retain the 2013 estimate as historical facts. Do not populate prior values on new rows as a like-for-like comparison because cut-off, depletion and scope comparability are not fully established.
- Category missing from oxidation rows — Appendix B domain rows have no category split. Retain their grades and tonnes without inventing a category; the overall total includes the independently disclosed Indicated and Inferred mix.
- Combined and duplicate totals — Combined portfolio rows include Indicated and Inferred constituents and use inferred under the combined-category rule. Tables 1, 5, 6 and the appendices overlap; do not add these inventories together.
- Appendix A blank category cells — Breccia Puntudo has no Indicated entry. Its first populated seven-cell group is Inferred, supported by the explicit maiden inferred-resource statement; preserve the absent Indicated cells as blank table cells.
- Recovery assumptions versus test results — The 82% silver and 87% gold figures are MRE equivalent assumptions, not separately identified achieved test results. The drill-reporting appendix's 90% and 95% assumptions apply to another formula and must not replace the MRE assumptions.
- Production extraction schema — Table 3 reports historical production depletion, not a resource or reserve category. Preserve it in the raw table without assigning a fabricated resource category or production fields.
- Inconsistent technical disclosures — Preserve source figures without reconciliation. The release varies gold totals, silver grades, Indicated tonnes, combined tonnes, parent-block size and G&A units between sections.
- PLUS 150 oxidation scope — Table 6 includes the full Joaquin resource while Appendix B includes fresh material. Do not label every Joaquin PLUS 150 row oxide solely from the portfolio narrative.
Facts used in scoring: 88
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The current announcement revises the Joaquin resource to 45.3 Mt at 115 g/t AgEq.
Evidence · text
“Unico Silver reports an updated MRE for the Joaquin project”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Joaquin reports a 143% increase in contained AgEq since acquisition, with historical depletion considered.
Evidence · text
“representing a 143% increase”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: Most Joaquin tonnes are reported in the higher-confidence Indicated category.
Evidence · text
“78% of tonnes in the Indicated category”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The new Joaquin estimate is expressly reported under JORC 2012.
Evidence · text
“The Mineral Resource Estimate (MRE) is reported in accordance with the JORC Code (2012).”
QP/CP Signedpositive
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: Rodrigo Peralta is the named responsible Joaquin Competent Person and consents to inclusion.
Evidence · text
“Mr Rodrigo Peralta FAusIMM (CP), a Competent Person who is an employee of INSA”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The current Joaquin resource uses a stated 40 g/t AgEq reporting cut-off.
Evidence · text
“The MRE for the Joaquin project is reported above 40 g/t AgEq cut-off grade.”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The resource supports a planned maiden PFS rather than a completed economic study.
Evidence · text
“Maiden Pre-Feasibility Study on track for Q3 2026”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The PLUS 150 inventory is described as amenable to conventional whole-ore cyanidation.
Evidence · text
“Plus 150 Mineral Resources are amenable to conventional open pit mining and whole ore cyanidation (Merrill-Crowe).”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Historical metallurgy supports whole-ore cyanidation with Merrill–Crowe recovery.
Evidence · text
“whole-ore cyanidation followed by Merrill–Crowe recovery as the base- case processing route”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Historical test programs used over 100 composites covering grades, depths and oxidation states.
Evidence · text
“over 100 composite samples derived from more than 1,900 individual drill core intervals”
Disclosure Inconsistenciesnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Table 1 reports 522 koz gold while the highlight and Appendix B report 521 koz; other totals also differ.
Evidence · text
“Mineral Resource includes 123Moz Ag and 521koz Au”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: the document describes a heap_leach route ("column leach")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 88. Some facts used in scoring do not have a stored record.
Resource Estimates (88)
indicatedJoaquin · silverTonnes: 34500000Grade: 93Grade Unit: g/tContained Metal: 103Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:baf417349eb9d20c87ac
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34500000
- Grade
- 93
- Grade Unit
- g/t
- Contained Metal
- 103
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Table 6 Joaquin row retained separately; material type is not forced to oxide because Appendix B shows mixed and fresh material.
Positive factors
- Indicated inventory included in PLUS 150 development table.
Negative factors
- Repeats Table 1; inclusion of the entire resource conflicts with oxide-only wording elsewhere.
Evidence · table
“93”
Context: 34.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · goldTonnes: 34500000Grade: 0.3Grade Unit: g/tContained Metal: 334Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:baf417349eb9d20c87ac
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34500000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 334
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed Table 6 byproduct row, not additional inventory.
Positive factors
- Indicated gold credit in development table.
Negative factors
- Repeats Table 1; free-milling scope is inconsistently described.
Evidence · table
“0.30”
Context: 34.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 10800000Grade: 59Grade Unit: g/tContained Metal: 20.6Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:bfb3c99adc801b44eb6e
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10800000
- Grade
- 59
- Grade Unit
- g/t
- Contained Metal
- 20.6
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Appendix A category total, not additional inventory.
Positive factors
- Additional resource scale.
Negative factors
- Inferred; Appendix A contained silver differs from Table 1.
Evidence · table
“59”
Context: 10.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 10800000Grade: 0.55Grade Unit: g/tContained Metal: 190Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:bfb3c99adc801b44eb6e
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10800000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 190
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed Appendix A category total.
Positive factors
- Gold credit.
Negative factors
- Inferred and repeats Table 1 inventory.
Evidence · table
“0.55”
Context: 10.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 45300000Grade: 84Grade Unit: g/tContained Metal: 123Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:946107953f6710222b06
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45300000
- Grade
- 84
- Grade Unit
- g/t
- Contained Metal
- 123
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Preserves Appendix A's printed combined-category total.
Positive factors
- Large total silver inventory, mostly Indicated.
Negative factors
- Appendix A silver grade is 84 g/t versus 85 g/t in Table 1; overlaps other totals.
Evidence · table
“84”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 45300000Grade: 0.36Grade Unit: g/tContained Metal: 522Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:946107953f6710222b06
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45300000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 522
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Appendix A total retained without reconciliation.
Positive factors
- Meaningful gold credit.
Negative factors
- Printed 522 koz differs from Appendix B and headline; overlaps other totals.
Evidence · table
“0.36”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 15700000Grade: 65.2Grade Unit: mozContained Metal: 65.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:156de204c24bfa7c6bb0
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Contained Metal
- 65.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical comparison only, not a current resource.
Positive factors
- Historical M&I baseline with named QP.
Negative factors
- Superseded foreign estimate; cut-off not supplied here.
Evidence · table
“65.2”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
indicatedJoaquin · goldTonnes: 15700000Grade: 0.12Grade Unit: g/tContained Metal: 61.1Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:156de204c24bfa7c6bb0
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Restated M&I byproduct baseline.
Positive factors
- Historical gold credit.
Negative factors
- Superseded estimate; very low gold grade; cut-off undisclosed.
Evidence · table
“0.12”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
inferredJoaquin · silverTonnes: 1000000Grade: 3.1Grade Unit: mozContained Metal: 3.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:550a5ece4421f673fe03
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Contained Metal
- 3.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Small historical Inferred component.
Positive factors
- Historical comparison baseline.
Negative factors
- Inferred and superseded; cut-off undisclosed.
Evidence · table
“3.1”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
inferredJoaquin · goldTonnes: 1000000Grade: 0.12Grade Unit: g/tContained Metal: 3.7Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:550a5ece4421f673fe03
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical gold credit with little standalone significance.
Positive factors
- Disclosed historical byproduct quantity.
Negative factors
- Small, low-grade, Inferred and superseded.
Evidence · table
“0.12”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
inferredJoaquin · silverTonnes: 16700000Grade: 68.3Grade Unit: mozContained Metal: 68.3Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:64e5633eaf25dd1c20dd
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Contained Metal
- 68.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical total includes M&I and Inferred; overlaps its component rows.
Positive factors
- Printed historical total establishes comparison scale.
Negative factors
- Superseded and not directly comparable without cut-off and depletion adjustments.
Evidence · table
“68.3”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
inferredJoaquin · goldTonnes: 16700000Grade: 0.12Grade Unit: g/tContained Metal: 64.2Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:64e5633eaf25dd1c20dd
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical combined-category total, not new gold inventory.
Positive factors
- Printed historical total.
Negative factors
- Superseded low-grade gold credit; cut-off undisclosed.
Evidence · table
“0.12”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
indicatedCerro Leon · silverTonnes: 9400000Grade: 95Grade Unit: g/tContained Metal: 28.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 95
- Grade Unit
- g/t
- Contained Metal
- 28.9
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Existing Cerro Leon resource provides portfolio context.
Positive factors
- Indicated silver inventory.
Negative factors
- September 2025 restatement; global estimate cut-off and equivalent formula not disclosed for this scope.
Evidence · table
“95”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · goldTonnes: 9400000Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Byproduct component of the existing global resource.
Positive factors
- Indicated gold credit.
Negative factors
- Historical restatement; cut-off not disclosed.
Evidence · table
“0.54”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · leadTonnes: 9400000Grade: 0.57Grade Unit: %Contained Metal: 119Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 119
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Restated base-metal credit, not a new result.
Positive factors
- Indicated lead inventory disclosed.
Negative factors
- Low standalone grade; current recovery and payability not supplied.
Evidence · table
“0.57”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · zincTonnes: 9400000Grade: 0.95Grade Unit: %Contained Metal: 199Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 199
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical zinc credit within the silver-led estimate.
Positive factors
- Indicated zinc inventory disclosed.
Negative factors
- Low standalone grade; recovery and payability not supplied.
Evidence · table
“0.95”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · silverTonnes: 21600000Grade: 48Grade Unit: g/tContained Metal: 33.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:689400e5fa0c540cd74a
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 48
- Grade Unit
- g/t
- Contained Metal
- 33.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes.
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“48”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · goldTonnes: 21600000Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:689400e5fa0c540cd74a
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Existing byproduct resource needs conversion.
Positive factors
- Gold contributes to portfolio scale.
Negative factors
- Inferred and historical; low standalone grade.
Evidence · table
“0.55”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · leadTonnes: 21600000Grade: 0.54Grade Unit: %Contained Metal: 245Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:689400e5fa0c540cd74a
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 245
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical base-metal inventory with uncertain economic contribution.
Positive factors
- Disclosed lead quantity.
Negative factors
- Inferred low-grade credit; recovery and payability not supplied.
Evidence · table
“0.54”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · zincTonnes: 21600000Grade: 1.3Grade Unit: %Contained Metal: 580Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:689400e5fa0c540cd74a
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 1.3
- Grade Unit
- %
- Contained Metal
- 580
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Restated zinc credit rather than current growth.
Positive factors
- Substantial disclosed zinc quantity.
Negative factors
- Inferred and low standalone grade; processing economics unresolved.
Evidence · table
“1.3”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · silverTonnes: 31000000Grade: 62Grade Unit: g/tContained Metal: 62Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:01a3ee2c2ab11c9582d8
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 62
- Grade Unit
- g/t
- Contained Metal
- 62
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Printed September 2025 global total, not a new Cerro Leon estimate.
Positive factors
- Significant total silver resource.
Negative factors
- Mostly Inferred tonnes; historical total overlaps components.
Evidence · table
“62”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · goldTonnes: 31000000Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:01a3ee2c2ab11c9582d8
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Preserves the stated 548 koz total without recalculation.
Positive factors
- Meaningful gold credit.
Negative factors
- Printed total differs from component sum; mostly Inferred.
Evidence · table
“0.55”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · leadTonnes: 31000000Grade: 0.54Grade Unit: %Contained Metal: 364Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:01a3ee2c2ab11c9582d8
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 364
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical aggregate lead inventory.
Positive factors
- Total lead quantity disclosed.
Negative factors
- Mostly Inferred low-grade credit; total overlaps components.
Evidence · table
“0.54”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · zincTonnes: 31000000Grade: 1.1Grade Unit: %Contained Metal: 778Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:01a3ee2c2ab11c9582d8
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 1.1
- Grade Unit
- %
- Contained Metal
- 778
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical zinc total retained in its printed units.
Positive factors
- Large disclosed zinc inventory.
Negative factors
- Mostly Inferred; printed contained total differs from component sum.
Evidence · table
“1.1”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin and Cerro Leon · silverTonnes: 76300000Grade: 76Grade Unit: g/tContained Metal: 185Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin and Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta, Ian Taylor
- Resource group id
- resource:46ac0cc89a87e8c38e2b
Resource Data
- Category
- inferred
- Tonnes
- 76300000
- Grade
- 76
- Grade Unit
- g/t
- Contained Metal
- 185
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 135
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Portfolio total includes Indicated and Inferred constituents and is not an independent deposit estimate.
Positive factors
- Large combined silver inventory.
Negative factors
- Combines new and historical estimates; table tonnes differ from headline; overlaps project totals.
Evidence · table
“76”
Context: 76.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin and Cerro Leon · goldTonnes: 76300000Grade: 0.4Grade Unit: g/tContained Metal: 1084Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin and Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta, Ian Taylor
- Resource group id
- resource:46ac0cc89a87e8c38e2b
Resource Data
- Category
- inferred
- Tonnes
- 76300000
- Grade
- 0.4
- Grade Unit
- g/t
- Contained Metal
- 1084
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 135
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed aggregate preserved without attempting to reconcile the source.
Positive factors
- Significant portfolio gold credit.
Negative factors
- Combined contained gold does not match project table totals; includes Inferred material.
Evidence · table
“0.4”
Context: 76.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin and Cerro Leon · leadTonnes: 76300000Grade: 0.2Grade Unit: %Contained Metal: 364Contained Unit: mlbView all detailsHide details
Identity
- Project
- Joaquin and Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta, Ian Taylor
- Resource group id
- resource:46ac0cc89a87e8c38e2b
Resource Data
- Category
- inferred
- Tonnes
- 76300000
- Grade
- 0.2
- Grade Unit
- %
- Contained Metal
- 364
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 135
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Aggregate disclosure is not evidence of new lead mineralisation.
Positive factors
- Portfolio lead quantity disclosed.
Negative factors
- Very low blended grade; inventory comes from restated Cerro Leon resource.
Evidence · table
“0.2”
Context: 76.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin and Cerro Leon · zincTonnes: 76300000Grade: 0.5Grade Unit: %Contained Metal: 779Contained Unit: mlbView all detailsHide details
Identity
- Project
- Joaquin and Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta, Ian Taylor
- Resource group id
- resource:46ac0cc89a87e8c38e2b
Resource Data
- Category
- inferred
- Tonnes
- 76300000
- Grade
- 0.5
- Grade Unit
- %
- Contained Metal
- 779
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 135
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed combined zinc disclosure, primarily historical inventory.
Positive factors
- Portfolio zinc quantity disclosed.
Negative factors
- Low blended grade; 779 Mlb differs from Cerro Leon's 778 Mlb total.
Evidence · table
“0.5”
Context: 76.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · silverTonnes: 4700000Grade: 136Grade Unit: g/tContained Metal: 20.7Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:7137a94f0eece29651dc
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 136
- Grade Unit
- g/t
- Contained Metal
- 20.7
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: PLUS 150 subset offers stronger grade and development relevance than the global blended estimate.
Positive factors
- Indicated pit-constrained oxide silver with free-milling route.
Negative factors
- Restated subset; Cerro Leon-specific cut-off not disclosed.
Evidence · table
“136”
Context: 4.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · goldTonnes: 4700000Grade: 0.63Grade Unit: g/tContained Metal: 95Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:7137a94f0eece29651dc
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 95
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold supports the silver-led development inventory.
Positive factors
- Indicated gold credit in free-milling subset.
Negative factors
- Low standalone grade; historical subset.
Evidence · table
“0.63”
Context: 4.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · silverTonnes: 3400000Grade: 85Grade Unit: g/tContained Metal: 9.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:785ce220c485ebd48b01
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 85
- Grade Unit
- g/t
- Contained Metal
- 9.2
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Potential supplementary inventory subject to geological conversion.
Positive factors
- Pit-constrained free-milling silver inventory.
Negative factors
- Inferred; scope-specific cut-off not disclosed.
Evidence · table
“85”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · goldTonnes: 3400000Grade: 0.52Grade Unit: g/tContained Metal: 56.9Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:785ce220c485ebd48b01
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 56.9
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Restated supplementary byproduct quantity.
Positive factors
- Gold credit in oxide subset.
Negative factors
- Inferred and low standalone grade.
Evidence · table
“0.52”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin and Cerro Leon · silverTonnes: 53400000Grade: 89Grade Unit: g/tContained Metal: 153Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin and Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta, Ian Taylor
- Resource group id
- resource:075a6f899d47a0b4712c
Resource Data
- Category
- inferred
- Tonnes
- 53400000
- Grade
- 89
- Grade Unit
- g/t
- Contained Metal
- 153
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 124
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed PLUS 150 total combines two projects and resource categories.
Positive factors
- Large free-milling development inventory.
Negative factors
- Includes Inferred material; overlaps components; oxide-only description conflicts with Joaquin oxidation breakdown.
Evidence · table
“89”
Context: 53.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin and Cerro Leon · goldTonnes: 53400000Grade: 0.39Grade Unit: g/tContained Metal: 673Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin and Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta, Ian Taylor
- Resource group id
- resource:075a6f899d47a0b4712c
Resource Data
- Category
- inferred
- Tonnes
- 53400000
- Grade
- 0.39
- Grade Unit
- g/t
- Contained Metal
- 673
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 124
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Disclosed PLUS 150 gold total retained as printed.
Positive factors
- Gold supports combined free-milling resource value.
Negative factors
- Low standalone grade; total includes Inferred and overlaps component rows.
Evidence · table
“0.39”
Context: 53.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 11400000Grade: 129Grade Unit: g/tContained Metal: 47.4Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:212008c49b868a0ae9e7
- Deposit or zone
- La Negra
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 129
- Grade Unit
- g/t
- Contained Metal
- 47.4
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: A substantial, comparatively stronger-grade Joaquin component.
Positive factors
- Indicated silver at 129 g/t.
Negative factors
- Resource economics unproven.
Evidence · table
“129”
Context: 11.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · goldTonnes: 11400000Grade: 0.21Grade Unit: g/tContained Metal: 76Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:212008c49b868a0ae9e7
- Deposit or zone
- La Negra
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 0.21
- Grade Unit
- g/t
- Contained Metal
- 76
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Modest byproduct contribution to a silver-rich zone.
Positive factors
- Indicated gold credit.
Negative factors
- Very low standalone gold grade.
Evidence · table
“0.21”
Context: 11.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 2800000Grade: 103Grade Unit: g/tContained Metal: 9.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d902e7fc1a2335dffd59
- Deposit or zone
- La Negra
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2800000
- Grade
- 103
- Grade Unit
- g/t
- Contained Metal
- 9.1
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 123
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Adds moderate scale requiring resource conversion.
Positive factors
- Additional silver at 103 g/t.
Negative factors
- Inferred classification.
Evidence · table
“103”
Context: 2.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 2800000Grade: 0.23Grade Unit: g/tContained Metal: 20Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d902e7fc1a2335dffd59
- Deposit or zone
- La Negra
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2800000
- Grade
- 0.23
- Grade Unit
- g/t
- Contained Metal
- 20
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 123
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Minor byproduct inventory.
Positive factors
- Disclosed gold credit.
Negative factors
- Inferred, small and low grade.
Evidence · table
“0.23”
Context: 2.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 14200000Grade: 124Grade Unit: g/tContained Metal: 56Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:3d94cca1e258d5ddae5c
- Deposit or zone
- La Negra
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 14200000
- Grade
- 124
- Grade Unit
- g/t
- Contained Metal
- 56
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 142
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Negra total includes both resource categories.
Positive factors
- Large silver zone, mostly Indicated tonnes.
Negative factors
- Printed contained total differs from component sum; total overlaps components.
Evidence · table
“124”
Context: 14.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 14200000Grade: 0.21Grade Unit: g/tContained Metal: 96Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:3d94cca1e258d5ddae5c
- Deposit or zone
- La Negra
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 14200000
- Grade
- 0.21
- Grade Unit
- g/t
- Contained Metal
- 96
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 142
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed zone gold total.
Positive factors
- Mostly Indicated gold credit.
Negative factors
- Low standalone grade; total overlaps components.
Evidence · table
“0.21”
Context: 14.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 14700000Grade: 51Grade Unit: g/tContained Metal: 23.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:fedf9923ef7ec1b60e2d
- Deposit or zone
- La Negra SE
- 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
Metal Equivalent
- Metal Eq. Grade
- 87
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: New discovery contribution is material through scale and confidence.
Positive factors
- Discovery adds substantial Indicated tonnes.
Negative factors
- Lower silver grade than La Negra.
Evidence · table
“51”
Context: 14.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · goldTonnes: 14700000Grade: 0.42Grade Unit: g/tContained Metal: 199Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:fedf9923ef7ec1b60e2d
- Deposit or zone
- La Negra SE
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14700000
- Grade
- 0.42
- Grade Unit
- g/t
- Contained Metal
- 199
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 87
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold materially supplements lower-grade silver in this discovery.
Positive factors
- Indicated gold makes a meaningful equivalent-grade contribution.
Negative factors
- Low standalone gold grade.
Evidence · table
“0.42”
Context: 14.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 2200000Grade: 43Grade Unit: g/tContained Metal: 3.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:085e2afe81ad6f19a2e9
- Deposit or zone
- La Negra SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 43
- Grade Unit
- g/t
- Contained Metal
- 3.1
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 74
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Small lower-confidence extension of the zone resource.
Positive factors
- Adds discovery inventory.
Negative factors
- Inferred and relatively low silver grade.
Evidence · table
“43”
Context: 2.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 2200000Grade: 0.36Grade Unit: g/tContained Metal: 26Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:085e2afe81ad6f19a2e9
- Deposit or zone
- La Negra SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 26
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 74
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Limited standalone significance.
Positive factors
- Gold supplements silver grade.
Negative factors
- Inferred and low-grade byproduct.
Evidence · table
“0.36”
Context: 2.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 17000000Grade: 50Grade Unit: g/tContained Metal: 27Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:bbbf6d05981d5b07a45f
- Deposit or zone
- La Negra SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 17000000
- Grade
- 50
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 85
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed combined-category La Negra SE total.
Positive factors
- Large discovery resource, predominantly Indicated.
Negative factors
- Lower silver grade; total overlaps component rows.
Evidence · table
“50”
Context: 17.0
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 17000000Grade: 0.41Grade Unit: g/tContained Metal: 225Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:bbbf6d05981d5b07a45f
- Deposit or zone
- La Negra SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 17000000
- Grade
- 0.41
- Grade Unit
- g/t
- Contained Metal
- 225
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 85
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supports the new zone's combined-metal value.
Positive factors
- Material gold credit, mostly Indicated tonnes.
Negative factors
- Low standalone grade; total overlaps components.
Evidence · table
“0.41”
Context: 17.0
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 5800000Grade: 137Grade Unit: g/tContained Metal: 25.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:6c33a9d00d4af2173d3a
- Deposit or zone
- La Morocha
- 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
Metal Equivalent
- Metal Eq. Grade
- 149
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Higher-grade component with useful historical processing context.
Positive factors
- Indicated silver at comparatively stronger grade; historical plant experience.
Negative factors
- Remaining resource is not a reserve.
Evidence · table
“137”
Context: 5.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · goldTonnes: 5800000Grade: 0.14Grade Unit: g/tContained Metal: 27Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:6c33a9d00d4af2173d3a
- Deposit or zone
- La Morocha
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5800000
- Grade
- 0.14
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 149
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Minor byproduct to silver.
Positive factors
- Indicated gold credit.
Negative factors
- Very low gold grade and small quantity.
Evidence · table
“0.14”
Context: 5.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 700000Grade: 54Grade Unit: g/tContained Metal: 1.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:ef1cc161441c03e2cb7d
- Deposit or zone
- La Morocha
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 700000
- Grade
- 54
- Grade Unit
- g/t
- Contained Metal
- 1.3
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 81
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Limited incremental scale.
Positive factors
- Adds silver inventory.
Negative factors
- Small, lower-grade Inferred component.
Evidence · table
“54”
Context: 0.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 700000Grade: 0.32Grade Unit: g/tContained Metal: 7Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:ef1cc161441c03e2cb7d
- Deposit or zone
- La Morocha
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 700000
- Grade
- 0.32
- Grade Unit
- g/t
- Contained Metal
- 7
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 81
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Minor byproduct component.
Positive factors
- Gold credit disclosed.
Negative factors
- Very small Inferred inventory.
Evidence · table
“0.32”
Context: 0.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 6600000Grade: 128Grade Unit: g/tContained Metal: 27Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:e16e87f855a0f560d173
- Deposit or zone
- La Morocha
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 6600000
- Grade
- 128
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 142
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Combined-category zone total retained as disclosed.
Positive factors
- Mostly Indicated, comparatively stronger silver grade.
Negative factors
- Printed tonnes differ from component sum; total overlaps components.
Evidence · table
“128”
Context: 6.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 6600000Grade: 0.16Grade Unit: g/tContained Metal: 34Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:e16e87f855a0f560d173
- Deposit or zone
- La Morocha
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 6600000
- Grade
- 0.16
- Grade Unit
- g/t
- Contained Metal
- 34
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 142
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Small zone-level byproduct total.
Positive factors
- Gold credit in mostly Indicated zone.
Negative factors
- Low grade; total overlaps components.
Evidence · table
“0.16”
Context: 6.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 2500000Grade: 70Grade Unit: g/tContained Metal: 5.6Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:6073b735e7837785e951
- Deposit or zone
- La Morocha SE
- 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
Metal Equivalent
- Metal Eq. Grade
- 100
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: New discovery contribution with reasonable geological confidence.
Positive factors
- Indicated discovery inventory.
Negative factors
- Modest silver scale and grade.
Evidence · table
“70”
Context: 2.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · goldTonnes: 2500000Grade: 0.35Grade Unit: g/tContained Metal: 28Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:6073b735e7837785e951
- Deposit or zone
- La Morocha SE
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2500000
- Grade
- 0.35
- Grade Unit
- g/t
- Contained Metal
- 28
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 100
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Supplementary metal in the discovery resource.
Positive factors
- Indicated gold credit.
Negative factors
- Small low-grade gold inventory.
Evidence · table
“0.35”
Context: 2.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 2700000Grade: 57Grade Unit: g/tContained Metal: 4.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:324ac37a27872e831efe
- Deposit or zone
- La Morocha SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2700000
- Grade
- 57
- Grade Unit
- g/t
- Contained Metal
- 4.9
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 81
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Adds scale but needs infill drilling.
Positive factors
- Additional discovery inventory.
Negative factors
- Inferred and modest grade.
Evidence · table
“57”
Context: 2.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 2700000Grade: 0.28Grade Unit: g/tContained Metal: 24Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:324ac37a27872e831efe
- Deposit or zone
- La Morocha SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2700000
- Grade
- 0.28
- Grade Unit
- g/t
- Contained Metal
- 24
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 81
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Minor supplementary inventory.
Positive factors
- Gold credit disclosed.
Negative factors
- Inferred and low grade.
Evidence · table
“0.28”
Context: 2.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 5200000Grade: 64Grade Unit: g/tContained Metal: 10Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:46ec80eea6db821eca0c
- Deposit or zone
- La Morocha SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 5200000
- Grade
- 64
- Grade Unit
- g/t
- Contained Metal
- 10
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 90
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Printed combined-category zone total.
Positive factors
- Discovery adds meaningful zone scale.
Negative factors
- Slight majority of tonnes Inferred; total overlaps components.
Evidence · table
“64”
Context: 5.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 5200000Grade: 0.32Grade Unit: g/tContained Metal: 52Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:46ec80eea6db821eca0c
- Deposit or zone
- La Morocha SE
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 5200000
- Grade
- 0.32
- Grade Unit
- g/t
- Contained Metal
- 52
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 90
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zone gold total overlaps category components.
Positive factors
- Gold credit contributes to equivalent grade.
Negative factors
- Low grade and substantial Inferred portion.
Evidence · table
“0.32”
Context: 5.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 2400000Grade: 27Grade Unit: g/tContained Metal: 2.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d7d6c1e0c3bc581c5d61
- Deposit or zone
- Breccia Puntudo
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2400000
- Grade
- 27
- Grade Unit
- g/t
- Contained Metal
- 2.1
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Explicit total retained separately; it adds no inventory beyond the component.
Positive factors
- Printed maiden zone total.
Negative factors
- All Inferred; duplicates the zone's Inferred component.
Evidence · table
“27”
Context: 2.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 2400000Grade: 1.46Grade Unit: g/tContained Metal: 111Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d7d6c1e0c3bc581c5d61
- Deposit or zone
- Breccia Puntudo
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2400000
- Grade
- 1.46
- Grade Unit
- g/t
- Contained Metal
- 111
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Explicit total retained without double-counting its significance.
Positive factors
- Printed gold-rich maiden zone total.
Negative factors
- All Inferred; identical to component inventory.
Evidence · table
“1.46”
Context: 2.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 34400000Grade: 92Grade Unit: g/tContained Metal: 103Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:59003a7d7c9611fd3ae1
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34400000
- Grade
- 92
- Grade Unit
- g/t
- Contained Metal
- 103
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Appendix A category total preserved as a distinct conflicting disclosure.
Positive factors
- Large Indicated total.
Negative factors
- Appendix A gives 34.4 Mt at 92 g/t versus Table 1's 34.5 Mt at 93 g/t.
Evidence · table
“92”
Context: 34.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · goldTonnes: 34400000Grade: 0.3Grade Unit: g/tContained Metal: 331Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:59003a7d7c9611fd3ae1
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34400000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 331
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Conflicting printed category total retained.
Positive factors
- Indicated gold credit.
Negative factors
- Appendix A gives 331 koz versus Table 1's 334 koz.
Evidence · table
“0.30”
Context: 34.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 63Joaquin · silverTonnes: 31200000Grade: 71Grade Unit: g/tContained Metal: 71Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d3011da5475a087bc047
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Tonnes
- 31200000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 71
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Oxide-domain total retained without inventing its classification.
Positive factors
- Large near-surface oxide silver inventory with conventional processing context.
Negative factors
- Oxidation table does not disclose category split; overlaps global resource.
Evidence · table
“71”
Context: 31.2
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 64Joaquin · goldTonnes: 31200000Grade: 0.42Grade Unit: g/tContained Metal: 419Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d3011da5475a087bc047
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Tonnes
- 31200000
- Grade
- 0.42
- Grade Unit
- g/t
- Contained Metal
- 419
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Material gold credit in the oxide domain.
Positive factors
- Most disclosed Joaquin gold lies in oxide material.
Negative factors
- Low standalone grade; category split undisclosed.
Evidence · table
“0.42”
Context: 31.2
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 65Joaquin · silverTonnes: 7500000Grade: 118Grade Unit: g/tContained Metal: 28Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:e2a595ffdebabf4074b7
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Tonnes
- 7500000
- Grade
- 118
- Grade Unit
- g/t
- Contained Metal
- 28
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 140
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Mixed-domain silver contributes meaningful scale.
Positive factors
- Comparatively stronger silver grade; historical mixed-material leach support.
Negative factors
- Category split undisclosed; recovery variability needs development work.
Evidence · table
“118”
Context: 7.5
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 66Joaquin · goldTonnes: 7500000Grade: 0.26Grade Unit: g/tContained Metal: 63Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:e2a595ffdebabf4074b7
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Tonnes
- 7500000
- Grade
- 0.26
- Grade Unit
- g/t
- Contained Metal
- 63
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 140
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Secondary metal contribution.
Positive factors
- Disclosed mixed-domain gold credit.
Negative factors
- Low grade; classification split not disclosed.
Evidence · table
“0.26”
Context: 7.5
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 67Joaquin · silverTonnes: 6500000Grade: 112Grade Unit: g/tContained Metal: 23Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:013c1c209f8c42ba80fb
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Tonnes
- 6500000
- Grade
- 112
- Grade Unit
- g/t
- Contained Metal
- 23
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 128
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Fresh-domain economics require domain-specific validation.
Positive factors
- Meaningful fresh-domain silver inventory.
Negative factors
- Category split undisclosed; narrative recovery support focuses on oxide and mixed material.
Evidence · table
“112”
Context: 6.5
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 68Joaquin · goldTonnes: 6500000Grade: 0.18Grade Unit: g/tContained Metal: 38Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:013c1c209f8c42ba80fb
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Tonnes
- 6500000
- Grade
- 0.18
- Grade Unit
- g/t
- Contained Metal
- 38
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 128
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Minor fresh-domain byproduct inventory.
Positive factors
- Gold credit disclosed.
Negative factors
- Very low grade; category split and fresh-domain recovery detail undisclosed.
Evidence · table
“0.18”
Context: 6.5
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 45300000Grade: 85Grade Unit: g/tContained Metal: 123Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:4c072b1b89b5255eefc6
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45300000
- Grade
- 85
- Grade Unit
- g/t
- Contained Metal
- 123
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Appendix B aggregate spans oxide, mixed and fresh material; category follows the disclosed overall category mix.
Positive factors
- Large total across oxidation domains.
Negative factors
- Overlaps global total; component figures do not exactly sum to the printed total.
Evidence · table
“85”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · goldTonnes: 45300000Grade: 0.36Grade Unit: g/tContained Metal: 521Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:4c072b1b89b5255eefc6
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45300000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 521
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Preserves the Appendix B gold total as printed.
Positive factors
- Total gold credit across oxidation domains.
Negative factors
- 521 koz differs from Table 1 and Appendix A's 522 koz; overlaps global totals.
Evidence · table
“0.36”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 34.5Grade: 103Grade Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d7e452efc170c78dd6f7
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34.5
- Grade
- 103
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: The principal higher-confidence component of the new Joaquin estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Large Indicated silver inventory; disclosed cut-off and CP.
Negative factors
- Economic viability not demonstrated.
Evidence · table
“103”
Context: 34.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquin · goldTonnes: 34.5Grade: 0.3Grade Unit: g/tContained Metal: 334Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d7e452efc170c78dd6f7
- 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
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: The principal higher-confidence component of the new Joaquin estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Large Indicated silver inventory; disclosed cut-off and CP.
Negative factors
- Economic viability not demonstrated.
Evidence · table
“0.30”
Context: 34.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 10.8Grade: 20Grade Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:96ded1dbddc9bac27760
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10.8
- Grade
- 20
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Adds scale with lower geological confidence than the Indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver inventory.
Negative factors
- Inferred classification requires further drilling.
Evidence · table
“20”
Context: 10.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 10.8Grade: 0.55Grade Unit: g/tContained Metal: 190Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:96ded1dbddc9bac27760
- 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
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Adds scale with lower geological confidence than the Indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver inventory.
Negative factors
- Inferred classification requires further drilling.
Evidence · table
“0.55”
Context: 10.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 45.3Grade: 123Grade Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f4bd6623b13a5d0b0ed4
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45.3
- Grade
- 123
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Adds scale with lower geological confidence than the Indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver inventory.
Negative factors
- Inferred classification requires further drilling.
Evidence · table
“123”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 45.3Grade: 0.36Grade Unit: g/tContained Metal: 522Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f4bd6623b13a5d0b0ed4
- 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
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- CRS
- WGS84 / UTM Zone 19 South
Review
- Needs Review
- No
- Historical
- No
Reasoning: Adds scale with lower geological confidence than the Indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver inventory.
Negative factors
- Inferred classification requires further drilling.
Evidence · table
“0.36”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · silverTonnes: 9.4Grade: 28.9Grade Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0fd8c98ce2d146749daf
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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Existing Cerro Leon resource provides portfolio context. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated silver inventory.
Negative factors
- September 2025 restatement; global estimate cut-off and equivalent formula not disclosed for this scope.
Evidence · table
“28.9”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCerro Leon · goldTonnes: 9.4Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0fd8c98ce2d146749daf
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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Existing Cerro Leon resource provides portfolio context. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated silver inventory.
Negative factors
- September 2025 restatement; global estimate cut-off and equivalent formula not disclosed for this scope.
Evidence · table
“0.54”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · leadTonnes: 9.4Grade: 119Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0fd8c98ce2d146749daf
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 119
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Existing Cerro Leon resource provides portfolio context. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated silver inventory.
Negative factors
- September 2025 restatement; global estimate cut-off and equivalent formula not disclosed for this scope.
Evidence · table
“119”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCerro Leon · zincTonnes: 9.4Grade: 199Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0fd8c98ce2d146749daf
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 199
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Existing Cerro Leon resource provides portfolio context. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated silver inventory.
Negative factors
- September 2025 restatement; global estimate cut-off and equivalent formula not disclosed for this scope.
Evidence · table
“199”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · silverTonnes: 21.6Grade: 33.1Grade Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b803c38968aaf8493bed
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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“33.1”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · goldTonnes: 21.6Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b803c38968aaf8493bed
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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“0.55”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · leadTonnes: 21.6Grade: 245Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b803c38968aaf8493bed
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 245
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“245”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · zincTonnes: 21.6Grade: 580Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b803c38968aaf8493bed
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 580
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“580”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · silverTonnes: 31Grade: 62Grade Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:e4b782b88acc80d811a3
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 62
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“62”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · goldTonnes: 31Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:e4b782b88acc80d811a3
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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“0.55”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · leadTonnes: 31Grade: 364Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:e4b782b88acc80d811a3
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 364
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“364”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · zincTonnes: 31Grade: 778Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:e4b782b88acc80d811a3
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 778
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lower-confidence component dominates Cerro Leon global tonnes. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Additional silver scale.
Negative factors
- Inferred, restated and lower grade; scope-specific cut-off not disclosed.
Evidence · table
“778”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
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.