Investor Presentation
Released
Released
Announcement PDF
ElizabethHillSilverProject
Resource Growth Demonstrated
ASX: WCE | JUNE 2026
High-Grade Silver with Development Potential
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 compiled by Mr Tom Redcliffe and Mr Ian Stockton, who are Competent Persons and Members of the Australasian Institute of Mining and
Metallurgy. Mr Redcliffe is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Stockton is a Fellow of the Australian Institute of Geologists (FAIG) and Registered Professional Geologist (RPGEO). Both Mr
Redcliffe and Mr Stockton have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition
of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Redcliffe and Mr Stockton consent to the inclusion in this report of the matters based on their 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.
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.
Elizabeth Hill Silver Project
Disclaimer
De-Risked Asset: Proven
Mine on Granted Lease
Figure 1: Elizabeth Hill Exploration Tenement Package and Mine Location
Strategic
Pilbara Location
Granted
Mining Lease
Proven
Production
Pedigree
Processing
Optionality
• Located in established Pilbara mining hub
• Granted ML → fast-track restart pathway
• Historical production of 1.2 Moz Ag @
2,194 g/t Ag (1999–2000).
• Operations ceased due to low silver price
(~US$5/oz), not geological or metallurgical
constraints.
• Multiple Processing Pathways (Low
Complexity)
Strategic Asset
Elizabeth Hill Silver Mine 1999 - 2000
3
3
Processing Plant
10 km
30 km
Solar & Energy Transition
• Silver essential for solar cell conductivity (~15–20g per panel)
• Solar PV consumed 29% of all industrial silver demand in 2024
• EU mandates solar integration in new buildings from 2026
EVs, AI & Electronics
• EV charging infrastructure, AI data centres & 5G all silver-intensive
• No technically viable substitute in most applications
• These segments growing as PV silver use moderates
Structural Supply Deficit
• 6th consecutive year of supply deficit in 2026 (46.3 Moz shortfall)
• ~70–80% of silver mined as a by-product — supply cannot easily ramp
• Global mine supply growth limited to ~1% p.a.
Safe Haven & Monetary Demand
• Geopolitical tensions (Middle East) driving safe-haven flows
• Silver outperformed gold in 2025: up ~130% YoY
• J.P. Morgan forecast: average US$81/oz in 2026
Why Now: The Silver Price Backdrop
Silver at multi-year highs — structural deficit entering its sixth consecutive year
Silver Spot Price Performance (USD/oz)
Source: S&P Cap IQ Pro
Structural Demand Drivers — 6th Consecutive Year of Supply Deficit
WCE is positioned at the intersection of this macro trend: Australia's highest-grade pure silver
resource, unlocked as the silver price surges.
Source: Silver Institute World Silver Survey 2026 (Metals Focus); Trading Economics; APMEX; J.P. Morgan Commodities Research 2026.
Silver Market
4
30
40
50
60
70
80
90
100
Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
US$/oz
~US$64/oz
Current spot
All Time High
US$121.67/oz
29 Jan 2026
+76.8% US$121.67 ~US$64/oz
12-month performance All-time high
(Jan 2026)
Current
(Jun 2026)
5
Investment Highlights
Silver mineralisation extended 70m beyond the April 2026 MRE and remains open
High-Grade
Development Asset
Resource Growth
Confirmed
Production-ready setting
Open in all directions
Multiple value catalysts
in 2026
• 2.79Moz @ 617 g/t Ag (JORC 2012) — among the highest-grade undeveloped
silver resources globally
• Pure silver exposure — no polymetallic dilution (rare vs peers)
• Silver mineralisation extended 70m beyond the April 2026 MRE1
• Broad intersections including 60m @ 25g/t Ag from surface
• Majority of new mineralisation located outside the current resource
• Clear pathway to future resource growth and scale expansion
• Proven by history: 1.2Moz @ 2,194 g/t Ag with ~90% recoveries
• Granted Mining Lease + historic mine → clear pathway to restart
• MoU in place with Artemis Resource for Radio Hill processing facility (30km)2
• Mineralisation open at depth and along strike → repeatable system
• Prospective 180km² tenure package along the Munni Munni Fault
• RC/DD assays pending for areas north, west and below current MRE
• Updated MRE and commencement of Scoping Study
• Metallurgical test work
Highlights
“High-grade silver
asset with resource
growth now
demonstrated
beyond the maiden
MRE and a clear
pathway to
production.”
1 Refer ASX Annoucement WCE “Silver Mineralisation Extended 70m Beyond Maiden Resource” dated 9 June 2026
2 Refer ASX Annoucement WCE “Artemis & West Coast Silver Sign Joint MOU on Radio Hill” dated 4 December 2025
Elizabeth Hill Mineral Resources
JORC Classification Tonnes (kt) Ag (g/t) Ag (koz)
Indicated 84 137 369
Inferred 57 1,331 2,426
Total 141 617 2,795
High-Grade Silver Resource: 2.8Moz Ag @ 617g/t Ag (JORC 2012)
6
Notes to the Mineral Resource: The Mineral Resource is reported in accordance with the JORC Code 2012 Edition. Mineral Resources are reported at a cut-off of 20 g/t Ag, constrained by
an optimised open pit shell generated at A$85.71/oz Ag (well below current spot price). See Appendix for full pit optimisation parameters. The tonnes and grades have been reported inside
the pit shell. Rounding may lead to minor apparent discrepancies.
Visible Native Silver
High-grade
mineralisation
Maiden JORC Resource (April 2026)1
104%
390%
898%
% Increase vs Previous Resource Estimate (2011)2
1 Refer ASX Annoucement WCE “Elizabeth Hill Silver Project – 2.8 Moz Silver Mineral Resource Estimate” dated 22 April 2026 compliant with JORC (2012).
2 In August 2011 a Mineral Resource JORC (2004) was confined to a conceptual pit design approximately 15–30 m above the presumed location of the underground workings.
Tonnes
Grade
Silver (oz)
Resource
7
2026 RC Drilling Confirms Resource Growth Beyond Maiden MRE1
Growth Update
Silver mineralisation extended up to 70m
• 60m @ 25g/t Ag from surface, including
• 19m @ 31g/t Ag (26WCRC004)
• 28m @ 29g/t Ag from 2m, including
• 26m @ 31g/t Ag ending in mineralisation (26WCRC002)
• 14m @ 25g/t Ag from 3m, including
• 9m @ 33g/t Ag (26WCRC003)
• 16m @ 21g/t Ag from 26m, including
• 5m @ 31g/t Ag (26WCRC003)
• Multiple holes ended in mineralisation, demonstrating
potential for further mineralization extension at depth.
• Mineralisation confirmed up to 70m north of the April 2026
MRE
• Diamond drilling underway to test depth extensions below RC
intersections
Resource growth now beyond the MRE, with mineralisation open along strike and at depth.
Key Results
2026 Mineral Resource Estimate block model
(yellow Inferred, red Indicated resources ) within optimised pit shell
26WCRC004 – 60m @ 25g/t Ag
From 0m down hole
26WCRC002 – 28m @ 29g/t
Ag from 2m down hole
26WCRC003 – 14m @ 25g/t Ag
from 3m down hole;
26WCRC003 – 16m @ 21g/t Ag from
26m down hole
26WCRC001 Intercept 1 – 25m @
15g/t Ag
from 6m down hole;
26WCRC001 Intercept 2 – 21m @
19g/t Ag from 36m down hole.
1 Refer ASX Annoucement WCE “Silver Mineralisation Extended 70m Beyond Maiden Resource” dated 9 June 2026
8
2026 RC Drilling Confirms Resource Growth
Source: ASX: WCE announcement 9 June 2026, Table 1 and Figures 3. Rounding may lead to minor apparent discrepancies.
Schematic Longitudinal Section, Elizabeth Hill Mine showing 2026 MRE optimized pit shell, historical workings mineralisation grade
distribution, planned 2026 RC (17 Holes release on 9 June 2026 with 15 Remaining) and Diamond extension drilling (in progress).
Geological
Setting
Recent RC
Results
Resource
Growth
Growth
Vectors
• Munni Munni Fault Zone (MMFZ) silver
system
• Mineralisation hosted in granite and
ultramafics
• Silver mineralisation extended 70m
beyond the April 2026 MRE
• Best result: 60m @ 25g/t Ag from
surface
• Majority of new mineralisation lies
outside the current resource
• Multiple holes ended in mineralisation
• Mineralisation remains open at depth
and along strike
• 72m MMFZ intersected in
26WCRC023 (assays pending)
High-Grades with strong growth vectors
Growth
9
Development & Resource Growth
Strategy
Resource growth confirmed beyond the April 2026 MRE,
with a clear pathway to production
GROWTH
(District Scale Silver System)
• RC drilling extends silver
mineralisation 70m beyond the
April 2026 MRE (refer Figure right)
• Broad intersections including 60m
@ 25g/t Ag from surface
• Majority of new mineralisation
occurs outside the current
resource boundary
• Mineralisation remains open at
depth and along strike
• Focus: resource growth + new
deposits → to quantify scale
potential
Dual Strategy: Development + Resource Growth
DEVELOPMENT
(De-risking / Production Pathway)
• 2.79Moz @ 617g/t Ag maiden JORC
Resource
• Granted Mining Lease supports
accelerated development pathway
• Historic production of 1.2Moz @
2,194g/t Ag
• Simple metallurgy with ~90%
historical recoveries
• Focus: MRE upgrade, metallurgy
and Scoping Study
1 2
10
Not a single deposit – a System of High-Grade Pods
• Not a single deposit, a
repeatable high-grade
system.
• Mineralisation structurally
controlled.
• Current MRE covers only a
portion of the system.
• Predictable exploration
targeting as repeatable style
of mineralisation.
• Compelling exploration
targeting drill-ready with
clearly defined structural
controls.
Growth
‘String of
Pearls’
exploration
targets on,
and off the
Munni Munni
Fault..
Plan View: Coincident surface mapping, sampling; aircore, RC
drilling; geophysics defined multi-layer anomalism. All sitting at
structural intersection points.
Potential
Silver Rich
Zone
Concept Long Section: structural model for
mineralisation localization (D.Lewis 2026, WCE
Internal Structural Report ).
Concept Section: formation of dilational jog
with potential mineralization (D.Lewis 2026,
WCE Internal Structural Report ).
Multiple high-grade targets within a repeatable silver system
11
District-Scale Silver Growth
Opportunities
Source: WCE ASX announcement 9 June 2026; Company Presentations. Surface sampling and historical data presented as indications of regional prospectivity
Consolidated
180 km² Tenure
Munni Munni
Fault Corridor
Under-Explored
Regional Targets
Active
Drilling Pipeline
• Granted Mining Lease and regional silver rights
• Significant position along the Munni Munni Fault
• Multiple structures and fault splays
• Structures control Elizabeth Hill and regional silver targets
• Multiple near-mine and regional prospects
• Limited historical drilling outside Elizabeth Hill
• Resource growth opportunities at Elizabeth Hill North
• Regional discovery potential at Maitland and Elizabeth Hill
South
"Multiple under-explored targets provide a pathway to
resource growth and new silver discoveries”
Growth
12
Unrivalled Grade in a Pure Silver System
1 World leading silver grades chart is a comparison of the size of the resource vs the silver-only grade
2 Silver as a % of the commodity mix is silver only grade / silver equivalent grades when published
•Refer to Appendix 2 for full details.
WCE delivers a x3–x15 grade premium vs peers — with 100% silver exposure (no base metal dilution)
Bubble size = Silver grade
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
West Coast
Silver
(WCE)
Elizabeth
Hill
Patriot
Resources
(PAT)
Tassa
Silver
Mines (SVL)
Bowdens
Rapid
Critical
Metals
(RCM)
Webbs &
Conrad
Lode
Resources
(LDR)
Montezuma
Mithril
Silver and
Gold (MTH)
Copalquin
Boab
Metals
(BML)
Sorby Hills
Iltani
Resources
Limited
(ILT)
Orient
Silver as % of Commodities in Resource
Pure Silver Play
Andean Silver (ASL)
Cerro Bayo
Unico Silver (USL)
Joaquin / Cerro Leon
Silver Mines (SVL)
Bowdens
Maritana Minerals (MRT)
Nimbus
Boab Metals (BML)
Sorby Hills
Investigator Silver Limited (IVR)
Peterlumbo
Manuka Resources (MKR)
Wonawinta
Maronan Metals Limited (MMA)
Maronan
Mithril Silver and Gold (MTH)
Copalquin
West Coast Silver (WCE)
Elizabeth Hill
Rapid Critical Metals (RCM)
Webbs & Conrad
Iltani Resources Limited (ILT)
Orient
Patriot Resources (PAT)
Tassa
Lode Resources (LDR)
Montezuma
0
100
200
300
400
500
600
700
800
0 50 100 150 200
Silver
Only
Grade
(g/t
Ag)
Mt
Leading Silver Grades
Economic Implication
Low tonnes @ one of industries highest
average silver grades (617g/t Ag) –
• Ability to mine to 20g/t Ag,
• Absorb dilution,
• Cherry-pick at higher cut-off-grades e.g. @
60 g/t Ag CoG = 1,114g/t Ag for 2.72 Moz Ag
• Can blend to increase recovery of very
high grades.
• Can blend to smooth out plant
performance and loss of silver to tailings.
• Every new tonne Ag >20g/t has significant
impact on resources.
13
Exceptional Grade Concentration
High value, low processing tonnage
Source: ASX: WCE announcement 22 April 2026, Table 3. Rounding may lead to minor apparent discrepancies.
Elizabeth Hill Grade-Tonnage Curve
0
200
400
600
800
1,000
1,200
1,400
1,600
0
20
40
60
80
100
120
140
160
20 g/t 40 g/t 60 g/t 80 g/t 100 g/t
Grade
(g/t
Ag)
Tonnes
(kt)
Cut-off Grade (g/t Ag)
Tonnes (kt) Grade (g/t Ag)
At a 60 g/t Cut-off Point
1,114 g/t Ag | 2.72 Moz
Development
14
Processing Optionality
1 Refer ASX:WCE Announcement 4 December 2025
Low-complexity options to maximise value
The Karratha Queen: Australia's largest native silver nugget
(145kg, containing ~3,520 oz Ag), previously recovered from the Elizabeth Hill mine.
Radio Hill Facility Proximity
Located just 30 km from existing infrastructure. MoU in place
with Artemis Resources for processing access1
Proven gravity
recovery
Proposed
conventional
flowsheet
Direct Ship
Ore (DSO) &
Specimen
Upside
Primary
Metallurgical
Objective
• Mining 1999–2000 recovered native
silver using simple low-cost gravity
separation.
• Conventional circuit: Gravity →
Merrill-Crowe cyanidation →
Flotation.
• Native silver specimens can return up
to x5 metal value, presenting high-
margin DSO and Specimen sales
opportunities.
• An optimised flowsheet maximising
recoveries from high-grade native
silver and sulphide mineralisation
halo.
Development
15
Advancing Resource Growth and Development
Source: ASX: WCE announcement 9 June 2026.
Drill
Program
Key Drill
Priorities
Recent
Intercept
Highlights
Q4 2026
Catalysts
• RC drilling complete at EH North
• Diamond drilling underway at EH Main
and EH Deeps
• Assays pending for 15 RC holes
including 26WCRC023
• Resource growth beyond 2026 MRE
• Resource conversion
• Test depth extensions below RC
intersections
• Silver mineralisation extended 70m
beyond the April 2026 MRE
• Majority of new mineralisation outside
current resource
• Multiple holes ended in mineralisation
• Remaining RC assay results
• Diamond drilling results
• Updated Mineral Resource Estimate
• Scoping Study commencement
2026 Exploration & Development Timeline
Q2/CY26 Q3/CY26 Q4/CY26
EH North RC Drilling
EH Main DD Program (Infill)
EH Deeps DD Program
Geophysics & Metallurgical Testwork
Regional AC Drilling (Optional)
MRE & Scoping Study
RC Drilling DD Drilling Assay Results Testwork
Maiden
MRE
Timeline
Update
MRE
Scope
Start
Studies
Multiple near-term catalysts expected through H2 2026
16
Note: As of 12 June 2026. Cash as last reported 31 March 2026. The Company is funded for its current drilling and testwork program. Investors
should refer to the Company's quarterly activities report for the most recent cash position.
Shares on Issue 362,426,356
Share Price A$0.12
Market Capitalisation A$43.5m
Cash A$5.4m
Implied Enterprise Value A$38.1m
Average Daily Turnover ($) 6 months $389,681
Corporate Overview – ASX:WCE
0.00
5.00
10.00
15.00
0.00
0.10
0.20
0.30
Volume
(m)
Share
Price
($/sh)
Volume Price
Source: S&P Capital IQ Pro.
1https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf/
Capital Structure Share Performance
WCE ~US$0.5m investment in the Sprott Silver Miners & Physical
Silver ETF (NASDAQ: SLVR)1
Balance 56%
Top Twenty 44%
Institutions,
16.87%
Retail,
56.51%
Insiders,
14.65%
~8.5%
Ownership Structure
Note: As of 12 June 2026.
Corporate
Alien Metals Ltd (AIM: UFO)
~8.5% strategic holding.
17
Key Executive and Management
Experienced team with proven development track record
EXECUTIVE CHAIRMAN
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).
* Technical Director is a management and non-Board role
Corporate
Technical Advisory Board Corporate
TECHNICAL ADVISORS
David Lewis
Technical Consultant
Ian Stockton
ERM Consultants
Simon Tonkin
Business Development Manager ex Stifel Nicolaus, Canaccord, Hartleys
TECHNICAL DIRECTOR*
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 DIRECTOR
Mr. Eugene Sharrock
Mr. Sharrock is an experienced finance executive
with over 20 years’experience across oil and gas
exploration, mining services, and mineral
exploration and development in Australia, New
Zealand and Africa. He participated in the public
listing of an oil and gas exploration company on
the main board of the London Stock Exchange.
Bachelor of Commerce, Chartered Accountant.
18
Why WCE Can Re-Rate
Source: WCE ASX announcement 22 April 2026; Company Presentations. Surface sampling and historical data presented as indications of regional prospectivity,
Based on silver-only grade per the Appendix 2 peer comparison.
Part of wider 0.60m interval grading 26,618g/t (74.60m to 75.20m) in hole 25WCDD014
Orebody Specimen Elizabeth Hill Mine3
Australia’s
Highest-Grade
Silver Resource
Pure Silver Play
Near-term production
pathway
Resource Growth
Confirmed
2026 Catalysts
• High-grade starter operation → strong margin
potential
• 100% silver exposure — no polymetallic dilution
• Direct leverage to silver price
• High-grade, low-tonnage profile → low capex /
fast payback potential
• Silver mineralisation extended 70m beyond the
April 2026 MRE
• Broad intersections including 60m @ 25g/t Ag
from surface
• Remaining RC and diamond drilling assays
pending
• Updated MRE and commencement of Scoping
Study
Conclusion
Transitioning from explorer → developer → potential producer
Contact
ASX | WCE
One of Australia’s highest-grade silver projects
Elizabeth Hill
westcoastsilver.com.au
Bruce Garlick
Executive Chairman
info@westcoastsilver.com.au
+61 437 393 6000
Investor & Media Relations
Dannika Warburton - Investability
westcoastsilver@investability.com.au
+61 401 094 261
20
Appendix 1: 2026 WCE Detailed Exploration Timeline
Schedule for discovery, resource growth & development
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Feb
Jan
Q1/CY26 Q2/CY26 Q3/CY26 Q4/CY26
EH North & Main
RC Drill Program
EH North & Main RC Assay Results
EH Deeps DD
Program
EH Deep DD Assay Results
3,100m RC program
EH Main DD
Program
EH Main DD Assay Results
3,600m DD Program
2025 EH North, South, Main
Aircore Assay Results
2025 EH Main
DD Assay Results
GeophysicalSurveys
Mag,EM,IP,CSAMT
EH Main & TSF Metallurgical Testwork Program EH MRE Update
Start of Open Pit Scoping
Study
Note: DD= Diamond Drill hole, EH = Elizabeth Hill mine lease, CY = Calendar Year
` Planned 6,700m drilling, contingent on exploration success and staged program approvals.
EH Maiden MRE
Appendix 2: ASX Listed Silver Projects
As reported Measured Indicated Inferred Total Reported
Company Ticker
Mkt Cap.
($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 379.87
Joaquin /
Cerro Leon
Resource
Ag, Au, Zn, Pb
and In
43.9 93
131.
7
32.4 52 54 76.3 76
185.
3
NP NP 17-Mar-26 https://announcements.asx.com.au/asxpdf/20260317/pdf/06xhxch15zdl7t.pdf
Andean Silver ASL 380.67 Cerro Bayo Resource Ag, Au 1.0 331 10.6 8.8 136 38 9.8 151 47.5 1-Apr-25 https://announcements.asx.com.au/asxpdf/20250401/pdf/06h70z388t6tgd.pdf
Silver Mines SVL 280.20 Bowdens Feasibility Ag, Zn, Pb, Au 100 42 43.0 21 29.0 36.0 14 16
179.
0
31
180.
0
58 334 54% 20-Dec-24 https://announcements.asx.com.au/asxpdf/20241220/pdf/06cwkm77l7k0pt.pdf
Maritana Minerals MRT 252.86 Nimbus Feasibility Ag, Au, Zn 3.62 102 11.9 3.2 48 4.9 5.3 20 3 12.1 52 20.2 NP NP 30-Apr-15 https://announcements.asx.com.au/asxpdf/20150430/pdf/42y7d59db8440s.pdf
Boab Metals BML 190.20 Sorby Hills Funded Pb, Zn, Ag 12.6 43 17.4 11.0 34 12.0 23.6 31 23 47.3 35 53.1 123 210 28% 17-Dec-21 https://announcements.asx.com.au/asxpdf/20211217/pdf/4548gyd0lqfdd6.pdf
Investigator Silver IVR 132.68 Peterlumbo Feasibility Ag, Pb 17.0 75 40.9 7.2 67 15 24.0 73 56.2 NP NP 27-Feb-26 https://announcements.asx.com.au/asxpdf/20260227/pdf/06ww71sgq71r25.pdf
Maronan Metals MMA 114.71 Maronan Prefeas/Scoping Cu, Au, Ag 5.3 116 19.7 27.9 107 96 33.2 108
115.
1
NP NP 6-Jun-25 https://announcements.asx.com.au/asxpdf/20250606/pdf/06kj3yzhm1vd2h.pdf
Manuka Resources MKR 114.58 Wonawinta Prefeas/Scoping Ag, Pb 1.1 47.3 1.7 12.3 46 18.0 24.9 39 31 38.3 41 50.9 NP NP 23-Mar-26 https://announcements.asx.com.au/asxpdf/20260323/pdf/06xqbbd0dh55pm.pdf
Mithril Silver and
Gold
MTH 47.80 Copalquin Resource Au, Ag
0.69
1
114 2.5 1.73 152 8.4 2.4 141 10.9 477 37 30% 17-Nov-21 https://announcements.asx.com.au/asxpdf/20211117/pdf/453247jz1srmd9.pdf
West Coast Silver WCE 43.50 Elizabeth Hill Resource Ag
0.08
4
137 0.4 0.06 1331 2.4 0.1 617 2.8 617 3 100% 22-Apr-26 https://announcements.asx.com.au/asxpdf/20260422/pdf/06yqtqhkslztvy.pdf
Rapid Critical
Metals
RCM 37.08
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 32.56 Orient Resource Ag, In 38.8 23 28.9 23.7 22 17 62.5 22.8 45.9 81.5 163.8 28% 30-Oct-25 https://announcements.asx.com.au/asxpdf/20251030/pdf/06r87zdd1q7dt3.pdf
Patriot Resources PAT 20.52 Tassa Resource Ag, Au 18.5 31 19 18.5 31 18.7 53 31 60% 16-Feb-26 https://announcements.asx.com.au/asxpdf/20260216/pdf/06wbngd1n9zkh9.pdf
Lode Resources LDR 21.23 Montezuma Resource Ag, Sb, Cu, Pb 0.31 172 1.7 0.17 173 0.2 0.5 173 0.5 533 8 32% 14-Apr-26 https://announcements.asx.com.au/asxpdf/20260414/pdf/06ygdyn5f68zw0.pdf
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Source: Cap IQ Pro for Market Cap (as at 12 June 2026), ASX Announcements, Company Reports (as sourced). % silver is calculated from reported g/t Ag divided by g/t Ag Eq.
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Appendix 3: Open Pit Optimization
Reasonable prospects for eventual economic extraction (RPEEE)
Source: ASX: WCE announcement 22 April 2026, Table 1 and Figures 2–4. Rounding may lead to minor apparent discrepancies.
Key Whittle Pit Parameters
Silver Price US$60 / oz
Mining Cost A$4.50 / t
Processing Cost A$45.57 / t feed
Metallurgical Recovery 90%
Payability 99%
Overall Pit Slope 46 degrees
Calculated Cut-off 20 g/t Ag
View from southeast of model > 20 g/t Ag with pit shell. Yellow=Indicated, Red=Inferred; Orange traces show planned and current
diamond holes and pink traces show planned and current RC holes.
Robust at US$60/oz
Well below current spot price, capturing almost all
current mineralisation
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Appendix 4: High Grade
Native Silver at Elizabeth Hill
1 Refer to West Coast Silver Ltd ASX announcements dated 16 July 2025 & 22 August 2025 & 4 February 2026.
2 Recalculated from original published assays
3 Massive native silver specimen from Elizabeth Hill Refer to Alien Metals website: https://www.alienmetals.uk/project/silver-elizabeth-hill/ for photo
Orebody Specimen Elizabeth Hill Mine3
Amongst the highest-grade Silver
intercepts reported globally in 2025/26
Rank Intercept1 Interval (m)
Grade
(g/t Ag)
Gram-
Metres (g·m)
1 25WCDD0112 63.0 762 48,020
2 25WCDD014 27.4 1,314 36,009
3 25WCDD001 21.0 1,047 21,993
4 25WCDD0192 19.0 659 12,514
5 25WCDD0222 6.6 415 2,736
Top 5 Intercepts at Elizabeth Hill
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