Highlights

  • Unico Silver completed the initial payment for the La Mata estancia, securing surface rights over key resources and plant sites.
  • The maiden integrated PFS for Joaquin and Cerro Leon has been moved to January 2027.
  • An exploration agreement with an option to acquire the Cerro La Mata properties was signed.
  • A placement raised about A$60 million, with cash of A$100.2 million at quarter end.

Unico Silver Limited (ASX:USL) has released its quarterly report for the period ended 30 September 2026. The quarter included land acquisition at its Argentine silver projects, a revised timeline for its pre-feasibility study, a new exploration agreement and a significant capital raising.

La Mata Estancia Secures Key Surface Rights

Unico completed the initial payment for the La Mata estancia, a freehold property of about 10,172 hectares. The acquisition gives the company 100% surface rights over the La Morocha and La Negra Mineral Resources, as well as the preferred sites for the processing plant, tailings storage facility and haul roads. An initial cash payment of US$3.5 million was made in July 2026, along with shares for a US$2.5 million equity component, while three deferred payments of US$2.0 million each are due in 2027, 2028 and 2029.

The company also signed an exploration agreement with an option to acquire 12 properties covering about 17,287 hectares at Cerro La Mata, east of Joaquin. Total consideration is US$1.1 million over four years, and surface mapping suggests the upper level of a low-sulphidation epithermal system.

PFS Timing and Resource Growth

The maiden integrated PFS for the Joaquin and Cerro Leon projects has been moved from September 2026 to January 2027 so it can incorporate an updated Mineral Resource and further metallurgical testwork. Managing Director Todd Williams said, "We made a deliberate decision to move the PFS to January 2027 so that it captures the resource growth."

Joaquin and Cerro Leon together host a combined resource of about 330Moz silver equivalent. All process trade-off studies are complete, and preliminary heap-leach column tests on low-grade material suggest improved recoveries. The company is targeting inclusion in Argentina's RIGI investment incentive regime by the second half of 2027, and a 20,000m resource growth and extensional drilling program is planned for the 2026–27 summer season.

Placement and Financial Position

Unico raised about A$60 million before costs through a placement of about 78.9 million shares at A$0.76 each. Proceeds will fund drilling, the PFS, a definitive feasibility study targeted for the end of 2027 and a contingent payment due on release of the maiden feasibility study.

Cash stood at A$100.2 million at 30 September 2026, and the company estimates about 14 quarters of funding at its current spending rate. Mr Williams said the company is in its "strongest financial position yet." During the quarter, Non-Executive Director Melanie Leydin resigned, and the board is searching for additional independent directors.

Key Takeaways

  • The La Mata acquisition secures surface rights over key resources and planned infrastructure sites.
  • The PFS has been moved to January 2027 to capture resource growth and further testwork.
  • A combined resource of about 330Moz silver equivalent underpins the Joaquin and Cerro Leon projects.
  • Cash of A$100.2 million positions the company to fund drilling and study work.