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Well-funded Silver Explorer Focused on Resource Growth in Santa Cruz, Argentina Investor Presentation March 2025 Unico Silver ASX:USL Fully funded 50,000m drill program underway, unlocking new discoveries and growth
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2 COMPETENT PERSON STATEMENT This presentation contains information extracted from previous ASX releases which are referenced in the report. The Company is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and content in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. • 12 March 2025, Cerro Leon drill results • 13 January 2025, Cerro Leon drill results • 11 December 2024, Cerro Leon drill results • 9 October 2024, Priority Silver Targets Outlined at Cerro Leon • 20 August 2024, Acquisition of Joaquin silver district • 20 May 2024, Acquisition of Sierra Blanca project • 13 May 2024, Cerro Leon Exploration Target • 26 March 2024, Unico moves to 100% ownership of Conserrat • 18 May 2023, Cerro Leon silver resource grows 84% to 92Moz • 25 November 2022, Transformative 100% Acquisition of advanced Pingüino silver gold project CERRO LEON EXPLORATION TARGET Information in this report that relates to Exploration results and targets is based on, and fairly reflects, information compiled by Unico Silver Limited and Todd Williams, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Williams is the Managing Director to Unico Silver Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Williams consents to the inclusion of the data in the form and context in which it appears. Investor Presentation | March 2025 Forward looking statements and disclosures DISCLAIMER The following material is for general information purposes only and is not to be relied upon for the making of an investment decision. Any investment in Unico Silver Limited ACN 116 865 546 (USL) is subject to investment risk including the possibility of loss of capital invested and no return of income or payment of dividends. Neither USL nor any other entity or person in or associated with the USL group of companies guarantees any return (whether capital or income) or generally the performance of USL or the price at which its securities may trade. In particular, thispresentation is not a recommendation, offer or invitation to subscribe for or purchase USL securities. It is not for general distribution or third party reliance or use. While it has been prepared from sources USL believe to be reliable, USL cannot guarantee its accuracy or completeness and undertakes no obligation to advise of changes or updates to any such materials. These materials are not exhaustive of all of the information a potential investor or their professional adviser would require. Nor do these materials take into accountany specific objectives, financial situation or needs of investors. In addition, the past performance of USL cannot be assumed as indicative of the future performance of the company. For these and other reasons, before making any investment decision regarding USL securities you are strongly recommended to obtain your own up to date independent legal, financial and investment advice – those acting without such advice do so at their own risk. Where this presentation does contain any forward looking statements, those statements are only made as the date of the presentation and are to be considered “at-risk statements” not to be relied upon as they are subject to further research and to known and unknown risks, uncertainties and other factors that may lead to actual results differing from any forward lookingstatement. This is particularly the case with companies such as USL which operate in the mining industry.
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4 3 To grow a globally significant silver development company with +300Moz silver equivalent resources. Track Record 2-year focus on consolidation during low silver price environment: Acquisition of key infrastructure • 150-person camp • Land ownership and access agreements in place for all priority targets Point Of Difference Emerging silver developer Well-funded with $25.4m cash (Dec-24 Qtr) Santa Cruz pro-mining province, clear permitting framework 160Moz AgEq total resources* Aggressive 50,000m drill program underway Resource Growth Potential Two fertile vein districts (Cerro Leon and Joaquin) with scale and endowment: • One phase of prior exploration. Focus on rapid resource growth • low-risk resource extensions • New discoveries Revised MRE due late 2025 *See Appendix A and B Cautionary Statement The estimates of mineralisation in respect of the Joaquin Project included in this announcement are foreign estimates and are not reported in accordance with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and is a “Foreign Estimate”. A Competent Person has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code. It is uncertain that following evaluation and/or further exploration work that the Foreign Estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. Vision Investment Summary
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Corporate Snapshot 1 Market capitalisation at 21 cents AUD per share 2 Cash balance as of 31 December 2024 4 BOARD OF DIRECTORS Peter Mullens Chairperson Todd Williams Managing Director Melanie Leydin Non-Executive Director José Bordogna Non-Executive Director MAJOR SHAREHOLDERS Austral Gold 5.2% Eric Sprott 4.8% Eduardo Elsztain 3.6% Institutional Ownership 18.0% Shares 436M Options / Performance 40M Market Capitalisation $87M1 AUD Cash $25.4M2 AUD SHARE PRICE: 1 YEAR Investor Presentation | March 2025
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Santa Cruz, Argentina Home of Majors, clear framework for permitting and building mines ARGENTINA • Pro-investment environment: RIGI (Incentive Regime for Large Investment) mirrors successful fiscal reforms and stability agreements seen in 1980s Chile • Corporate activity: BHP and Lundin Mining’s C$4.5B acquisition of Filo Corp and Rio Tinto’s USD$6.7 billion acquisition of Arcadium Lithium highlights attractiveness for large-scale investment. SANTA CRUZ • Proven hub for major global miners: Anchored by industry leaders like Newmont, Pan American Silver, and AngloGold Ashanti. • Track record of billion-dollar acquisitions: Majors acquiring development assets like Cerro Negro (USD$3.4B) and Cerro Moro (C$414M) reinforces the region's high-value strategic potential. • Streamlined permitting process: A clear, efficient framework for mine development • Skilled and ready workforce: A large talent pool, providing experienced and trained personnel to support project development. 5 Source: ASX Announcement, 30 July 2024, Acquisition of Filo and joint venture with Lundin Mining ASX Announcement, 9 October 2024, Rio Tinto to acquire Arcadium Lithium Investor Presentation | February 2025
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6Investor Presentation | March 2025 Source 20 August 2024, Acquisition of Joaquin silver district 20 May 2024, Acquisition of Sierra Blanca project 26 March 2024, Unico moves to 100% ownership of Conserrat 18 May 2023, Cerro Leon silver resource grows 84% to 92Moz 25 November 2022, Transformative 100% Acquisition of advanced Pingüino silver gold project 1. Total consideration: Pinguino Project, 50m shares at 14cps plus $5m USD in upfront and deferred cash payments, Sierra Blanca Project 5m shares at 16cps, Conserrat Project 3m shares at 9cps. 2. Total consideration: $2m USD upfront 91Moz AgEq 41Moz Ag, 344koz Au 160Moz AgEq 105Moz Ag, 407koz Au Revised MRE Due Q3 2025 9.1Moz AgEq 4Moz Ag, 63koz Au Cerro Leon Consolidation1 Joaquin Consolidation2 50,000m drill program Underway Two years of accretive M&A builds the foundations for resource growth and exploration success NOV 22 TO MAY 24 AUG 24 OCT 24
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Strategically located Building a camp-scale silver opportunity in a world-class precious metal district 7 Thoughtful consolidation of two fragmented silver districts 100% Acquisition of Pinguino district Unico moves to 100% ownership of Conserrat district 100% Acquisition of Sierra Blanca district 100% Acquisition of Joaquin and Cerro Puntudo Timeline Nov 2022 Mar 2024 May 2024 Aug 2024 Source: ASX Announcement, 25 November 2022, 100% Acquisition of Advanced Pinguino Silver Gold Project ASX Announcement, 26 March 2024, Unico Moves to 100% of Conserrat ASX Announcement, 20 May 2024, Acquisition of Sierra Blanca Project ASX Announcement, 20 August 2024, Acquisition of Joaquin Silver District Resource Base 160Moz @ 151gpt AgEq Ind, Inf Includes 105Moz Ag 407koz Au Two adjacent silver districts never held by a single junior 5 separate transactions closed since Nov 22, at a cost of: 10c/AgEq oz Positive Market Comparable Coeur Mining acquired 49% of Joaquin for USD $60m in 2012 Implied valuation: $2.7/AgEq oz Investor Presentation | March 2025
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Investor Presentation | July 2024 8 Exploration Priorities 2025 Field Season
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Fully funded drill program planned for 2025 - focus on rapid resource growth across Cerro Leon and Joaquin 9Investor Presentation | March 2025 T argeting revised MRE Q3 2025 followed by further exploration across both projects 2024 2025 Q4 Q1 Q2 Q3 Q4 CERRO LEON JOAQUIN RESOURCE DEFINITION Proposed Exploration Work Program PHASE 1: RC Drilling PHASE 2: DIAMOND DRILLING PHASE 3: RC DRILLING COMPLETED REVISED MRE UNDERWAY Infill / extensional drilling subject to results of Phase 1, 2 & 3. Ongoing regional exploration UNDERWAY
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Cerro Leon District – Focus on converting exploration target into mineral resources 10 CERRO LEON EXPLORATION TARGET • Exploration Target includes six structures (6km cumulative strike) outside current MRE (Karina, CSS, Ivonne Sur, Savary, Trinda, Kasia, Archen-Chala) • Leverage over 21,000m (213 holes) of historical drilling outside MRE. ASSAY RESULTS OUTSTANDING • Phase 1 RC: Assay results reported for 56 shallow RC holes totalling 4864m. • Phase 2 DDH: Planned 10,000m program nearing completion. Assay results reported for 9 holes for 1187m. Cerro Leon follow up infill drill program planned for April 2024 Source: ASX Announcement, 13 May 2024, Cerro Leon Exploration Target ASX Announcement, 11 December 2024, Cerro Leon Drill Results ASX Announcement, 13 January 2024, Cerro Leon Drill Results ASX Announcement, 12 March 2025, Cerro Leon drill results Investor Presentation | March 2025
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11Investor Presentation | March 2025 Karina and CSS – Developing discoveries outside MRE KARINA (REPORTED Q1 2024) o Delivered silver grades up to 2609pt Ag in individual assays and standout downhole Grade Thickness of 7305 GT. o Mineralisation spans 900m in strike length and 125m down-dip ▪ (PR003-24) 12m at 307gpt AgEq from 49m, inc. 3m at 1052gpt AgEq from 56m ▪ (PR005-24) 12m at 411gpt AgEq from 18m, inc. 5m at 828gpt AgEq from 23m ▪ (PR009-24) 35m at 209gpt AgEq from 4m, inc. 2m at 1500gpt AgEq from 7m. CSS (REPORTED Q1 2024) o Grades increasing at depth, open at depth. Mineralisation extends 850m in strike and 75m down-dip: ▪ (PR031-24) 2m at 482gpt AgEq from 42m, and 15m at 198gpt AgEq from 51m ▪ (PR033-24) 22m at 107gpt AgEq from 39m PHASE 2 DRILLING TESTING VERTICAL CONTINUITY OF HIGH-GRADE ZONES Source: ASX Announcement, 13 January 2024, Cerro Leon Drill Results ASX Announcement, 12 March 2025, Cerro Leon drill results
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12Investor Presentation | March 2025 Archen and Chala prospects – Developing discoveries outside MRE ARCHEN-CHALA (REPORTED Q1 2025): Hole P020-25 returned the highest recorded Grade Thickness intercept of 10,825 GT ▪ (PR035-24) 10m at 651gpt AgEq from 5m, inc. 3m at 1936gpt AgEq from 7m ▪ (PR036-24) 6m at 283gpt AgEq from 37m, inc. 2m at 695gpt AgEq from 38m ▪ (PR041-24) 17m at 429gpt AgEq from 95m, inc. 7m at 767gpt AgEq from 95m ▪ (P020-25) 18m at 601gpt AgEq from 119m, inc. 4m at 2400gpt AgEq from 136m Source: ASX Announcement, 13 January 2024, Cerro Leon Drill Results ASX Announcement, 12 March 2025, Cerro Leon drill results
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Marta Sur and Ivonne Sur – Focus of current diamond drill program 13 MARTA SUR 19m at 304 gpt AgEq from 58m (open at depth) IVONNE SUR 43.7m at 275gpt AgEq from 112m (outside of MRE) BARREN VEINS PASSING DOWN INTO WIDE MINERALISED ZONES. TARGETING INTERSECTION OF MARTA SUR AND IVONNE SUR VEINS Investor Presentation | March 2025 Source: ASX Announcement, 9 October 2024, Priority Targets Outlined at Cerro Leon
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Joaquin Project - Consolidation of a silver district historically divided by a tenement boundary JOAQUIN AND CERRO PUNTUDO • Formerly held by Pan American Silver and Yamana prior to the merger of the two companies in March 2023. Acquired by USL Oct 2024. • Historical Foreign Estimate of 73Moz AgEq* with clear potential to grow through expanding drilling into adjacent Cerro Puntudo. MAIDEN DRILL PROGRAM TO COMMENCE AT JOAQUIN 10,000m drill program underway (combined RC and diamond drilling) Drilling to target the extension of La Morocha and La Negra deposits, the Breccia Puntudo structures, and regional targets. • La Negra Feeder: 4.5m at 1699gpt Ag, 22gpt Au from 272m. • La Negra Extension: 3m at 2723gpt Ag, 4.1gpt Au from 54m. • La Morocha Extension: 8m at 226gpt Ag, 0.5gpt Au from 189m. • Breccia Puntudo: 31m at 28gpt Ag, 3.3gpt Au from 66m. Program includes select infill drilling to assist conversion of NI-43 101 foreign estimates to JORC (2012) compliant resources. 14 Investor Presentation | March 2025 Source: ASX Announcement, 20 August 2024, Acquisition of Joaquin Silver District ASX Announcement, 17 March 2024, Drill commences at Joaquin * See Appendix A
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15 Potential for high-grade mineralisation beneath existing resource. Hole DDJ-117 intercepted a strongly oxidised structure 225m below the surface that returned: LA NEGRA FEEDER: 4.5m at 1699g/t Ag, 22g/t Au from 272m. Significant potential to expand resources along strike and SE of La Negra. LA NEGRA EXTENSION: • 13m at 338gpt Ag from 55.5m. • 3m at 695gpt Ag, 0.6gpt Au from 136m. • 30m at 37gpt Ag, 1.7gpt Au from 51m. • 4m at 7gpt Ag, 7gpt Au from 16m. (possible parallel vein). Joaquin district – Options for immediate resource growth La Negra Extensions and Feeder Structure Investor Presentation | March 2025 Source: ASX Announcement, 20 August 2024, Acquisition of Joaquin Silver District
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4 Investor Presentation | July 2024 16 Significant Resource Base Acquired Cost-effectively 160Moz AgEq resource base* and growing Upcoming Catalysts Fully funded 50,000m drill program Mineralisation Potential to be ASX’s most silver dominant resource Silver Price Tailwinds Rising industrial and renewables demand, supply constraints. Infrastructure- advantaged Region Surrounded by major miners (Newmont, Pan American Silver, AngloGold Ashanti) Argentina’s Improved Political Environment Pro-mining policies and streamlined regulations, encouraging mining investment and development Investment Highlights On our way to 300Moz in Santa Cruz, Argentina *See Appendix A and Appendix B Investor Presentation | March 2025
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Appendix A: Disclosure of Foreign Estimate The estimates of mineralisation in respect of the Joaquin Project included in this announcement are foreign estimates and are not reported in accordance with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and is a “Foreign Estimate” . Unico Silver confirms that it is not aware of any new information or data that materially affects the information included in the Foreign Estimate and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Unico Silver confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the announcement. A Competent Person has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code. It is uncertain that following evaluation and/or further exploration work that the Foreign Estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. Joaquin’s reported silver equivalent (AgEq) is based on the following assumptions: AgEq = Ag (g/t) + 79.18 x Au (g/t) where: silver price is $23.5/oz and recovery is 95%, gold price is $1964/oz and recovery is 90%. In the Company’s opinion, the silver and gold included in the metal equivalent calculations have a reasonable potential to be recovered and sold. 17 Resource Category Tonnes (Mt) Ag (gpt) Au (gpt) Ag (Moz) Au (Koz) AgEq (gpt) AgEq (Moz) 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 16.7 126 0.12 68.3 64.2 136 73.4 Table 1: Joaquin Project – Foreign Estimate as of February 2013 Resource Category Tonnes (Mt) Ag (gpt) Au (gpt) Ag (Moz) Au (Koz) AgEq (gpt) AgEq (Moz) Depletion 0.33 410 0.14 4.3 1.5 421 4.5 Total 0.33 410 0.14 4.3 1.5 421 4.5 Table 2: Joaquin Project – Historical Production 2019 to 2022 Investor Presentation | March 2025 Historical production figures from Pan American Silver Corp. internal reconciliation reports
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Appendix B: Cerro Leon Mineral Resource Statement 18 Category Tonnes AgEq (gpt) AgEq (Moz) Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag Moz Au koz Pb Mlb Zn Mlb Indicated 6.82 172 37.8 86 0.49 0.28 0.93 18.8 107 41.9 140 Inferred 9.65 172 53.5 71 0.77 0.77 0.77 22.1 237 53.7 163 Total 16.47 172 91.3 77 0.65 0.57 0.84 40.9 344 95.6 304 Table 3: Cerro Leon Resources – Classification The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. The information in this announcement that relates to the current Mineral Resources for Cerro Leon has been extracted from the ASX release by Unico Silver entitled “Cerro Leon Resource Grows 84% to 92Moz” dated 18 May 2023, available at www.unicosilver.com.au and www.asx.com.au (“Unico Silver Announcement”).Unico Silver confirms that it is not aware of any new information or data that materially affects the information included in the Unico Silver Announcement in relation to estimates of Mineral Resources and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Unico Silver confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the announcement. Due to rounding to appropriate significant figures minor discrepancies may occur. Lead and Zinc credits are only considered for the Marta Centro prospect, all other prospects the Pb and Zn are attributed no economic value. Cerro Leon’s reported silver equivalent (AgEq) is consistent with previous reports and is based on the following assumptions: AgEq = Ag (g/t) + 79.18 x Au (g/t) + 25.56 x Pb (%) + 39.41 x Zn (%), where: silver price is $23.5/oz and recovery is 95%, gold price is $1964/oz and recovery is 90%, lead price is $0.95/lb and recovery is 87.6% and zinc price is $1.39/lb and recovery is 92.3%.In the Company’s opinion, the silver, gold, zinc, lead included in the metal equivalent calculations have a reasonable potential to be recovered and sold. Investor Presentation | March 2025