# UNICO OUTLINES GROWTH STRATEGY

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3

Original source: https://announcements.asx.com.au/asxpdf/20250613/pdf/06kq192l6t0074.pdf

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T17:22:15.826Z

Atlas analysis updated: 2026-10-13T17:22:15.826Z

- Company: Unico Silver Limited

- Ticker: USL

- Exchange: ASX

- Region: Santa Cruz, Argentina

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Other, Resource update, Metallurgy, Drill results

- Extracted: 2026-10-13 17:22:16 UTC

Narrative sentiment: 0.35 · Bullish

## Minestarters Atlas summary

Unico outlines a transition from explorer to developer using a conceptual 123–176 Moz AgEq free-milling Exploration Target across Cerro Leon and Joaquin in Santa Cruz, Argentina, with updated resources planned for Q3 2025. The announcement restates historical drilling, resources and metallurgical work; it reports no new assays, new mineral resource estimate or completed economic study. Its longer-term 300 Moz AgEq ambition is explicitly aspirational, while Joaquin's 2013 foreign estimate still requires JORC verification and adjustment for historical production.

Reasoning: The current event is a corporate exploration and development roadmap. Its strategic focus is constructive, but the proposed scale and production pathway require resource conversion, fresh technical studies and economic validation.

- Positive factor: Defines a development strategy centred on pit-constrained, free-milling mineralisation at two wholly owned projects.

- Positive factor: Historical testwork and technical studies provide a starting point for development evaluation.

- Positive factor: Updated resources are targeted for Q3 2025, followed by geotechnical work, pit optimisation and a scoping study.

- Negative factor: The 123–176 Moz AgEq Exploration Target is conceptual and is not a mineral resource.

- Negative factor: The 300 Moz AgEq ambition is explicitly aspirational and is not an Exploration Target.

- Negative factor: Resource estimates, drill intercepts and metallurgical results are historical restatements, rather than new completed technical results.

- Negative factor: Joaquin's 2013 foreign estimate remains unverified under JORC and predates subsequent production.

- Negative factor: Historical whole-ore cyanidation recoveries of approximately 80–85% leave meaningful recovery and modern design-validation work outstanding.

- Rubric flag: Exploration Targets are not mineral resources — Retain Tables 1 and 5 as conceptual target data; do not assign their ranges or prospects resource categories.

- Rubric flag: Equivalent-only intercepts — The four sulphide intervals disclose AgEq only. Their commodity label denotes the silver focus; individual silver grades remain unset.

- Rubric flag: Historical estimate compliance — Joaquin was prepared under NI 43-101 but is explicitly not JORC compliant; non\_compliant refers to JORC, not its original Canadian reporting basis.

- Rubric flag: Source inconsistencies — Table 5 prints Cerro Leon silver grade as 16 gpt, whereas Table 1 prints 165 gpt at midpoint. Preserve both verbatim; do not silently correct either.

- Rubric flag: Historical production dates — The target-basis text says 2019–2021, while Table 9 and later text say 2019–2022. Preserve the discrepancy without resolving it.

- Rubric flag: Grind and retention reporting — Historical whole-ore cyanidation is summarised at 75 μm and 48–90 hours. The source does not identify 75 μm explicitly as P80 or allocate a single retention time to each result.

- Rubric flag: Programme-specific metadata — The May 2025 appendix supplies assay QA/QC and grid context, but no actual collar rows here. Do not derive coordinates, EPSG codes or copy its laboratory into the older resource and metallurgical programmes.

- Rubric flag: Missing other-category fact schema — Keep the strategy, future milestones and conceptual target quantities in summary, interpretation and raw tables because no other-category fact field reference was supplied.

Facts used in scoring: 39

## Classification and evidence

**Conceptual Exploration Target**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The 123–176 Moz AgEq range is conceptual and must not be treated as an established resource.

Evidence · text

> The potential quantity and grade of the Exploration Target is conceptual in nature

**Aspirational Growth**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The 300 Moz AgEq ambition lacks sufficient work to qualify as an Exploration Target.

Evidence · text

> is aspirational only and is not an Exploration Target

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The development target is restricted to domains considered recoverable through whole-ore cyanidation.

Evidence · text

> limited to mineralised domains considered to be free milling and recoverable

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: Historical Joaquin work supports agitated cyanide tank leaching.

Evidence · text

> recoverable by agitated cyanide leaching in tanks

**QA/QC Disclosed**

Polarity: positive

Story-specific tag

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The appendix discloses blanks, duplicates and standards.

Evidence · text

> Blanks: 1 in 50

**Stale Data Re-release**

Polarity: negative

Story-specific tag

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The quoted drilling supports the roadmap but was previously disclosed rather than newly assayed.

Evidence · text

> The drill hole data underpinning this Exploration Target has been previously disclosed

**Nearology Play**

Polarity: neutral

Story-specific tag

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: Cerro Leon is positioned through its shared structural corridor with Cerro Vanguardia.

Evidence · text

> within the same structural corridor that is host to AngloGold Ashanti’s world- class Cerro Vanguardia mine

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 2 distinct composites were tested

## Extracted facts

Stored fact records: 39. Some facts used in scoring do not have a stored record.

## Drill Results (5)

### P005-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-drill-facts-0)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P005-25
- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Intercept: 72.4 m
- From: 46.6 m
- To: 119 m
- Intercept Depth: 46.6 m

#### Classification

- Sample Type: drill
- Group ID: P005-25:46.6-119
- Mining Method: unknown

#### Location

- Location: MS Link
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Metal Eq. Grade: 83
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-05-05T00:00:00.000Z

Reasoning: Suggests a broad mineralised target, but apparent length alone does not establish economic thickness.

- Positive factor: Long 72.4 m mineralised downhole interval.

- Negative factor: Modest equivalent grade with no individual metal grades or true width.

- Negative factor: Historical restatement.

Evidence · text

> MS Link \(P005-25\) 72.4m at 83gpt AgEq from 46.6m

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: qaqc\_disclosed is true

**Cut-off Undisclosed** — Rejected; excluded from scoring

Polarity: negative

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

Reason: no cutoff\_grade was stated

**Stale Data Re-release** — Rejected; excluded from scoring

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Reason: the fact restates a prior release

### DDJ-117

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-drill-facts-3)

Joaquin North · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: DDJ-117
- Project: Joaquin North
- Commodity: silver
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 1699
- Grade Unit: g/t
- Intercept: 4.5 m
- From: 272 m
- To: 276.5 m
- Intercept Depth: 272 m

#### Classification

- Deposit Type: epithermal
- Sample Type: drill
- Group ID: DDJ-117:272-276.5
- Mining Method: underground

#### Location

- Location: La Negra
- CRS: WGS84 / UTM Zone 19S
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Compositing

- Cutoff Grade: 40
- Cutoff Unit: g/t AgEq
- Dilution Disclosed: Yes
- Max Dilution: 3 m

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2024-08-22T00:00:00.000Z

Reasoning: Strong historical depth potential, constrained by uncertain true width and access context.

- Positive factor: Very high silver grade; exceeds baseline best silver grade and grade-times-length.

- Negative factor: Only 4.5 m downhole with no quantified true width.

- Negative factor: Depth and narrow geometry imply additional development requirements.

Evidence · text

> DDJ-117 returning 4.5m at 1699gpt Ag, 22gpt Au from 272m

#### Rejected tags

**Bonanza Intercept** — Rejected; excluded from scoring

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Reason: 1699 g/t silver over 4.5 m is exceptionally high-grade with meaningful downhole metal accumulation.

Evidence · text

> DDJ-117 returning 4.5m at 1699gpt Ag, 22gpt Au from 272m

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The 4.5 m epithermal interval has no quantified true width in this document.

Evidence · text

> Length corresponds to the interval surveyed along hole trace.

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: qaqc\_disclosed is true

**Compositing Transparent** — Rejected; excluded from scoring

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Reason: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release** — Rejected; excluded from scoring

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Reason: the fact restates a prior release

### DDJ-117

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-drill-facts-4)

Joaquin North · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: DDJ-117
- Project: Joaquin North
- Commodity: gold
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 22
- Grade Unit: g/t
- Intercept: 4.5 m
- From: 272 m
- To: 276.5 m
- Intercept Depth: 272 m

#### Classification

- Deposit Type: epithermal
- Sample Type: drill
- Group ID: DDJ-117:272-276.5
- Mining Method: underground

#### Location

- Location: La Negra
- CRS: WGS84 / UTM Zone 19S
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Compositing

- Cutoff Grade: 40
- Cutoff Unit: g/t AgEq
- Dilution Disclosed: Yes
- Max Dilution: 3 m

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2024-08-22T00:00:00.000Z

Reasoning: A strong historical high-grade target requiring geometry and development validation.

- Positive factor: Exceptional underground gold grade; exceeds baseline best grade and grade-times-length.

- Negative factor: Narrow downhole interval with no quantified true width.

- Negative factor: Historical depth result does not establish continuity or economic access.

Evidence · text

> DDJ-117 returning 4.5m at 1699gpt Ag, 22gpt Au from 272m

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: qaqc\_disclosed is true

**Compositing Transparent** — Rejected; excluded from scoring

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Reason: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release** — Rejected; excluded from scoring

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Reason: the fact restates a prior release

### JRC017-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-drill-facts-5)

Joaquin North · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: JRC017-25
- Project: Joaquin North
- Commodity: silver
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 238
- Grade Unit: g/t
- Intercept: 23 m
- From: 98 m
- To: 121 m
- Intercept Depth: 98 m

#### Classification

- Deposit Type: epithermal
- Sample Type: drill
- Group ID: JRC017-25:98-121
- Mining Method: open\_pit

#### Location

- Location: La Negra Ext
- CRS: WGS84 / UTM Zone 19S
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Compositing

- Cutoff Grade: 40
- Cutoff Unit: g/t AgEq
- Dilution Disclosed: Yes
- Max Dilution: 3 m

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-05-19T00:00:00.000Z

Reasoning: Restates a known interval rather than improving or extending it.

- Positive factor: Strong silver grade over 23 m; above baseline average.

- Negative factor: Exactly matches the baseline's JRC017-25 result; no new information.

- Negative factor: True width is not quantified.

Evidence · text

> \(JRC017-25\) 23m at 238gpt Ag, 0.38gpt Au from 98m

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: qaqc\_disclosed is true

**Compositing Transparent** — Rejected; excluded from scoring

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Reason: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release** — Rejected; excluded from scoring

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Reason: the fact restates a prior release

### JRC017-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-drill-facts-6)

Joaquin North · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: JRC017-25
- Project: Joaquin North
- Commodity: gold
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 0.38
- Grade Unit: g/t
- Intercept: 23 m
- From: 98 m
- To: 121 m
- Intercept Depth: 98 m

#### Classification

- Deposit Type: epithermal
- Sample Type: drill
- Group ID: JRC017-25:98-121
- Mining Method: open\_pit

#### Location

- Location: La Negra Ext
- CRS: WGS84 / UTM Zone 19S
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Compositing

- Cutoff Grade: 40
- Cutoff Unit: g/t AgEq
- Dilution Disclosed: Yes
- Max Dilution: 3 m

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-05-19T00:00:00.000Z

Reasoning: A known modest gold credit, not a new assay or extension.

- Positive factor: Gold credit accompanies strong silver mineralisation.

- Negative factor: Exactly matches the baseline result and is below average gold grade.

- Negative factor: True width is not quantified.

Evidence · text

> \(JRC017-25\) 23m at 238gpt Ag, 0.38gpt Au from 98m

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: qaqc\_disclosed is true

**Compositing Transparent** — Rejected; excluded from scoring

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Reason: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release** — Rejected; excluded from scoring

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Reason: the fact restates a prior release

## Resource Estimates (30)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-7)

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:4164d3b89ff652e481db
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 86
- Grade Unit: g/t
- Contained Metal: 18.8
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Provides a credible geological baseline, rather than new resource growth.

- Positive factor: Indicated JORC resource with named CP and disclosed equivalent assumptions.

- Negative factor: Historical restatement; cut-off and effective date are not stated.

Evidence · table

> 86

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-8)

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:4164d3b89ff652e481db
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Gold contributes to the resource's combined value but is not its primary driver.

- Positive factor: Indicated gold credit in a polymetallic JORC resource.

- Negative factor: Low standalone gold grade; historical estimate with undisclosed cut-off.

Evidence · table

> 0.49

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-9)

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:4164d3b89ff652e481db
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.28
- Grade Unit: %
- Contained Metal: 41.9
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A limited byproduct contribution, not a standalone lead resource development case.

- Positive factor: Lead grade and contained metal explicitly disclosed.

- Negative factor: Lead credits are economically considered only at Marta Centro.

- Negative factor: Historical estimate; cut-off undisclosed.

Evidence · table

> 0.28

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-10)

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:4164d3b89ff652e481db
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.93
- Grade Unit: %
- Contained Metal: 140
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Zinc is a potential byproduct contribution whose value is scope-dependent.

- Positive factor: Indicated zinc grade and contained metal are disclosed.

- Negative factor: Zinc credits are considered only at Marta Centro.

- Negative factor: Low standalone grade; historical estimate.

Evidence · table

> 0.93

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-11)

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:23260062cc9e4e659245
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 71
- Grade Unit: g/t
- Contained Metal: 22.1
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement.

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 71

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-12)

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:23260062cc9e4e659245
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: g/t
- Contained Metal: 237
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A historical gold credit requiring resource-confidence improvement.

- Positive factor: Disclosed gold inventory contributes to polymetallic value.

- Negative factor: Inferred confidence and low standalone gold grade.

- Negative factor: Cut-off undisclosed.

Evidence · table

> 0.77

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-13)

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:23260062cc9e4e659245
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: %
- Contained Metal: 53.7
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A scope-limited potential byproduct, with no new resource information.

- Positive factor: Lead inventory is explicitly reported.

- Negative factor: Inferred confidence; economic credits restricted to Marta Centro.

- Negative factor: Historical estimate.

Evidence · table

> 0.77

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-14)

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:23260062cc9e4e659245
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: %
- Contained Metal: 163
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Potential byproduct inventory, requiring both geological and processing validation.

- Positive factor: Zinc inventory is explicitly disclosed.

- Negative factor: Inferred confidence and low standalone grade; credits restricted to Marta Centro.

Evidence · table

> 0.77

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-15)

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:4bc6dbc69f6cc3c73db3
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 77
- Grade Unit: g/t
- Contained Metal: 40.9
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A substantial historical baseline; combined total is conservatively classified as Inferred.

- Positive factor: Disclosed total combines Indicated and Inferred silver inventory.

- Negative factor: Most tonnes are Inferred; this total overlaps component facts.

- Negative factor: Historical restatement and undisclosed cut-off.

Evidence · table

> 77

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-16)

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:4bc6dbc69f6cc3c73db3
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 344
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Gold contributes to combined project value without constituting new growth.

- Positive factor: Explicit total gold inventory.

- Negative factor: Low standalone grade; majority-Inferred mixed total overlaps components.

- Negative factor: Historical estimate.

Evidence · table

> 0.65

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-17)

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:4bc6dbc69f6cc3c73db3
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 0.57
- Grade Unit: %
- Contained Metal: 95.6
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Preserves disclosed byproduct scale without assuming all lead has economic value.

- Positive factor: Explicit total lead inventory.

- Negative factor: Credits restricted to Marta Centro; mixed total overlaps components.

- Negative factor: Historical restatement.

Evidence · table

> 0.57

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-18)

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:4bc6dbc69f6cc3c73db3
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16470000
- Grade: 0.84
- Grade Unit: %
- Contained Metal: 304
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: A disclosed potential byproduct inventory, rather than new resource growth.

- Positive factor: Explicit total zinc inventory.

- Negative factor: Low standalone grade; credits restricted to Marta Centro.

- Negative factor: Mixed total overlaps components and is historical.

Evidence · table

> 0.84

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-19)

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:a1e8ad5cd6f6452886fc
- Ownership percent: 100 %

#### 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

#### Metal Equivalent

- Metal Eq. Grade: 138
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-08-20T00:00:00.000Z

Reasoning: A useful historical conversion baseline, not a current undepleted JORC resource.

- Positive factor: Large historical M&I silver inventory prepared under NI 43-101 with a named QP.

- Negative factor: Not JORC compliant or verified by a current CP.

- Negative factor: 2013 estimate predates production; cut-off is undisclosed.

Evidence · table

> 65.2

Context: 15.7

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-20)

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:a1e8ad5cd6f6452886fc
- Ownership percent: 100 %

#### 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

#### Metal Equivalent

- Metal Eq. Grade: 138
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-08-20T00:00:00.000Z

Reasoning: A minor historical gold credit accompanying the silver resource.

- Positive factor: Gold credit is explicitly quantified in the historical M&I estimate.

- Negative factor: Very low gold grade; unverified under JORC and predates production.

Evidence · table

> 0.12

Context: 15.7

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-21)

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:f686c744c7fd7d3fe14d
- Ownership percent: 100 %

#### 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

#### Metal Equivalent

- Metal Eq. Grade: 110
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-08-20T00:00:00.000Z

Reasoning: Speculative historical inventory requiring validation.

- Positive factor: Explicit historical silver inventory.

- Negative factor: Inferred confidence, stale estimate and no current JORC verification.

- Negative factor: Cut-off undisclosed.

Evidence · table

> 3.1

Context: 1

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-22)

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:f686c744c7fd7d3fe14d
- Ownership percent: 100 %

#### 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

#### Metal Equivalent

- Metal Eq. Grade: 110
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-08-20T00:00:00.000Z

Reasoning: A minor historical byproduct quantity.

- Positive factor: Disclosed gold credit.

- Negative factor: Small, low-grade Inferred inventory from an unverified 2013 estimate.

Evidence · table

> 0.12

Context: 1

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-23)

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:25858f4562b005ae59dd
- Ownership percent: 100 %

#### 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

#### 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
- Historical Source Date: 2024-08-20T00:00:00.000Z

Reasoning: Preserves the printed historical total, conservatively classified by its least-confident constituent.

- Positive factor: Substantial historical total with most tonnes in M&I.

- Negative factor: Unverified under JORC, stale and predates production.

- Negative factor: Total overlaps components; cut-off undisclosed.

Evidence · table

> 68.3

Context: 16.7

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-24)

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:25858f4562b005ae59dd
- Ownership percent: 100 %

#### 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

#### 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
- Historical Source Date: 2024-08-20T00:00:00.000Z

Reasoning: A modest historical byproduct inventory rather than current growth.

- Positive factor: Printed total gold credit retained.

- Negative factor: Low gold grade; historical total predates production and remains unverified under JORC.

- Negative factor: Overlaps component rows.

Evidence · table

> 0.12

Context: 16.7

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-27)

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:316af42d84a27c7b45a5
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 18.8
- Grade Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Provides a credible geological baseline, rather than new resource growth. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated JORC resource with named CP and disclosed equivalent assumptions.

- Negative factor: Historical restatement; cut-off and effective date are not stated.

Evidence · table

> 18.8

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-28)

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:316af42d84a27c7b45a5
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Provides a credible geological baseline, rather than new resource growth. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated JORC resource with named CP and disclosed equivalent assumptions.

- Negative factor: Historical restatement; cut-off and effective date are not stated.

Evidence · table

> 0.49

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-29)

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:316af42d84a27c7b45a5
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 41.9
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Provides a credible geological baseline, rather than new resource growth. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated JORC resource with named CP and disclosed equivalent assumptions.

- Negative factor: Historical restatement; cut-off and effective date are not stated.

Evidence · table

> 41.9

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-30)

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:316af42d84a27c7b45a5
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6.82
- Grade: 140
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Provides a credible geological baseline, rather than new resource growth. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated JORC resource with named CP and disclosed equivalent assumptions.

- Negative factor: Historical restatement; cut-off and effective date are not stated.

Evidence · table

> 140

Context: 6.82

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-31)

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:c8ce1014f61dd2106340
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 22.1
- Grade Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 22.1

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-32)

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:c8ce1014f61dd2106340
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 0.77
- Grade Unit: g/t
- Contained Metal: 237
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 0.77

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-33)

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:c8ce1014f61dd2106340
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 53.7
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 53.7

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-34)

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:c8ce1014f61dd2106340
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9.65
- Grade: 163
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 163

Context: 9.65

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-35)

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:2feabb2da7c1cf87abd7
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 40.9
- Grade Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 40.9

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-36)

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:2feabb2da7c1cf87abd7
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 344
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 0.65

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-37)

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:2feabb2da7c1cf87abd7
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 95.6
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 95.6

Context: 16.47

#### Tags used in scoring

**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/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-resource-facts-38)

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:2feabb2da7c1cf87abd7
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 16.47
- Grade: 304
- Grade Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Defines potential inventory requiring further confidence improvement. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Meaningful disclosed silver inventory under JORC.

- Negative factor: Inferred confidence; historical restatement with no cut-off disclosed.

Evidence · table

> 304

Context: 16.47

#### Tags used in scoring

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

## Metallurgical Results (4)

### cyanide leaching

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-metallurgical-facts-1)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Test Work

- Program Status: scoping
- Test Type: cyanide leaching
- Processing Route: whole ore cyanidation
- Sample: 2010–2013 oxide testwork; 51 drill holes and 26 trenches
- Grind P80: 75 µm

#### Recovery

- Recovery: 85 %
- Recovery Basis: actual\_test

#### Review

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

Reasoning: An encouraging oxide baseline, below strong gold mill-leach recovery.

- Positive factor: Moderate mill-leach gold recovery from free-milling oxide material.

- Negative factor: Historical scoping results; reagent consumption and modern validation are undisclosed.

Evidence · table

> ~80% Ag, ~85% Au

Context: Whole Ore

### cyanide leaching

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-metallurgical-facts-2)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Test Work

- Program Status: scoping
- Test Type: cyanide leaching
- Processing Route: whole ore cyanidation
- Sample: 2010–2013 oxide testwork; 51 drill holes and 26 trenches
- Grind P80: 75 µm

#### Recovery

- Recovery: 80 %
- Recovery Basis: actual\_test

#### Review

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

Reasoning: Supports the oxide route without resolving the separate sulphide processing opportunity.

- Positive factor: Free-milling oxide material with approximately 80% silver recovery and distributed samples.

- Negative factor: Historical scoping work; sulphide material is excluded.

- Negative factor: Reagent consumption and individual variability results are undisclosed.

Evidence · table

> ~80% Ag, ~85% Au

Context: Whole Ore

### Fact 3

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-metallurgical-facts-25)

Joaquin · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Test Work

- Processing Route: Manantial Espejo Merrill Crowe processing facility
- Sample: La Morocha ore; estimated metallurgical recovery cited to the January 2018 PFS
- Leach Time: 96 hours

#### Recovery

- Recovery: 81 %
- Recovery Basis: unspecified

#### Review

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

Reasoning: Retains the distinct 81% estimate without treating it as a new achieved test result.

- Positive factor: Historical operating-facility context supports processing-route relevance.

- Negative factor: Recovery is described as estimated; achieved production recovery is not established.

- Negative factor: No like-for-like improvement comparison is justified.

Evidence · text

> The metallurgical recovery for both silver and gold were estimated to be 81%

### Fact 4

[Link to this fact](https://atlas-extractions.minestarters.com/news/unico-outlines-growth-strategy--336dd48f-9ce9-4cf0-99ca-22f7065e67e3#fact-metallurgical-facts-26)

Joaquin · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Joaquin
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Test Work

- Processing Route: Manantial Espejo Merrill Crowe processing facility
- Sample: La Morocha ore; estimated metallurgical recovery cited to the January 2018 PFS
- Leach Time: 96 hours

#### Recovery

- Recovery: 81 %
- Recovery Basis: unspecified

#### Review

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

Reasoning: A historical design-context estimate with appreciable gold losses.

- Positive factor: Historical processing facility provides relevant development context.

- Negative factor: Estimated gold recovery is low for a mill-leach route; achieved recovery is not demonstrated here.

- Negative factor: No like-for-like recovery improvement established.

Evidence · text

> The metallurgical recovery for both silver and gold were estimated to be 81%

## 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.