Todd Williams of Unico Silver Ltd. talks to Peter Krauth | Metals Investor Forum Sept. 2026
Summary
Unico Silver has assembled a 330-million-ounce silver-equivalent (combined silver and gold) resource across the Joaquin and Cerro Leon projects in Santa Cruz, Argentina.
A maiden feasibility study (a mine's detailed technical-economic blueprint) is due in January, with Argentina's RIGI tax regime and mining approvals targeted next year.
The guest argues $2 per resource ounce is an explorer valuation, with a hoped re-rate toward $10 to $15 per reserve ounce.
Management plans one central processing plant at Joaquin, trucking higher-grade ore roughly 50 kilometers from Cerro Leon over flat, highway-connected desert.
Santa Cruz has historically granted full mining approvals in four to eight months, so permitting is a near-term catalyst rather than a decade-long risk.
Key points on Pan American Silver
- Todd Williams says Unico Silver built its Santa Cruz portfolio partly from assets acquired from Pan American Silver during a period of consolidation.
- He notes Pan American Silver once trucked high-grade ore from the Joaquin area to one of its operations 175 kilometers away, a production history he cites as proof the metallurgy is understood.
Peter Krauth's takeaways
- Top takeaway Peter Krauth conducts the interview, steering it toward the drilling impact on the resource, permitting hurdles, and the 12-to-18-month catalyst outlook.
- He closes by saying his team will keep watching Unico's development closely.
Todd Jarrad Williams's takeaways
- Top takeaway Argues Unico trades on an explorer multiple at about $2 per resource ounce, with a potential re-rating to $10 to $15 per reserve ounce, roughly 4x upside, if the maiden reserve reaches 100 to 140 million silver-equivalent ounces.
- Positions the January feasibility study as the gateway to RIGI tax-incentive entry and full mining approvals, which he says Santa Cruz has historically granted in four to eight months.
- Contends growth drilling at Joaquin is largely behind the company and the focus has shifted to converting resources into measured and indicated categories for a large maiden reserve.
- Presents a centralized development plan: one large, low-cost processing plant at Joaquin with high-grade ore trucked from Cerro Leon across flat, highway-connected terrain.
- Points to 99% of surface rights secured and the district's prior production under Pan American Silver as evidence of de-risking and proven metallurgy.