Investor Presentation
Released
Released
Announcement PDF
ElizabethHillSilverProject
Advancing Australia’s
Highest-Grade ASX-Listed Silver
Project1
ASX: WCE | OCTOBER 2026
Cover Image is for illustrative purposes only. Silver bars/bullion shown are generic and are not sourced from, or representative of, product from the Elizabeth Hill Silver Project.
1 Source: S&P Capital IQ. Elizabeth Hill is the highest-grade silver project in Australia held by an ASX-listed company.
2
Forward-Looking Statements
Statements in this presentation which are not statements of historical fact, including but not limited to those relating to exploration results, mineral resource estimates, development timelines, production potential and future plans, are forward-looking statements. These statements 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, 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 is based on information reviewed by Mr Ian Stockton, who is a Member of the Australian Institute of Geoscientists. Mr Ian Stockton is a consultant to West Coast Silver and a full-time employee of ERM Australia Consultants Pty Ltd.
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 Joint Ore Reserves Committee (JORC) 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves', and a Specialist under the VALMIN Code 2015 Edition of the 'Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets'. Mr Stockton consents to the inclusion in this report of the
matters based on his information and in the form and context in which it appears.
The information in this report that relates to the Mineral Resource Estimate is based on information compiled by Mr Phil Jankowski FAusIMM of ERM, who is a Competent Person and Member of the Australasian Institute of Mining and Metallurgy. Mr Jankowski has sufficient experience relevant to
the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Jankowski consents to the inclusion in this report of the matters based on his information and in the form
and context in which it appears. The Mineral Resource Estimate was reported in the ASX announcement dated 22 April 2026. Mr Jankowski is a full-time employee of ERM Australia Consultants Pty Ltd.
This presentation contains information relating to Exploration Results and a Mineral Resource Estimate previously released to ASX. Refer to the Company's relevant ASX announcements, including those dated 4 December 2025, 22 April 2026, 9 June 2026, 18 June 2026, 30 June 2026, 9 July 2026,
24 July 2026, 13 August 2026, 27 August 2026, 22 September 2026, 29 September 2026 and 6 October 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in those original market announcements and, in the case of the
Mineral Resource Estimate, that all material assumptions and technical parameters underpinning the estimate in the announcement dated 22 April 2026 continue to apply and have not materially changed. This presentation should be read in conjunction with the Company's announcements
lodged with ASX.
Cautionary Statement
Approximately 86% of the contained silver in the Elizabeth Hill Mineral Resource Estimate is classified as an Inferred Mineral Resource. Inferred Mineral Resources have a lower level of geological confidence than Indicated or Measured Mineral Resources and are based on limited geological
evidence and sampling. There is no certainty that further exploration work will result in the conversion of Inferred Mineral Resources to a higher confidence category, or that any of the exploration results, targets, studies or development pathways referred to in this presentation will be realised. The
Company has not completed a Scoping Study, Pre-Feasibility Study or Feasibility Study in respect of the Elizabeth Hill Project, and no Ore Reserve has been estimated. Any references in this presentation to development, production, capital cost, margin, payback or restart potential are
conceptual only.
Historical production figures for the Elizabeth Hill mine relate to mining conducted in 1999–2000 and are provided for context only. They are not indicative of future production or performance from the Elizabeth Hill Project. Historical processing focussed only on the extraction of native silver via
gravity separation. Metallurgical testwork is in progress and no testwork results have been reported. Mineral Resource and historical production figures are reported on a 100% project basis; West Coast Silver Limited holds a 70% interest in the Elizabeth Hill Project.
This presentation has been prepared by West Coast Silver Limited for information purposes only. It is not a prospectus, product disclosure statement or other disclosure document, and does not constitute an offer, invitation, solicitation or recommendation to subscribe for or acquire securities in
West Coast Silver Limited.
The information in this presentation is provided in summary form and does not purport to be complete. To the maximum extent permitted by law, West Coast Silver Limited and its directors, officers, employees, advisers and consultants make no representation or warranty, express or implied, as
to the accuracy, reliability or completeness of the information contained in this presentation and accept no responsibility for any errors or omissions.
This presentation contains forward-looking statements, estimates, targets and projections that are subject to risks, uncertainties and assumptions, many of which are outside the control of West Coast Silver Limited. Actual results may differ materially from those expressed or implied. Investors
should not place undue reliance on forward-looking statements and should undertake their own independent assessment and obtain professional advice before making any investment decision.
Visual estimates of mineralisation should not be considered a substitute for laboratory assay results and do not provide information regarding grade, impurities or other characteristics relevant to economic evaluation.
Elizabeth Hill Silver Project
Disclaimer
Historical Mine on Granted
Mining Lease
Figure 1: Elizabeth Hill Exploration Tenement Package and Mine Location
Strategic
Pilbara Location
Granted
Mining Lease
(M47/342)
Production
History
Processing
Opportunity
• Elizabeth Hill Project – (M47/342) WCE 70%,
Alien Metals Ltd 30%1.
• Elizabeth Hill West P47/2033: WCE 70%,
GreenTech 30%.
• Granted Mining Lease (M47/342) held over
the historical mine site and extensions to
mineralisation.
• Historical production of 1.2Moz Agfrom
16,830tore at head grade of 2,194g/t Ag
(70.5oz/t) in 1999–20002.
• Evaluate toll treatment options
• Potential 3rd party processing options
including nearby Radio Hill plant (Artemis)3.
• Owner processing depending on scale and
economics.
Strategic Asset
Elizabeth Hill Silver Mine 1999 - 2000
3
3
Processing Plant
10 km
30 km
1 Refer WCE (formerly ERW) ASX Announcement “Acquisition of Elizabeth Hill Silver Project & $3M Placement” dated 24 March 2025.
2 WAMEX Annual Report, 1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16. Figures are reported on a 100% project basis. Historical production is
provided for context only and is not indicative of future production or performance.
3 Refer WCE ASX Announcement “Artemis & West Coast Silver Sign Joint MoU on Radio Hill” dated 4 December 2025
Highest in
peer group
West Coast Silver
Elizabeth Hill
4
West Coast: A Pure Silver Play
Source: Peer Mineral Resource Estimates as at the announcement dates listed in Appendix 1, the earliest of which is April 2015.
Grade bands use total reported silver grade only and do not use Ag-equivalent grades. Peer data as at October 2026.
Pure Silver Play
Elizabeth Hill has the highest reported silver grade within the selected project peer group.
Ultra-High Grade
>500 g/t Ag
High Grade
100-499 g/t Ag
Moderate Grade
50-99 g/t Ag
Lower Grade
<50 g/t Ag
617
g/t Ag
HIGHEST REPORTED SILVER GRADE IN
SELECTED PEER GROUP
Andean Silver
Cerro Bayo 85
g/t Ag
Unico Silver
Joaquin/Cerro
Leon
76
g/t Ag
Maritana
Nimbus 52
g/t Ag
Investigator
Paris/Peterlumbo 73
g/t Ag
Silver Mines
Bowdens 33
g/t Ag
Boab Metals
Sorby Hills 34
g/t Ag
Manuka Res.
Wonawinta 41
g/t Ag
Patriot Res.
Tassa 43
g/t Ag
Iltani Res.
Orient 23
g/t Ag
Endurance
Abra 19
g/t Ag
Lode Resources
Montezuma 173
g/t Ag
Maronan Metals
Maronan 108
g/t Ag
Rapid Critical
Webbs & Conrad 107
g/t Ag
Mithril Silver
Copalquin 77
g/t Ag
Peer Drilling Benchmark
2026 Silver Drilling : WCE Ranks #2 and #3 in Selected ASX Peers
All distinct silver intercepts from ASX-listed issuers appearing in the supplied 2026 MinerDeck charts.
RANK COMPANY ASX PROJECT Ag (g/t) WIDTH (m) FROM (m) Ag g/t·m RELATIVE GRADE × WIDTH
1 Polymetals Resources POL Endeavor 390 96.6 7 37,674
2 West Coast Silver WCE Elizabeth Hill 1,314 27.4 49 36,004
3 West Coast Silver WCE Elizabeth Hill 878 38.3 4 33,6271
4 Sunshine Metals SHN Ravenswood 396 30 17 11,880
5 Polymetals Resources POL Endeavor 197 45 17 8,904
6 Belararox BRX TMT 172 47 59 8,084
7 Black Bear Minerals BKB Shafter 542 15 46.4 7,913
8 Andean Silver ASL Cerro Bayo 2,541 3.1 226 7,877
9 Rapid Critical Metals RCM Webbs 203 37 127 7,577
10 Unico Silver USL Joaquin 70 107 18 7,490
11 Advance Metals AVM Gavilanes 220 34 118 7,458
12 Solstice Minerals SLS Nanadie 1,019 7 61 7,133
13 Advance Metals AVM Yoquivo 49 144 200 7,056
Source: Selected 2026 MinerDeck silver drilling comparisons published on X, compiled 19 October 2026. Rankings are based on reported silver grade multiplied by downhole intercept length (Ag g/t × m), rather than contained metal or economic value.
The comparison is limited to intercepts included in the reviewed MinerDeck charts and is not an exhaustive assessment of all ASX silver drilling results. Refer WCE ASX announcements dated 4 February 2026 (25WCDD014) and 27 August 2026
(26WCDD037), including the subsequent correction.
1 The 38.3m @ 878 g/t Ag intercept in 26WCDD037 includes 0.5m @ 64,745 g/t Ag from 29.0m, contributing approximately 96% of its calculated grade × width. 5
6
Development & Resource Growth
Strategy
Funding enables resource confidence, near-mine drilling
and district-scale exploration
DEVELOPMENT
April 2026 JORC MRE:
2.8Moz Ag @ 617 g/t Ag
(~86% Inferred Resources, 100% basis).
H2 infill drilling tests potential
conversion to Indicated.
Metallurgy and geotechnical studies to
underpin Q1 2027 Scoping Study.
GROWTH
West: broad granite-hosted
mineralisation beyond April MRE.
Deeps: interpreted high-grade trend
open east and south.
EHW: granted P47/2033 adjacent to
mine.
N & S: ~4km IP / CSAMT geophysics
testing Munni Munni Fault Zone for
silver-system repeats.
7
New Silver Discovery & Near-Surface Extensions
1 Reer WCE ASX announcement 27 August 2026, Tables 1–4 and Figures 1–4. Rounding may lead to minor apparent discrepancies.
2 Refer WCE ASX Announcement 9 July 2026
Mineralisation
Outside MRE
Mineralisation
Extends into
Granite
Near-Surface Ag1
New Deeps
Discovery2
(not too deep)
• New west-to-east drilling confirms
mineralisation outside April 2026 MRE
• System remains open; results
expected to inform Q4 2026 MRE
• Western mineralisation extends near-
surface into granite. Broader lower
grade zone, potential higher volumes.
• 26WCDD037: 38.3m @ 878g/t Ag
from 3.7m downhole.
• 26WCDD038: 63m @ 53g/t Ag from
2m downhole.
• 26WCDD029: 3 m @ 524 g/t Ag from
183 m downhole.
• Including 1.5 m @ 1,039 g/t Ag from
184.5 m downhole.
Released August 2026
Latest
70m
50m
Drill Results
8
8
1 Refer WCE ASX Announcement “Bonanza-Grade Silver Confirmed and Near-Surface Mineralisation Extended West at Elizabeth Hill” dated 27 August 2026. Intervals are downhole lengths, not
true widths.
Bonanza Silver + Resource Extension1
• New west-to-east drilling intersected high-grade silver within the
current MRE and extended mineralisation beyond the MRE to near-
surface and westward into granite.
• Exceptional diamond drilling results:
o 38.3m @ 878 g/t Ag from 3.7m downhole (26WCDD037),
including
▪ 22.3m @ 1,495 g/t Ag from 19.7m including -
– 1.4m @ 23,360 g/t Ag from 29.0m including
– 0.5m @ 64,745 g/t Ag from 29.0m.
▪ 13.5m @ 2,253 g/t Ag from 45.0m including
– 9.15m @ 3,318 g/t Ag from 47.85m.
o 63.0m @ 53 g/t Ag from 2.0m downhole (26WCDD038),
including
▪ 31.3m @ 92 g/t Ag from 26.7m including -
▪ 0.43m @ 845 g/t Ag from 46.77m;
▪ 1.0m @ 1,060 g/t Ag from 51.0m.
EXCEPTIONAL
WIDTH FROM
NEAR SURFACE
OUTSIDE
RESOURCE
ESTIMATE –
ABOVE
&
BELOW
NEW TONNES
MORE METAL
HIGH GRADES
Core Photos
9
9
1 Refer WCE ASX Announcement “Bonanza-Grade Silver Confirmed and Near-Surface Mineralisation Extended West at Elizabeth Hill ” dated 27 August 2026.
Oxidised Native Silver – 26WCDD037: 22.20m–32.95m downhole,
including 0.5m @ 64,745g/t Ag from 29.00m downhole
Visible Native Silver – 26WCDD037: 44.55m–
58.82m downhole, including multiple high-
grade silver intervals
Visible Native Silver – 26WCDD0371
Native Silver in Quartz-Carbonate
Veining – 26WCDD037: 51.95m–52.30m
downhole – 0.35m @ 31,154g/t Ag
That’s 3.1% Ag
Hotter the Colours the
Higher the Silver Grade
10
New Deeps High-Grade Silver Zone
Source: ASX: WCE announcement 9 July 2026. Downhole intervals; true widths are not yet known. The approximately 50 m trend is an interpretation based on current and historical drilling.
Elizabeth Hill Deeps diamond drilling longitudinal section view
Silver Trend Beneath Historical Workings
Growth
• Three intersections currently define a new mineralised trend -
• 26WCDD029: 3m @ 524g/t Ag from 183m downhole, including 1.5m @ 1,039g/t Ag from 184.5m
downhole.
• UGD084: 7m @ 607g/t Ag from 57m downhole, including 2m @ 1,995g/t Ag from 61m downhole.
• AG33: 4m @ 223g/t Ag from 190m downhole.
• Approximately 50 m-long interpreted mineralised trend, beneath and to the south of the historical mine.
• Located outside and beneath the April 2026 MRE. Follow-up drill planning is underway.
Key Highlights
Next Phase
11
11
Three Growth Fronts Beyond the April 2026 MRE1
1. Mineralisation extended beyond the MRE
to the west, north, south and near-surface.
2. High-grade mineralisation confirmed
within and below the current MRE.
3. West-to-east drilling has opened
previously less-tested areas around
Elizabeth Hill.
4. Results will inform the planned Q4 2026
MRE update, with further H2 drilling
targeting resource confidence and
extensions to inform March 2027 MRE
update.
North Growth
Mineralisation extended
~70 m north 'OPEN' @ depth
West Growth
Broad near-surface
mineralisation outside MRE
Drilling extended by ~50m
'OPEN' laterally & depth
Depth Growth
New ~50m long high-
grade Deeps zone
below historical mine
<150m of surface
'OPEN' laterally & depth
April 2026 MRE
2.8Moz Ag
@ 617g/t Ag
Note: Exploration results outside the current MRE have not yet been incorporated into a Mineral Resource. Downhole intervals; true widths are not yet known.
1 Refer WCE ASX Announcement “Bonanza Silver Grades at Elizabeth Hill” dated 27 August 2026.
2 Refer WCE ASX Announcement “Elizabeth Hill New High Grade Silver Discovery” dated 9 July 2026. Rounding may lead to minor apparent discrepancies.
Elizabeth Hill Deeps
• 3m @ 524g/t Ag from 183m
downhole, including 1.5m @
1,039g/t Ag from 184.5m
downhole2
• ~50 m interpreted trend
2026 Drilling Outcomes
New Tenement
Elizabeth Hill West - Granted
P47/2033 is immediately adjacent to the
Elizabeth Hill mine lease (M47/342)
What has changed
• Granted P47/2033: 70% WCE / 30% GreenTech.
• Targets within 1 km of the historical mine.
• Historical Trenching: 5m @ 5.2g/t Ag; 19,000ppm Cu;
220ppb Pd (Trench C52).
• Historical RC: 1m @ 11g/t Ag from 65m downhole
(EHRC11).
• Work program: data review, field validation, geophysics
and potential scout drilling in 2027.
Source: WCE ASX 22 September 2026 and Quarterly 15 October 2026, p. 9. Historical intersections are not Mineral Resources.
12
Exploration
Geophysical Surveys to Define New
Silver Drill Targets
IP and CSAMT geophysical surveying underway along
approximately 4km of the Munni Munni Fault Zone
Key program features
• Approximately 4 km of Munni Munni fault corridor is
being surveyed.
• Mine-site IP test response coincides with the MRE
mineralised envelope.
• Survey commenced at Elizabeth Hill South; historical
2m @ 1,550 g/t Ag from 108m.
• A$114,312 EIS grant co-funds 50% of program.
• Modelling to prioritise potential H1 2027 drill targets.
Source: WCE ASX 6 October 2026 and Quarterly 15 October 2026. Geophysical anomalies are targets, not discoveries.
Drill Campaign
H2 2026 Diamond Drilling
Up to 18 holes / approximately 1,800m to support
resource and study milestones
Allocated drilling
6 holes / 510m MRE infill / confidence
8 holes / 640m Western extension
2 holes / 360m Elizabeth Hill Deeps
2 holes / 290m Below historic mining Level 102
West Core Drilling commenced diamond drilling on 18 October 2026, with completion
targeted for mid-December 2026. Assay results are expected by mid-February 2027.
Source: WCE ASX 29 September 2026 (program), superseded on mobilisation date by Quarterly 15 October 2026, p. 10.
18 holes / 1,800m Additional drilling if holes successful
TOTAL
Program
2026 / 2027 Program Timeline
Two resource updates, one funded drill campaign, and a development Scoping Study
OCT 26 NOV DEC JAN 27 FEB MAR APR
H2 diamond drilling
IP / CSAMT & modelling
Resource update
H2 results / interpretation
Scoping Study
Resource update
Mar 2027 target
Indicative milestones are subject to drilling progress, assay turnaround, resource estimation, technical studies and relevant approvals.
November MRE
WORKSTREAMS PROGRAM WINDOW 2026 2027
Catalysts
Funded Workstreams & Near-Term Catalysts
From high-grade drill results to resource updates and Scoping Study evaluation
1 Resource Definition
• November 2026 MRE to incorporate H1 RC / diamond drilling
• March 2027 MRE targeted to incorporate H2 diamond drilling
results
2 H2 Diamond Program
• Up to 18 diamond holes / ~1,800m
• Four targets: Infill, Western Extension, Deeps, below mined
historical 102 Level
3 Regional Target Pipeline
• ~4 km IP / CSAMT surveying, 50% EIS-funded
• Interpretation to prioritise H1 2027 drilling targets
4 Development Readiness
• Geotechnical testwork
• Metallurgical testwork
• Q1 2027 Scoping Study release
Delivery milestones are targets, not completed studies or Ore Reserves.
Source: WCE ASX 29 September, 6 October and 15 October 2026; no Scoping Study or Ore Reserve reported as at 18 October.
17
Advancing Elizabeth Hill Silver Project
Advancing Elizabeth Hill through resource growth, studies and development assessment
Highlights
1 Refer WCE ASX Announcement “Elizabeth Hill - 2.8 Moz Silver Mineral Resource Estimate” dated 22 April 2026
2 Refer WCE ASX Announcement “Elizabeth Hill New High Grade Silver Discovery” dated 9 July 2026. Rounding may lead to minor apparent discrepancies.
3 Refer WCE ASX Announcement “Artemis & West Coast Silver Sign Joint MoU on Radio Hill” dated 4 December 2025
• July 2026 discovery below
Elizabeth Hill mine2.
• 50m high-grade trend
confirmed by three drill holes.
• 26WCDD029: 3m @ 524g/t Ag
from 183m downhole, including
1.5m @ 1,039g/t Ag from 184.5m
downhole.
• Open to extension east and
south; H2 drilling testing
continuity.
• JORC 20121 — 2.8 Moz at 617g/t
Ag - highest-grade silver resource
in the ASX peer set reviewed.
• Benchmark for growth.
• Confirms high grade and growth
from 2025 drilling.
• Opportunities to grow –
o Tonnes
o Metal
o All Grades
• Metallurgical + geotechnical
drilling and testwork.
• Mining options study.
• Processing scenarios3 –
o Toll
o Stand-alone
o Refurbish (Share)
• ESG pathway
• Scoping Study outcomes
targeted Q1 2027.
• H2 EH Deeps drilling – chasing new
high-grade tonnes.
• H2 MRE infill drilling targeting
improved resource confidence and
potential conversion of Inferred
Resources to Indicated Resources,
subject to drilling results and
geological assessment.
• H2 follow-up drilling – how far does
the western mineralised system
extend? West and Deeps.
• Updated MRE in Q4 – quantify
success.
Pure Silver Play
Initial MRE: 2.8 Moz
New High-Grade
Discovery
Near Term
MRE Growth
Development
Pathway
18
Drill Core Intercept: Diamond core tray from hole 26WCDD029 displaying high-grade silver intervals (including 1.1m at 1,395g/t Ag) and
visible thin silver veinlets. Refer WCE ASX Announcement “Elizabeth Hill New High Grade Silver Discovery”dated 9 July 2026.
Elizabeth Hill Head Frames: Historic mine infrastructure at the high-grade Elizabeth Hill Silver Project, where drilling is targeting
extensions to the known silver mineralisation along the Munni Munni Fault.
Drill Site Operations: Core drilling setup and ancillary equipment deployed on-site
during the latest phase of resource expansion drilling at Elizabeth Hill.
High-Grade Native Silver: Exceptional hands specimen of native silver mineralisation featuring
coarse metallic growths within quartz-carbonate host rock from Elizabeth Hill. Refer WCE ASX Announcement “Elizabeth
Hill Identifies Potential 5-Element Silver System” dated 18 June 2026.
26WCDD029
Elizabeth Hill
Historical Mine
Headframes
Native Silver
Veins
18
19
Note: As of 21 October 2026. 1Cash as last reported 30 September 2026.
Shares on Issue 435,742,147
Share Price A$0.061
Market Capitalisation A$26.6M
Cash A$5.6m
Implied Enterprise Value A$21.0m
Average Daily Turnover ($) 6 months $113,445
Corporate Overview – ASX: WCE
Source: S&P Capital IQ Pro.
1https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf/
Capital Structure Share Performance
The Sprott Silver Miners & Physical Silver ETF (NASDAQ: SLVR)
holds approximately A$0.6m / US$0.43m of WCE shares¹
Balance 57%
Top Twenty 43%
Institutions,
20%
Retail,
73%
~7.0%
Ownership Structure
Note: As of 21 October 2026.
Corporate
Alien Metals Ltd (AIM: UFO) —
~7.0% strategic shareholding
and 30% joint venture interest in
the Elizabeth Hill Project
0
5
10
0.00
0.10
0.20
0.30
Oct-25
Dec-25
Feb-26
Apr-26
Jun-26
Aug-26
Oct-26
Volume
(m)
Share
Price
($/sh)
Volume Price
20
Executive and Management Team
Experienced team with proven development track record
EXECUTIVE DIRECTOR – CORPORATE AND FINANCE
Mr. Bruce Garlick
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).
Corporate
Technical Advisory Board Corporate
TECHNICAL ADVISORS
David Lewis
Technical Consultant
Ian Stockton
ERM Consultants
Simon Tonkin
Business Development Manager; formerly with Stifel
Nicolaus, Patersons (now Canaccord) and Hartleys
EXECUTIVE DIRECTOR & CHIEF EXECUTIVE OFFICER
Mr. Sergei Smolonogov
Mr. Sergei Smolonogov is a geologist with 30+
years’global experience in gold, copper and
base-metals exploration and mine geology. He
has held senior roles with Adriatic Metals
(ASX:ADT), KAZ Minerals and Barrick, and was a
key technical leader in advancing the Rupice
polymetallic deposit into production.
NON-EXECUTIVE DIRECTOR
Mr. Thomas Reddicliffe
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).
NON-EXECUTIVE CHAIRMAN
Mr. Vince Fayad
Mr. Vince Fayad is a Chartered Accountant with
over 40 years’experience in corporate finance,
governance, M&A, and executive management.
Formerly a Partner and Head of Corporate
Finance at PKF Australia, he has held senior
executive and board positions across several
ASX-listed resources companies and has
extensive experience executing acquisition,
divestment and capital-raising strategies.
This presentation has been authorised for release by the Board of West Coast Silver Limited.
Exploration Manager
TECHNICAL
Angus (Gus) Hornabrook
Exploration geologist with over 25 years' experience in mineral exploration, including involvement in the
discovery of the Paris Silver Deposit in South Australia.
Appendix 1: Selected Silver Project Peer Comparison
As reported Measured Indicated Inferred Total Reported
Company Ticker
Mkt Cap.
(A$m)
Project Status Commodities Mt
g/t
Ag
Moz Mt
g/t
Ag
Moz Mt
g/t
Ag
Moz Mt
g/t
Ag
Moz
g/t Ag
Eq.
Moz Ag
Eq.
% silver
Source:
ASX
Link
Unico Silver USL 432.8
Joaquin /
Cerro Leon
PFS Underway
Ag, Au, Zn, Pb
and In
43.9 93 131.9 32.4 52 53.1 76.3 76 185.0 135 330 56% 17-Mar-26 https://announcements.asx.com.au/asxpdf/20260317/pdf/06xhxch15zdl7t.pdf
Andean Silver ASL 344.3 Cerro Bayo Resource Ag, Au 4.7 176 27.0 15.3 57 28.0 20.0 85 55.0 211 136 40% 30-Jun-26 https://announcements.asx.com.au/asxpdf/20260630/pdf/0714sqhkyz1crw.pdf
Silver Mines SVL 255.2 Bowdens Feasibility Ag, Zn, Pb, Au 105 41 139 38.0 23 29 30 16 16 173.0 33 184.0 51 286 65% 21-Jul-26 https://announcements.asx.com.au/asxpdf/20260721/pdf/071x1lllvsmzyb.pdf
Maritana Minerals MRT 227.2 Nimbus Resource (idle) Ag, Au, Zn 3.62 102 11.9 3.2 48 4.9 5.3 20 3.5 12.1 52 20.2 NP NP 1-Aug-24 https://announcements.asx.com.au/asxpdf/20260429/pdf/06yyyt968sbz4m.pdf
Boab Metals BML 188.0 Sorby Hills Construction Pb, Zn, Ag 13.1 42 17.6 12.7 31 12.8 24.9 30 24.3 50.6 34 54.7 NP NP 29-Sep-26 https://announcements.asx.com.au/asxpdf/20260929/pdf/074mz8ww127nsx.pdf
Maronan Metals MMA 122.6 Maronan PFS underway Ag, Pb 5.3 116 19.6 27.9 107 95.1 33.1 108 114.5 NP NP 6-Jun-25 https://announcements.asx.com.au/asxpdf/20250606/pdf/06kj3yzhm1vd2h.pdf
Investigator Silver IVR 115.4 Paris DFS Complete Ag, Pb 17.0 75 41.0 7.2 67 16.0 24.0 73 57.0 NP NP 27-Feb-26 https://announcements.asx.com.au/asxpdf/20260227/pdf/06ww71sgq71r25.pdf
Manuka Resources MKR 97.1 Wonawinta
Au Production
Restart
Ag, Pb 1.1 47.3 1.7 12.3 45.5 18.0 24.9 39.0 31.3 38.3 41.3 50.9 NP NP 23-Mar-26 https://announcements.asx.com.au/asxpdf/20260323/pdf/06xqbbd0dh55pm.pdf
Mithril Silver and
Gold
MTH 35.6 Copalquin T1 Resource Au, Ag 3.39 77.8 8.5 1.44 73.6 3.40 4.83 76.6 11.9 NP NP 30-Jun-26 https://announcements.asx.com.au/asxpdf/20260630/pdf/07158lblgc77mm.pdf
Rapid Critical
Metals
RCM 32.3
Webbs &
Conrad
Resource
Ag, Cu, Pb, Sb,
Zn
2.7 106 9.0 2.8 109 10 5.5 107 19.1 200 35 54% 22-May-25 https://announcements.asx.com.au/asxpdf/20250522/pdf/06jzp04m4v58c0.pdf
Iltani Resources ILT 29.1 Orient Resource Ag, In 38.8 23 28.9 23.7 22.3 17.0 62.5 22.8 45.9 81.5 163.8 28% 30-Oct-25 https://announcements.asx.com.au/asxpdf/20251030/pdf/06r87zdd1q7dt3.pdf
West Coast Silver WCE 26.6 Elizabeth Hill Resource Ag 0.084 137 0.369 0.057 1,331 2.426 0.141 617 2.795 617 2.795 100% 22-Apr-26 https://announcements.asx.com.au/asxpdf/20260422/pdf/06yqtqhkslztvy.pdf
Lode Resources LDR 16.0 Montezuma Resource Ag, Sb, Cu, Pb 0.31 172 1.7 0.17 173 0.9 0.48 173 2.7 533 8.2 32% 14-Apr-26 https://announcements.asx.com.au/asxpdf/20260414/pdf/06ygdyn5f68zw0.pdf
Patriot Resources PAT 15.3 Tassa Resource
Ag, Au, Cu, Pb,
Zn
18.5 42.7 25.5 18.5 42.7 25.5 52.68 31.39 81% 16-Feb-26 https://announcements.asx.com.au/asxpdf/20260216/pdf/06wbngd1n9zkh9.pdf
Endurance Mining
Unlisted
(previous
ASX)
Abra Operations Pb, Ag 7.3 29.8 7.0 10.4 14.7 4.9 13.5 15.3 6.6 31.1 18.5 18.5 NP NP 1-Jan-26 https://endurancemining.com.au/our-assets/resources-and-reserves/
21
Source: Cap IQ Pro for Market Cap (as at 21 October 2026), ASX Announcements, Company Reports (as sourced). % silver is calculated from reported g/t Ag divided by g/t Ag Eq. NP = Not published
Reported AgEq is shown separately and is not used in the grade bands.
Peer Mineral Resource Estimates are presented as originally reported by the respective companies at the announcement dates shown. Estimates differ in reporting date, cut-off grade, resource classification,
commodity composition and technical assumptions, and may not be directly comparable. Market capitalisations are indicative and subject to change.
Contact
ASX | WCE
Advancing Australia’s Highest-Grade ASX-Listed Silver Project
Elizabeth Hill
westcoastsilver.com.au
Sergei Smolonogov
Chief Executive Officer
info@westcoastsilver.com.au
+61 8 9322 3383
Investor & Media Relations
Dannika Warburton - Investability
westcoastsilver@investability.com.au
+61 401 094 261
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