Unico Silver (USL) Q1 2026 TU earnings summary

Executive summary

• Achieved a 73% increase in Cerro Leon Mineral Resource Estimate to 162 Moz AgEq, driven by 20,456m of new drilling and strategic acquisitions in Santa Cruz, Argentina.

• Restarted a fully funded 30,000m drill campaign at Joaquin, with significant high-grade step-out results at La Negra SE and new discoveries at La Morocha SE and Brunilda.

• Completed a $25 million equity placement, strengthening the cash position to $28.8 million at quarter-end.

• Finalised 100% ownership of the Pinguino properties, simplifying the ownership structure and enabling restructuring for fiscal incentives.

Financial highlights

• Cash balance at 30 September 2025 was $28.8 million.

• Raised $25 million (before costs) via equity placement at $0.35 per share, a 10.3% discount to the last closing price.

• Quarterly expenses: $4.78 million for exploration and evaluation, $289k staff costs, $813k admin/corporate, and $1.53 million acquisition cost (final deferred payment).

• Net cash from financing activities was $23.7 million; estimated quarters of funding available: 5.01.

Outlook and guidance

• Updated JORC Mineral Resource Estimate for Joaquin on track for November 2025, delayed to incorporate new drilling success.

• Ongoing regional exploration and infill drilling at Cerro Leon and Joaquin, with a third rig mobilised to accelerate resource conversion.

• Focus on advancing PLUS 150 and BEYOND 300 resource growth and project development strategies.