Unico Silver (USL) Q3 2026 TU earnings summary

Executive summary

• Delivered maiden JORC (2012) Mineral Resource Estimate (MRE) at Joaquin: 45.3Mt at 115gpt AgEq for 167Moz AgEq, a 143% increase since acquisition.

• Combined Joaquin and Cerro Leon MRE now totals 330Moz AgEq, establishing a globally significant resource base.

• Continued strong drilling results at Breccia Puntudo, La Negra SE, and La Morocha SE, with mineralisation remaining open at depth and along strike.

• Board strengthened with new executive appointments and implementation of a Long-Term Incentive (LTI) framework aligned to key value drivers.

• Commenced OTCQB listing under ticker USLRF to expand North American investor access.

Financial highlights

• Cash balance at end of March 2026 quarter: $62.7 million.

• $10 million spent on exploration and evaluation activities during the quarter.

• $247k in staff costs and $392k in administrative and corporate costs for the quarter.

• $6.28 million received from the exercise of options.

Outlook and guidance

• Phase 2 environmental baseline studies to commence late April to support Environmental Impact Assessment for mining approvals.

• Updated Joaquin MRE planned for Q2 2026 to incorporate recent infill drilling.

• Ongoing PFS workstreams include engineering trade-off studies, ore hardness test work, and tailings storage facility design.

• Estimated quarters of funding available: 6.17, indicating strong liquidity for ongoing operations.