Announcement PDF ElizabethHillSilverProject Highest grade silver mine in Australia ASX | WCE November 2025 2 Elizabeth Hill Silver Project Disclaimer Forward-Looking Statements Statements in this announcement which are not statements of historical facts, including but not limited to those relating to the proposed transaction, are forward-looking statements. These statements instead represent management's current expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on such statements. Competent Person Statement The information in this report that relates to Exploration Results reviewed by Mr Tom Redcliffe and Mr Ian Stockton Competent Persons who are Members of the Australasian Institute of Mining and Metallurgy and Fellow of the Australian Institute of Geologists (FAIG) and Registered Professional Geologist (RPGEO). Mr Stockton has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, and a Specialist under the 2015 Edition of the ‘Australasian Code for Public Reporting of technical assessments and valuations of mineral assets’. Mr Stockton consents to the inclusion in the report of the matters based on his information and in the form and context in which it appears. Cautionary Statement This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for fully paid ordinary shares. West Coast Silver Ltd (West Coast Silver) and its directors, employees and consultants make no representations or warranty as to the accuracy, reliability or completeness of this document, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded. This document contains reference to certain targets and plans of West Coast Silver which may or may not be achieved. The performance of West Coast Silver may be influenced by a number of factors, uncertainties and contingencies, many of which are outside the control of West Coast Silver and its directors, staff and consultants. WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations. 1 • Historic head grade 2,194 g/t Ag (1.2Moz Ag from 16,830t)1 • Recent hits include 1m @ 15,071 g/t and 2m @ 10,049 g/t; native silver observed2 • Visible native silver in 25WCDD0112 • Simple historical gravity recovery demonstrated 2 • Granted ML in the Pilbara, past production paused on ~US$5/oz pricing (2000)1 • 180km2 consolidated land package on the Munni Munni Fault (proven control) • Established district; optionality to nearby processing routes 1 WAMEX Annual Report, 1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16. 2 Refer to West Coast Silver Ltd ASX announcements dated 16 July 2025 & 22 August 2025. 3 Silver Institute “Global Silver Market Forecast to Remain in a Sizeable Deficit in 2025,”29 Jan 2025. Silver market tightness persists: Price rose above US$50/oz in October 2025, doubling from 2023 prices; multi-year deficits continuing with industrial demand growth3 West Coast: Pure Play Silver Historic WA mine on granted Mining Lease Bonanza-grade silver in Tier-1 WA Grade: Ground: 3 Exceptional grades that are rare on the ASX 3 • Near-surface open-pit potential; open-pit quantification underway • Multiple priority near-mine targets; mineralisation open north & south • No modern regional exploration for 25 years; surface silver up to 490 g/t2 Near-surface ounces anddistrict-scaleupside Growth: Open-pit potential now, multiple additional targets A restart-ready setting with scale to explore 4 West Coast Silver Australia’s Largest Silver Nugget, 145kg found at Elizabeth Hill • “The Karratha Queen” largest native silver nugget 145kg from Elizabeth Hill, on display at The Perth Mint. • Measures an impressive 85 x 38 x 47cm. • Contains approximately 3,520 ounces of silver. 1. Visible native silver has been qualitatively observed in drill hole 25WCDD014 from 53.68m to 53.75mm in coarse crystalline calcite-quartz vein (photo shown). No quantitative estimate of grade or thickness is inferred from visual observations. Laboratory assays are pending and will be reported when received. Reported down-hole intervals may not represent true width. Refer to West Coast Silver ASX announcement dated 5 November 2025 for further information Half HQ3 drill core from 53.68m to 53.75m 5 Historic WA Silver Mine in a Restart Ready Setting • Previously Australia’s highest grade historic silver mine - past production paused on ~US$5/oz pricing (2000); vs (vs ~US$48/oz today) • Located in the Pilbara region, Western Australia – consistently ranked highly for mining investment attractiveness by Fraser Institute • Operations on a granted Mining Lease (ML) – reducing time and permitting hurdles1 • 180 km2 consolidated land package providing extensive exploration upside • Positioned along the major Munni Munni Fault within a large ultramafic complex - a proven geological control hosting high-grade silver mineralisation and visible native silver Large Landholding in a Blue-Chip Mining District Processing Optionality Nearby processing facility offers potential future processing route, reducing capital intensity Excellent Infrastructure Access to road networks, power infrastructure, and skilled workforce in the established Pilbara mining region Elizabeth Hill Silver Project Ground 1 70% of Mining Lease and Silver rights over 180km (minority partner LSE listed Alien Metals). Processing Plant • 12 holes where several returned bonanza grade mineralisation with highlights including 21m @ 1,047 g/t Ag in 25WCDD001 from 10m including 1m @ 15,071 g/t Ag from 27m; and 15m at 723g/t Ag in 25WCDD002 from 1m1 High Grade Mineralisation Proven Maiden Drilling Delivers: Strong Foundation for Growth • Shallow high-grade intercepts both recent and historical demonstrate open-pit mining potential - quantification of near-surface resource already underway • Historic intercepts inc 3.7m @ 6,953 g/t Ag from just 13m depth1 Open-Pit Case Emerging from Shallow Bonanza Hits • Review of historic drilling has defined deeper PDH 13 & 14 targets testing down plunge mineralisation with intercepts of 2m @ 1,995g/t Ag at similar levels in historic drilling - to be tested in upcoming drilling campaign1 Deep Targets Confirmed & Ready for Testing Growth 6 1Refer to West Coast Silver Ltd ASX announcements dated 16 July 2025, 22 August 2025 & 9 October 2025. 25WCDD011: 52.01-52.2m (SAMPLE 25WC04-015) – Silver-grey native silver1 Targeting deeper mineralisation 7 • Shallow high-grade intercepts demonstrate open-pit mining potential • Quantification of near-surface resource already underway • Historic intercepts include 3.7m @ 6,953 g/t Ag from just 13m depth1 • Recent drilling returned 21m @ 1,047 g/t Ag from 10m depth • Mineralisation open to north and south along the Munni Munni Fault • Historical high-grade intersections outside main deposit1: • 2m @ 1,550 g/t Ag from 108m in AMEHRC012 • 1m @ 250 g/t Ag from 118m in AG43 Near-Surface Open-Pit Potential Multiple High-Priority Near-Mine Targets Demonstrable Upside Potential 1 Refer to West Coast Silver Ltd ASX announcement dated 16 July 2025 & ASX announcement dated 22 August 2025 Growth 8 Elizabeth Hill Silver Project Systematic Growth Strategy Phase 1. Elizabeth Hill. (i) Near Surface Oxide Resource (ii) Deeper Targets Phase 2. Near mine high priority targets for repeat systems 4. 2026 targets Phase 3. Regional Targets Upcoming Value Catalysts: Strategic 3-Phase Exploration From Discovery to Resource Underway November 2025 Early 2026 • Advance near- surface oxide resource to JORC standard at Elizabeth Hill mine • Test down-plunge targets below the 102 level with ~10 diamond holes (800– 900m) • Test multiple high- priority near-mine targets with ~2,000– 3,000m of aircore, informed by ongoing drone magnetics • Open up the broader 180 km² package - most of which is underexplored - through comprehensive fieldwork 2. Near Mine 1. Elizabeth Hill Growth 3. Regional Exploration 9 Phase 1: Elizabeth Hill • Fully funded diamond drilling underway: ~14 holes for ~1,300m to test near surface oxide zone and down plunge extension. • Near surface oxide resource definition to JORC standards. • Down plunge exploration below existing 102 level, where mining ceased. Elizabeth Hill Growth (Near Surface + At Depth): Growth Refer Core Box Image: 25WCDD011: 49.68-53.28m – visible native silver and silver sulphide minerals (yellow circle) in coarse crystalline calcite-quartz vein. The vein is hosted in fine- to medium grained pyroxenite. The silver minerals are between 1mm and 2mm in size and comprise about 1% of the 20cm calcite-quartz vein, commencing at 52m. West Coast Silver Ltd ASX announcements dated 22 August 2025. 10 Elizabeth Hill Silver Project Diamond drilling program Upcoming Value Catalysts: Strategic 1st Phase Exploration From Discovery to Resource Growth • Initial five drill holes successfully completed intersecting the up-plunge position of the historically mined high grade Elizabeth Hill silver deposit • The mineralized zone is defined by quartz-carbonate veining/stockwork and host to native silver, related silver minerals and base metals • Native silver visually identified in two drill holes and confirmed through pXRF[1] analysis • Native Silver in hole 25WCDD014 is visually significant and occurs in 3 separate intervals within a broader 21m drilling width • ~1,300m diamond drilling program is projected to conclude in mid- November [1] Portable XRF readings are not a replacement for comprehensive laboratory analysis and only reflect elemental concentration at specific points, rather than the entire rock. While they assist in geological interpretation, verifying metal presence and selecting which samples should undergo full laboratory analysis, they offer only an approximate concentration Refer to West Coast Silver ASX announcement dated 5 November 2025, Native Silver intersected in drilling at Elizabeth Hill Silver project Diamond drilling program From Discovery to Resource • Several Encouraging native silver intersections in drill holes 25WCDD014 as well as secondary silver in hole 25WCDD013, confirmed by logging and pXRF Refer to West Coast Silver ASX announcement dated 5 November 2025 , Native Silver intersected in drilling at Elizabeth Hill Silver project & 16/7/2025 High Grade Silver Intercepts Near Surface at Elizabeth Hill Portable XRF readings are not a replacement for comprehensive laboratory analysis and only reflect elemental concentration at specific points, rather than the entire rock. While they assist in geological interpretation, verifying metal presence and selecting which samples should undergo full laboratory analysis, they offer only an approximate concentration. 11 Growth EC094: 4m @ 320/g/t Ag EC094: 4m @ 320/g/t Ag EC097: 6m @ 63/g/t Ag EC096: 2m @ 290/g/t Ag EC097: 2m @ 670/g/t Ag • Diamond drill hole 25WCDD016 Secondary silver minerals are hosted in a carbonate-matrix breccia and pXRF confirmed the presence of silver Diamond drilling program From Discovery to Resource Refer to West Coast Silver ASX announcement dated 5 November 2025, Native Silver intersected in drilling at Elizabeth Hill Silver project & 16/7/2025 High Grade Silver Intercepts Near Surface at Elizabeth Hill Portable XRF readings are not a replacement for comprehensive laboratory analysis and only reflect elemental concentration at specific points, rather than the entire rock. While they assist in geological interpretation, verifying metal presence and selecting which samples should undergo full laboratory analysis, they offer only an approximate concentration. 12 Growth EC072: 4m @ 794/g/t Ag EC072: 14m @ 218g/t Ag EC073: 10m @ 244/g/t Ag EC072: 4m @ 794/g/t Ag EC072: 14m @ 218g/t Ag EC073: 10m @ 244/g/t Ag Diamond drilling program From Discovery to Resource • Diamond drill hole 25WCDD017 contained trace amounts of observed native silver, occurring as 1mm to 2mm grains at 43.61m within a quartz vein in a late fracture, confirmed by pXRF Refer to West Coast Silver ASX announcement dated 5 November 2025, Native Silver intersected in drilling at Elizabeth Hill Silver project & 16/7/2025 High Grade Silver Intercepts Near Surface at Elizabeth Hill Portable XRF readings are not a replacement for comprehensive laboratory analysis and only reflect elemental concentration at specific points, rather than the entire rock. While they assist in geological interpretation, verifying metal presence and selecting which samples should undergo full laboratory analysis, they offer only an approximate concentration. 13 Growth EC100: 12m @ 466/g/t Ag EC0101: 4m @ 250/g/t Ag 14 Elizabeth Hill Silver Project Phase 2: Near Mine • Systematic targeting: Integrated legacy data with soils, magnetic- structure deflections and historic drilling to generate multiple near- mine targets. • Drone magnetics + Loupe TEM underway (priority ranking revised as additional data become available). • Low cost ~2,000–3,000m aircore program starting early November to test shallow mineralisation across the Munni Munni “String of Pearls”. • The goal is to find more Eliabeth Hill style systems: i. Target repeat systems ii. Target shallow mineralisation, iii. generate more data to allow direct deeper drilling and/or iv. provide confidence to undertake more extensive geophysical programs Near Mine High Priority Targets – Aircore Program Growth 15 Elizabeth Hill Silver Project Phase 3: Regional Exploration • 180 km² tenure across the Munni Munni structural corridor and look-a- like faults - no systematic regional exploration in almost 25 years. • Geophysics underway: High-resolution drone magnetics and Loupe TEM to refine structures and detect conductive targets. • Analogue is Bou Azzer (Morocco) and Cobalt (Ontario) - ultramafic- hosted Ag–Co–Ni–As systems; supports repeat high-grade targets. • 2026 pipeline: comprehensive fieldwork campaign (mapping, soils, trenching) to bring district-scale prospects to drill-ready status. • The goal is to identify repeat Elizabeth Hill–style systems along the Munni Munni Fault and related structures (“String of Pearls”). Multiple Conceptual Targets Across an Underexplored 180km² Package Regional Exploration Regional Exploration Growth String of pearls theory & concept Elizabeth Hill Silver Project Mineralisation Growth 16 • Mineralisation occurs sporadically along the Munni Munni Fault, not continuously • Mineralisation localizes near intersecting contacts: • Fault – fault contacts • Rock contacts intersected by faults • Jogs and bends in the faults • In 3D, mineralisation plunges, but is not always continuous • Discontinuous cigar-shaped pods • Mineralisation at Elizabeth Hill most likely follows the rock contact (ultramafic/granite) along the Munni Munni Fault • Potential for weakly mineralised gaps between pods Path to Value: Near-Term Catalysts Driving Growth 17 • Core Review • Soil Sampling commenced on regional targets 75% completed • Re-assaying of old materials for other elements • 12 hole DD programme • Targeting EH ore zone • Near Surface Material • Structural Understanding Site Works Commenced Inaugural Drilling Program • Investigations into near term processing and production opportunities Near Term Production Opportunities • Proven High Grade • Proven Shallow Mineralisation • Open Pit Potential Assays Received • 14 (1,300m) holes at Elizabeth Hill • Further define shallow JORC open pit resource • Testing of deeper mineralised targets Phase 2 Diamond Program Upcoming news flow and catalyst next 3 months • 2,000-3,000m air core program on high priority near mine targets • Targeting repeat Elizabeth Hill systems along the “String of Pearls” Near Mine Air Core Program • Mapping of high priority targets • Exploration to include mapping, soil sampling, and trenching • Drone magnetic interpretation Regional Exploration Completed to date 18 Capital Structure Share Performance Elizabeth Hill Silver Project Note: As of 3 November 2025. See Appendix A for details on Options and Performance Rights. Value Shares on Issue 330,640,295 Share Price A$0.14 Market Capitalisation A$46.3m Cash (30 Sep 2025) A$5.1m Implied Enterprise Value A$41.2m Corporate Overview Ownership Structure Note: As of 3 November 2025. Balance 60% Top Twenty 40% Institutions, 19.35% Retail, 56.51% Insiders, 14.65% ASX:WCE ASX:WCE ~9.5% 19 Elizabeth Hill Silver Project Board and Management Mr Reddicliffe is a geologist with over 40 years’ exploration and evaluation experience primarily focused on Australia. Fellow of the Australian Institute of Mining and Metallurgy. Current Executive of GreenTech Metals (ASX:GRE) and Non-Executive Director of Gibb River Diamonds (ASX:GIB). Mr Thomas Reddicliffe NON-EXECUTIVE DIRECTOR Mr Garlick is a finance, governance, and accounting professional with experience across nickel, copper, lead, and PGM exploration, development, and operations. He has held senior roles globally, including at Normandy Mining (now Newmont), Platinum Australia, and MI Energy. He is currently a Non-Executive Director of Artemis Resources (ASX:ARV). Mr Bruce Garlick EXECUTIVE CHAIRMAN Matt Birney is the Founder and MD of Bulls N’ Bears, a media and IR firm representing ASX-listed companies. Over 14 years, he has advised more than 450 listed companies nationwide. A former Leader of the Opposition in WA and the first Liberal Member for Kalgoorlie, Matt has chaired two ASX companies and co-founded several private enterprises. Mr Matt Birney NON-EXECUTIVE DIRECTOR Technical and Corporate Advisory TECHNICAL ADVISORS David Lewis Structural Geological Consultant Ian Stockton ERM Consultants CONSULTANT Gerard O’Donovan ex Sun Silver (ASX:SS1) Driven by a Highly Experienced Team With Intimate Asset Knowledge 20 1 WAMEX Annual Report, 1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16 2Refer to West Coast Silver Ltd ASX announcements dated 16 July 2025 & 22 August 2025 3 Silver price as at 3 November 2025. West Coast Silver Investment Summary High-grade silver in a Tier-1 jurisdiction, with a clear path to near-term value GRADE Bonanza Confirmed GROUND De-risked Setting • Historic head grade: 2,194 g/t Ag (1.2 Moz)1 • Recent hits: up to 15,071 g/t Ag; visible native silver2 • Continuity: Near-surface, open- pit potential GROWTH Multiple Shots on Goal • Granted ML: Pilbara, on Munni Munni Fault • Scale: 180 km² with established infrastructure • Optionality: Nearby processing routes; Tier-1 WA jurisdiction MACRO TAILWIND Silver at a 14-year high with multi-year supply deficits — premium for grade + speed to ounces. $48.60/oz3 +50% YTD UPCOMING CATALYSTS (NEXT 3–6 MONTHS) • Results from diamond drilling at Elizabeth Hill – assays expected Q4 ‘25 • Down Plunge DD on near-mine targets – assays expected Q4 ‘25 • Aircore on near-mine targets – assays expected Dec ‘25/Jan ‘26 THE TAKEAWAY Grade × Ground × Growth = leverage to the silver upcycle with near-term, repeatable catalysts • Phase 1: Resource quantification & down-plunge targets • Phase 2: Near-mine “String of Pearls” (~2–3 km aircore, Nov start) • Phase 3: Regional scale-up (180 km², early 2026) Contact ASX | WCE One of Australia’s highest-grade silver projects Elizabeth Hill westcoastsilver.com.au Bruce Garlick Executive Chairman +61 437 393 6000 info@westcoastsilver.com.au Investor & Media Relations Dannika Warburton - Investability +61 401 094 261 westcoastsilver@investability.com.au 22 Options & Performance Rights Number of securities1 Unlisted Options exercisable at $0.25 each expiring on or before 30 November 2025 1,500,000 Unlisted Options exercisable at $0.40 each expiring on or before 21 April 2026 2,000,000 Unlisted Options exercisable at $0.18 each expiring on or before 30 October 2026 3,525,000 Unlisted Options exercisable at $0.117 each expiring on or before 25 November 2025 1,200,000 Unlisted Options exercisable at $0.04 each expiring on or before 18 May 2028 9,750,000 Unlisted Options exercisable at $0.12 each expiring on or before 30 July 2027 100,000 Unlisted Options exercisable at $0.12 each expiring on or before 23 March 2027 5,000,000 Unlisted Options exercisable at $0.20 each expiring on or before 23 September 2027 5,000,000 Unlisted Options exercisable at $0.155 each expiring on or before 23 September 2028 10,000,000 Performance Rights Class B expiring on or before 21 April 2027 5,000,000 Performance Rights expiring on or before 18 May 2028 10,000,000 Appendix A: Options and Performance Rights 1. As at 3 November 2025 Drone magnetic survey 23 Silver Price Performance1 Structural Market Deficit2 $48.8/oz Silver reached record high US$51.30/oz in Oct 2025 Appendix B: Silver Bull Market Momentum Building 2022 2023 2024 2025 112 Moz 125 Moz 139 Moz 149 Moz 149 Moz Silver deficit in 2025 (5th consecutive annual deficit) Demand Drivers: Industrial applications up 3.6% annually while mine supply falls 0.9%. Green energy transition requiring 700Moz additional industrial demand, with solar panels alone using 20g silver per panel. Market forecasts persistent tightness through 2026. In a constrained market hitting new highs, grade and speed to ounces are the key value drivers 1S&P Capital IQ Pro as at 31 October 2025. 2Silver Institute “Global Silver Market Forecast to Remain in a Sizeable Deficit in 2025,” 29 Jan 2025. Appendix C: Historical Silver Price: Potential for Bull Run Source: S&P Capital IQ Pro. 0 10 20 30 40 50 60 70 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Silver Price (US$/oz) January 1980: US$49.48/oz (intraday US$50.35/oz) Hunt Brothers cornered market May 2011: US$48.70/oz concerns over inflation Potential EU debt crises Current: US$48.80/oz Rising Demand Inflation concerns Covid (start) • Silver market characterised by three price spikes: • 1980 Hunt Brothers cornered the silver market • 2011 Inflation and EU debt crisis following GFC • 2025 Rising Demand and inflation concerns • Technical resistance at ~US$49.50/oz; should the current run burst through then positive for a bull price run TECHNICAL RESISTANCE (US$49.50/oz) Commentary 24