Unico Silver (ASX: USL) has raised $40 million to help fund fast-tracking of its recent high-grade silver-gold discoveries at the company's Joaquin project in Argentina.
Conducted via a placement of new fully paid ordinary shares, the capital raise attracted support from existing and new domestic and offshore institutions, including a number of key Tier-1 cornerstone investors.
The company will also undertake a share purchase plan to existing eligible retail shareholders to raise up to a further $5m.
Dual Growth Strategies
The new funds, which lift Unico’s bank balance to $68.8m, will help the company further its BEYOND 300 and PLUS 150 strategies—key to its transition from explorer to developer.
To achieve those aims, Unico is accelerating drilling across the Joaquin project by increasing the on-site rig fleet from three to five as it completes an extensional and infill drill program at the La Morocha SE and La Negra SE discoveries.
The new funding will also support two mineral resource estimate updates targeted between now and the first quarter of 2026, an internal scoping study, and the subsequent completion of a maiden pre-feasibility study (PFS) in the first half of next year.
Scoping Study Workstreams
Managing director Todd Williams said the additional rigs would allow Unico to scale up its planned 30,000-metre program at La Morocha SE and La Negra SE.
“Given the evolving nature of the La Negra SE and La Morocha SE mineral resources, the company has elected to advance the scoping study workstreams internally and move straight to a PFS once a high-confidence resource is declared in Q1 2026,” he said.
Earlier this month Unico reported it had significantly extended mineralisation at the Joaquin project with successful recent drilling.
The company hit a number of high-grade silver gold intercepts at La Morocha, La Negra SE, and La Morocha SE, each of which remains open in a number of directions.
