Price, volume & events
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- Last 2026-11-06
- A$0.54
- 1D
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- 1M
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- YTD
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- 1Y
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- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$389.5M
- EV
- A$289.2M
- Cash
- A$100.3M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- September 2026 Quarterly Activities and Cash Flow ReportResults
- Appendix 2A: Application for quotation of 78,947,369 sharesFinancing
- 2026 Annual Report to Shareholders (year to 30 June 2026)Results
- Unico Raises A$60 Million to Accelerate DevelopmentFinancing
- Appendix 3B: Proposed issue of securities (placement)Financing
- Cerro La Mata Option Agreement (24 Sept 2026)Economic Arrangement
- Pre-Feasibility Update (18 Aug 2026)Study
- June 2026 Quarterly Activities and Cash Flow ReportResults
- March 2026 Quarterly Activities and Cash Flow ReportResults
- Senior Board Appointments Strengthen Path to DevelopmentLeadership
- December 2025 Quarterly Activities and Cash Flow ReportResults
- Acquisition of Joaquin Silver District Completes (updated, 21 Oct 2024)Transaction
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Through FY27 (company program) | Results from 20,000 m regional and extensional drilling funded by the placement | Exploration | Company Guided | Medium | Could convert Inferred ounces or extend La Negra SE, La Morocha SE and Breccia Puntudo. |
| 28 Nov 2026 | 1.5m options at A$0.136 expire | Corporate Action | Confirmed | Medium | Small dilution if exercised before expiry; in the fully diluted share count. |
| On release of the maiden study (company statement) | Pan American contingent payment, due on maiden study release (timing conflict noted) | Economic Arrangement | Inferred | Medium | Cash outflow of US$2m tied to the PFS; the annual report puts the trigger as the earlier of feasibility study or production. |
| January 2027, company target | Maiden Joaquin PFS release (rescheduled from Sept 2026 to January 2027) | Study | Company Guided | High | First economic study for Joaquin; sets the first NPV, capex and production profile to test the resource value. |
| Late January 2027 (ASX quarterly deadline) | December 2026 quarterly activities and cash flow report | Results | Inferred | Medium | First quarter with the placement spend and drilling. |
| About 9 July 2027 | First La Mata deferred payment (US$2.0m, 12 months after execution) | Economic Arrangement | Confirmed | Medium | Scheduled cash claim on the balance sheet. |
Executive roster
As of 2026-10-01Background checks ▸Executive directors, chief executive, company secretary and senior technical and finance staff as disclosed in the 2026 annual report, the July 2026 investor presentation and January 2026 appointment release. Non-executive directors excluded. Financial controller and country manager taken from the investor presentation only; no full senior management list in the documents read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Todd Williams | Managing Director | Chief Executive · Executive Director | — | 2026 Annual Report to Shareholders (year to 30 June 2026) · Investor Presentation (July 2026) |
| Peter Canterbury | Executive Director | Executive Director | 2026-01-27 | Senior Board Appointments Strengthen Path to Development · 2026 Annual Report to Shareholders (year to 30 June 2026) |
| Peter Holmes | Executive Director · Chair of Technical Committee | Executive Director · Technical | 2026-01-27 | Senior Board Appointments Strengthen Path to Development · 2026 Annual Report to Shareholders (year to 30 June 2026) |
| Rajeev Chandra | Company Secretary | Company Secretary | — | 2026 Annual Report to Shareholders (year to 30 June 2026) |
| Emilio Bastias | Country Manager (Argentina) | Senior Management | — | Investor Presentation (July 2026) |
| Patricio Brividoro | Exploration Manager | Technical | — | Investor Presentation (July 2026) |
| Rodrigo Alanis | Financial Controller | Finance | — | Investor Presentation (July 2026) |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Joaquin silver-gold project (Santa Cruz, Argentina)
AR
Resource Stage100% ownedSilverGold
100% owned (Minera Joaquin S.A.). Maiden PFS in progress, now due January 2027; DFS to end 2027; RIGI admission targeted 2H 2027. No economic study published.
- Contained metal (attributable)
- 167.0m ozd
- Resource grade
- 115.00 g/t
- % Measured + Indicated
- 78.4%d
- Resource tonnes
- 45.30 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- Open-pit (under study; method not yet selected)
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 34.5M t | 118 g/t AgEq (103 Moz Ag, 334 koz Au) | Silver · Gold | 2026-03-17 |
| Mineral Resource | inferred | 10.8M t | 106 g/t AgEq (20 Moz Ag, 190 koz Au) | Silver · Gold | 2026-03-17 |
| Mineral Resource | total | 45.3M t | 115 g/t AgEq (123 Moz Ag, 522 koz Au) | Silver · Gold | 2026-03-17 |
Milestones3
- Maiden Pre-Feasibility Study (rescheduled from Sept 2026)
Delayed · High materiality
- Definitive Feasibility Study completion
Pending · High materiality
- RIGI admission targeted
Pending · High materiality
Core asset
Cerro Leon silver project (Santa Cruz, Argentina)
AR
Resource Stage100% ownedSilver
100% owned. Resource only; included in the integrated PFS scope per 18 Aug 2026 update.
- Contained metal (attributable)
- 162.0m ozd
- Resource grade
- 161.00 g/t
- % Measured + Indicated
- 35.8%d
- Resource tonnes
- 31.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 9.4M t | 190 g/t AgEq (28.9 Moz Ag) | Silver | 2025-09-23 |
| Mineral Resource | inferred | 21.6M t | 154 g/t AgEq (33.1 Moz Ag) | Silver | 2025-09-23 |
| Mineral Resource | total | 31M t | 161 g/t AgEq (62 Moz Ag) | Silver | 2025-09-23 |
Milestones1
- Cerro Leon included in integrated PFS scope
Pending · Medium materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Options exercisable at A$0.136, expiring 28 Nov 2026 | Option | 1.5M | A$0.136 | 2026-11-28 |
| Options exercisable at A$0.22, expiring 26 Jun 2027 | Option | 2.4M | A$0.22 | 2027-06-26 |
| Options exercisable at A$0.812, expiring 4 Dec 2028 | Option | 5M | A$0.812 | 2028-12-04 |
| Performance rights, expiring 21 Oct 2027 | Performance Right | 400K | A$0 | 2027-10-21 |
| Performance rights, expiring 4 Nov 2028 | Performance Right | 8M | A$0 | 2028-11-04 |
| Performance rights, expiring 8 Apr 2031 | Performance Right | 9.8M | A$0 | 2031-04-08 |
KPI history
Operating metrics
Operating metric source table5
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents at quarter end | Company | Sep 2025 | Point In Time | 28,879,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Dec 2025 | Point In Time | 66,729,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Mar 2026 | Point In Time | 62,759,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Jun 2026 | Point In Time | 55,068,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Sep 2026 | Point In Time | 100,265,000 AUD | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-01Ann. 2026-09-24 | Raising | A$60M | 78.9M | — | Completed | — |
| 2025-12-22Ann. 2025-11-18 | Raising | A$10.3M | 18.8M | — | Completed | — |
| 2025-11-24Ann. 2025-11-18 | Raising | A$40M | 72.7M | — | Completed | — |
| 2025-08-27Ann. 2025-08-20 | Raising | A$25M | 71.4M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Expanded public-source research establishes more dated professional chronology and several issuer-attributed financing, project and governance responsibilities. Individual diligence remains incomplete where credentials, tenure dates, attributable delivered outcomes and employer/project-level adverse records could not be independently corroborated.
Decision-relevant facts
Material summary
Todd Williams
Managing Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- University qualification was not independently confirmed with the awarding institution.
- Exact start date as Unico/E2 Managing Director is not established by the reviewed dated annual report; secondary market profiles suggest December 2018 but were not used as primary evidence.
- Career before 2011 and exact dates/positions at OZ Minerals, PepinNini, Copper Mines of Tasmania and Power Minerals were not verified against dated primary records.
- No independently attributable mine production, project commissioning or financial/shareholder outcome was established for Williams.
- Open-web searches do not exhaustively establish criminal, sanctions, court, regulator, safety or environmental history.
Peter Canterbury
Executive Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Exact dates, education and credentials beyond the CPA designation were not independently verified.
- No specific achieved mine production or operating outcome occurred at Hemi during the sourced tenure; acquisition/study outcomes must not be described as production.
- The role and responsibility for Sundance’s financial recovery period were not independently established from primary filings reviewed.
- Targeted open-web adverse searches found no person-specific relevant court/regulator result, but are not exhaustive checks.
Peter Holmes
Executive Director / Chair of Technical Committee
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Degree-granting institutions and dates were not established.
- Barrick project-by-project results and Holmes’s precise individual accountabilities were not independently checked; large portfolio oversight does not imply responsibility for each outcome.
- Hemi did not reach production during the sourced tenure before acquisition; completed construction, commissioning and operating performance therefore remain untested.
- Targeted searches did not identify an individual adverse proceeding in the reviewed public results; this does not establish an exhaustive safety, legal or regulator history.
Rajeev Chandra
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Pre-Unico employers, roles and dates are not specified in the reviewed appointment notice beyond over 20 years’ multi-industry commercial experience.
- Education, memberships and Fellow status were not independently verified.
- Targeted adverse web searches did not produce a credible person-specific proceeding; no exhaustive ASIC, court, sanctions, or credential screening was performed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-21 · 642,306,714 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 16.17% | 103,878,287 | |
| 2 | 10.45% | 67,108,649 | |
| 3 | 3.84% | 24,678,597 | |
| 4 | 3.02% | 19,404,006 | |
| 5 | 2.99% | 19,193,546 | |
| 6 | 2.40% | 15,404,495 | |
| 7 | 2.39% | 15,377,728 | |
| 8 | 1.97% | 12,657,003 | |
| 9 | 1.56% | 10,000,000 | |
| 10 | 1.40% | 9,000,000 | |
| 11 | 1.13% | 7,278,842 | |
| 12 | 1.07% | 6,850,400 | |
| 13 | 1.05% | 6,775,686 | |
| 14 | 1.03% | 6,596,472 | |
| 15 | 1.00% | 6,428,572 | |
| 16 | 0.95% | 6,121,818 | |
| 17 | 0.92% | 5,903,717 | |
| 18 | 0.86% | 5,529,635 | |
| 19 | 0.75% | 4,835,000 | |
| 20 | 0.73% | 4,659,049 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 7.75%Voting power | 2026-09-25 | |
| 6.41%Voting power | 2025-12-24 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The annual-report top-20 table is a registered-account snapshot at 21 September 2026; the 1 October placement means those accounts and percentages are not current post-placement.
- The 6 October Sprott Form 603 is a scanned PDF; its image was reviewed. Its percentage is the notice’s 25 September figure, before the 1 October placement.
- Austral Gold’s latest located statutory notice is dated 24 December 2025. The 2026 annual report repeats its shares and percentage while the reported denominator indicates dilution; its post-placement exact position is not disclosed in a later holder notice located for this review.
Sources
- 2026 Annual Report to Shareholders
Unico Silver Limited / ASX · Published 2026-09-29 · Accessed 2026-10-09
Gives 642,306,714 ordinary shares as at 21 September 2026, complete top-20 register, and repeats Austral Gold Limited at 38,879,167 shares/6.41% as its latest disclosed substantial holder.
Local file downloads/USL/2026/2026-09-29_2026 Annual Report to Shareholders_e385e6b903ff34d0.pdf, PDF pp. 73–74; shareholder information applicable 21 September 2026 and top-20/security holders table.
- Becoming a substantial holder
Sprott Inc. / ASX · Published 2026-10-06 · Accessed 2026-10-09
Reports Sprott Inc. and controlled bodies corporate as substantial holder from 25 September 2026, 49,793,836 ordinary shares and 7.752% voting power.
Local file downloads/USL/2026/2026-10-06_Becoming a substantial holder_b8e5c806c2c8faa7.pdf, PDF p. 1 (Form 603) and Annexure A; scan reviewed visually.
- Change in substantial holding from AGD
Austral Gold Limited / ASX · Published 2025-12-29 · Accessed 2026-10-09
Identifies the substantial-holder group in Unico Silver Limited and reports 38,879,167 votes/6.41% voting power following changes through 24 December 2025.
Local file downloads/USL/2025/2025-12-29_Change in substantial holding from AGD_3069ff429332ccdf.pdf, Form 604 pp. 1–2; sections 1–4.
- Application for quotation of securities – USL
Unico Silver Limited / ASX · Published 2026-10-01 · Accessed 2026-10-09
Reports issue of 78,947,369 fully paid ordinary shares on 1 October 2026 and 721,254,083 quoted ordinary shares following quotation.
Local file downloads/USL/2026/2026-10-01_Application for quotation of securities - USL.pdf, Appendix 2A pp. 1 and 6.
Disclosed activity
Insider transactions
Trading activity6 buys · 3 sells shownNet cash last 12 months −A$1.6mShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-07-28 | Jose Bordogna
Details & evidence for Jose Bordogna on 2026-07-28As disclosed: On-market sale of 500,000 shares for AUD348,250 before costs.
Austral Gold Limited · Officeholder and beneficiary; securities in Austral Gold disclosed, not USL Change of Director's Interest Notice - Jose Bordogna ↗ | Salefully paid ordinary shares | 500,000 | AUD 348,250.00 | AUD 0.6965Disclosed price | — |
| 2026-07-28 | Jose Bordogna
Details & evidence for Jose Bordogna on 2026-07-28As disclosed: 1,000,000 shares issued on exercise of 1,000,000 options at AUD0.27; exercise cash AUD270,000.
Austral Gold Limited · Officeholder and beneficiary; securities in Austral Gold disclosed, not USL Change of Director's Interest Notice - Jose Bordogna ↗ | Exerciseordinary shares issued on option exercise | 1,000,000 | AUD 270,000.00 | AUD 0.27Disclosed price | — |
| 2026-04-08 | Peter Holmes
Details & evidence for Peter Holmes on 2026-04-08As disclosed: 2,250,000 performance rights granted; nil consideration; expiry 8 Apr 2031.
Change of Director's Interest Notice - Peter Holmes ↗ | Grantperformance rights expiring 2031-04-08 | 2,250,000 | —Non Cash | — | — |
| 2026-04-08 | Peter Canterbury
Details & evidence for Peter Canterbury on 2026-04-08As disclosed: 2,250,000 performance rights granted for nil consideration; notice does not disclose expiry terms.
Cantley Investments Pty Ltd · Director/associated holding entity Change of Director's Interest Notice - Peter Canterbury ↗ | Grantperformance rights | 2,250,000 | —Non Cash | — | — |
| 2026-01-23 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2026-01-23As disclosed: 1,500,000 options converted to shares; exercise price AUD0.13613 (AUD204,195).
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Exerciseordinary shares issued on option exercise | 1,500,000 | AUD 204,195.00 | AUD 0.13613Disclosed price | — |
| 2026-01-23 | Peter James Mullens
Details & evidence for Peter James Mullens on 2026-01-23As disclosed: Sale of 1,250,000 shares at AUD1.05 to fund FY26 tax liabilities and option exercise.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Salefully paid ordinary shares | 1,250,000 | AUD 1,312,500.00 | AUD 1.05Disclosed price | — |
| 2026-01-23 | Peter James Mullens
Details & evidence for Peter James Mullens on 2026-01-23As disclosed: 2,000,000 options converted into 2,000,000 shares; strike AUD0.27, exercise cash AUD540,000.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Exerciseordinary shares issued on option exercise | 2,000,000 | AUD 540,000.00 | AUD 0.27Disclosed price | — |
| 2025-12-22 | Peter James MullensMullens Family Super Fund Pty Ltd <Mullens Family S/F A/C>
Details & evidence for Peter James Mullens on 2025-12-22As disclosed: SPP subscription of 46,364 shares at AUD0.55/share.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Subscriptionfully paid ordinary shares | 46,364 | AUD 25,500.20 | AUD 0.55Disclosed price | — |
| 2025-12-22 | Peter CanterburyCantley Investments Pty Ltd
Details & evidence for Peter Canterbury on 2025-12-22As disclosed: SPP subscription of 46,364 shares at AUD0.55/share.
Cantley Investments Pty Ltd · Director/associated holding entity Change of Director's Interest Notice - Peter Canterbury ↗ | Subscriptionfully paid ordinary shares | 46,364 | AUD 25,500.20 | AUD 0.55Disclosed price | — |
| 2025-12-12 | Todd Jarrad WilliamsSMSF TERF Super
Details & evidence for Todd Jarrad Williams on 2025-12-12Notice reports no acquired/disposed quantities in Part 1 but nature of change identifies this internal transfer; position change supports the disclosed movement. As disclosed: Transfer of 55,550 shares from direct holding to SMSF TERF Super; non-cash transfer.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Transfer Outfully paid ordinary shares | 55,550 | —Non Cash | — | — |
| 2025-12-04 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2025-12-04As disclosed: 8,000,000 performance rights granted for nil consideration; expiry 4 Dec 2028.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Grantunlisted performance rights expiring 2028-12-04 | 8,000,000 | —Non Cash | — | — |
| 2025-12-04 | Peter James Mullens
Details & evidence for Peter James Mullens on 2025-12-04As disclosed: 2,000,000 options granted; strike AUD0.812, expiry 2028-12-04; nil consideration.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Grantunlisted options expiring 2028-12-04 | 2,000,000 | —Non Cash | — | — |
| 2025-12-04 | Peter Canterbury
Details & evidence for Peter Canterbury on 2025-12-04As disclosed: 1,000,000 options granted; strike AUD0.812, expiry 2028-12-04; nil consideration.
Cantley Investments Pty Ltd · Director/associated holding entity Change of Director's Interest Notice - Peter Canterbury ↗ | Grantunlisted options expiring 2028-12-04 | 1,000,000 | —Non Cash | — | — |
| 2025-12-04 | Melanie Jaye Leydin
Details & evidence for Melanie Jaye Leydin on 2025-12-04As disclosed: 1,000,000 options granted; strike AUD0.812, expiry 2028-12-04; nil consideration.
TMENA Pty Ltd · Shares held through TMENA Pty Ltd Roger Timothy Leydin & Melanie Jaye Leydin <Leydin Super Fund A/C> · Joint/spousal super fund interest Change of Director's Interest Notice - Melanie Leydin ↗ | Grantunlisted options expiring 2028-12-04 | 1,000,000 | —Non Cash | — | — |
| 2025-12-04 | Jose Bordogna
Details & evidence for Jose Bordogna on 2025-12-04As disclosed: 1,000,000 options granted; strike AUD0.812, expiry 2028-12-04; nil consideration.
Austral Gold Limited · Officeholder and beneficiary; securities in Austral Gold disclosed, not USL Change of Director's Interest Notice - Jose Bordogna ↗ | Grantunlisted options expiring 2028-12-04 | 1,000,000 | —Non Cash | — | — |
| 2025-11-13 | Peter CanterburyCantley Investments Pty Ltd
Details & evidence for Peter Canterbury on 2025-11-13As disclosed: SPP subscription of 50,000 shares at AUD0.6075/share through Cantley Investments Pty Ltd.
Cantley Investments Pty Ltd · Director/associated holding entity Change of Director's Interest Notice - Peter Canterbury ↗ | Subscriptionfully paid ordinary shares | 50,000 | AUD 30,375.00 | AUD 0.6075Disclosed price | — |
| 2025-11-07 | Peter James MullensMullens Family Super Fund Pty Ltd <Mullens Family S/F A/C>
Details & evidence for Peter James Mullens on 2025-11-07As disclosed: 50,000 shares issued on conversion of 50,000 options; strike AUD0.2074; cash exercise amount AUD10,370.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Exerciseordinary shares issued on option exercise | 50,000 | AUD 10,370.00 | AUD 0.2074Disclosed price | — |
| 2025-10-31 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2025-10-31As disclosed: 2,000,000 shares issued on conversion of 2,000,000 performance rights; nil price.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Exerciseordinary shares issued on performance-right conversion | 2,000,000 | —Non Cash | — | — |
| 2025-10-31 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2025-10-31As disclosed: 2,000,000 shares issued on exercise of 2,000,000 options at AUD0.13613; cash exercise consideration AUD272,260.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Exerciseordinary shares issued on option exercise | 2,000,000 | AUD 272,260.00 | AUD 0.13613Disclosed price | — |
| 2025-10-20 | Peter James Mullens
Details & evidence for Peter James Mullens on 2025-10-20Source describes $22,000 as value/consideration for the non-cash grant; not recorded as cash. As disclosed: 50,000 options granted; exercise price AUD0.2074, expiry 2 Mar 2026; stated AUD22,000 is not cash consideration.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Grantunlisted options expiring 2026-03-02 | 50,000 | —Non Cash | — | — |
| 2025-06-23 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2025-06-23As disclosed: Off-market sale of 1,100,000 shares at AUD0.28/share to meet tax obligations.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Salefully paid ordinary shares | 1,100,000 | AUD 308,000.00 | AUD 0.28Disclosed price | — |
| 2024-11-01 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2024-11-01As disclosed: 1,000,000 unlisted options lapsed and were cancelled without conversion on expiry; nil consideration.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Expiryunlisted options expiring 2024-11-01 | 1,000,000 | —Non Cash | — | — |
| 2024-11-01 | Peter James Mullens
Details & evidence for Peter James Mullens on 2024-11-01As disclosed: 500,000 unlisted options lapsed and were cancelled without conversion on expiry; nil consideration.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Expiryunlisted options expiring 2024-11-01 | 500,000 | —Non Cash | — | — |
| 2024-11-01 | Melanie Jaye Leydin
Details & evidence for Melanie Jaye Leydin on 2024-11-01As disclosed: 500,000 unlisted options lapsed and were cancelled without conversion on expiry; nil consideration.
TMENA Pty Ltd · Shares held through TMENA Pty Ltd Roger Timothy Leydin & Melanie Jaye Leydin <Leydin Super Fund A/C> · Joint/spousal super fund interest Change of Director's Interest Notice - Melanie Leydin ↗ | Expiryunlisted options expiring 2024-11-01 | 500,000 | —Non Cash | — | — |
| 2024-10-15 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2024-10-15As disclosed: 2,000,000 vested performance rights converted to 2,000,000 shares; nil consideration.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Exerciseordinary shares issued on performance-right conversion | 2,000,000 | —Non Cash | — | — |
| 2024-07-30 | Peter James Mullens
Details & evidence for Peter James Mullens on 2024-07-30As disclosed: 2,000,000 options granted for nil cash; strike AUD0.27. No expiry stated in notice.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Grantunlisted options exercisable at AUD0.27 | 2,000,000 | —Non Cash | — | — |
| 2024-07-30 | Jose Bordogna
Details & evidence for Jose Bordogna on 2024-07-30As disclosed: 1,000,000 options granted for nil cash; strike AUD0.27. No expiry stated in notice.
Austral Gold Limited · Officeholder and beneficiary; securities in Austral Gold disclosed, not USL Change of Director's Interest Notice - Jose Bordogna ↗ | Grantunlisted options exercisable at AUD0.27 | 1,000,000 | —Non Cash | — | — |
| 2023-11-28 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2023-11-28As disclosed: 4,000,000 unquoted performance rights granted after shareholder approval; nil consideration.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Grantunquoted performance rights expiring 2026-11-28 | 4,000,000 | —Non Cash | — | — |
| 2023-11-28 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2023-11-28As disclosed: 5,000,000 unquoted options granted after shareholder approval; nil consideration.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Grantunquoted options exercisable at AUD0.13613 and expiring 2026-11-28 | 5,000,000 | —Non Cash | — | — |
| 2023-11-09 | Peter James MullensMullens Family Super Fund Pty Ltd <Mullens Family S/F A/C>
Details & evidence for Peter James Mullens on 2023-11-09As disclosed: On-market purchase of 300,000 shares for AUD30,898.87.
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Purchasefully paid ordinary shares | 300,000 | AUD 30,898.87 | AUD 0.102996Disclosed price | — |
| 2023-05-25 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2023-05-25As disclosed: 2,250,000 shares issued on exercise of performance rights; nil consideration.
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Exerciseordinary shares issued on performance-right exercise | 2,250,000 | —Non Cash | — | — |
| 2023-05-23 | Todd Jarrad Williams
Details & evidence for Todd Jarrad Williams on 2023-05-23As disclosed: SPP issue of 185,185 shares for AUD25,000.00 (AUD0.135/share).
SMSF TERF Super · Shares held in SMSF TERF Super Change of Director's Interest Notice - Todd Williams ↗ | Subscriptionfully paid ordinary shares | 185,185 | AUD 25,000.00 | AUD 0.135Disclosed price | — |
| 2023-05-23 | Peter James Mullens
Details & evidence for Peter James Mullens on 2023-05-23As disclosed: SPP issue of 222,222 shares for AUD30,000.00 (AUD0.135/share).
Mullens Family Super Fund Pty Ltd <Mullens Family S/F A/C> · Director and beneficiary of Mullens Family Super Fund Change of Director's Interest Notice - Peter Mullens ↗ | Subscriptionfully paid ordinary shares | 222,222 | AUD 30,000.00 | AUD 0.135Disclosed price | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
Reference price: USL close on 2 Nov 2026 (local ASX database, market data provider provider)Market Data · MediumExtracted
Close A$0.565 on 2 Nov 2026 (fresh, zero days old) from miners.reference_price, one ASX USL ordinary share; source is the local daily price table fed from market data provider.
- Document ID
- usl-reference-price-2026-11-02
- Published UTC
- 2026-11-02T06:00:00Z
- Projects
- —
- Commodities
- silver
Market snapshot: trading statistics, liquidity and commodity spot (cutoff 2 Nov 2026)Market Data · MediumExtracted
miners.v8db.market_snapshot output at cutoff 2 Nov 2026 with 721,254,083 shares: 52-week range A$0.49 to A$1.14, 20-day average traded value A$1.42m, market cap A$407.5m, silver spot US$49.10/oz and gold US$3,898.90/oz (30 Oct 2026). Peer rows empty: no published silver peer in the stock database.
- Document ID
- usl-market-snapshot-2026-11-02
- Published UTC
- 2026-11-02T06:00:00Z
- Projects
- —
- Commodities
- silver · gold
September 2026 Quarterly Activities and Cash Flow ReportResults · HighPartial
Appendix 5B for the quarter to 30 Sept 2026: cash A$100.3m after the A$60m placement, investing outflow A$11.5m, operating outflow A$0.6m, nil facilities. Narrative pages (1-13 image) not re-read in this run.
- Document ID
- usl-september-2026-quarterly
- Published UTC
- 2026-10-28T23:09:20Z
- Projects
- joaquin · cerro_leon
- Commodities
- silver · gold
Management assessment and background checks (local research, 9 Oct 2026)Governance · MediumExtracted
Local research management/USL/summary.md and background-check.json: executive team scored 3/5 with low evidence confidence; credentials and tenure only partly corroborated; no material adverse finding selected. Used to test the executive roster, not as a fair-value input.
- Document ID
- usl-management-assessment-2026-10-09
- Published UTC
- 2026-10-09T21:31:00Z
- Projects
- —
- Commodities
- silver
Top-20 register and substantial holders (company-reported, as at 21 Sept 2026)Other · MediumExtracted
Local research product ownership/USL/investors.json built from the 2026 annual report top-20 list (as at 21 Sept 2026, 642,306,714 shares on issue). Top 20 hold 55.69%; Austral Gold 6.41% substantial. Sprott 603 notice (6 Oct 2026, measured 25 Sept) is reported separately there.
- Document ID
- usl-ownership-register-2026-09-21
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- —
- Commodities
- silver
Insider dealings for directors and executives (insider transactions database)Governance · LowExtracted
Insider events from Appendix 3X/3Y/3Z notices (miners.insider_transactions show USL). Recent: 28 Jul 2026 on-market sale of 500,000 shares by J. Bordogna at A$0.6965; 23 Jan 2026 M. Williams option exercise and sale notices; 8 Apr 2026 performance-right grants to P. Holmes and P. Canterbury (2.25m each).
- Document ID
- usl-insider-dealings-2026-10-09
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- —
- Commodities
- silver
Appendix 2A: Application for quotation of 78,947,369 sharesFinancing · MediumExtracted
Quotation of 78,947,369 placement shares issued 1 Oct 2026.
- Document ID
- usl-appendix-2a-2026-10-01
- Published UTC
- 2026-09-30T23:47:23Z
- Projects
- —
- Commodities
- silver
2026 Annual Report to Shareholders (year to 30 June 2026)Results · HighExtracted
FY26 audited accounts: cash A$55.1m, loss A$6.0m, no revenue. Joaquin MRE 167 Moz AgEq (March 2026) and Cerro Leon 162 Moz AgEq (Sept 2025); 634.5m shares at 30 June 2026; 8.9m options and 18.2m performance rights outstanding; contingent Pan American payments, royalties, La Mata land consideration and Sept 2026 subsequent events.
- Document ID
- usl-annual-2026
- Published UTC
- 2026-09-29T07:06:11Z
- Projects
- joaquin · cerro_leon
- Commodities
- silver · gold
Unico Raises A$60 Million to Accelerate DevelopmentFinancing · HighExtracted
A$60m placement of 78.9m shares at A$0.76 (10.1% discount to A$0.845 close on 21 Sept 2026); pro-forma cash about A$110m; funds 20,000 m drilling, maiden PFS by January 2027, DFS to end 2027, and a contingent Pan American payment on release of the maiden feasibility study.
- Document ID
- usl-placement-2026-09-24
- Published UTC
- 2026-09-23T23:42:52Z
- Projects
- joaquin · cerro_leon
- Commodities
- silver · gold
Appendix 3B: Proposed issue of securities (placement)Financing · MediumExtracted
Proposed placement issue of up to 78,947,368 ordinary shares, issue date 1 Oct 2026.
- Document ID
- usl-appendix-3b-2026-09-24
- Published UTC
- 2026-09-23T23:43:02Z
- Projects
- —
- Commodities
- silver
Cerro La Mata Option Agreement (24 Sept 2026)Economic Arrangement · MediumExtracted
Exploration agreement with option to purchase Cerro La Mata (17,287 ha, 12 mining properties) from Victory Gold: US$1.1m staged over four years and a 1% NSR royalty on exercise.
- Document ID
- usl-cerro-la-mata-option-2026-09-24
- Published UTC
- 2026-09-24T00:26:52Z
- Projects
- joaquin
- Commodities
- silver · gold
Pre-Feasibility Update (18 Aug 2026)Study · HighExtracted
PFS rescheduled from September 2026 to January 2027 to include an updated Mineral Resource and further metallurgical work; no study economics published; RIGI inclusion targeted 2H 2027.
- Document ID
- usl-pfs-update-2026-08-18
- Published UTC
- 2026-08-17T23:04:54Z
- Projects
- joaquin · cerro_leon
- Commodities
- silver · gold
Investor Presentation (July 2026)Presentation · LowPartial
Company presentation (pages 5 and 9 inspected): board and management, and third-party silver market balance (six straight deficit years; broker production estimates). Used for market context only; no economic figures taken.
- Document ID
- usl-investor-presentation-2026-07-24
- Published UTC
- 2026-07-24T00:00:00Z
- Projects
- joaquin · cerro_leon
- Commodities
- silver · gold
June 2026 Quarterly Activities and Cash Flow ReportResults · MediumPartial
Appendix 5B for quarter to 30 June 2026: cash A$55.07m at 30 June 2026 (quarter-end cash used as history), exploration spend A$8.4m. Narrative image pages not re-read.
- Document ID
- usl-june-2026-quarterly
- Published UTC
- 2026-07-21T23:34:17Z
- Projects
- joaquin
- Commodities
- silver · gold
March 2026 Quarterly Activities and Cash Flow ReportResults · MediumPartial
Appendix 5B for quarter to 31 March 2026: cash A$62.76m at quarter end, exploration spend A$10.0m. Narrative image pages not re-read.
- Document ID
- usl-march-2026-quarterly
- Published UTC
- 2026-04-23T23:33:21Z
- Projects
- joaquin
- Commodities
- silver · gold
World Silver Survey 2026 (Silver Institute with Metals Focus), as summarised in press coverageCommodity Data · MediumExtracted
Silver Institute with Metals Focus survey, published 15 April 2026 (secondary press summary used because the full survey was not retrieved): sixth straight market deficit in 2026 of 46.3 Moz; six-year cumulative drawdown 762.1 Moz; some outlets cite 67 Moz from an earlier projection.
- Document ID
- usl-world-silver-survey-2026
- Published UTC
- 2026-04-15T00:00:00Z
- Projects
- —
- Commodities
- silver
Senior Board Appointments Strengthen Path to DevelopmentLeadership · MediumExtracted
Peter Holmes appointed Executive Director and Chair of Technical Committee effective 27 Jan 2026; Peter Canterbury moves from NED to Executive Director; LTI framework tied to development milestones.
- Document ID
- usl-board-appointments-2026-01-27
- Published UTC
- 2026-01-26T22:59:34Z
- Projects
- —
- Commodities
- silver
December 2025 Quarterly Activities and Cash Flow ReportResults · MediumPartial
Appendix 5B for quarter to 31 Dec 2025: cash A$66.73m at quarter end (A$28.88m at 30 Sept 2025). Narrative image pages not re-read.
- Document ID
- usl-december-2025-quarterly
- Published UTC
- 2026-01-19T00:36:50Z
- Projects
- joaquin
- Commodities
- silver · gold
Acquisition of Joaquin Silver District Completes (updated, 21 Oct 2024)Transaction · HighExtracted
Completed 100% acquisition of Joaquin and Cerro Puntudo from Pan American Silver: upfront US$2m; US$2m on economic study supporting a resource; US$8m on commercial production. Historical foreign estimate 73 Moz AgEq.
- Document ID
- usl-joaquin-acquisition-2024-10-21
- Published UTC
- 2024-10-21T05:22:16Z
- Projects
- joaquin
- Commodities
- silver · gold
Evidence facts63
55067016 AUD
2026-06-3012498974 AUD
2025-06-300 AUD
2026-06-30154185125 AUD
2026-06-3077914631 AUD
2025-06-30-6014335 AUD
2026-06-30-1205764 AUD
2025-06-30-2314481 AUD
2026-06-30-1884736 AUD
2025-06-3033015781 AUD
2026-06-3015490846 AUD
2025-06-30634461251 shares
2026-06-30437943755 shares
2025-06-300 AUD/share
2026-06-300 AUD
2026-06-3045300000 t
2026-03-1734500000 t
2026-03-1710800000 t
2026-03-17115 g/t
2026-03-17118 g/t
2026-03-17106 g/t
2026-03-17167000000 oz
2026-03-17131000000 oz
2026-03-1737000000 oz
2026-03-172026-03-17 date
2026-03-17100 pct
2026-06-30Open-pit (under study; method not yet selected) text
2026-09-29silver text
2026-03-17AR text
2026-06-3031000000 t
2025-09-239400000 t
2025-09-2321600000 t
2025-09-23161 g/t
2025-09-23190 g/t
2025-09-23154 g/t
2025-09-23162000000 oz
2025-09-2358000000 oz
2025-09-23104000000 oz
2025-09-232025-09-23 date
2025-09-23silver text
2025-09-23100265000 AUD
2026-09-300 AUD
2026-09-300 AUD
2026-09-3012136000 AUD
2026-09-3055068000 AUD
2026-06-308768000 AUD
2026-06-3062759000 AUD
2026-03-3110186000 AUD
2026-03-3166729000 AUD
2025-12-3111944000 AUD
2025-12-31100 pct
2026-08-18AR text
2026-06-30721254083 shares
2026-10-010.565 AUD/share
2026-11-02407508557 AUD
2026-11-021421080 AUD
2026-11-0249.097 USD/oz
2026-10-3069.0983 USD/oz
2026-10-303898.8999 USD/oz
2026-10-3055.69 pct
2026-09-21500000 shares
2026-07-2846.3 Moz
2026-04-15762.1 Moz
2026-04-15Conflicts requiring judgment1
- Pan American Silver contingent payments on Joaquin and Cerro Puntudo: trigger and split
None