# Our Projects - UnicoSilver

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a

Original source: https://unicosilver.com.au/our-projects

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T16:51:42.404Z

Atlas analysis updated: 2026-10-13T16:51:42.404Z

- Company: Unico Silver

- Ticker: USL

- Exchange: ASX

- Region: Santa Cruz, Argentina

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Other, Resource update

- Extracted: 2026-10-13 16:51:43 UTC

Narrative sentiment: 0.35 · Bullish

## Minestarters Atlas summary

Unico Silver's portfolio webpage describes its wholly owned Joaquin and Cerro Leon silver projects in Santa Cruz, Argentina, with reported resources of 167 Moz and 162 Moz AgEq respectively. It outlines an oxide-first development strategy and PFS workstreams, while restating resource estimates rather than announcing new drill assays. Numerical inconsistencies, undisclosed resource cut-offs and absent silver-equivalent assumptions limit confidence in comparisons.

Reasoning: The resource base and development preparations support a moderately positive assessment, but the page mainly restates project information and contains unresolved numerical inconsistencies.

- Positive factor: Two wholly owned projects with disclosed JORC resource estimates.

- Positive factor: Joaquin has a substantial Indicated component.

- Positive factor: Pit-constrained oxide development strategy and PFS workstreams are described.

- Negative factor: This is an undated portfolio webpage, not a discrete announcement of new results.

- Negative factor: Cerro Leon is predominantly Inferred by tonnage.

- Negative factor: Resource cut-offs, equivalent-grade assumptions and responsible QP/CP names are undisclosed.

- Negative factor: Several table and narrative figures conflict.

- Rubric flag: Primary category follows the whole document's purpose. — Treat this as a portfolio webpage with secondary resource content, not a new resource or drill-results announcement.

- Rubric flag: Extract exact effective dates only when stated. — Joaquin's table caption gives March 2026 and Cerro Leon references a September 2025 announcement; neither supplies an exact effective date or historical announcement day.

- Rubric flag: Do not silently correct source inconsistencies. — Retain Joaquin's printed Inferred AgEq ounces of 20 Moz and total of 167 Moz; component AgEq ounces sum to 151 Moz. Gold component ounces sum to 524 koz versus the printed 522 koz total.

- Rubric flag: Historical production is not a resource category. — Preserve the Joaquin 2019–2022 production/depletion table as raw data; do not map Depletion to a resource or reserve category. Its silver grades conflict between rows: 410 and 1410 g/t.

- Rubric flag: Preserve contradictory narrative and tabular disclosures. — Cerro Leon narrative gives 61.4 Moz silver and 543 koz gold, whereas the table gives 62 Moz and 548 koz. Gold component ounces sum to 563 koz and zinc components to 779 Mlb versus 778 Mlb total.

- Rubric flag: Combined-category totals use the least confident constituent. — Total facts are encoded as inferred because they combine Indicated and Inferred resources; this does not mean either project is all Inferred. Do not add totals to component rows.

- Rubric flag: Promotional wording does not establish a reserve. — Do not classify Joaquin's 'Proven Resource' wording as a Proven Reserve; the actual estimate table reports Indicated and Inferred resources.

- Rubric flag: Drill comparables require matching current drill results. — No current hole assays are supplied; do not compare resource averages with the provided individual drill intercepts or infer step-out success.

Facts used in scoring: 18

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The webpage explicitly identifies the Joaquin estimate as JORC \(2012\).

Evidence · text

> The JORC \(2012\) Mineral Resource Estimate for Joaquin includes:

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: Joaquin reports 34.5 Mt in the Indicated category.

Evidence · table

> Indicated

Context: 34.5

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: Cerro Leon reports 21.6 Mt of Inferred resources, its largest category component.

Evidence · table

> Inferred

Context: 21.6

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: The presented resource estimate lacks a disclosed reporting cut-off.

Evidence · text

> The current JORC-compliant Mineral Resource Estimate for Cerro Leon is as follows:

**Metal Equivalent Opaque**

Polarity: negative

Story-specific tag

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.

Why it applies: The page reports silver-equivalent resources without price, recovery or payability assumptions.

Evidence · text

> Established JORC-compliant Mineral Resource Estimate of 167 million ounces of silver equivalent \(AgEq\).

## Extracted facts

Stored fact records: 18. Some facts used in scoring do not have a stored record.

## Resource Estimates (18)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-0)

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
- Reporting standards: jorc
- Resource group id: resource:a6bbfa32f1c4de790475
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 34500000
- Grade: 103
- Grade Unit: moz
- Contained Metal: 103
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 118
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: A substantial Indicated silver resource supports development planning, but this page adds little new estimate information.

- Positive factor: 103 Moz silver in the Indicated category.

- Positive factor: JORC \(2012\) reporting is stated.

- Negative factor: Cut-off and QP/CP sign-off are undisclosed.

- Negative factor: Restated portfolio information.

Evidence · table

> 103

Context: 34.5

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-1)

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
- Reporting standards: jorc
- Resource group id: resource:a6bbfa32f1c4de790475
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 34500000
- Grade: 0.3
- Grade Unit: g/t
- Contained Metal: 334
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 118
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Gold offers potential byproduct value; the grade does not establish a standalone gold development case.

- Positive factor: 334 koz gold reported in an Indicated silver resource.

- Negative factor: Low standalone gold grade.

- Negative factor: Cut-off and equivalent assumptions are undisclosed.

Evidence · table

> 0.30

Context: 34.5

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-2)

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
- Reporting standards: jorc
- Resource group id: resource:d8ab0ad1651fce7b47da
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 10800000
- Grade: 20
- Grade Unit: moz
- Contained Metal: 20
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 106
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The silver adds scale, but geological uncertainty and an inconsistent equivalent-ounces column limit reliance.

- Positive factor: 20 Moz additional silver reported.

- Negative factor: Inferred geological confidence.

- Negative factor: The row's AgEq contained ounces conflict with the reported total.

- Negative factor: Cut-off is undisclosed.

Evidence · table

> 20

Context: 10.8

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-3)

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
- Reporting standards: jorc
- Resource group id: resource:d8ab0ad1651fce7b47da
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 10800000
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 190
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 106
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Gold contributes potential value to the silver project, subject to resource conversion and processing validation.

- Positive factor: 190 koz gold reported as potential byproduct inventory.

- Negative factor: Inferred classification.

- Negative factor: Equivalent assumptions and resource cut-off are undisclosed.

Evidence · table

> 0.55

Context: 10.8

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-4)

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
- Reporting standards: jorc
- Resource group id: resource:3a7c38cdb4914b9fcf77
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 45300000
- Grade: 123
- Grade Unit: moz
- Contained Metal: 123
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 115
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: This printed total represents the combined Indicated and Inferred inventory, not an additional resource or an all-Inferred estimate.

- Positive factor: 123 Moz total silver reported.

- Positive factor: Most component tonnage is Indicated.

- Negative factor: Total includes Inferred resources.

- Negative factor: AgEq component ounces do not reconcile to the total.

- Negative factor: Cut-off is undisclosed.

Evidence · table

> 123

Context: 45.3

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-5)

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
- Reporting standards: jorc
- Resource group id: resource:3a7c38cdb4914b9fcf77
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 45300000
- Grade: 0.36
- Grade Unit: g/t
- Contained Metal: 522
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 115
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The combined inventory provides potential gold credits, but the printed total has a reconciliation discrepancy.

- Positive factor: 522 koz total gold reported.

- Negative factor: Low standalone gold grade.

- Negative factor: Gold component ounces do not sum to the printed total.

- Negative factor: Total includes Inferred material.

Evidence · table

> 0.36

Context: 45.3

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-6)

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
- Resource group id: resource:cc9c04ad1e60e0ca3f0d
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 28.9
- Grade Unit: moz
- Contained Metal: 28.9
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The Indicated inventory provides a credible geological foundation, though development economics remain unquantified.

- Positive factor: 28.9 Moz silver in the Indicated category.

- Positive factor: JORC reporting stated.

- Negative factor: Cut-off, QP/CP names and equivalent assumptions are undisclosed.

Evidence · table

> 28.9

Context: 9.4

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-7)

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
- Resource group id: resource:cc9c04ad1e60e0ca3f0d
- Ownership percent: 100 %

#### 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
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Gold may support the silver project's value as a coproduct or byproduct.

- Positive factor: 165 koz Indicated gold reported.

- Negative factor: Modest standalone gold grade.

- Negative factor: Recovery and equivalent assumptions are undisclosed.

Evidence · table

> 0.54

Context: 9.4

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-8)

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
- Resource group id: resource:cc9c04ad1e60e0ca3f0d
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 119
- Grade Unit: mlb
- Contained Metal: 119
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Lead is a disclosed secondary metal whose economic contribution is not established here.

- Positive factor: 119 Mlb lead reported in Indicated material.

- Negative factor: Low standalone lead grade.

- Negative factor: Recovery and payability are undisclosed.

Evidence · table

> 119

Context: 9.4

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-9)

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
- Resource group id: resource:cc9c04ad1e60e0ca3f0d
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9400000
- Grade: 199
- Grade Unit: mlb
- Contained Metal: 199
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 190
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Zinc offers potential secondary value but cannot be economically evaluated from this resource table alone.

- Positive factor: 199 Mlb zinc reported in Indicated material.

- Negative factor: Low standalone zinc grade.

- Negative factor: Recovery and payability are undisclosed.

Evidence · table

> 199

Context: 9.4

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-10)

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
- Resource group id: resource:689400e5fa0c540cd74a
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 33.1
- Grade Unit: moz
- Contained Metal: 33.1
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The larger but lower-confidence component requires conversion before supporting reserve-based development.

- Positive factor: 33.1 Moz silver adds resource scale.

- Negative factor: Inferred classification.

- Negative factor: Lower silver grade than the Indicated component.

- Negative factor: Cut-off is undisclosed.

Evidence · table

> 33.1

Context: 21.6

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-11)

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
- Resource group id: resource:689400e5fa0c540cd74a
- Ownership percent: 100 %

#### 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
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Gold adds potential value, with geological and metallurgical uncertainty still unresolved.

- Positive factor: 398 koz gold reported.

- Negative factor: Inferred classification.

- Negative factor: Modest standalone grade.

- Negative factor: Recovery assumptions are undisclosed.

Evidence · table

> 0.55

Context: 21.6

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-12)

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
- Resource group id: resource:689400e5fa0c540cd74a
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 245
- Grade Unit: mlb
- Contained Metal: 245
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The disclosed lead inventory is potential secondary value rather than demonstrated economic metal.

- Positive factor: 245 Mlb lead inventory disclosed.

- Negative factor: Inferred classification and low standalone grade.

- Negative factor: Recovery and payability are undisclosed.

Evidence · table

> 245

Context: 21.6

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-13)

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
- Resource group id: resource:689400e5fa0c540cd74a
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 21600000
- Grade: 580
- Grade Unit: mlb
- Contained Metal: 580
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 154
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The zinc inventory has potential secondary value but remains technically and economically provisional.

- Positive factor: 580 Mlb zinc reported.

- Positive factor: Higher zinc grade than the Indicated component.

- Negative factor: Inferred classification.

- Negative factor: Low standalone zinc grade and undisclosed recovery.

Evidence · table

> 580

Context: 21.6

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-14)

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
- Resource group id: resource:01a3ee2c2ab11c9582d8
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 62
- Grade Unit: moz
- Contained Metal: 62
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The printed combined total establishes scale but is not an additional resource; confidence is constrained by category mix and inconsistent disclosure.

- Positive factor: 62 Moz total silver reported.

- Positive factor: An Indicated component is present.

- Negative factor: Most tonnage is Inferred.

- Negative factor: Narrative states 61.4 Moz instead of the table's 62 Moz.

- Negative factor: Cut-off and equivalent assumptions are undisclosed.

Evidence · table

> 62

Context: 31

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-15)

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
- Resource group id: resource:01a3ee2c2ab11c9582d8
- Ownership percent: 100 %

#### 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
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: Gold offers potential secondary value, but the combined total contains unresolved numerical discrepancies.

- Positive factor: 548 koz total gold reported in the table.

- Negative factor: Narrative states 543 koz and category rows sum to a different value.

- Negative factor: Most resource tonnage is Inferred.

- Negative factor: Recovery assumptions are undisclosed.

Evidence · table

> 0.55

Context: 31

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-16)

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
- Resource group id: resource:01a3ee2c2ab11c9582d8
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 364
- Grade Unit: mlb
- Contained Metal: 364
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: This combined lead inventory may provide secondary value but does not establish economic recoverability.

- Positive factor: 364 Mlb total lead disclosed.

- Negative factor: Combined total is predominantly Inferred by tonnage.

- Negative factor: Low standalone grade.

- Negative factor: Recovery and payability are undisclosed.

Evidence · table

> 364

Context: 31

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/our-projects-unicosilver--c6ac6d5f-08c0-411c-83b1-f3fe9cc21a7a#fact-resource-facts-17)

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
- Resource group id: resource:01a3ee2c2ab11c9582d8
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 31000000
- Grade: 778
- Grade Unit: mlb
- Contained Metal: 778
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 161
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The combined inventory adds potential secondary scale, subject to conversion, recovery and reconciliation.

- Positive factor: 778 Mlb total zinc disclosed.

- Negative factor: Combined total is predominantly Inferred by tonnage.

- Negative factor: Low standalone zinc grade.

- Negative factor: Component contained zinc differs slightly from the total.

Evidence · table

> 778

Context: 31

## 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.