Unico Silver (ASX:USL) is set to accelerate development across its silver projects in Argentina, via a placement seeking to raise $25 million.
Under the placement, shares will be issued at $0.35 per new share, representing a 10.3% discount to the last closing price on 15 August 2025.
Canaccord Genuity will act as the sole lead manager and bookrunner, while SCP Resource Finance will act as co-manager to the placement.
The funds will be used to accelerate exploration and resource growth via an extensive 30,000m drilling program at the Cerro Leon and Joaquin projects in Argentina.
Unico, which has a market capitalisation of $170.8 million, will also use the funds to update a resource estimate at both projects in late September 2025 and Q4 2025, as well as deliver a maiden Scoping Study.
Managing Director Todd Williams says this financing de-risks the development pathway by strengthening the balance sheet and enabling the company to ramp up drilling.
“We’re now able to immediately recommence drilling in early September, with over 30,000m planned across Joaquin and Cerro Leon,” Williams says.
“These programs will target both new discoveries and near-resource growth as we progress toward our PLUS 150 development strategy – aiming to define 150 million ounces of pit-constrained, free-milling silver-equivalent as the foundation for our maiden Scoping Study.”
As Mining.com.au reported, silver has never achieved more than one-tenth of the value of gold. Yet, the Silver Institute says 2024 was an exceptionally good year for silver.
Its price saw a 21% intrayear increase and an impressive 59% trough-to-peak rally, while the annual average rose by over a fifth to its highest since 2012.
Trading Economics reports silver held at US$38 ($58.91) per tonne on Tuesday 19 August, as signs of progress in Ukraine peace negotiations dampened safe-haven demand.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver
