Unico Silver Limited · ASX:USL
Unico Silver — Shareholder Meeting (November 2025)
30 slides from Unico Silver's shareholder meeting presentation, Nov 12, 2025
Slide 1: The Next Tier-One Silver Development Company
Unico Silver ASX:USL For personal use only The Next Tier-One Silver Development Company AGM Presentation INVESTOR PRESENTATION NOVEMBER 2025
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: Strategic Pillars
Strategic Pillars VISION Resource Growth Development Macro tailwinds & (BEYOND 300) Pathway Jurisdiction Track record - growth through (PLUS 150) acquisition and exploration For personal use only Initial focus on pit-constrained Strong silver prices meets • Joaquin acquisition (Aug-24) scarcity of n
Slide 4: Corporate Snapshot
Corporate Snapshot Share Price 1 year 514M Shares Total shareholder returns Up 785% 28.8M For personal use only $0.62 Cash (AUD) Since 2H 2023 Cash balance as of 31 September 2025 Mineral resources 318M on a per-share basis Market Capitalisation (AUD) Up 598% AUD$0.62 per share Total AgEq ounces per
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 La Chispas mine, Mexico Las Gatos mine, Mexico Juanicipio mine, Mexico Vareš mine, Bosnia For personal use only Oct 2024 Oct 2024 May 2025 September 2025 Acqu
Slide 6: PLUS and BEYOND: Exploration and development strategy
PLUS 150 and BEYOND 300 Exploration and development strategy For personal use only IMMEDIATE PLAN MEDIUM-TERM STRATEGY to transition from explorer to to unlock value through growth in development focusing on “high-value” sulphide resources, enhancing free-milling silver ounces project scale and long
Slide 7: Substantial Increase to Global Resources
Substantial Increase to Global Resources Successful execution of BEYOND 300 resource growth strategy Joaquin BEYOND 300 RESOURCE GROWTH • 16.7Mt at 136gpt AgEq for 74 Moz Increase Decrease Total • Includes 4Moz of historical For personal use only 250 69 production by Pan American Silver (2019-2021)
Slide 8: Logical consolidation of underexplored, undercapitalised silver district
Logical consolidation of underexplored, undercapitalised silver district TIMELINE PROVEN MINING CAMP Thoughtful consolidation For personal use only Located in Cerro Vanguardia mining district proximal of two fragmented silver to supporting infrastructure (roads, grid power), districts suppliers and
Slide 9: Drilling to Drive Resource Growth
Drilling to Drive Resource Growth CY2025 drill campaign (50,000m) at all time high silver prices HISTORICAL DRILLING Total Drilling by Year and USD Silver Price Project Period Meters Joaquin Pinguino 2005-2013 69,338 For personal use only 60,000 Cerro Leon 2025 Guidance Sierra Blanca 2007-2013 18,96
Slide 10: Exploration Target
Exploration Target Exploration roadmap to +150Moz pit constrained free-milling oxide silver mineralisation TARGET OVERVIEW PLUS 150 EXPLORATION TARGET BY PROSPECT NEXT STEPS Joaquin Project For personal use only 180.0 High Confidence Emerging Discoveries Cerro Leon Oxide 160.0 infill and confirmatio
Slide 11: Development Strategy
Development Strategy Underpinned by comprehensive historical metallurgical testwork JOAQUIN CERRO LEON Year 2009-2017 2010-2013 For personal use only Study Level PFS Scoping Method Cyanide leaching, Cyanide leaching floatation, and sulphuric and floatation acid leaching Total samples Variability tes
Slide 12: Joaquin Project
Joaquin Project Source of future resource growth: 30,000m drill program underway Large underexplored 35-thousand-hectare silver-gold district • Vein field with dimensions 12km (EW) by 10km (NS). For personal use only • Historical Foreign estimate of 16.7Mt at 136gpt silver equivalent (AgEq) for 73 M
Slide 13: New Discoveries
New Discoveries Step-out exploration holes at La Negra and La Morocha delivered broad, shallow oxide intercepts, open in all directions JDD017-25 Oxide mineralisation La Negra SE (discovery hole) For personal use only JDD017-25 90m at 40gpt Ag, 1.3gpt Au from 10m, inc 4m at 20gpt Ag, 8.7gpt Au from
Slide 14: Site Overview
Site Overview Easy access, close to infrastructure (La Morocha SE only 350m from the Joaquin camp) Looking East Diamond Drilling: La Negra SE For personal use only La Negra SE La Morocha SE Joaquin camp ASX:USL 14
Slide 15: La Morocha Trend
La Morocha Trend New discovery along strike from high-grade silver resources and former underground mine La Morocha Cross Section For personal use only JDD064-25: 42.4m at 437gpt Ag from 49.6m, inc. 1.8m at 8313gpt Ag ✓ La Morocha: shallow (top 100m vertical) infill drilling complete ✓ La Morocha SE
Slide 16: La Negra Trend
La Negra Trend La Negra SE Drill Hole Location Plan Evolving discovery with scale and grade, close to surface underpins future project development Next Steps ✓ Initial follow up drilling For personal use only complete ✓ 12 holes for 1706m pending ✓ Targeting maiden La Negra SE resource in upcoming M
Slide 17: La Negra SE
La Negra SE High-grade mineralisation open at depth on all sections La Negra SE Cross Section La Negra SE Cross Section For personal use only 17 17
Slide 18: Exploration and Development Milestones
Exploration and Development Milestones For personal use only COMPLETE UNDERWAY 1H 2026 (2H 2025) Regional consolidation 30,000m exploration MRE Update (Cerro Leon / Joaquin acquisitions) and infill drill program Pre-Feasibility Study (PLUS 150) 30,000m exploration and Joaquin MRE RIGI qualification
Slide 19: Board and Management
Board and Management ARGENTINA Peter Mullens Todd Williams Melanie Leydin José Bordogna Peter Canterbury Emilio Bastias Patricio Brividoro Chairperson Managing Director Non-Executive Director Non-Executive Director Non-Executive Director Country Manager VP Exploration For personal use only Mr Mullen
Slide 20: Joaquin Camp Site Overview
Maintenance Shed For personal use only & Warehouse La Morocha Site Office UG Portal Accommodation Access road (150 people) to provincial highway Route12 Kitchen and Dining Room SITE OVERVIEW Joaquin Camp Image lookingsouthwest showingJoaquincamp and accommodation, warehouseand site office ASX:USL 20
Slide 21: Access and Land Ownership
Access and Land Ownership For personal use only ASX:USL 21
Slide 22: 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 Substantial increase to global mineral resources • Cerro Leon global resource now stands at 31Mt at 161gpt silver equivalent (AgEq) for 162 Moz AgEq. For personal use on
Slide 23: 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 Ag Category Tonnes AgEq (Moz) Au (gpt) Pb (%) Zn (%) Ag (Moz) Au (Koz) Pb (Mlb) Zn (Mlb) (gpt)
Slide 24: Cerro Leon: September 2025 MRE - Marta Centro
Cerro Leon: September 2025 MRE Marta Centro For personal use only ASX:USL 24
Slide 25: Cerro Leon: September 2025 MRE - Marta Norte
Cerro Leon: September 2025 MRE Marta Norte For personal use only ASX:USL 25
Slide 26: Cerro Leon: September 2025 MRE - Marta Este
Cerro Leon: September 2025 MRE Marta Este For personal use only ASX:USL 26
Slide 27: Disclosure of Mineral Resources - Appendix A
Disclosure of Mineral Resources Appendix A Table 1. Cerro Leon – 2025 JORC (2012) Mineral Resources Category Tonnes AgEq (gpt) AgEq (Moz) Ag (gpt) Au (gpt) Pb (%) Zn (%) Ag (Moz) Au (Koz) Pb (Mlb) Zn (Mlb) For personal use only Indicated 9.4 190 57.8 95 0.54 0.57 0.95 28.9 165 119 199 Inferred 21.6
Slide 28: Disclosure of Mineral Resources - Appendix B
Disclosure of Mineral Resources Appendix B Table 2. Joaquin Project – Historical Foreign Estimate as of February 2013 Category Tonnes (Mt) Ag (gpt) Au (gpt) Ag (Moz) Au (Koz) AgEq (gpt) AgEq (Moz) For personal use only 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 29: Disclosure: Exploration Target
Disclosure Exploration Target EXPLORATION RESULTS AND EXPLORATION TARGET The information in this announcement that relates to the PLUS 150 Exploration Target is mineralisation and type of deposit under consideration and to the activity being based on, and fairly reflects, information compiled by Mr
Slide 30: Unico Silver
Unico Silver ASX:USL For personal use only WEBSITE unicosilver.com.au INVESTOR PRESENTATION November 2025