Unico Silver Secures $40M Placement, Boosts Drilling to Five Rigs at Joaquin
Unico Silver Limited has raised $40 million through a placement to boost drilling and feasibility studies at its Joaquin project, with a share purchase plan also underway for retail investors.
- Raised $40 million via placement at $0.55 per share
- Plans to increase drilling rigs from three to five at Joaquin
- Funds to fast-track resource conversion and feasibility studies
- Share purchase plan targeting up to $5 million for retail shareholders
- Supports qualification under Argentina’s RIGI investment regime
Capital Raise to Accelerate Development
Unico Silver Limited (ASX, USL) has successfully secured $40 million through a placement of new shares priced at $0.55 each, attracting strong support from both existing and new institutional investors domestically and offshore. This capital injection significantly bolsters the company’s cash position to approximately $68.8 million, providing the financial muscle to accelerate key growth initiatives at its flagship Joaquin silver project in Argentina.
Scaling Up Drilling and Resource Conversion
The fresh funds will enable Unico Silver to ramp up drilling operations, increasing the number of rigs from three to five. This expansion is aimed at completing an extensive 30,000-metre infill and extensional drilling program focused on converting recent discoveries at La Morocha SE and La Negra SE into higher-confidence Indicated Resources. These efforts are critical to underpinning the company’s maiden Feasibility Study, expected in the first half of 2026.
Fast-Tracking Feasibility and Study Workstreams
In a strategic move, Unico Silver plans to advance directly to a Pre-Feasibility Study (PFS), bypassing the traditional Scoping Study phase once a high-confidence resource is declared in early 2026. The capital raise also supports accelerated metallurgical and geotechnical drilling, including 4,000 metres dedicated to long-lead items essential for project design. This approach aims to streamline development timelines and enhance project economics.
Share Purchase Plan and Investor Participation
Alongside the placement, the company is launching a Share Purchase Plan (SPP) targeting up to $5 million, offering existing eligible retail shareholders the opportunity to participate on the same terms as institutional investors. This initiative not only broadens shareholder engagement but also provides additional working capital to support ongoing project advancement.
Strategic Positioning Under Argentina’s RIGI Regime
Importantly, the strengthened balance sheet positions Unico Silver to qualify for Argentina’s new Investment Incentive Regime (RIGI), which offers a reduced corporate tax rate and long-term fiscal stability. This qualification represents a significant de-risking milestone, potentially enhancing the project’s attractiveness to investors and partners by improving future economics.
With key milestones on the horizon; including Mineral Resource Estimate updates in December 2025 and early 2026, and the maiden PFS in H1 2026; Unico Silver is poised to advance its Joaquin project on an accelerated timeline, delivering on its ambitious BEYOND 300 and PLUS 150 growth strategies.
Bottom Line?
This capital raise sets the stage for Unico Silver’s accelerated development, but the market will watch closely for drilling results and RIGI qualification progress.
Questions in the middle?
- Will the increased drilling confirm the anticipated resource upgrades at La Morocha SE and La Negra SE?
- How quickly can Unico Silver secure formal qualification under Argentina’s RIGI regime?
- What level of retail investor participation will the Share Purchase Plan achieve, and how might it affect share capital?