ASX-listed silver developer Unico Silver has strengthened its position in Argentina’s Santa Cruz province, growing its consolidated resource base to 330 million ounces of silver equivalent while locking in a key parcel of land needed to bring its flagship Joaquin project into production. The moves come as the company works toward a maiden Prefeasibility Study due in the second half of 2026, a milestone that will test whether rapid resource growth can translate into a credible development pathway.
Land deal removes a key hurdle at Joaquin
On 9 July 2026, Unico Silver’s Argentine subsidiary agreed to buy the La Mata estancia outright, securing around 10,172 hectares of freehold farming land for US$3.5 million in cash plus a small share issue. The property hosts parts of the La Morocha and La Negra deposits within the Joaquin silver district, along with the preferred sites for future processing infrastructure and haul roads. The purchase replaces a more limited 2017 access agreement and converts what had been temporary surface rights into permanent ownership, reducing the risk of disputes with landholders as the project moves toward a development decision.
Resource base has more than tripled in under two years
Since acquiring the Joaquin district from Pan American Silver in August 2024, Unico Silver has expanded its combined resource across Joaquin and the nearby Cerro Leon project from 91 million ounces of silver equivalent to 330 million ounces, built on more than 68,000 metres of drilling. An updated Joaquin resource estimate is due in the third quarter of 2026, ahead of the PFS. The company also plans to apply for Argentina’s RIGI incentive regime in the second half of the year, which offers a reduced corporate tax rate for large mining investments and could improve the project’s after tax economics if approved.
What it means for ASX silver investors
The progress at Joaquin comes against a backdrop of a persistent global silver shortfall, with the Silver Institute forecasting a sixth consecutive annual market deficit in 2026. That backdrop has fuelled the run in explorers and developers such as West Coast Silver, and helps explain why Unico Silver’s market capitalisation has climbed to around AUD$434 million. Investors should note the company is still pre production and years away from generating revenue, with the PFS, a revised resource estimate and the RIGI application all still to be delivered before Joaquin’s economics can be properly assessed.
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