{
  "schema_version": "1.0.0",
  "ticker": "USL",
  "company_name": "Unico Silver Limited",
  "cutoff_date": "2026-10-09",
  "reviewed_at": "2026-10-09",
  "coverage_note": "Complete company-disclosed top 20 listed ordinary share accounts as at 21 September 2026, when 642,306,714 ordinary shares were on issue. The 6 October 2026 Sprott Group Form 603 is reported separately at its 25 September measurement date; a 1 October placement increased shares on issue after that measured date.",
  "register": {
    "as_of_date": "2026-09-21",
    "issued_shares": 642306714,
    "source_ids": [
      "usl-annual-2026"
    ],
    "holders": [
      {
        "holder_id": "citicorp-nominees",
        "name": "Citicorp Nominees Pty Limited",
        "classification": "nominee_custodian",
        "shares": 103878287,
        "percentage": 16.17,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 1 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "hsbc-custody",
        "name": "HSBC Custody Nominees (Australia) Limited",
        "classification": "nominee_custodian",
        "shares": 67108649,
        "percentage": 10.45,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 2 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "instant-expert",
        "name": "Instant Expert Pty Limited",
        "classification": "direct_holder",
        "shares": 24678597,
        "percentage": 3.84,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 3 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "bnp-noms",
        "name": "BNP Paribas Noms Pty Ltd",
        "classification": "nominee_custodian",
        "shares": 19404006,
        "percentage": 3.02,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 4 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "bnp-nominees",
        "name": "BNP Paribas Nominees Pty Ltd",
        "classification": "nominee_custodian",
        "shares": 19193546,
        "percentage": 2.99,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 5 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "austral-gold-canada",
        "name": "Austral Gold Canada Limited",
        "classification": "direct_holder",
        "shares": 15404495,
        "percentage": 2.4,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 6 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "phillip-perry",
        "name": "Mr Phillip Richard Perry",
        "classification": "direct_holder",
        "shares": 15377728,
        "percentage": 2.39,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 7 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "inversiones-financieras-del-sur",
        "name": "Inversiones Financieras del Sur SA",
        "classification": "direct_holder",
        "shares": 12657003,
        "percentage": 1.97,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 8 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "ratatat-investments",
        "name": "Ratatat Investments Pty Ltd",
        "classification": "direct_holder",
        "shares": 10000000,
        "percentage": 1.56,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 9 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "dellta",
        "name": "Dellta Pty Ltd",
        "classification": "direct_holder",
        "shares": 9000000,
        "percentage": 1.4,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 10 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "jpmorgan-nominees",
        "name": "J P Morgan Nominees Australia Pty Limited",
        "classification": "nominee_custodian",
        "shares": 7278842,
        "percentage": 1.13,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 11 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "puresteel-holdings",
        "name": "Puresteel Holdings Pty Ltd",
        "classification": "direct_holder",
        "shares": 6850400,
        "percentage": 1.07,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 12 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "loktor-holdings",
        "name": "Loktor Holdings Pty Ltd",
        "classification": "direct_holder",
        "shares": 6775686,
        "percentage": 1.05,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 13 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "eduardo-elsztain",
        "name": "Mr Eduardo Sergio Elsztain",
        "classification": "direct_holder",
        "shares": 6596472,
        "percentage": 1.03,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 14 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "dolphin-real-assets-fund",
        "name": "Dolphin Real Assets Fund SPC Ltd",
        "classification": "direct_holder",
        "shares": 6428572,
        "percentage": 1.0,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 15 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "hsbc-custody-account-2",
        "name": "HSBC Custody Nominees (Australia) Limited – A/C 2",
        "classification": "nominee_custodian",
        "shares": 6121818,
        "percentage": 0.95,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 16 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "adrian-tejedor",
        "name": "Adrian Horacio Tejedor",
        "classification": "direct_holder",
        "shares": 5903717,
        "percentage": 0.92,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 17 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "todd-williams",
        "name": "Mr Todd Williams",
        "classification": "direct_holder",
        "shares": 5529635,
        "percentage": 0.86,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 18 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "equity-trustees",
        "name": "Equity Trustees Limited",
        "classification": "nominee_custodian",
        "shares": 4835000,
        "percentage": 0.75,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 19 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      },
      {
        "holder_id": "bonza-view-super",
        "name": "Bonza View Superannuation Fund Pty Ltd",
        "classification": "direct_holder",
        "shares": 4659049,
        "percentage": 0.73,
        "percentage_basis": "issued_shares",
        "as_of_date": "2026-09-21",
        "investor_id": null,
        "identity_note": null,
        "source_ids": [
          "usl-annual-2026"
        ],
        "notes": [
          "Rank 20 in the company-reported 20 largest listed ordinary equity-security holders; shareholder information applicable as at 21 September 2026."
        ]
      }
    ]
  },
  "substantial_holders": [
    {
      "holder_id": "austral-gold-group",
      "name": "Austral Gold Limited and the persons set out in its Form 604",
      "classification": "reporting_group",
      "shares": 38879167,
      "percentage": 6.41,
      "percentage_basis": "voting_power",
      "as_of_date": "2025-12-24",
      "investor_id": null,
      "identity_note": null,
      "source_ids": [
        "usl-agd-604-2025",
        "usl-annual-2026",
        "usl-placement-2026"
      ],
      "notes": [
        "Form 604 reports the group at 38,879,167 votes and 6.41% voting power after changes through 24 December 2025; the group includes Austral Gold Canada Limited, Austral Gold Argentina SA, Inversiones Financieras del Sur SA, Dolphin Real Assets Fund SPC and Eduardo Elsztain (among others).",
        "The 2026 annual report repeats 38,879,167 and 6.41% in its substantial-shareholder table, but its register denominator is 642,306,714 at 21 September 2026. The report does not supply a new dated group percentage; preserve 6.41% as the statutory notice percentage, not a current percentage."
      ],
      "caveat": "The 6.41% is the 24 December 2025 filed voting-power figure. The annual report’s 21 September 2026 denominator would imply approximately 6.05% if the reported share count remained unchanged; the 1 October 2026 placement further diluted it. No post-placement Austral Gold holding notice was located."
    },
    {
      "holder_id": "sprott-group",
      "name": "Sprott Inc. and its controlled bodies corporate, including Sprott Asset Management USA Inc. and Sprott Asset Management LP",
      "classification": "reporting_group",
      "shares": 49793836,
      "percentage": 7.752,
      "percentage_basis": "voting_power",
      "as_of_date": "2026-09-25",
      "investor_id": null,
      "identity_note": null,
      "source_ids": [
        "usl-sprott-603",
        "usl-placement-2026"
      ],
      "notes": [
        "The Form 603 states that the group became a substantial holder on 25 September 2026, with 49,793,836 ordinary shares and 7.752% voting power. It reports 49,364,699 shares through SAM USA and 429,137 through SAM LP; the group aggregate must not be added to those components or to registered nominee accounts.",
        "This filing is by Sprott Inc. and its controlled asset-management entities; it does not establish a direct personal holding by Eric Sprott."
      ],
      "caveat": "The 7.752% filing measurement is dated 25 September 2026. On 1 October 2026 USL issued 78,947,369 shares, taking quoted ordinary shares to 721,254,083; if the group’s shares were unchanged, its ratio would be about 6.90%, but the notice does not state a post-issue percentage."
    }
  ],
  "sources": [
    {
      "source_id": "usl-annual-2026",
      "title": "2026 Annual Report to Shareholders",
      "publisher": "Unico Silver Limited / ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03141413-3A702797",
      "publication_date": "2026-09-29",
      "accessed_date": "2026-10-09",
      "locator": "Local file downloads/USL/2026/2026-09-29_2026 Annual Report to Shareholders_e385e6b903ff34d0.pdf, PDF pp. 73–74; shareholder information applicable 21 September 2026 and top-20/security holders table.",
      "detail": "Gives 642,306,714 ordinary shares as at 21 September 2026, complete top-20 register, and repeats Austral Gold Limited at 38,879,167 shares/6.41% as its latest disclosed substantial holder."
    },
    {
      "source_id": "usl-sprott-603",
      "title": "Becoming a substantial holder",
      "publisher": "Sprott Inc. / ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03144882-3A703417",
      "publication_date": "2026-10-06",
      "accessed_date": "2026-10-09",
      "locator": "Local file downloads/USL/2026/2026-10-06_Becoming a substantial holder_b8e5c806c2c8faa7.pdf, PDF p. 1 (Form 603) and Annexure A; scan reviewed visually.",
      "detail": "Reports Sprott Inc. and controlled bodies corporate as substantial holder from 25 September 2026, 49,793,836 ordinary shares and 7.752% voting power."
    },
    {
      "source_id": "usl-agd-604-2025",
      "title": "Change in substantial holding from AGD",
      "publisher": "Austral Gold Limited / ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03042020-3A684723",
      "publication_date": "2025-12-29",
      "accessed_date": "2026-10-09",
      "locator": "Local file downloads/USL/2025/2025-12-29_Change in substantial holding from AGD_3069ff429332ccdf.pdf, Form 604 pp. 1–2; sections 1–4.",
      "detail": "Identifies the substantial-holder group in Unico Silver Limited and reports 38,879,167 votes/6.41% voting power following changes through 24 December 2025."
    },
    {
      "source_id": "usl-placement-2026",
      "title": "Application for quotation of securities – USL",
      "publisher": "Unico Silver Limited / ASX",
      "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03143060-3A703081",
      "publication_date": "2026-10-01",
      "accessed_date": "2026-10-09",
      "locator": "Local file downloads/USL/2026/2026-10-01_Application for quotation of securities - USL.pdf, Appendix 2A pp. 1 and 6.",
      "detail": "Reports issue of 78,947,369 fully paid ordinary shares on 1 October 2026 and 721,254,083 quoted ordinary shares following quotation."
    }
  ],
  "limitations": [
    "The annual-report top-20 table is a registered-account snapshot at 21 September 2026; the 1 October placement means those accounts and percentages are not current post-placement.",
    "The 6 October Sprott Form 603 is a scanned PDF; its image was reviewed. Its percentage is the notice’s 25 September figure, before the 1 October placement.",
    "Austral Gold’s latest located statutory notice is dated 24 December 2025. The 2026 annual report repeats its shares and percentage while the reported denominator indicates dilution; its post-placement exact position is not disclosed in a later holder notice located for this review."
  ]
}