Unico Silver Limited has completed its Phase 3 drilling program at the Cerro Leon project in Santa Cruz, Argentina, reporting 47 of 57 drill holes over 4,203 meters. The program, which combined infill and extension drilling across seven prospects in both oxide and sulphide zones, has delivered the highest silver intercept to date from the near-surface oxide mineralisation. Notably, one drill hole at the Marta Norte prospect intercepted 36 meters at 436 grams per tonne (g/t) silver from just 1 meter downhole, while other key intercepts include a 13-meter section at 1,096 g/t silver equivalent from Marta Norte and oxide intercepts at Karina measuring 39m at 255 g/t AgEq and 7m at 1,011 g/t AgEq. The drilling results support the Company’s dual-track growth strategy. The oxide drilling under the PLUS 150 development case is building a robust near-surface resource base, whereas extension drilling in the deeper sulphide zones at Karina, Savary, and Kasia is expanding the pipeline of high-grade mineralisation under the BEYOND 300 growth objective. Overall, the drilling campaign now comprises 183 holes totalling over 20,000 meters drilled at Cerro Leon, enhancing confidence in the upcoming updated JORC-compliant Mineral Resource Estimates (MREs) for both Cerro Leon and the recently acquired Joaquin project, expected later in the third quarter of 2025. The technical details in the announcement include extensive assay results and rigorous quality assurance and quality control protocols, with silver equivalency calculated using industry-standard metallurgical assumptions. The reported silver equivalent grades factor in recovery rates and metal prices for silver, gold, lead, and zinc, ensuring that these robust intercepts reflect the potential for economic mineral recovery. The detailed data and logging methodology, including the use of both diamond and reverse circulation drilling techniques, underpin the Company’s high-quality exploration program and resource estimation process. From a market sentiment perspective, the news carries a bullish undertone as the excellent drilling intercepts validate Unico Silver Limited’s growth strategy and support a near-term increase in resource confidence and potential asset value. On the other hand, the exploration stage nature of the projects, coupled with the inherent uncertainties of developing updated resource estimates and the reliance on foreign estimates for the Joaquin project, adds some bearish caution. As the Company advances toward further technical studies and additional drilling, investors are advised to weigh the robust drill results against the exploration risks typical of early-stage mining projects.