Unico Silver’s $25M Raise Fuels Expansion Amid Delayed Joaquin Resource Estimate

A Quarter of Strategic Growth and Exploration Momentum

Unico Silver’s September 2025 quarterly report reveals a period of significant advancement, both operationally and strategically. The company announced a substantial 73% increase in its Cerro Leon Mineral Resource Estimate (MRE), now standing at 162 million ounces silver equivalent (AgEq). This milestone was achieved through over 20,000 metres of drilling across multiple prospects, underscoring the project's growing scale and potential.

Simultaneously, Unico Silver restarted its fully funded 30,000-metre Phase 2 drill campaign at the Joaquin project, a key asset acquired from Pan American Silver in 2024. Early results from this campaign, particularly at the La Negra SE and La Morocha SE targets, have confirmed the presence of high-grade, near-surface oxide mineralisation, reinforcing the district’s exploration upside.

Capital Strength and Corporate Moves

Backing these exploration efforts is a robust financial position, bolstered by a $25 million equity placement completed in August 2025. The placement, priced at a 10.3% discount to the market, attracted strong institutional support and has left the company with a healthy cash balance of $28.8 million at quarter’s end. This capital injection provides the necessary runway to advance both the PLUS 150 and BEYOND 300 resource growth strategies.

In a strategic corporate move, Unico Silver accelerated the final deferred payment of US$1 million to Austral Gold, completing all cash obligations related to the acquisition of the Pinguino properties, now integrated into the Cerro Leon portfolio. This simplification of ownership is designed to facilitate the restructuring of subsidiaries into a Special Purpose Vehicle (SPV), positioning the company to benefit from Argentina’s new fiscal incentives under the Régimen de Incentivo para Grandes Inversiones (RIGI).

Exploration Highlights and Resource Development

The updated Cerro Leon MRE is underpinned by a diverse portfolio of prospects, including CSS Karina, Savary, Kasia, MS Link, and Archen. Notably, the PLUS 150 free-milling resources; oxide and transitional; total 8.1 million tonnes at 171 gpt AgEq for 45 million ounces, with over two-thirds classified as Indicated, supporting early feasibility and mine planning efforts.

At Joaquin, drilling has focused on expanding mineralisation at La Negra SE, where intercepts such as 81 metres at 148 gpt AgEq and 44.9 metres at 259 gpt AgEq highlight the potential for resource growth. Drilling at La Morocha SE also returned promising results, including 69 metres at 164 gpt AgEq, suggesting a second oxide resource zone. The company has mobilised a third drill rig to accelerate infill drilling aimed at upgrading resource confidence ahead of an updated MRE scheduled for November 2025.

Building a World-Class Silver District

Unico Silver’s portfolio in Santa Cruz, Argentina, now consolidates 100% ownership of five projects previously held by major miners and junior companies, creating a camp-scale silver district with significant development potential. The proximity of Cerro Leon and Joaquin projects offers operational synergies and flexibility, enhancing the company’s ability to scale production and optimize processing.

Supporting this growth, Unico Silver has made key appointments, including a Financial Controller to lead Argentine finance and RIGI qualification efforts, and a Study Manager to oversee feasibility and mining approvals. Metallurgical testwork and mine planning are being advanced with experienced consultants, signaling a clear pathway towards project development.