Unico Silver Ltd. has raised AU$40 million in a share placement to help fund drilling at its Joaquin project in Argentina.
The company raised AU$40 million through a single-tranche placement at 55 cents per share.
Unico Silver will also conduct a share purchase plan to existing eligible retail shareholders, targeting to raise up to AU$5 million. The share purchase plan will close on December 17.
The capital raise allows the company to immediately accelerate drilling across Joaquin, increasing to five rigs from three. The additional funds also enable the company to scale up the planned 30,000 metres infill and extensional program to convert the new La Morocha SE and La Negra SE discoveries into indicated resources to support the initial feasibility study.
Unico Silver Managing Director Todd Williams said: “The capital raise is a major de-risking step for the qualification under Argentina’s RIGI investment regime, which would materially improve future project economics and fiscal stability.
“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 the company’s BEYOND 300 and PLUS 150 exploration and development strategies.”
The new funding, which increases the company’s cash balance to AU$68.8 million, will also support two mineral resource estimate updates, which are targeted for December and the first quarter of 2026. The company will also deliver a pre-feasibility study in the first half of 2026.
The strengthened balance sheet also supports the company’s RIGI qualification, Argentina’s new Investment Incentive Regime, a material fiscal catalyst with a corporate tax rate reduction and long-dated investment stability.
In addition, Unico Silver will undertake regional exploration, including 20,000 metres of regional exploration targeting new discoveries.
