Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Unico Silver Expands Leadership Ahead of Argentine Silver Project Decisions
Highlights
Unico Silver Limited (ASX: USL) detailed changes to its leadership and board arrangements on 30 October 2026, appointing two senior executives and confirming a search for independent directors. The update follows its annual report released on 29 September 2026, as the company prepares its Argentine silver-gold assets for potential development.
Board Search Accompanies Management Expansion
Unico is seeking additional independent non-executive directors after Melanie Leydin stepped down on 12 August 2026. The company intends to widen the board’s capabilities as project oversight becomes more demanding.
Dimitrios (Jim) Kouvoussis has been appointed Chief Financial Officer. A Chartered Accountant with more than 23 years’ experience, including over 15 years in resources, he brings expertise in corporate transactions, fundraising, financial management and listed-company reporting.
New Head of Corporate Development Will Lyon contributes 15 years of geological and mining experience. His career includes leadership positions at Vault Minerals’ Deflector gold-copper mine and Northern Star Resources’ Jundee operation, alongside silver-sector consulting work.
Remuneration Changes Begin in November
The board approved revised remuneration effective from 15 November 2026, citing greater responsibilities associated with the shift towards development.
Managing Director Todd Williams’ annual salary will increase to AU$400,000, compared to AU$350,000, both excluding superannuation. Executive directors Peter Holmes and Peter Canterbury will receive AU$225,000 and AU$160,000 respectively, also excluding superannuation.
Non-executive director fees remain within the existing shareholder-approved annual limit of AU$400,000. Executive service terms, including long-term incentives, otherwise remain unchanged.
Resources and Cash Support Project Studies
The FY2026 annual report recorded approximately 330 million silver-equivalent ounces across the wholly owned Joaquin and Cerro Leon projects in Argentina’s Santa Cruz Province. Joaquin holds 167 million silver-equivalent ounces, approximately 78% classified as Indicated. Cerro Leon contributes a further 162 million ounces.
During FY2026, Unico secured approximately AU$75.3 million before fundraising costs. Cash and cash equivalents stood at AU$55.06 million on 30 June 2026.
Outlook: Economics Will Guide Progress
Unico’s next steps centre on its maiden pre-feasibility study, permitting and defining development requirements. The expanded team provides additional capability to manage that work. However, mineral resources have yet to support a maiden Ore Reserve, and further funding may be necessary. Study outcomes will therefore be central to assessing the projects’ commercial potential.
Note- All data presented is based on information available at the time of writing.
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