Unico Silver raises $40 million to accelerate Joaquin Project exploration in Argentina

Unico Silver (ASX:USL) raises $40 million to accelerate drilling and feasibility programs at the Joaquin Project in Santa Cruz, Argentina, aiming to fast-track resource conversion and advance toward a Prefeasibility Study in 2026.

Unico Silver (ASX: USL) announced it has secured firm commitments from domestic and international institutional investors to raise $40 million to fast-track exploration and development at its Joaquin Silver Project in the Santa Cruz province of Argentina.

The capital will fund drilling, metallurgical, and geotechnical programs as the company ramps up activity ahead of key resource and feasibility milestones.

Funding details and strategic expansion

Unico will issue 72.7 million new shares at $0.55 each, representing a 3.1% discount to its 10-day volume weighted average price (VWAP). Canaccord Genuity will act as lead manager and bookrunner, with SCP Resource Finance as co-manager. Settlement is expected on or around 21 November 2025.

In parallel, the company is launching a non-underwritten Share Purchase Plan (SPP) for eligible shareholders to raise an additional $5 million at the same price, closing on 17 December 2025.

With a market capitalization of $347 million, Unico plans to increase drilling rigs from three to five, accelerating the extensional and infill campaign designed to upgrade the La Morocha SE and La Negra SE discoveries to the indicated resource category in preparation for a Feasibility Study.

Fast-tracking feasibility and exploration

The company expects to deliver mineral resource updates in December 2025 and Q1 2026, followed by a Prefeasibility Study (PFS) in the first half of 2026.

Funds will also support 4,000 meters of metallurgical and geotechnical drilling for long-lead items tied to the PFS, and 20,000 meters of regional exploration targeting new discoveries.

“The revised work program includes a dedicated drill rig to fast-track metallurgical and geotechnical drilling required to support project design and development decisions,”
said Managing Director Todd Williams, adding that the goal is to “deliver critical PFS inputs on schedule and bring forward key study workstreams.”

Strengthening financial position and investment appeal

Williams emphasized that the raise is also a de-risking step for qualification under Argentina’s RIGI investment regime (Incentive Regime for Large Investments), which aims to improve project economics and fiscal stability for large-scale ventures.

“With drilling, resource conversion, and feasibility workstreams now fully funded for CY2026, we are well positioned to advance Joaquin on an accelerated schedule and deliver on our BEYOND 300 and PLUS 150 exploration and development strategies,”
Williams concluded.

Unico Silver continues to advance its portfolio of silver and gold assets in Santa Cruz, consolidating its position as a key emerging explorer in Argentina’s precious metals sector.