Unico Silver (USL) H1 2026 earnings summary

Executive summary

• Loss after tax for the half-year was $4,080,904, a significant increase from $474,503 in the prior period, driven by expanded exploration activities in Argentina.

• Two major discoveries at La Negra SE and La Morocha SE at the Joaquin Project expanded mineralisation beyond previous estimates.

• Cerro Leon resource increased by 73% to 162Moz AgEq, supporting early-stage development planning.

• $75 million raised through placements and an oversubscribed SPP, boosting cash to $68.8 million.

• Board strengthened with new executive appointments and a milestone-based long-term incentive framework.

Financial highlights

• Net assets rose to $148.3 million from $77.9 million at 30 June 2025, mainly due to capital raising and capitalisation of exploration assets.

• Revenue for the half-year was $261,506, with no gain from bonds in the period.

• Operating expenses increased to $4,342,410, up from $2,067,740 year-over-year.

• Cash and cash equivalents at period end were $66.7 million, up from $12.5 million at 30 June 2025.

• Exploration and evaluation assets increased to $80.8 million from $67.2 million at 30 June 2025.

Outlook and guidance

• Targeting a maiden Pre-Feasibility Study for Joaquin in H1 CY2026.

• Ongoing infill and extensional drilling at Joaquin and Cerro Leon, with a 30,000m fully funded program underway.

• Updated Joaquin Mineral Resource Estimate expected in Q1 2026.

• Strategic focus on converting high-confidence resources to underpin feasibility studies and early-stage development.