# Untitled mining news story Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab Original source: https://announcements.asx.com.au/asxpdf/20260317/pdf/06xhxch15zdl7t.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T17:57:46.836Z Atlas analysis updated: 2026-10-13T17:57:46.836Z - 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 Narrative sentiment: 0.75 · Bullish ## Minestarters Atlas 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of 45.3 Mt at 115 g/t AgEq for 167 Moz AgEq, with most tonnes classified as Indicated; the release compares it with a superseded 2013 estimate rather than announcing individual drill assays.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 factor: New Joaquin JORC resource reports 167 Moz AgEq, including 123 Moz silver. - Positive factor: Most Joaquin tonnes are Indicated, supporting progression toward the planned PFS. - Positive factor: Resource reporting discloses a 40 g/t AgEq cut-off, equivalent assumptions, independent Competent Person and QA/QC. - Positive factor: Historical metallurgy and industrial processing support conventional whole-ore cyanidation. - Negative factor: Mineral Resources are not Ore Reserves and economic viability remains unproven. - Negative factor: The growth comparison uses a superseded 2013 foreign estimate and accounts for historical depletion; it is not a routine like-for-like annual comparison. - Negative factor: Headline, table and appendix figures contain differences beyond uniform presentation, including gold ounces, Indicated tonnes and combined tonnes. - Negative factor: The current estimate has no external audit, and additional work is required for detailed mine scheduling. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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 Update** Polarity: neutral Definition: 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 Growth** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: 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-Supporting** Polarity: neutral Definition: 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 Milling** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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 Tested** Polarity: positive Definition: 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 Inconsistencies** Polarity: negative Story-specific tag Definition: 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 Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("column leach"\) **Gravity Route** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-0) Joaquin · silver #### 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 factor: Indicated inventory included in PLUS 150 development table. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-1) Joaquin · gold #### 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 factor: Indicated gold credit in development table. - Negative factor: Repeats Table 1; free-milling scope is inconsistently described. Evidence · table > 0.30 Context: 34.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-2) Joaquin · silver #### 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 factor: Additional resource scale. - Negative factor: Inferred; Appendix A contained silver differs from Table 1. Evidence · table > 59 Context: 10.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-3) Joaquin · gold #### 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 factor: Gold credit. - Negative factor: Inferred and repeats Table 1 inventory. Evidence · table > 0.55 Context: 10.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-4) Joaquin · silver #### 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 factor: Large total silver inventory, mostly Indicated. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-5) Joaquin · gold #### 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 factor: Meaningful gold credit. - Negative factor: Printed 522 koz differs from Appendix B and headline; overlaps other totals. Evidence · table > 0.36 Context: 45.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-6) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical M&I baseline with named QP. - Negative factor: Superseded foreign estimate; cut-off not supplied here. Evidence · table > 65.2 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-7) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Historical gold credit. - Negative factor: Superseded estimate; very low gold grade; cut-off undisclosed. Evidence · table > 0.12 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-8) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical comparison baseline. - Negative factor: Inferred and superseded; cut-off undisclosed. Evidence · table > 3.1 Context: 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-9) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Disclosed historical byproduct quantity. - Negative factor: Small, low-grade, Inferred and superseded. Evidence · table > 0.12 Context: 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-10) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Printed historical total establishes comparison scale. - Negative factor: Superseded and not directly comparable without cut-off and depletion adjustments. Evidence · table > 68.3 Context: 16.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-11) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Printed historical total. - Negative factor: Superseded low-grade gold credit; cut-off undisclosed. Evidence · table > 0.12 Context: 16.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-12) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Indicated silver inventory. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-13) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated gold credit. - Negative factor: Historical restatement; cut-off not disclosed. Evidence · table > 0.54 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-14) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Indicated lead inventory disclosed. - Negative factor: Low standalone grade; current recovery and payability not supplied. Evidence · table > 0.57 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-15) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Indicated zinc inventory disclosed. - Negative factor: Low standalone grade; recovery and payability not supplied. Evidence · table > 0.95 Context: 9.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-16) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 48 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-17) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Gold contributes to portfolio scale. - Negative factor: Inferred and historical; low standalone grade. Evidence · table > 0.55 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-18) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Disclosed lead quantity. - Negative factor: Inferred low-grade credit; recovery and payability not supplied. Evidence · table > 0.54 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-19) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Substantial disclosed zinc quantity. - Negative factor: Inferred and low standalone grade; processing economics unresolved. Evidence · table > 1.3 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-20) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Significant total silver resource. - Negative factor: Mostly Inferred tonnes; historical total overlaps components. Evidence · table > 62 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-21) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Meaningful gold credit. - Negative factor: Printed total differs from component sum; mostly Inferred. Evidence · table > 0.55 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-22) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Total lead quantity disclosed. - Negative factor: Mostly Inferred low-grade credit; total overlaps components. Evidence · table > 0.54 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-23) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Large disclosed zinc inventory. - Negative factor: Mostly Inferred; printed contained total differs from component sum. Evidence · table > 1.1 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-24) Joaquin and Cerro Leon · silver #### 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 factor: Large combined silver inventory. - Negative factor: Combines new and historical estimates; table tonnes differ from headline; overlaps project totals. Evidence · table > 76 Context: 76.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-25) Joaquin and Cerro Leon · gold #### 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 factor: Significant portfolio gold credit. - Negative factor: Combined contained gold does not match project table totals; includes Inferred material. Evidence · table > 0.4 Context: 76.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-26) Joaquin and Cerro Leon · lead #### 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 factor: Portfolio lead quantity disclosed. - Negative factor: Very low blended grade; inventory comes from restated Cerro Leon resource. Evidence · table > 0.2 Context: 76.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-27) Joaquin and Cerro Leon · zinc #### 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 factor: Portfolio zinc quantity disclosed. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-28) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Indicated pit-constrained oxide silver with free-milling route. - Negative factor: Restated subset; Cerro Leon-specific cut-off not disclosed. Evidence · table > 136 Context: 4.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-29) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated gold credit in free-milling subset. - Negative factor: Low standalone grade; historical subset. Evidence · table > 0.63 Context: 4.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-30) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Pit-constrained free-milling silver inventory. - Negative factor: Inferred; scope-specific cut-off not disclosed. Evidence · table > 85 Context: 3.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-31) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Gold credit in oxide subset. - Negative factor: Inferred and low standalone grade. Evidence · table > 0.52 Context: 3.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-32) Joaquin and Cerro Leon · silver #### 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 factor: Large free-milling development inventory. - Negative factor: Includes Inferred material; overlaps components; oxide-only description conflicts with Joaquin oxidation breakdown. Evidence · table > 89 Context: 53.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-33) Joaquin and Cerro Leon · gold #### 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 factor: Gold supports combined free-milling resource value. - Negative factor: Low standalone grade; total includes Inferred and overlaps component rows. Evidence · table > 0.39 Context: 53.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-34) Joaquin · silver #### 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 factor: Indicated silver at 129 g/t. - Negative factor: Resource economics unproven. Evidence · table > 129 Context: 11.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-35) Joaquin · gold #### 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 factor: Indicated gold credit. - Negative factor: Very low standalone gold grade. Evidence · table > 0.21 Context: 11.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-36) Joaquin · silver #### 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 factor: Additional silver at 103 g/t. - Negative factor: Inferred classification. Evidence · table > 103 Context: 2.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-37) Joaquin · gold #### 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 factor: Disclosed gold credit. - Negative factor: Inferred, small and low grade. Evidence · table > 0.23 Context: 2.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-38) Joaquin · silver #### 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 factor: Large silver zone, mostly Indicated tonnes. - Negative factor: Printed contained total differs from component sum; total overlaps components. Evidence · table > 124 Context: 14.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-39) Joaquin · gold #### 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 factor: Mostly Indicated gold credit. - Negative factor: Low standalone grade; total overlaps components. Evidence · table > 0.21 Context: 14.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-40) Joaquin · silver #### 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 factor: Discovery adds substantial Indicated tonnes. - Negative factor: Lower silver grade than La Negra. Evidence · table > 51 Context: 14.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-41) Joaquin · gold #### 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 factor: Indicated gold makes a meaningful equivalent-grade contribution. - Negative factor: Low standalone gold grade. Evidence · table > 0.42 Context: 14.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-42) Joaquin · silver #### 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 factor: Adds discovery inventory. - Negative factor: Inferred and relatively low silver grade. Evidence · table > 43 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-43) Joaquin · gold #### 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 factor: Gold supplements silver grade. - Negative factor: Inferred and low-grade byproduct. Evidence · table > 0.36 Context: 2.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-44) Joaquin · silver #### 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 factor: Large discovery resource, predominantly Indicated. - Negative factor: Lower silver grade; total overlaps component rows. Evidence · table > 50 Context: 17.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-45) Joaquin · gold #### 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 factor: Material gold credit, mostly Indicated tonnes. - Negative factor: Low standalone grade; total overlaps components. Evidence · table > 0.41 Context: 17.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-46) Joaquin · silver #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - 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 factor: Indicated silver at comparatively stronger grade; historical plant experience. - Negative factor: Remaining resource is not a reserve. Evidence · table > 137 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-47) Joaquin · gold #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - 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 factor: Indicated gold credit. - Negative factor: Very low gold grade and small quantity. Evidence · table > 0.14 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-48) Joaquin · silver #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - 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 factor: Adds silver inventory. - Negative factor: Small, lower-grade Inferred component. Evidence · table > 54 Context: 0.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-49) Joaquin · gold #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - 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 factor: Gold credit disclosed. - Negative factor: Very small Inferred inventory. Evidence · table > 0.32 Context: 0.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-50) Joaquin · silver #### 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 factor: Mostly Indicated, comparatively stronger silver grade. - Negative factor: Printed tonnes differ from component sum; total overlaps components. Evidence · table > 128 Context: 6.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-51) Joaquin · gold #### 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 factor: Gold credit in mostly Indicated zone. - Negative factor: Low grade; total overlaps components. Evidence · table > 0.16 Context: 6.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-52) Joaquin · silver #### 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 factor: Indicated discovery inventory. - Negative factor: Modest silver scale and grade. Evidence · table > 70 Context: 2.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-53) Joaquin · gold #### 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 factor: Indicated gold credit. - Negative factor: Small low-grade gold inventory. Evidence · table > 0.35 Context: 2.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-54) Joaquin · silver #### 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 factor: Additional discovery inventory. - Negative factor: Inferred and modest grade. Evidence · table > 57 Context: 2.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-55) Joaquin · gold #### 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 factor: Gold credit disclosed. - Negative factor: Inferred and low grade. Evidence · table > 0.28 Context: 2.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-56) Joaquin · silver #### 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 factor: Discovery adds meaningful zone scale. - Negative factor: Slight majority of tonnes Inferred; total overlaps components. Evidence · table > 64 Context: 5.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-57) Joaquin · gold #### 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 factor: Gold credit contributes to equivalent grade. - Negative factor: Low grade and substantial Inferred portion. Evidence · table > 0.32 Context: 5.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-58) Joaquin · silver #### 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 factor: Printed maiden zone total. - Negative factor: All Inferred; duplicates the zone's Inferred component. Evidence · table > 27 Context: 2.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-59) Joaquin · gold #### 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 factor: Printed gold-rich maiden zone total. - Negative factor: All Inferred; identical to component inventory. Evidence · table > 1.46 Context: 2.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-60) Joaquin · silver #### 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 factor: Large Indicated total. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-61) Joaquin · gold #### 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 factor: Indicated gold credit. - Negative factor: Appendix A gives 331 koz versus Table 1's 334 koz. Evidence · table > 0.30 Context: 34.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 63 [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-62) Joaquin · silver #### 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 factor: Large near-surface oxide silver inventory with conventional processing context. - Negative factor: Oxidation table does not disclose category split; overlaps global resource. Evidence · table > 71 Context: 31.2 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 64 [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-63) Joaquin · gold #### 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 factor: Most disclosed Joaquin gold lies in oxide material. - Negative factor: Low standalone grade; category split undisclosed. Evidence · table > 0.42 Context: 31.2 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 65 [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-64) Joaquin · silver #### 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 factor: Comparatively stronger silver grade; historical mixed-material leach support. - Negative factor: Category split undisclosed; recovery variability needs development work. Evidence · table > 118 Context: 7.5 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 66 [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-65) Joaquin · gold #### 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 factor: Disclosed mixed-domain gold credit. - Negative factor: Low grade; classification split not disclosed. Evidence · table > 0.26 Context: 7.5 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 67 [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-66) Joaquin · silver #### 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 factor: Meaningful fresh-domain silver inventory. - Negative factor: Category split undisclosed; narrative recovery support focuses on oxide and mixed material. Evidence · table > 112 Context: 6.5 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 68 [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-67) Joaquin · gold #### 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 factor: Gold credit disclosed. - Negative factor: Very low grade; category split and fresh-domain recovery detail undisclosed. Evidence · table > 0.18 Context: 6.5 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-68) Joaquin · silver #### 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 factor: Large total across oxidation domains. - Negative factor: Overlaps global total; component figures do not exactly sum to the printed total. Evidence · table > 85 Context: 45.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-69) Joaquin · gold #### 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 factor: Total gold credit across oxidation domains. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-70) Joaquin · silver #### 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 factor: Large Indicated silver inventory; disclosed cut-off and CP. - Negative factor: Economic viability not demonstrated. Evidence · table > 103 Context: 34.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-71) Joaquin · gold #### 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 factor: Large Indicated silver inventory; disclosed cut-off and CP. - Negative factor: Economic viability not demonstrated. Evidence · table > 0.30 Context: 34.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-72) Joaquin · silver #### 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 factor: Additional silver inventory. - Negative factor: Inferred classification requires further drilling. Evidence · table > 20 Context: 10.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-73) Joaquin · gold #### 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 factor: Additional silver inventory. - Negative factor: Inferred classification requires further drilling. Evidence · table > 0.55 Context: 10.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-74) Joaquin · silver #### 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 factor: Additional silver inventory. - Negative factor: Inferred classification requires further drilling. Evidence · table > 123 Context: 45.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-75) Joaquin · gold #### 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 factor: Additional silver inventory. - Negative factor: Inferred classification requires further drilling. Evidence · table > 0.36 Context: 45.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-76) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Indicated silver inventory. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-77) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated silver inventory. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-78) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Indicated silver inventory. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-79) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Indicated silver inventory. - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-80) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 33.1 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-81) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 0.55 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-82) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 245 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-83) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 580 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-84) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 62 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-85) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 0.55 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-86) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 364 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--54de4291-9985-4d46-86e6-496a2b72b2ab#fact-resource-facts-87) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Additional silver scale. - Negative factor: Inferred, restated and lower grade; scope-specific cut-off not disclosed. Evidence · table > 778 Context: 31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.