Unico Silver Limited · ASX:USL
Unico Silver — Investor Presentation (February 2026)
26 slides from Unico Silver's investor presentation, Feb 2, 2026
Slide 1: The Next Tier-One Silver Development Company
Unico Silver ASX:USL For personal use only The Next Tier-One Silver Development Company Funded and executing: drilling ongoing, PFS in progress INVESTOR PRESENTATION FEBRUARY 2026
Slide 2: Forward Looking Statements and Disclosures
For personal use only Forward Looking Statements and Disclosures DISCLAIMER COMPETENT PERSON STATEMENT The following material is for general information purposes only and is not to be relied upon for the making of an investment This presentation contains information extracted from previous ASX relea
Slide 3: Vision and Strategic Pillars
VISION Strategic Pillars Resource Scale + Development Pathway + Macro Tailwinds Build a globally significant, Conversion PFS Execution (oxide-led) & Jurisdiction For personal use only development-ready silver Cerro Leon (JORC): 162 Moz AgEq (31 Mt Direct-to-PFS: Proceeding directly to Fully funded a
Slide 4: Corporate Snapshot
Corporate Snapshot Register Composition HNW / Private investors Institutional Investors Austral Gold Rest For personal use only 45.62% 16.94% 6.74% 30.70% INCLUDING INCLUDING INCLUDING Board and insiders 29% Nokomis Capital 3% Eduardo Elsztain and associates 6.74% Eric Sprott 2.7% Sprott Asset Mgt 2
Slide 5: Single Asset Silver Miners: Global M&A
Single Asset Silver Miners: Global M&A Tier-one typically produce 5-7Moz silver per annum SILVERCREST GATOS SILVER MAG SILVER ADRIATIC METALS For personal use only La Chispas mine, Mexico Las Gatos mine, Mexico Juanicipio mine, Mexico Vareš mine, Bosnia Oct 2024 Oct 2024 May 2025 September 2025 Acqu
Slide 6: Development and Exploration Strategy
PLUS 150 and BEYOND 300 Development and Exploration Strategy For personal use only IMMEDIATE PLAN MEDIUM-TERM STRATEGY To transition from explorer to development To unlock value through growth in sulphide focusing on “high-value” free-milling silver ounces resources, enhancing project scale and long
Slide 7: Substantial Increase to Global Resources
Substantial Increase to Global Resources Resource Growth Increase Decrease Total Rapid resource growth delivering 250 district-scale inventory 69 For personal use only 200 Joaquin 93 16.7Mt at 136gpt AgEq for 74 Moz Moz (AgEq) 150 Includes 4Moz of historical production by Pan American Silver (2019-2
Slide 8: Logical consolidation of underexplored, undercapitalised silver district
Logical consolidation of underexplored, Plata Leon undercapitalised silver district Joaquin For personal use only Pinguino Sierra Blanca CERRO LEON TIMELINE Total endowment: Thoughtful consolidation 31Mt at 161gpt AgEq for 162Moz AgEq JOAQUIN of two fragmented silver Historical NI 43-101 Resource Ce
Slide 9: Joaquin Project
Joaquin Project Source of future resource growth Large underexplored 35-thousand-hectare For personal use only silver-gold district Vein field with dimensions 12km (EW) by 10km (NS). Historical Foreign estimate of 16.7Mt at 136gpt silver equivalent (AgEq) for 73 Moz AgEq. Historical focus on La Moro
Slide 10: New Discoveries
New Discoveries Step-out exploration holes at La Negra and La Morocha delivered broad, shallow oxide intercepts, open in all directions For personal use only JDD017-25 La Negra SE Oxide mineralisation (Discovery hole) Current dimensions: 850m strike, 175m vertical extent, open to the southeast and a
Slide 11: La Negra Trend
La Negra Trend Evolving discovery with scale and grade, close to surface underpins future project development La Negra SE: Significant drill results For personal use only Hole ID Int From Au Ag AgEq Grade Thickness JDD113-25 107 18 1.0 70 165 17,636 JDD017-25 90 10 1.3 40 165 14,832 JRC033-25 93 15
Slide 12: La Negra SE
La Negra SE High-grade mineralisation open at depth NE JRC033-25 SW A’ For personal use only 93m at 137gpt AgEq A JRC036-25 (0.8 / 61) inc. 32.5m at 120gpt AgEq 49m at 198gpt AgEq (0.6 / 65) (1.3 / 74) 975mRL - JDD038-25 60.5m at 167gpt AgEq JDD037-25 (1 / 72) inc. 81m at 149gpt AgEq 21.5m at 263gpt
Slide 13: La Negra SE: High-grade mineralisation open at depth on all sections
La Negra SE High-grade mineralisation open at depth on all sections SW NE A JDD123-25 A’ For personal use only 1000mRL - JDD123-25 56m at 106gpt AgEq (0.4 / 66), inc. JDD118-25 10.7m at 195gpt AgEq 74m at 134gpt AgEq (1.2 / 79) (0.7 / 67), inc. 35.6m at 207gpt AgEq (1.3 / 81) 950mRL - JDD113-25 107m
Slide 14: La Morocha Trend
La Morocha Trend New discovery along strike from high-grade silver La Morocha Cross Section resources and former underground mine For personal use only La Morocha: shallow (top 100m vertical) infill drilling complete JDD064-25 42.4m at 437gpt Ag from 49.6m, inc. 1.8m at 8313gpt Ag La Morocha SE: Fol
Slide 15: La Rubia
La Rubia Site La Negra SE Soil Anomaly Overview For personal use only La Morocha SE Joaquin camp Diamond Drilling Easy access, close to infrastructure La Negra SE (La Morocha SE only 350m from the Joaquin camp) ASX:USL 15
Slide 16: Cerro Leon MRE increases to 162 Moz AgEq
Cerro Leon MRE increases to 162 Moz AgEq Pathway to >250Moz AgEq global resource with upcoming Joaquin MRE and 30,000m of drilling For personal use only Substantial increase to global mineral resources Cerro Leon global resource now stands at 31Mt at 161gpt silver equivalent (AgEq) for 162 Moz AgEq.
Slide 17: New Discoveries Drive Resource Growth
New Discoveries Drive Resource Growth Mineralisation remains open at all prospects For personal use only Cerro Leon Project – September 2025 Global Mineral Resource Recent drill highlights (May 2025) AgEq AgEq Ag Au Pb Zn Ag Au Pb Zn Category Tonnes (gpt) (Moz) (gpt) (gpt) (%) (%) (Moz) (Koz) (Mlb)
Slide 18: Cerro Leon September 2025 MRE
Opt 1 For personal use only Cerro Leon Marta Este September 2025 MRE Example of shallow high-grade “PLUS150” oxide mineralisation and deeper sulphide zones ASX:USL 18
Slide 19: Exploration and Development Milestones
Exploration and Development Milestones For personal use only Complete 1H 2026 MRE Update (Feb-26) Regional Joaquin MRE 20,000m consolidation PFS MRE focused on new La Negra Exploration and infill Pre-Feasibility Study (Jun-26) Cerro Leon / Joaquin acquisitions SE discovery and conversion of 43- dril
Slide 20: Board of Directors
Board of Directors For personal use only Peter Mullens Todd Williams Melanie Leydin José Bordogna Peter Canterbury Peter Holmes Chairperson Managing Director Non-Executive Director Non-Executive Director Executive Director Executive Director Mr Mullens is a geologist with Mr Williams is a geologist
Slide 21: Local management: in country expertise
Local management: in country expertise For personal use only Emilio Bastias Patricio Brividoro Analia Bruna Rodrigo Alanis Country Manager Exploration Manager Senior Resource Geologist Financial Controller Mr Bastias is a qualified lawyer and Mr Brividoro is a geologist with Ms Bruna is a Senior Exp
Slide 22: Site overview
Maintenance Shed & Warehouse La Morocha Site Office UG Portal For personal use only Accommodation Access road (150 people) to provincial highway Route 12 Kitchen and Dining Room Site overview Joaquin Camp Image looking southwest showing Joaquin camp and accommodation, warehouse and site office ASX:U
Slide 23: Development Strategy: Historical metallurgical testwork
Development Strategy: Underpinned by comprehensive historical metallurgical testwork Appendix C For personal use only PLUS 150 Exploration Target is limited to mineralised domains considered to be free milling and recoverable via whole ore cyanidation Significant metallurgical testwork complete from
Slide 24: Disclosure of Mineral Resources: Cerro Leon
Disclosure of Mineral Resources Appendix A Table 1. Cerro Leon – 2025 JORC (2012) Mineral Resources For personal use only Category Tonnes AgEq (gpt) AgEq (Moz) Ag (gpt) Au (gpt) Pb (%) Zn (%) Indicated 9.4 190 57.8 95 0.54 0.57 0.95 Inferred 21.6 154 104 48 0.55 0.54 1.3 Total 31 161 162 62 0.55 0.5
Slide 25: Disclosure of Mineral Resources: Joaquin
Disclosure of Mineral Resources Appendix B Table 2. Joaquin Project – Historical Foreign Estimate as of February 2013 For personal use only Category Tonnes (Mt) Ag (gpt) Au (gpt) Ag (Moz) Au (Koz) AgEq (gpt) AgEq (Moz) M&I 15.7 128 0.12 65.2 61.1 138 70.1 Inferred 1 100 0.12 3.1 3.7 110 3.3 Total 16
Slide 26: Unico Silver
Unico Silver ASX:USL For personal use only unicosilver.com.au INVESTOR PRESENTATION