Unico Silver Launches A$60M Raise to Fund Joaquin to Final Mine Decision
Key Takeaways
- Unico Silver has secured firm commitments for an A$60 million institutional placement, lifting pro-forma cash to approximately A$110 million — enough to fund Joaquin through DFS and full mining approvals without returning to market.
- The placement issues approximately 78.9 million new shares at A$0.76, a 10.1% discount to the last closing price, with settlement scheduled for 30 September 2026.
- Proceeds are allocated to 20,000 metres of resource growth drilling, a maiden Pre-Feasibility Study targeted for January 2027, and long-lead DFS items including metallurgical drilling and baseline environmental studies.
- Unico's combined Mineral Resource across Joaquin and Cerro Leon stands at approximately 330 Moz AgEq, with both projects holding granted mining leases and secured surface rights in Santa Cruz Province, Argentina.
- By funding PFS and DFS sequentially in a single raise, Unico eliminates the stop-start capital cycle that typically creates dilution risk and delays for junior miners at this development stage.
Unico Silver locks in A$60 million to fast-track Joaquin to definitive feasibility
Unico Silver (ASX: USL) has received firm commitments for an approximately A$60 million institutional placement, leaving the company fully funded to a final investment decision on its Joaquin silver-gold project in Santa Cruz Province, Argentina. Combined with existing cash reserves, the raise is expected to deliver pro-forma cash of approximately A$110 million.
The placement will issue approximately 78.9 million new shares at A$0.76 per share, representing a 10.1% discount to the last closing price of A$0.845 on 21 September 2026 and a 10.4% discount to the 5-day volume weighted average price (VWAP) of A$0.848. Following completion, Unico will have approximately 721 million ordinary shares on issue.
The raise drew support from new and existing domestic and global offshore institutional investors, including well-regarded precious metals funds, with Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited acting as Joint Lead Managers and Bookrunners.
Todd Williams, Managing Director
“This raise leaves Unico in its strongest financial position yet, with approximately A$110 million in cash, enough to carry Joaquin through Definitive Feasibility Study (DFS) and full mining approvals by the end of 2027.”
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Where the money goes — resource growth, studies and development milestones
The placement proceeds, together with existing cash reserves, are allocated across three categories.
Drilling and resource expansion
- 20,000 metres of resource growth and extensional drilling across the Joaquin and Cerro Leon projects
- An updated Mineral Resource Estimate to underpin the maiden Pre-Feasibility Study
Feasibility studies — PFS and DFS
- Maiden Pre-Feasibility Study (PFS) finalised by January 2027
- Definitive Feasibility Study (DFS) advanced to the end of 2027
- Long-lead DFS items funded now, including metallurgical drilling, detailed engineering, and baseline environmental studies
Managing Director Todd Williams made clear this is a deliberate acceleration, not a routine capital raise. As he stated in the announcement: “With the PFS due in January 2027, funding the long-lead DFS items now removes the stop-start between studies and keeps Joaquin on the fastest path to development.”
Acquisition and corporate
- A contingent acquisition payment to Pan American Silver, payable on release of the maiden Feasibility Study under the 2025 share sale agreement
- Working capital, corporate costs, and the costs of the placement
The indicative timetable for the placement is as follows:
- Trading halt lifted and placement announced: 24 September 2026
- Settlement of new shares: 30 September 2026
- Allotment and application for quotation of new shares: 1 October 2026
Understanding silver-gold feasibility studies — why the PFS and DFS matter to investors
If you are familiar with capital raises but less so with mining development milestones, here is what these two studies mean and why it matters that Unico is funded to complete both.
A Pre-Feasibility Study is an independent technical and economic assessment of a project. It evaluates whether the geology, metallurgy, and project economics justify moving forward. Think of it as the point at which a project stops being a resource estimate and starts being tested as a potential mine.
A Definitive Feasibility Study goes further. It is the bankable document that underpins a final investment decision (FID), the formal commitment by a company and its financiers to build a mine. Without a completed DFS, a project cannot typically secure the debt financing required for construction.
The critical investor implication here is funding continuity. Many junior miners complete a PFS and then return to market to raise capital again before they can begin a DFS, creating dilution risk and delays. Unico’s A$60 million raise is sized specifically to fund both studies sequentially, without that interruption. That removes a meaningful source of execution risk that typically affects projects at this stage.
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Joaquin and Cerro Leon — the asset base underpinning the raise
Unico holds a 100% interest in two silver-gold projects in the central Deseado Massif, Santa Cruz Province, Argentina. Together, they host a combined Mineral Resource of approximately 330 Moz AgEq (million ounces silver equivalent).
| Project | Location | Mineral Resource (Moz AgEq) | Tonnage | Grade (gpt AgEq) |
|---|---|---|---|---|
| Joaquin | Santa Cruz Province, Argentina | 167 Moz AgEq | 45.3 Mt | 115 gpt AgEq (March 2026 MRE) |
| Cerro Leon | Santa Cruz Province, Argentina | 162 Moz AgEq | 31 Mt | 161 gpt AgEq (September 2025 MRE) |
| Combined | Central Deseado Massif | ~330 Moz AgEq | — | — |
Both projects benefit from granted mining leases, secured surface rights, and a defined path to full mining approvals. An integrated, oxide-led Pre-Feasibility Study across both projects is targeted for delivery in January 2027.
The Brunilda discovery at Cerro Leon returned high-grade precious metals intercepts that contributed to the September 2025 Mineral Resource Estimate, reinforcing the grade profile that now underpins the integrated PFS scope.
The scale of the combined resource base is the context institutions are responding to. At 330 Moz AgEq, the asset justifies the fully funded, milestone-defined development path this raise puts in place. The A$60 million placement positions Unico to reach a construction decision without returning to market between the PFS and DFS, a meaningful distinction for investors evaluating execution risk at this stage of project development.
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