Unico Silver

What Unico Silver does

Unico Silver Ltd. (ASX: USL; OTCQX: USLRF), formerly E2 Metals, is an Australian exploration and development company headquartered in Melbourne that focuses exclusively on silver and gold deposits in Argentina's Santa Cruz province. The company was founded in 2022 and operates a consolidated district development strategy centered on two flagship 100%-owned projects — Cerro Leon and Joaquin — supported by four exploration-stage districts (Pinguino, Conserrat, Sierra Blanca, and Cerro Puntudo). Its core technology is conventional mineral exploration comprising mapping, drilling, assaying, and JORC-compliant resource estimation; current activity includes a 30,000m+ drilling campaign and active Pre-Feasibility Study workstreams.

The company's product portfolio comprises approximately 330 Moz AgEq in JORC-compliant Mineral Resource Estimates, split between Cerro Leon (162 Moz AgEq at 161 g/t, including 61.4 Moz silver and 543 koz gold) and Joaquin (167 Moz AgEq at 115 g/t, including 123 Moz silver and 522 koz gold). Unico Silver does not currently generate operating revenue and is pre-production; value is realized through capital markets activity rather than product sales. The business model is therefore pre-revenue development-stage, funded by sequential equity capital raises (placements and share purchase plans) from institutional and retail investors, with a stated Stage 1 production target of 8–12 million ounces of silver per year once development is complete. Its customer base, in the traditional sense, is composed of ASX and OTCQX investors seeking exposure to silver via a developer positioned in Argentina's RIGI regulatory framework, which provides 30-year tax, customs, and foreign exchange certainty.

The company's go-to-market motion is capital-markets focused rather than product-sales focused: equity raises (over $75 million raised across August–December 2025 alone), investor relations through ASX announcements, webcasts, presentations, and expanding North American distribution following the OTCQX upgrade. Distribution is via the ASX (primary) and OTCQX Best Market (secondary, under USLRF). Notable backers include Argentinian billionaire Eduardo Elsztain as a significant shareholder and research coverage initiated by Canaccord Genuity with a speculative buy rating. Competitive positioning rests on a top-three Santa Cruz silver resource ranking behind Newmont and AngloGold Ashanti, legacy infrastructure inherited from prior operators (Coeur Mining, Pan American Silver), and access to Argentina's RIGI investment framework.

Name

Unico Silver

Legal name

Unico Silver Ltd.

Website

https://unicosilver.com.au

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Unico Silver is an Australian pre-revenue silver-gold exploration and development company (ASX: USL; OTCQX: USLRF) advancing 100%-owned projects in Argentina's Santa Cruz province, targeting ~330 Moz AgEq across the Cerro Leon and Joaquin districts for institutional and retail investors.

Ownership category

akta.pro rank

Product category

Silver and Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industry

Gold Mining (IMAKAEAA)

Keywords

• Silver mining exploration
• Gold mining development
• Precious metals mining
• Mineral resource exploration
• Silver-gold deposits

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Pre-Revenue Development Stage: Unico Silver is a pre-revenue exploration and development company. The company does not currently generate revenue from operations. It funds activities through equity capital raises (placements, share purchase plans) and will eventually generate revenue from silver and gold production once projects are developed.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Unico Silver is a publicly listed exploration and development company that holds 100% interest in silver-gold mineral projects in Argentina's Santa Cruz province, with a combined JORC-compliant Mineral Resource Estimate of approximately 330 million ounces of silver equivalent. The company is actively drilling, conducting metallurgical and geotechnical studies, and advancing a Pre-Feasibility Study targeting stage-one production of 8-12 million ounces of silver per year from its flagship Cerro Leon and Joaquin projects.

Product overview

Unico Silver is a single unified mining exploration and development company (ASX:USL) focused on silver and gold projects in Argentina's Santa Cruz province. The company's core portfolio consists of two primary development-stage projects—Cerro Leon and Joaquin—along with four exploration districts (Pinguino, Conserrat, Sierra Blanca, and Cerro Puntudo). Together, these assets hold approximately 330 million ounces of silver equivalent, making Unico one of the top three silver resource holders in Santa Cruz. The company operates a consolidated district development strategy, with stage one focused on oxide-silver extraction through a centralised processing facility at Cerro Leon, and future growth targeting deeper polymetallic sulphide zones.

Differentiator

Problem solved

Functional benefit

Products and services

• Cerro Leon Project A 100%-owned silver-gold project located in the Deseado Massif geological province, Santa Cruz, Argentina, with a JORC-compliant Mineral Resource Estimate of 162 million ounces AgEq (31Mt at 161 g/t AgEq), including 61.4 Moz silver and 543 koz gold. The project hosts the second largest vein field in the region with over 130 lineal kilometres of mapped epithermal vein, with only 20% of veins tested by drilling.
• Joaquin Project A 100%-owned silver-gold project acquired from Pan American Silver, featuring a JORC-compliant Mineral Resource Estimate of 167 million ounces AgEq (45.3Mt at 115 g/t AgEq). Previously advanced by Coeur Mining, the project benefits from legacy infrastructure including roads, access routes, and underlying farming land ownership. Located 15km west of Cerro Leon.
• Pinguino District Silver-gold exploration district acquired in November 2022 as part of Unico Silver's regional consolidation strategy in Santa Cruz, Argentina, contributing to the company's expanded land position.
• Conserrat District Silver exploration district where Unico Silver achieved 100% ownership in March 2024 as part of its district consolidation in Santa Cruz, Argentina.
• Sierra Blanca District Silver exploration district acquired in May 2024, expanding Unico Silver's footprint in Santa Cruz province, Argentina.
• Cerro Puntudo Silver exploration asset acquired in August 2024 alongside the Joaquin Project from Pan American Silver, expanding Unico Silver's portfolio in Santa Cruz, Argentina.

Quantifiable outcome

• 73% increase in silver equivalent ounces at Cerro Leon since 2023 acquisition
• +5 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Pan American Silver: Pan American Silver is a major silver-gold producer that previously owned the Joaquin project that Unico acquired. It is a direct incumbent in Santa Cruz and a natural takeout counterparty for Unico at development stage.
• Coeur Mining: Coeur Mining is a US silver-gold producer and was the historical operator of the Joaquin project before Pan American Silver. It is comparable to Unico as a silver-focused mid-tier with prior Santa Cruz exposure.
• AngloGold Ashanti: AngloGold Ashanti operates Cerro Vanguardia in Santa Cruz and is the other top-three silver resource holder in the province. It shares the same geological setting as Unico's Cerro Leon and Joaquin projects.
• Newmont: Newmont operates the Cerro Negro mine in Santa Cruz and is one of the top two silver resource holders in the province. It is a comparable incumbent operating in the same jurisdiction as Unico's assets.
• First Majestic Silver: First Majestic Silver is a senior silver producer operating multiple mines in Mexico. It represents a benchmark for what a successful Unico could look like at scale and competes for silver-focused investor capital.

Direct peers

• Endeavour Silver: Endeavour Silver is a mid-tier silver-gold producer with three operating mines in Mexico. It is comparable to Unico's longer-term aspirational profile as a pure-play silver-gold company with multiple assets and a development pipeline.
• SilverCrest Metals: SilverCrest Metals is a Canadian silver-gold developer that recently commissioned the Las Chispas mine in Mexico. It mirrors Unico's profile as a high-grade silver-gold developer transitioning from explorer to producer.
• MAG Silver: MAG Silver is a silver-focused exploration and development company advancing the Juanicipio project in Mexico. It is closely comparable to Unico as a pre-production silver developer with a single advanced asset targeting large-scale underground production.

Regional players

• Austral Gold: Austral Gold is an Argentine-listed gold and silver producer with assets in Chile and Argentina. It is a regional peer operating in the same jurisdictions and shares a board-level connection with Unico (José Bordogna).
• Galan Lithium: Galan Lithium is an ASX-listed junior explorer with lithium assets in Argentina's Catamarca province. While commodity-different (lithium vs silver-gold), it is comparable as an ASX-listed developer operating in Argentina and competing for the same institutional capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/unicosilver
• Xx.com/USL_UnicoSilver

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Unico Silver