Unico Silver builds a funded runway for Joaquin's January PFS

A$100.2 million funds Joaquin's next development phase

Unico Silver Limited (ASX:USL) has entered its next development phase with A$100.2 million in cash, critical surface rights secured at Joaquin and a funded work program running through the maiden Pre-Feasibility Study and into the Definitive Feasibility Study. The company raised approximately A$60 million through an institutional placement during the quarter, while also completing the initial consideration for the La Mata estancia.

The placement issued approximately 78.9 million shares at A$0.76, a discount to the prevailing market price, and leaves roughly 721 million ordinary shares on issue. Proceeds are earmarked for 20,000 metres of resource growth and extensional drilling, the January 2027 PFS, DFS work targeted for the end of 2027, and corporate requirements including a contingent payment to Pan American Silver. The funding event was previously reported in the A$60 million placement, which was described as taking pro forma cash to about A$110 million before quarter-end expenditure.

La Mata land removes a practical development hurdle

Unico paid US$3.5 million in cash and issued 5,903,717 shares representing US$2.5 million in equity consideration for the initial stage of the La Mata acquisition. The approximately 10,172-hectare freehold property contains the La Morocha and La Negra resources and the preferred sites for Joaquin's processing plant, tailings storage facility and haul roads.

The transaction gives Unico exclusive possession and secures access arrangements through June 2044, while deferred cash payments of US$2 million remain due annually from July 2027 to July 2029. The property deal builds on the La Mata freehold acquisition, which had been presented as a replacement for a more limited mining easement ahead of the study phase.

January PFS will absorb resource and processing updates

The maiden integrated PFS for Joaquin and Cerro Leon has been moved from September 2026 to January 2027. Unico said the revised schedule will allow the study to incorporate infill and extensional drilling at La Negra SE, La Morocha SE and Breccia Puntudo, along with additional metallurgical and process-design work.

Preliminary heap-leach column testing on low-grade material has pointed to improved recoveries, which the company says could influence resource scale, process design and the production profile. The January PFS delay was previously disclosed as a way to incorporate updated drilling and metallurgical testing; the latest report confirms that no new Mineral Resource estimate or exploration results were reported during the September quarter. The combined Joaquin and Cerro Leon resource remains approximately 330 million ounces of silver equivalent until the updated estimate is delivered.

Cerro La Mata expands the exploration footprint

Unico also secured four years of exclusive exploration rights and an option to acquire 100% of the Cerro La Mata project, comprising 12 properties covering approximately 17,287 hectares immediately east of Joaquin. The staged consideration totals US$1.1 million over four years, with a 1% net smelter return royalty retained by the current owner and a right for Unico to withdraw on 30 days' notice.

Mapping has identified silicified ribs and silica mantos interpreted as shallow features of a low-sulphidation epithermal system extending east from the Joaquin vein field. The coming field program will focus on mapping, rock-chip and soil sampling, and reprocessing regional magnetic data before drill targets are defined. At the same time, Unico plans to advance environmental, geotechnical, hydrological and metallurgical work, with RIGI inclusion still targeted for the second half of 2027.