Unico Silver Advances Toward Tier-One Status with 330Moz AgEq Resource and Maiden PFS Set for H2 2026

Unico Silver’s Argentine Asset Portfolio and Rapid Resource Expansion Post-Joaquin Acquisition

Operating a diverse portfolio of silver and gold projects in Argentina, Unico Silver focuses on developing pit-constrained, free-milling resources optimized for conventional mining and processing techniques. Since acquiring the Joaquin silver district in August 2024, the company has significantly expanded its resource base, now totaling 330 million ounces of silver equivalent—a 3.6-fold increase from the 91 million ounces AgEq reported in H2 2024. This growth highlights the effectiveness of the company’s exploration and development strategy in converting upside potential into defined mineral resources across multiple deposits.

Key deposits contributing to this resource base include Joaquin, which saw its Mineral Resource Estimate rise to 167 million ounces AgEq following drilling results in March 2026, and Cerro Leon, which increased to 162 million ounces AgEq as of September 2025. The La Negra SE deposit has also undergone extensive exploration and resource definition. This multi-asset approach mitigates single-asset risk and offers multiple development pathways as Unico Silver advances toward production.

Extensive Drilling Program and Resource Definition Driving 68,000 Metre Campaign

Since Q4 2024, Unico Silver has executed a comprehensive drilling program exceeding 68,000 metres, underpinning significant resource growth across its deposits. This large-scale drilling effort reflects strong confidence in the geological prospects of its Argentine portfolio and commitment to delineating sufficient mineral resources to support its strategic development plans.

High-grade silver intercepts have been reported throughout the portfolio, including exceptional results from La Negra SE in January 2026, district-expanding discoveries at Joaquin announced in November 2025, and high-grade assays from the Breccia Puntudo area in March 2026. Infill drilling at Joaquin in December 2025 and May 2026 reinforced resource estimates, while step-out drilling in October 2025 extended La Negra SE resources at depth. Resources remain open at depth and along strike, indicating potential for further expansion. Additionally, the La Morocha discovery confirmed in July 2025 highlights the district-scale potential of Unico Silver’s land holdings.

Oxide-Focused Development Strategy and Maiden PFS Timeline

Unico Silver’s development approach prioritizes oxide, pit-constrained, free-milling resources suitable for conventional mining and processing, aiming to accelerate production timelines through lower-risk methodologies. The company has secured a mining lease, establishing a clear pathway toward full mining approvals and reducing regulatory risk.

The maiden Prefeasibility Study is targeted for completion in the second half of 2026, with a revised Mineral Resource Estimate expected in Q3 2026. These milestones are critical for validating the oxide-led development strategy and will guide financing, capital allocation, and operational planning. Successful PFS completion will position Unico Silver to advance toward a Bankable Feasibility Study and subsequent permitting and development activities. The open-ended nature of mineral resources at depth and along strike suggests further upside during the PFS process.

Strategic Acquisition of La Mata Farming Land for Joaquin Mine Development

On 9 July 2026, Unico Silver announced the acquisition of La Mata farming land, securing a strategic land position essential for the Joaquin development. This 100% acquisition provides critical surface rights for mining infrastructure, processing facilities, tailings management, and operational support, eliminating potential surface-owner disputes and enhancing project design flexibility.

Acquiring La Mata during the resource definition and pre-feasibility phase enables concurrent site development planning and engineering studies, potentially accelerating the transition to construction. This acquisition underscores management’s confidence in Joaquin’s development potential and reflects a disciplined approach to mitigating execution risks related to community engagement and surface rights.

Favourable Argentine Mining Policies and RIGI Fiscal Incentive Application Set for H2 2026

Unico Silver benefits from Argentina’s supportive mining regulatory environment, highlighted by investments from multinational miners such as BHP and Rio Tinto. The company plans to apply for the RIGI (Régimen de Incentivo a Grandes Inversiones) fiscal regime in the second half of 2026, which offers a reduced corporate tax rate of 25%, significantly lower than the standard Argentine rate.

The RIGI application aligns with the PFS timeline, and if approved, would enhance the project’s after-tax economics, applying to Joaquin and potentially other portfolio assets. This fiscal incentive reflects Argentina’s commitment to attracting foreign investment in large-scale mining projects and reduces fiscal uncertainty, complementing the granted mining lease and pro-mining policies to create a supportive environment for project advancement.

Experienced Board and Management Team Driving Development Execution

Unico Silver’s leadership team brings extensive expertise in precious metals mining, project development, financing, and operations. Chairperson Peter Mullens, a geologist with over 30 years’ global experience and co-founder of Aquiline Resources, played a key role in discovering the Navidad silver deposit. Managing Director Todd Williams has 15 years’ experience in acquisitions, exploration, and development across Australia and South America, leading Unico Silver’s growth since 2018.

Executive Director Peter Canterbury offers 30 years’ experience in mining development and financing, having previously served as CFO of De Grey Mining. Executive Director Peter Holmes, a mining engineer with 35 years’ experience, recently advanced the Hemi gold project at De Grey Mining. The board also includes Non-Executive Directors Melanie Leydin, a Chartered Accountant with 25 years’ governance experience, and José Bordogna, former CFO of Austral Gold with 15 years in finance and investment banking in Latin America. This depth of expertise aligns with the company’s stage and development ambitions.

Global Silver Market Dynamics and Supply Deficit Bolster Development Outlook

Unico Silver’s development case is supported by strong global silver fundamentals, including a supply deficit and constrained mine production. As mature silver mining regions decline and new discoveries remain scarce, the market environment favors new production capacity. This backdrop provides pricing support and demand visibility for silver, underpinning the company’s strategic focus.

The 330 million ounces silver equivalent resource, comprising 185 million ounces of silver and 1 million ounces of gold, positions Unico Silver as a significant future supplier. Its focus on pit-constrained, free-milling oxide resources aligns with scalable production methods capable of delivering substantial annual silver output. Together, these factors create a compelling foundation for project development amid favorable commodity conditions.

Robust Share Structure, Cash Reserves, and Market Capitalisation to Support Development Funding

As of 30 June 2026, Unico Silver held AUD$55 million in cash and a market capitalisation of AUD$434 million, with 640 million shares outstanding plus 29 million options or performance rights. The share price closed at AUD$0.685 on 29 June 2026, reflecting investor confidence in the company’s development trajectory and resource expansion. Insider and board holdings represent 29.0% of issued capital, while notable institutional investors include Eric Sprott and Sprott Asset Management with 5.2%, and Nokomis Capital holding 3.0%.

The cash position supports ongoing exploration and PFS activities, though additional capital will be required for full feasibility studies, permitting, and mine development. The company has demonstrated strong per-share resource growth, with silver-equivalent ounces per share increasing by 598%, highlighting effective capital deployment. Analyst price targets range from AUD$1.70 to AUD$2.00, indicating potential upside, though these should not be considered investment advice. Unico Silver’s financial position and access to capital markets position it well to fund advancement through feasibility and development phases.

Strategic Execution and Resource Growth Propel Unico Silver Toward Production Readiness

Unico Silver’s strategic vision is anchored by three pillars: executing an oxide-led development pathway with PFS completion, scaling and converting resources, and leveraging Argentina’s mining-friendly environment alongside favorable silver market dynamics. The resource growth from 91 million ounces AgEq in H2 2024 to 330 million ounces AgEq in 2026 evidences strong progress on the resource scale pillar.

The extensive drilling program has successfully converted exploration potential into defined mineral resources, with ongoing upside from open resources at depth and along strike. The development pathway advances with the maiden PFS targeted for H2 2026, focusing on oxide resources to optimize technical and economic outcomes. Successful PFS completion will validate the project and enable progression to Bankable Feasibility Study and permitting stages.

Combined with strategic land acquisitions and a supportive regulatory environment, Unico Silver is well-positioned to transition from exploration to production-stage assets in forthcoming development phases.