Today is Mr. Todd Williams, Managing Director. Ms. Melanie Leydin, Non-Executive Director. Mr. José Bordogna, Non-Executive Director. Mr. Peter Canterbury, Executive Director, and Mr. Peter Holmes, Executive Director. In addition, we have present Mr. Rajeev Chandra, our Company Secretary. The notice of meeting has been given in accordance with the company's constitution, and copies are available for you on the company's website, the share registry's online voting site, or on the ASX market announcement platform. I'll take the notice of meeting and explanatory statement as read. The format of today's meeting will be a presentation by our Managing Director, Todd Williams, followed by a Q&A session on the business operations. We will then consider the business on today's agenda, and then we'll proceed with a Q&A session on the items of business, following which shareholders will be provided with additional time to vote on the resolutions.
As previously announced, this is a virtual meeting, and shareholders will be able to ask questions and cast direct votes at the appropriate times while the meeting is in progress. Questions received during the meeting, which are of a similar nature, will be grouped and answered at the appropriate time. If you have any questions which you feel not addressed at today's meeting, we invite shareholders to contact the company via phone or email. I'll now hand over to Todd Williams to conduct the presentation.
Excellent. Thank you, Peter. Excellent. No, thanks everyone for joining us here today for the general meeting. Obviously, despite the recent volatility in the markets, we've been pleased with the progress of the company in the past six to 12 months. You know, the guys have done an excellent job over in Argentina. You know, we're basically distinguished from our peers with three pillars. We've got obviously resource and scale. The resource has been increased over 360% since the second half of 2024, which is no small achievement. We're now sitting around 330 million ounces on a silver equivalent basis. We've got a clear pathway to production.
We've got a maiden feasibility study coming out in the third quarter of this year, and we've made excellent progress working through some of those feasibility work streams. Obviously, it's important to note that we're already on a granted mining license, an area that has a history of mining from Pan American Silver. We see this as a very quick restart, a very clear pathway to silver production. We're also obviously enjoying some tailwinds, firstly in silver. Like I said, despite the market volatility, silver is going through a new paradigm. You know, it broke through $50 an ounce in the second half of last year and really looks like it's showing strength going through some consolidation with some market volatility.
We're really bullish on what the future holds for silver and how Unico Silver can be a leverage position to that silver fundamentals. Also Argentina, we've obviously got the RIGI, which is the incentive regime for large investments. Excellent timing for the company to be involved in developing the Joaquin asset while the RIGI is in place. Obviously, the fiscal benefits are huge and transformative, and we can go through that in the later slides. Next slide. Thanks, Nina. On the board of management, I think the key point here is that, you know, we now, with the addition of Peter Canterbury and Peter Holmes late last year, early this year, we now have experience not only discovering world-class silver deposits in Argentina, but financing those deposits and building those deposits.
We've really built out the team at a corporate level. We've had some new additions in Argentina. We've added Analía on as our senior resource geologist. She's been fundamental in bringing those processes from Newmont, the Cerro Negro mine in Santa Cruz that have been developed over 20 years, bringing those into Unico Silver. Also Rodrigo, who's our financial controller, moving us through our maiden RIGI application. He's been there and done that with a number of lithium companies and has a lot of experience in that matter. Next slide, thank you. Just a quick overview of the achievements over the past seven years. Obviously, the past two years have been transformative since the acquisition of the Joaquin project from Pan American Silver. It's really important to highlight that, you know, there's been a string of success.
Obviously, five transactions closed, over 95,000 meters of drilling completed by Unico Silver. We've acquired ounces in the bottom of the market. We've explored and added ounces in the top of the market at very similar costs, sort of AUD 0.10 per resource ounce. Look, we're very excited about, you know, the next chapter, which is taking this really large resource base and moving through to feasibility. Next slide, thank you. We are located in one of the preeminent mining districts in Argentina, which is Santa Cruz. We're in the Cerro Vanguardia mining district. We're in an area with operations. Cerro León is 40 km to the northwest. Joaquin is connected through Route 12 to Cerro León. We've really focused on consolidating these two adjacent silver districts within this world-class mining province.
Now we are the single largest holder of silver ounces and gold ounces within a junior company. We are the largest holder of resources outside of the majors being Newmont, Pan American Silver, et cetera. Importantly, it's a place where, you know, nine mines have been built and permitted, and I think we're very confident that we will be the 10th. Sorry, Nina. Thank you. Just on the Joaquin mineral resource update, we're very pleased with the results. You know, importantly, it was only 10 months and 27,000 meters of additional drilling, which, you know, obviously it's a very accelerated timeline to be adding 100 million ounces of new silver equivalent resources, which was a 148% increase.
Importantly, three-quarters of the metal value is in silver, so we've become one of the most leveraged silver resources on the ASX. 78% of those ounces are now in the high confidence indicated category, meaning that we are in a very good position for conversion of those resources to reserves in the maiden feasibility. Next slide, thank you. Just to recap, May last year, we set ourselves a very ambitious target, not only to grow the total global resources beyond 300 million ounces silver equivalent, we exceeded that with 330 on the basis of the Joaquin update.
Also on our development strategy, we had a very clear strategy around defining at least 150 million ounces of free-milling oxide mineralization, which would be the foundation of our oxide first development strategy, which would underpin the maiden feasibility. Look, we were focused on the oxide for several reasons. Firstly, very attractive silver metal ratios with at least 75% of the oxide being attributable to silver, which is really important. Obviously there has been a history of mining at Joaquin, so we've got all of the historical mining information, flow sheet development, metallurgical response. So that really de-risks and underpins the maiden development and feasibility plan. You can see there, once again, all of those ounces are sitting within granted mining licenses. Next slide, thank you.
Just a quick summary on the Joaquin resource. This is La Negra. La Negra is really the foundation of the projects. There's 80 million ounces of silver and just under 400,000 ounces of gold within this single structure. It'll be a cornerstone of the development plans moving forward. It's important to note, you can see obviously the relative shallowness of mineralization. It all starts at surface, very attractive mining widths. Within the main zone itself, we have these horizontal mantos which are connected by vertical feeder structures. Really attractive ounce per vertical meter metrics within that top 100 meters. Next slide, thank you. One of the main implications of the resource update is how it positions Unico Silver in a global context.
We are now one of the few silver developers with circa 200 million ounces of primary silver resources. This puts us in a very unique category, distinguished by scale. Really what we're trying to do now is move, you know, forward as being a company, let's say, valued on silver resources, but silver reserves. You can see some of our peers there, Abra Silver, Vizsla, GoGold. You know, these are all advanced silver developers with resources similar to ours. You know, 12-18 months further along the feasibility track. You know, we see a very clear valuation gap between us and the incumbents, you know, the established silver developers.
We think that we'll very quickly close that gap over the next nine months as we put out our maiden feasibility study, apply for the RIGI, and move forward on our full mining approvals. Next slide, thank you. This is just a quick case study. Obviously, Abra Silver's one of the more valuable and advanced silver developers globally. It's also located in Argentina. There's very striking similarities to Unico Silver and Abra Silver. Both open pit, predominantly operations, processing via Merrill-Crowe. Very similar OpEx processing profiles. The silver equivalent resource and silver resource, very similar in scale. Really the key difference is that, you know, they are obviously 12-18 months ahead of us with a PFS that went out in January.
You know, we've been trading in line with Abra Silver, albeit at coming off a lower base. They've really paved the market in the way of de-risking the transition through the RIGI process. They received their RIGI submission or they were included in the RIGI within three months. They announced that in May. They now have locked in the 30-year fiscal benefits of being in the RIGI, which includes lower corporate tax, abolishment of export duties, abolishment of value added tax on goods and services related to the mine build, access to foreign currency markets. Really, tangible benefits which they've quantified at about $1 billion, post-tax at more sensible spot prices around $50 silver.
This is the Northern Star for us and obviously it really paints that valuation gap that we look to close in the next nine to 12 months. Next slide. Thank you. Just on our ecosystem, the silver mining ecosystem, I think this is probably one of the most important slides. What it shows is you've got a number of mega majors silver companies in North America ranging from, say, First Majestic, Coeur Mining, Pan American Silver. What's really interesting is that you can see that in 2025, the average primary silver production from all of their assets was around 5 million ounces. And production is expected to be flat if not declining.
For example, there are less 5 million ounce deposits in 2026 than there were in 2025, and that's purely a function of higher metal prices incentivizing lower cut-offs, lower grades going through the plant, which means less metal. We're actually in a very unique environment where silver assets are not only rare, but the production profile of those assets are in decline precisely at the time when the market is screaming for more primary silver mine supply. We're in a very interesting situation. One of our clear objectives is to bring to the market an asset that is meaningful to any one of these global majors that can produce 5-7 million ounces of primary silver. Next slide. Thank you. The next nine months will look like the following. You know, we've completed the MRE.
We've undertaken 50,000 meters of exploration drilling. That's all behind us. We've got the PFS due in the third quarter of this year. We've just extended that by a few months to make sure that we get all the test work we need done for, you know, the optimal conversion of resources to reserves. We're also working through now the phase II of baseline environmental studies on site at Joaquin. We're in a really good position to submit our environmental impact assessment in line with our PFS. Importantly, that will go hand in hand with the RIGI submission. Really, 2027 will also be catalyst rich and really driven by further exploration, further resource growth.
You know, we hope to have the RIGI inclusion by the first quarter of 2027, moving through our DFS and getting to not only full mining approvals by the end of 2027, but hopefully a long way through that, the DFS and FID. It's important to note that obviously we're coming off a very solid base. We're in a granted mining license. So as we've got access agreements in place with the underlying surface rights for mining until 2034, which we're now looking to extend well beyond 2034. We've got PFS level historical studies completed by Pan American Silver. We've got a 200-man camp and infrastructure to support our ongoing operations.
We're in a pro-mining district where you can permit the construction of a new mine in less than 12 months, and there's a history of doing so. That's it from me. Nina, thanks for that. I might just hand it back over to the chair.
I think Raj.
Oh, Raj. Sorry. Hand it over to Raj.
Thank you, Todd. We did not receive any Q&A questions in relation to the presentation, so we'll get to the voting procedure. I will go through that with. Next slide, please. Shareholders can participate in the meeting and ask questions and vote at the appropriate times. Visitors and media are welcome, but as this is a shareholders meeting, you may not make comments or ask questions or record events. There may be a slight time lag, so please submit any text questions early. Shareholders asking questions by text or audio should follow the on-screen instructions. All shareholders, proxy holders, authorized corporate reps, representatives and attorneys entitled to vote may do so via the webinar poll. If you have already lodged a proxy vote, you do not need to vote again unless you wish to change your instruction.
Those who have not voted should cast their votes when the poll opens. Proxy holders will see a summary of proxy instructions. By submitting your votes via the poll, you are taken to have voted in accordance with those instructions. Where the chair has been appointed as proxy, Mr. Mullins intends to vote all such proxies in favor of each resolution. When the poll opens, a voting window will appear. Please follow the on-screen directions. Voting remains open until the poll is formally closed. Peter, I'll hand over to you.
Thank you, Raj. We will now turn to the business of the meeting. Before opening the poll, I wish to remind shareholders that the poll will remain open for an additional minute after we've considered all the resolutions. I now declare the poll open. I now turn to the first resolution in today's notice of meeting, which pertains to the ratification of prior issue of placement shares. I now propose that shareholders consider, and if thought fit, pass Resolution 1 as set out on the notice of meeting and displayed on your screen. Proxies received for this resolution are also outlined on the slide. I now move to Resolution 2, which pertains to the approval to issue 2.25 million long-term incentive performance right to Mr. Peter Canterbury or his nominee.
I now propose that shareholders consider, and if thought fit, pass Resolution 2A as set out in the notice of meeting and displayed on your screen. Proxies received for this resolution are also outlined on the slide. I now move to Resolution 2B, which pertains to the approval to issue 2.25 million long-term incentive performance right to Mr. Peter Holmes or his nominee. I now propose that shareholders consider, and if thought fit, pass Resolution 2B as set out in the notice of meeting and as displayed on the screen. Proxies received for this resolution are also outlined on the slide. We will now go to shareholder questions. I'll hand over to Raj.
Thanks, Chair. I'll start with the first question, and it's from Mr. Main, Steven Main, who's a shareholder. After doing a AUD 22 million placement at AUD 0.27 in November 2024, and a AUD 25 million placement at AUD 0.35 in August 2025, he thanks us for changing the practice and bolting on, in his words, a share purchase plan for retail shareholders after the latest AUD 40 million placement at AUD 0.55. However, you proposed capping the SPP at AUD 5 million and then only accepted AUD 10.3 million in applications after AUD 19.3 million was received. After receiving AUD 87 million from the big end-of-town investors across three deals, what made you think that AUD 5 million would satisfy your 2,824 retail holders?
How many shareholders participated in the SPP and how many different participated in the AUD 40 million being approved in Resolution 1 today? I'll answer the second part, which was in the announcement that was made in December, and I think we said, Todd, if you're answering this question or Pete, that we had a 22% participation rate.
Yeah, look, I guess to answer firstly the question around, let's call it the relative proportion of money financed through institutions versus retail via the SPP. You know, I think one point is that there's always sensitivities around market dynamics. You know, we've been through a period of volatility, both negative and positive, for the past 12 months. When we structure financings, we really try and prioritize certainty, scale, and fairness, really. There's certain times where the certainty and scale and fairness of doing a broker deal with institutions with guaranteed funding is actually in the best interest of all shareholders, even the retail shareholders, because ultimately, without capital, we can't do the work we need to do to add value for the company.
Now look, in the last placement, we thought it was appropriate to reward shareholders with a AUD 5 million SPP. I think it's worth noting that when we announced that SPP, the issue price went immediately below the raise price. There was actually quite a long period where the SPP was above the issue price, and every retail shareholder could have acquired shares on market at a price lower than the SPP price. Really, it was just through good fortune that while the SPP was open, we had a period of positive volatility in the silver price, which obviously drove the Unico Silver share price. I guess we saw an overwhelming uptake in the SPP, you know. Quite often this is not the case. You know, it's quite often that it can be the opposite.
I would just say that it was obviously a function of, you know, very strong silver tailwinds while the SPP was open, which obviously drove a very abnormal level of uptake. You know, what we would say is that, you know, we obliged the shareholders by doubling the SPP to AUD 10 million, which we thought was extremely fair and equitable, given that the share price, the SPP price at that time was significantly lower than the share price. We think that everyone obviously were able to enjoy the economics of that AUD 0.55 financing.
Thanks, Todd. The second question from the same shareholder, it relates to the 6% fee paid to Canaccord for managing the latest AUD 40 million placement, which seemed excessive. What is the history of the company with Canaccord, and did we run a competitive tender before settling on paying this large cash fee? Does the Chair believe Canaccord really earned or deserve such a large fee given they were only on risk for a couple of days and the pricing was set at a large 18.5% discount to the previous close? If you're happy to spend AUD 2.4 million like this, why won't you spend another AUD 10,000 to hold a better EGM via the Link platform? I will ask, Mel, if you wanna answer the second question because you have a good history in this.
Oh, yeah. Just on the Link platform, and I think there was a previous question as well from Steven on that. We've always traditionally used the Zoom platform. It is AUD 10,000-AUD 12,000 cheaper. It's more agile. All of the poll voting is done via Zoom. All the Q&A is done via Zoom, so it's contained within one platform as well. That is just our choice at the moment. We do assess it every year. Whether it be an AGM or a GM, we assess it on that basis as well. It is noted, and as we grow larger in every AGM, we'll consider it. Todd, to you on the Canaccord. Or Todd or Peter.
Yeah. I'm happy to kick it off. I guess, look, the reality is, you know, once again, with our financings, you know, we focus on scale, speed, and fairness. Canaccord and some of these larger international brokers are really the only ones positioned to uniquely bring money from Europe, North America, and Australian institutions within a 12-24 hour period. There's not many groups that can achieve that level of connectivity in the financial markets. We think that they are obviously one of the best. We've been working with them for, you know, several years now. Look, we're very comfortable with the relationship with Canaccord, and we're very comfortable with the service that they bring. We think ultimately the institutionalization of the register is in the best interest of all shareholders, even the retail shareholders.
Just to add to that, it wasn't Canaccord on its own. Also included in that was Euroz Hartleys and Argonaut. The fees weren't wholly paid to Canaccord. Although Canaccord did the majority of the coordination of that capital raise.
Thanks, Peter. Todd, I'll get you to answer this question. Question was raised by Steven Main at the EGM held in August. In his words, it was. I do know we've discussed this matter previously, so I assume you'll have the answer. Who authorized the selective leaking of the details of the AUD 22.5 million placement in November 2024 to the AFR Street Talk column before all investors were informed through the ASX announcement? The question was never read out. The same thing happened with this latest 40 million dollar placement, which was first disclosed in the AFR Street Talk column on Sunday, November 2026, while all investors weren't officially informed through an ASX announcement until Tuesday, November 28th, 2020.
Who authorized this leaking of the placement we are approving today, and why do you do it?
Well, simply no one authorized the leaking of that information. I think we'll just leave it at that.
Thanks, Todd. Last question. Sorry, Peter. Could Mr. Canterbury and Mr. Holmes comment as to whether they are going to take their long-term performance rights in their own name or nominate some other recipient as the wording allows for? Mr. Main would prefer they do not do any tax planning strategies, instead just take the grant directly in their own names like it was a regular employee salary arrangement.
Look, I'll answer on that part. Ultimately, I do not know where which entity I will take that into. All my equities are generally held in my investment company, which I am the sole director of and the sole beneficiary of. I'll deal with that based on my advice from my advisors. I don't have a problem whether it's in my name or a investment company in which I'm the sole beneficiary and sole director of.
From my point of view, I'll probably take it in my name at this point. But again, pretty similar to Peter. If it is, it's in the sole company that I'm the managing director of. But at this stage, I'll probably put it in my name. I'm aiming to put it in my name.
The only thing I'd probably add to that is that, regardless of the name or the nominee that it goes in, it is treated as employee share arrangement under the ESS rules.
Yes. Yeah.
Chair, there are no further questions.
This concludes the Q&A session for the formal part of the meeting. We will now provide shareholders with additional minutes for poll voting to be completed.
Okay, Pete.
As the additional time is up, I now declare the poll closed. Once the results of the poll have been processed, we will announce the results later today on the ASX Market Announcements Platform. This concludes the formal business part of the meeting. Since the company's not received notice of any other business, I declare the meeting closed. Thank you for your attendance and continued support.