Unico Silver's Quarterly Report Update

Unico Silver (ASX: $USL) is pleased to present the quarterly report for the period ended 31 March 2024. The company has consolidated its Cerro Leon portfolio and district, acquiring 100% ownership of the Conserrat project and regional tenements. The transaction has increased mineral resources attributable to USL by 2.29 million silver equivalent ounces at a cost of A$0.17 per ounce. The company's cash balance at the end of March 2024 is $5.65 million.

Executive Commentary

During the March quarter, we were pleased to move to 100% ownership of Conserrat and consolidate the Cerro Leon portfolio and district. Unico Silver remains well placed to capitalize on the recent strength in silver price with spot silver increasing to over US$28 per ounce. - Todd Williams, Managing Director

Summary of Quarterly Report

Unico Silver (ASX: $USL) has successfully acquired 100% ownership of the Conserrat project and regional tenements, consolidating its Cerro Leon portfolio and district. The company's cash balance at the end of March 2024 is $5.65 million. The acquisition has increased mineral resources attributable to USL by 2.29 million silver equivalent ounces at a cost of A$0.17 per ounce. The company is progressing discussions with several parties for further strengthening the Cerro Leon portfolio through regional consolidation and project acquisition. Immediate priorities include finalizing drill permits and EIA submission with the Santa Cruz mining authorities, along with ongoing business development and regional consolidation. Unico Silver remains well positioned to capitalize on the recent strength in silver price, with spot silver increasing to over US$28 per ounce. The company's ambitions include further strengthening the Cerro Leon portfolio and district through regional consolidation and project acquisition, while also focusing on the Santa Cruz province of Argentina for silver and gold exploration. The outlook appears positive as the company continues to pursue its corporate strategy and goals.