Unico Silver (ASX:USL) has completed a $40 million placement, which will support programs at the Joaquin Project in the Santa Cruz region of Argentina.
The funds will go towards drilling, metallurgical, and geotechnical programs at Joaquin.
Extensional and infill drilling campaigns will be expedited to convert the La Morocha Southeast and La Negra Southeast discoveries to the indicated category ahead of a Feasibility Study.
Mineral resource updates are expected to be delivered in December 2025 and Q1 2026, before a Prefeasibility Study in H1 2026.
Around 72.7 million shares were issued at $0.55 per share, as previously reported.
A share purchase plan will now be carried out, in which eligible shareholders are invited to subscribe for up to $30,000 worth of shares under the same issue price as the placement.
Unico Silver is a mineral explorer focused on discovering silver and gold deposits in Argentina’s Santa Cruz region.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver
