Unico Silver Limited · ASX:USL
Unico Silver — Investor Presentation (July 2026)
27 slides from Unico Silver's investor presentation, Jul 24, 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 From discovery to delivery | 330Moz AgEq | PFS 2H 2026 I N VE S T O R P R E S EN TA T I O N JU L Y 2026
Slide 2: Forward Looking Statements and Disclosures
Forward Looking Statements and Disclosures For personal use only DI S C L A IM E R C O MP E T E NT P E R S ON S T AT E M E NT 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
Slide 3: Strategic Pillars
VISION Strategic Pillars DEVELOPMENT PATHWAY + RESOURCE SCALE + ARGENTINA AND SILVER For personal use only PFS EXECUTION (OXIDE-LED) CONVERSION MACRO TAILWINDS Maiden PFS due Sep-26 Global resource: 330Moz AgEq* Global silver deficit, silver mine (includes 185Moz Ag, 1Moz Au) supply constrained Focu
Slide 4: Corporate Snapshot
Corporate Snapshot REGISTER COMPOSITION 45.6% 16.9% 6.7% 30.7% Rest HNW / Private investors Institutional Austral Gold investors For personal use only Board & insiders 29.0% Eduardo Elsztain & Eric Sprott 2.7% Nokomis Capital 3.0% associates 6.7% Sprott Asset Mgt 2.5% RESEARCH COVERAGE Justin Chan P
Slide 5: Board of Directors & Management
Board of Directors & Management 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 Geologist with 30+ years’ Geologist with 15+
Slide 6: Resource vs Reserve Gap
Resource vs Reserve Gap Leading Pure-Play Silver Developer Resource Growth Increase Decrease Total South American Silver Developers 350 97 Mineral Reserves (Proven & Probable) Resources not yet converted to reserves For personal use only Market cap (A$m equiv., Jul 2026) 300 500 3000 250 69 2500 200
Slide 7: Staged Development Roadmap
Staged Development Roadmap A near-term, conventional oxide starter operation with sulphide expansion optionality STAGE 1 STAGE 2 OXIDE (Free-Milling) SULPHIDE For personal use only +200Moz AgEq free-milling feed +100Moz AgEq deeper sulphide Open pit Target Flotation ~80-85% Ag/Au via cyanidation 5–7
Slide 8: Stage 1 Oxide Development Pathway
Stage 1 Oxide Development Pathway Six published facts: For personal use only At Surface ~80% - 85% M IN E R A LIS A T IO N G E O M E T R Y A G & A U RE C O V E RY ( O X ID E ) Mineralisation starts at surface across Whole-ore cyanidation recoveries from the La Negra trend — pit-constrainable 104-hol
Slide 9: The silver setup: structural deficit, scarce producers
The silver setup: structural deficit, scarce producers A structural, multi-year supply deficit meets a global scarcity of single-asset silver producers. Unico is positioned to deliver a tier-one asset into that gap. 100 For personal use only 50 8 Primary Ag production 2025 (Moz) 0 Market balance (Mo
Slide 10: Co-development of Joaquin + Cerro Leon oxide resource
Co-development of Joaquin + Cerro Leon oxide resource Plata Leon One central plant. Two oxide feeds. PFS 2H 2026. Pinguino For personal use only Joaquin Sierra Blanca Proposed process plant Hig h-gr ade Cerr o Leon oxi de truc ked route 12 CERRO LEON Sep-2025 MRE: GLOBAL RESOURCE 31Mt @ 161gpt AgEq
Slide 11: Cerro Vanguardia
CERRO VANGUARDIA KEY LEARNINGS ✓ Multiple Trends ✓ Multiple mineralised shoots For personal use only ✓ Mining from +70 pits MERRILL-CROWE PLANT 1.2Mt pa HEAP LEACH 2Mt pa CERRO VANGUARDIA Total endowment: 8.9Moz Au, 137Moz Ag
Slide 12: Joaquin Mineral Resource Exploration priorities
Joaquin Mineral Resource Exploration priorities M A R C H 2 02 6 M R E For personal use only 167Moz AgEq at 115gpt AgEq within three structures: La Negra La Morocha Breccia Puntudo Current Focus Breccia Puntudo: Infill drilling, conversion of inferred to indicated La Morocha SE and La Negra SE: exte
Slide 13: La Negra & La Negra SE Block Models
La Negra & La Negra SE Block Models NE-SW Section Views LA NEGRA SE For personal use only SECTION 1 SECTION 1 LA NEGRA SECTION 2 View Looking To SE 100m SECTION 2 AgEq (ppm) >150 70-150 40-70 Indicated Inferred 300m 100m ASX:USL 15
Slide 14: La Negra SE
La Negra SE Significant drill hits outside the March-26 MRE: 250m lateral extension and open For personal use only DRILL HOLES OUTSIDE MRE JDD240-26: 78m at 137gpt AgEq (1gpt Au, 55gpt Ag) from 91m JDD245-26: 29.4m at 152gpt AgEq (1.2gpt Au, 45gpt Ag) from 51m MRE open at depth and to the SE, 250m e
Slide 15: La Morocha SE
La Morocha SE Significant drill hits outside the March-26 MRE: Grades increasing at depth For personal use only MRE open at depth with grades increasing to depth DRILL HOLES OUTSIDE THE MRE JDD221-26: 23.5m at 266gpt AgEq (2gpt Au, 95gpt Ag) from 155m JDD276-26: 52.3m at 378gpt AgEq (3.3gpt Au, 100g
Slide 16: Site Overview
Site Overview For personal use only La Negra SE La Morocha SE Easy access, close to infrastructure (La Morocha SE only 350m from the Joaquin Camp) Joaquin Camp Diamond Drilling La Negra SE ASX:USL 18
Slide 17: PFS in Execution
PFS in Execution Workstreams underway PFS delivery on track. Every input is in motion. For personal use only IN PU T S LO C K E D IN IN PU T S COMPLETED UNDERWAY Mineral Resource Mineral Resource PFS drilling completed Breccia Puntudo resource conversion (inf → ind) Targeting 80% M&I resources Mini
Slide 18: Why Unico Silver
Why Unico Silver The rare combination of: 01 02 03 For personal use only Scale Grade Clear Path to District-Scale De-Risked Production Resource Jurisdiction Stage 1 oxide 330Moz AgEq across two Argentina's RIGI Jurisdiction Infrastructure ~210Moz AgEq free-milling feed. adjacent districts — 25% corp
Slide 19: Cerro Leon Moz AgEq resource
Cerro Leon 162 Moz AgEq resource Substantial increase to global mineral For personal use only resources Cerro Leon global resource now stands at 31Mt at 161gpt silver equivalent (AgEq) for 162 Moz AgEq. 73% increase in ounces from the May 2023 MRE. 20,456m of new drilling completed during 2024-2025,
Slide 20: 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 21: Cerro Leon Marta Este Long Section
For personal use only Cerro Leon Marta Este Long Section September 2025 MRE ASX:USL 23
Slide 22: Track Record of Creating Value
Track Record of Creating Value For personal use only AgEq resources per 1000 USL Shares Maiden $110m+ in financings since April 2023 600 Joaquin at sequentially higher prices $8m MRE $50m at 17c at 55c Accretive M&A 500 Joaquin Acquisition Acquired Joaquin for USD$2m upfront $5m 400 at 13c +68,000m
Slide 23: RIGI
RIGI Reduced Argentina's Large Corporate Tax Investment 25% (from 35%), materially improving project economics Incentive Regime For personal use only 30-Year Fiscal Stability Guaranteed tax, customs and regulatory stability Case Study Accelerated Depreciation AbraSilver Improving early-year cash flo
Slide 24: Appendix A: Cerro Leon Mineral Resources
Appendix A Cerro Leon Mineral Resources 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 0.54 1
Slide 25: Appendix B: Joaquin Mineral Resources
Appendix B Joaquin Mineral Resources Table 2. Joaquin Mineral Resource Estimate – March 2026 (Total: Indicated + Inferred) For personal use only Prospect Mt Ag gpt Au gpt AgEq gpt Ag Moz Au koz AgEq Moz Indicated 34.5 93 0.30 118 103 334 131 Inferred 10.8 59 0.55 106 20 190 37 Total 45.3 85 0.36 115
Slide 26: Appendix C: Historical Metallurgical Testwork
Appendix C Historical Metallurgical Testwork Development Strategy: Underpinned by comprehensive historical metallurgical testwork For personal use only Significant metallurgical testwork complete from 2010 to 2017. Oxide and transitional mineralisation (100% of Joaquin Foreign estimate and 42% of Ce
Slide 27: Unico Silver
Unico Silver ASX:USL For personal use only W EBSI T E unicosilver.com.au I N VE S T O R P R E S EN TA T I O N