OREMAVEN
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2026-11-06
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Unico Silver Limited

Resource Stage · Silver · AR Rating locked: sign in to view v8.1 · usl-20261102t225745-full
Last 2026-11-06
A$0.54
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$389.5M
EV
A$289.2M
Cash
A$100.3M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$100.3M2025-09-30: 28,879,000 A$2025-12-31: 66,729,000 A$2026-03-31: 62,759,000 A$2026-06-30: 55,068,000 A$2026-09-30: 100,265,000 A$ Finite
Debt A$0 Net cash A$100.3M
Basic shares 721.3M 2026-10-01
Runway 8.3 quarters A$100.3m cash at 30 Sept 2026 divided by the September quarter net burn of A$12.1m. Excludes development capex, the DFS and the US$6m La Mata deferred payments and the US$10m Pan American contingent payments.

Liquidity

Financial position

Funded for the PFS, DFS-stage studies, drilling and corporate costs; not funded for construction. A$60m placement closed 30 Sept 2026. Cash claims: La Mata deferred US$6m, Pan American US$10m contingent, Victory Gold option US$1.1m staged.

Capital structure

Ownership and dilution

Ordinary shares
721.3M
Fully diluted
748.4M

634,461,251 at 30 Jun 2026 (AR p53) + 5,903,717 La Mata shares (9 Jul 2026) + 1,000,000 options (28 Jul 2026) + 941,746 options (24 Aug 2026) + 78,947,369 placement shares quoted 1 Oct 2026 = 721,254,083 (agrees with 642,306,714 on issue at 21 Sep 2026 before the placement). Fully diluted adds options 8.9m and rights 18.2m per AR p30; exercise proceeds not netted.

Security classes6
ClassTypeQuantityStrikeExpiry
Options exercisable at A$0.136, expiring 28 Nov 2026Option1.5MA$0.1362026-11-28
Options exercisable at A$0.22, expiring 26 Jun 2027Option2.4MA$0.222027-06-26
Options exercisable at A$0.812, expiring 4 Dec 2028Option5MA$0.8122028-12-04
Performance rights, expiring 21 Oct 2027Performance Right400KA$02027-10-21
Performance rights, expiring 4 Nov 2028Performance Right8MA$02028-11-04
Performance rights, expiring 8 Apr 2031Performance Right9.8MA$02031-04-08

KPI history

Operating metrics

Comparable series use a shared scale

Cash and cash equivalents at quarter end · Company · Point In Time

AUD

5 periods
  1. Sep 202528,879,000 AUD
    Reported
  2. Dec 202566,729,000 AUD
    Reported
  3. Mar 202662,759,000 AUD
    Reported
  4. Jun 202655,068,000 AUD
    Reported
  5. Sep 2026100,265,000 AUD
    Reported
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalents at quarter endCompanySep 2025Point In Time28,879,000 AUDReported
Cash and cash equivalents at quarter endCompanyDec 2025Point In Time66,729,000 AUDReported
Cash and cash equivalents at quarter endCompanyMar 2026Point In Time62,759,000 AUDReported
Cash and cash equivalents at quarter endCompanyJun 2026Point In Time55,068,000 AUDReported
Cash and cash equivalents at quarter endCompanySep 2026Point In Time100,265,000 AUDReported

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-01Ann. 2026-09-24RaisingA$60M78.9M—Completed—
2025-12-22Ann. 2025-11-18RaisingA$10.3M18.8M—Completed—
2025-11-24Ann. 2025-11-18RaisingA$40M72.7M—Completed—
2025-08-27Ann. 2025-08-20RaisingA$25M71.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-01

Royalties and contingent consideration from the 2026 annual report notes 19 and 24, the 2024 acquisition release and the 2026 Cerro La Mata and placement announcements. Terms of the Sierra Blanca royalty mapping and the Pan American trigger still to be confirmed.

1.5% NSR royalty to RN Gold on products from Santa Cruz and Rio Negro tenements, from the commencement of extraction.

Royalty · Active
Counterparties
RN Gold Pty Ltd
Applies to
Joaquin silver-gold project (Santa Cruz, Argentina) · Cerro Leon silver project (Santa Cruz, Argentina) · Silver · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter return royalty: 1.5 pct NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Joaquin acquisition from Pan American: contingent cash payments remain outstanding. Trigger is the feasibility or economic study and commercial production.

Other · Active
Counterparties
Pan American Silver Corp
Applies to
Joaquin silver-gold project (Santa Cruz, Argentina) · Silver · Gold
Economic direction
Burden
Period
From 2024-10-21; no end date stated
Key terms
Remaining contingent payments (total): 10 USD m
Upfront paid: 2 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

1% NSR on Cerro Puntudo mineral production plus US$4m at commercial production of Cerro Puntudo.

Royalty · Active
Counterparties
Pan American Silver Corp
Applies to
Joaquin silver-gold project (Santa Cruz, Argentina) · Silver · Gold
Economic direction
Burden
Period
From 2024-10-21; no end date stated
Key terms
NSR on Cerro Puntudo production: 1 pct NSR
Payment at commercial production of Cerro Puntudo: 4 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding agreement for 10,172 ha La Mata estancia surface rights at Joaquin; exclusive possession granted; US$6.0m deferred cash remains.

Other · Active
Counterparties
La Mata estancia vendors
Applies to
Joaquin silver-gold project (Santa Cruz, Argentina) · Silver
Economic direction
Burden
Period
2026-07-09 to 2029-07-09
Key terms
Total consideration: 12 USD m
Cash paid 8 Jul 2026: 3.5 USD m
Equity issued (5,903,717 shares): 2.5 USD m
Deferred cash at 12, 24 and 36 months: 6 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Exploration agreement with option over Cerro La Mata (17,287 ha east of Joaquin). Not part of the valued projects; right to withdraw on 30 days notice.

Other · Active
Counterparties
Victory Gold S.A.
Applies to
Joaquin silver-gold project (Santa Cruz, Argentina) · Gold · Silver
Economic direction
Burden
Period
2026-09-21 to 2030-09-21
Key terms
Staged option payments (4 years): 1.1 USD m
NSR retained by Victory Gold on exercise: 1 pct NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalties over the Sierra Blanca property assumed with the tenements in FY26. Treated as attached to the Cerro Leon position; property mapping to be confirmed in the PFS.

Royalty · Active
Counterparties
Sandstorm Gold · Triple Flag Precious Metals
Applies to
Cerro Leon silver project (Santa Cruz, Argentina) · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Sandstorm NSR: 2 pct NSR
Triple Flag NSR: 1.5 pct NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Residual royalties on the Pinguino and Condor projects, outside the two valued projects.

Royalty · Active
Counterparties
Royalty holders (per AR note 19)
Applies to
Company-wide · Silver · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Pinguino NSR: 2 pct NSR
Condor NSR: 1 pct NSR
How it affects our valuation

No valuation treatment is available for this arrangement.