Unico Silver Limited · ASX:USL
Unico Silver — Metals Investor Forum Vancouver 2026
26 slides from Unico Silver's conference presentation, Sep 18, 2026
Slide 1: The Next Tier-One Silver Development Company
ASX:USL OTCQX:USLRF rsonal use only The Next Tier-One Silver Development Company From discovery to delivery | 330Moz AgEq | PFS JAN 2027 METALS INVESTOR FORUM · VANCOUVER 18 SEPTEMBER 2026
Slide 2: Forward Looking Statements and Disclosures
Forward Looking Statements and Disclosures rsonal use only DISCLAIMER C O M P E T E N T P E R S O N S TAT E M E N T 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 the A
Slide 3: Three pillars of the Unico strategy
STRATEGIC PILLARS VISION Three pillars of the Unico strategy rsonal use only D E V E LOPME NT PA TH W A Y RE SOU RC E SC A LE A RGE NTINA A ND SILV E R Oxide-led PFS Growth and conversion Macro tailwinds • Maiden PFS due January 2027 • Global resource of 330 Moz • Structural silver deficit and 2027
Slide 4: Corporate Snapshot
Corporate Snapshot Experienced board with a track record in the discovery, finance and development of world-class mining projects REGISTER COMPOSITION 45.6% 16.9% 6.7% 30.7% Rest HNW / Private investors Institutional Austral Gold rsonal use only investors Board & insiders 29.0% Nokomis Capital 3.0%
Slide 5: Two projects, One district
Two projects, One district Co-development of Joaquin + Cerro Leon oxide resource Pinguino rsonal use only Joaquin Sierra Blanca Proposed process plant High-grade Cerro Leon oxide trucked route 12 CERRO LEON Sep-2025 MRE: GLOBAL RESOURCE 31Mt @ 161gpt AgEq for Granted mining leases JOAQUIN 162Moz his
Slide 6: Exceptional Grade Thickness intercepts
DRILLING SINCE ACQUISITION · OCTOBER 2024 ONWARDS Exceptional Grade Thickness intercepts Mineralisation open at all prospects rsonal use only A · GRADE × WIDTH (AgEq g/t × m) B · LA MOROCHA Joaquin Cerro Leon Intercept Shallow up-dip extension 1 JDD276-26 La Morocha SE 19,769 52.3 m @ 378 • Infill c
Slide 7: 3.5x resource growth since 2023, now focused on reserve build out
RESOURCE GROWTH · JOAQUIN – CERRO LEON 3.5x resource growth since 2023, now focused on reserve build out 330 Moz AgEq across two districts, with La Negra open at depth. January 2027 PFS to close the “Peer Group Valuation Gap” rsonal use only B · LA NEGRA SYSTEM: BLOCK MODEL AND SECTION 2 A · RESOURC
Slide 8: Unico holds two of Santa Cruz's three largest silver projects
SANTA CRUZ PROVINCE · CONTAINED SILVER Unico holds two of Santa Cruz's three largest silver projects Contained silver in the 11 projects in the province totals 397Moz Ag, of which Joaquin and Cerro Leon hold 185Moz. Mineral Resources plus Ore Reserves, 100% basis. rsonal use only Ore Reserve Measure
Slide 9: Staged development: oxide first, sulphide optionality
DEVELOPMENT STRATEGY Staged development: oxide first, sulphide optionality A conventional open-pit, free-milling starter operation, with a polymetallic sulphide expansion option at Cerro Leon. rsonal use only STAGE 1 STAGE 2 Oxide (free-milling) Polymetallic sulphide ~210 Moz AgEq free-milling resou
Slide 10: Santa Cruz has a proven, predictable permitting pathway
PERMITTING · JOAQUIN – CERRO LEON Santa Cruz has a proven, predictable permitting pathway 10 gold–silver operations permitted since 1996. Unico plans to lodge its exploitation EIA in January 2027, alongside the PFS. rsonal use only A · WHERE UNICO STANDS B · 30 YEARS OF PRECEDENT 10 7 0 Tenure 100%
Slide 11: RIGI locks in 30 years of tax, customs and FX stability
ARGENTINA · LARGE INVESTMENT INCENTIVE REGIME (RIGI) RIGI locks in 30 years of tax, customs and FX stability 21 projects approved with US$46.7bn committed, none yet in Santa Cruz. Unico plans to apply in January 2027 with the PFS, targeting approval in 1H 2027. rsonal use only A · FISCAL FRAMEWORK A
Slide 12: The silver setup: structural deficit, scarce producers
SILVER MARKET · SUPPLY AND PRODUCERS The silver setup: structural deficit, scarce producers A multi-year supply deficit meets a shortage of single-asset silver producers. Unico aims to deliver a tier-one silver asset into that gap. rsonal use only A · FY2025 SILVER PRODUCTION BY ASSET (MOZ) Mkt cap
Slide 13: Why Unico Silver
SUMMARY Why Unico Silver rsonal use only Scale 01 330 Moz AgEq across two 100%-owned districts, holding two of Santa Cruz's three largest silver projects Growth 02 3.5x resource growth since May 2023, with mineralisation open at depth and along strike CONTACT Todd Williams Path to production 03 Maid
Slide 14: Rejuvenation of an undercapitalised silver district
SUPPLEMENTARY SLIDE Rejuvenation of an undercapitalised silver district Annual metres drilled at Joaquin and Cerro Leon vs silver price, 2005–2027 Joaquin Cerro Leon rsonal use only 2027 guidance (combined) Silver, LBMA annual average Historical drilling 60 $90 • Peak historic activity: 46.8 km dril
Slide 15: Joaquin Mineral Resource
SUPPLEMENTARY SLIDE Joaquin Mineral Resource: 167 Moz AgEq at 115 g/t AgEq Three mineralised structures (La Negra, La Morocha and Breccia Puntudo), with drilling focused on conversion and growth rsonal use only MARCH 2026 MINERAL RESOURCE 167 Moz AgEq 45.3 Mt at 115 g/t AgEq, including 123 Moz Ag an
Slide 16: La Negra SE: extension beyond the March 2026 resource
SUPPLEMENTARY SLIDE La Negra SE: 250 m extension beyond the March 2026 resource Significant drill hits outside the MRE, with mineralisation open at depth and to the southeast rsonal use only CROSS SECTION LONG SECTION DRILL HOLES OUTSIDE THE MRE JDD240-26: 78 m at 137 g/t AgEq (1 g/t Au, 55 g/t Ag)
Slide 17: La Morocha SE: grades increasing at depth
SUPPLEMENTARY SLIDE La Morocha SE: grades increasing at depth Significant drill hits outside the March 2026 resource, with mineralisation open at depth rsonal use only CROSS SECTION CORE FROM JDD276-26 DRILL HOLES OUTSIDE THE MRE JDD221-26: 23.5 m at 266 g/t AgEq (2 g/t Au, 95 g/t Ag) from 155 m JDD
Slide 18: Site overview: Joaquin camp and drilling
SUPPLEMENTARY SLIDE Site overview: Joaquin camp and drilling Easy access and established infrastructure rsonal use only La Negra Trend La Morocha Trend Joaquin camp ASX:USL 18
Slide 19: Cerro Leon resource
SUPPLEMENTARY SLIDE Cerro Leon: 162 Moz AgEq resource 31 Mt at 161 g/t AgEq, with mineralisation open at depth and along strike at multiple prospects rsonal use only SUBSTANTIAL RESOURCE GROWTH • Global resource of 31 Mt at 161 g/t AgEq for 162 Moz AgEq (September 2025) • 74% more ounces than the Ma
Slide 20: Cerro Leon: Marta Este long section
SUPPLEMENTARY SLIDE Cerro Leon: Marta Este long section September 2025 MRE block model with drill intercepts; high-grade shoots open at depth Source: Unico Silver ASX release, 23 September 2025 rsonal use only (Cerro Leon MRE). Intercepts shown as reported in the original releases. Downhole widths.
Slide 21: Historical metallurgical testwork
SUPPLEMENTARY SLIDE Historical metallurgical testwork The development strategy is underpinned by comprehensive historical testwork at Joaquin and Cerro Leon rsonal use only TESTWORK PROGRAMS KEY POINTS • Significant metallurgical testwork completed between 2009 between 2009 and 2017 • Oxide and tran
Slide 22: Stage 1 Oxide - development pathway
SUPPLEMENTARY SLIDE Stage 1 Oxide - development pathway Five published facts behind an open-pit, free-milling oxide starter operation rsonal use only 1 At surface M I N E R A L I SA T I O N G E O M E T R Y Mineralisation starts at surface along the La Negra trend, supporting supporting pit-constrain
Slide 23: Cerro Vanguardia: a proven regional analogue
SUPPLEMENTARY SLIDE Cerro Vanguardia: a proven regional analogue AngloGold Ashanti's Santa Cruz mine: multiple trends and shoots mined from 70+ pits, with heap leach and Merrill–Crowe processing KEY LEARNINGS rsonal use only MERRILL–CROWE PLANT • Multiple mineralised trends 1.2 Mt pa • Multiple mine
Slide 24: Unico Silver Mineral Resources (JORC 2012)
APPENDIX A Unico Silver Mineral Resources (JORC 2012) Tonnes A g Eq Ag Au Pb Zn A g Eq Ag Au Pb Zn Pro ject C ateg o ry (M t) (g /t) (g /t) (g /t) (% ) (% ) (M oz) (M oz) (koz) (M lb ) (M lb ) rsonal use only Jo aq uin Ind icated 34.5 118 93 0.30 – – 131 103 334 – – Inferred 10.8 106 59 0.55 – – 37
Slide 25: Peer estimates behind the endowment chart
APPENDIX B Peer estimates behind the endowment chart Effective To nnes Ag Au Ag Au Ag Moz Pro ject O wner (interest rep o rted ) C ode C ateg o ry S rc d ate (M t) (g /t) (g /t) (M o z) (ko z) 100% b asis rsonal use only C erro V ang uard ia A ng lo G o ld A shanti (92.5% attrib utab le) S - K 1300
Slide 26: Peer valuation inputs behind the peers chart
APPENDIX C Peer valuation inputs behind the peers chart Ag reserves Other Ag res. Total Ag Share Price Shares Mkt cap FX to Mkt cap Cash / net cash Net cash EV EV / oz Ag Company Project Src rsonal use only (Moz) (Moz) (Moz) price date (m) (local, m) A$ (A$m) (local, m, date) (A$m) (A$m) (A$) New Pa