Unico Silver (USL) H2 2024 earnings summary

Executive summary

• Achieved transformative growth with five acquisitions, increasing silver equivalent resources from 10 million oz AgEq to over 160 million oz AgEq year-over-year, including the proposed Joaquin project acquisition from Pan American Silver.

• Now holds over 100 million ounces of silver resources (excluding gold credits), positioning as one of the largest silver developers on the ASX.

• Completed $8 million capital raise in August 2024 to fund exploration and development, including a maiden drill program at Cerro Leon.

Financial highlights

• Revenue for FY24 was $950,762, down from $1,303,522 in FY23.

• Net loss after tax was $2,831,005, a significant improvement from $17,690,324 loss in FY23.

• Basic and diluted loss per share improved to (0.95) cents from (7.93) cents year-over-year.

• Cash and cash equivalents at year-end were $5,051,917, down from $8,532,275 at the end of FY23.

Outlook and guidance

• Focus remains on advancing exploration in Argentina and the Cobar Basin, NSW, with ongoing acquisition and farm-in opportunities.

• Maiden drill programs at Cerro Leon and Sierra Blanca are planned for late 2024, with regulatory approvals in place.

• Joaquin and Cerro Puntudo acquisitions expected to close by October 2024, further consolidating the Santa Cruz portfolio.