Announcement PDF Elizabeth Hill Silver Project Advancing Towards Inaugural Drilling May 2025 ASX | WCE westcoastsilver.com.au 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 or Mineral Resource is based on information compiled by Mr Rob Mosig a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mosig is a Director of West Coast Silver Ltd. Mr Mosig 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 Mosig 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. 2 A West Australian Silver Story Key Project Highlights 1. Proven Production • Located in the Pilbara, WA on a granted Mining Lease (ML). • Past production over only one year of 1.2Moz Ag from 16kt ore (~2,194 g/t Ag head grade)1. • Project ceased operations in 2000 due to declining silver prices of ~US$5/oz2. • Project potential now significant with 180km2 consolidated land package. 2. Outstanding Geology • A major ultramafic complex with high-grade hits and standout silver specimens: • • 11.7m @ 5,371 g/t Ag from 13m (21EHDD003). 24m @ 1,383 g/t Ag from 64m (AMEHRC009). • 43m @ 370 g/t Ag from 0m (22AMC001). • 24.8m @ 915 g/t Ag from 2m (21EHDD001). • Potential for repeated Elizabeth Hill-style deposits in geology. • Evidence of a significant silver mineral system. 3. Growth Potential 4. Strong Market • Mineralisation open at Elizabeth Hill. • Silver price increase 42%4. • No regional exploration carried out to explore for similar high-grade bodies - consolidated land package now allows this – UNDERWAY. • Silver deficit of 182Moz5 forecast for 2024. • Exploration/drilling approvals in place. • Drilling Contractor has mobilised with Inagural drill program imminent • pXRF surface sampling has returned multiple high-grade silver (Ag) results up to 920g/t1 • Growing industrial demand for silver 5,380% in the last ten years6. • Declining production and increased demand creating a structural deficit over last four years and forecast to continue. • High Grade readings recorded ~300m to the north and ~150m to the south of the known Elizabeth Hill mineralisation envelope1 3 Corporate Overview West Coast Silver I Positioned to meet soaring silver demand. Capital Structure Ownership Structure Shares on Issue 255.97M Share Price A$0.05 Market Capitalisation (undiluted1) A$12.8M Cash (at 31 March 2025 and securities on hand) A$2.3M + Capital raise completed in May 2025 Implied Enterprise Value (undiluted2) A$10.5M West Coast Silver (WCE) is focused on the expansion and development of the Elizabeth Hill Silver Project, in the Tier 1, West Pilbara province, supported by a platform of complementary indemand resource projects. Balance 52% Top 20 48% The leadership team brings together deep expertise across geology, mining, finance, and exploration. With a surging silver commodity market WCE believes it has the right project, at the right time. 1. As of 23/05/25 2. Refer to Appendix for details of options and performance rights 4 1. Proven Production Western Australia The Historical Elizabeth Hill Silver Mine One of Australia’s highest grade silver mines. • Previous mining operation ceased abruptly in 2000: due to low silver price (US$5/oz)7. • High grades enabled low processing tonnes: 1.2 Moz of silver was produced from just 16,830t of ore at 2,194g/t (77.4 oz/t Ag)8. • Simple historical processing technique: native silver was recovered using low-cost gravity separation techniques capturing both fines and nuggets. • Untapped potential remains in and around the historic mine site, due to limited, ineffective drilling and now outdated geophysics. • No systematic exploration in almost 25 years: opportunity for new near-mine and regional discoveries. • Tier 1 Mining Jurisdiction with processing facility opportunity at nearby Radio Hill. 5 2. Outstanding Geology Very Little Historic Exploration High grades confirmed from more recent drilling9: • 11.7m @ 5,371 g/t Ag from 13m (21EHDD003) • 24m @ 1,383 g/t Ag from 64m (AMEHRC009) • 43m @ 370 g/t Ag from 0m (22AMC001), including: • 13m @ 1,102 g/t Ag from 16m • 24.8m @ 915 g/t Ag from 2m (21EHDD001) Australia’s Largest Silver Nugget, 140kg 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 . 6 2. Outstanding Geology New Modelling Updated geological model suggests potential for extensions to known mineralisation: • Munni Munni fault: considered prospective for repetitive silver deposits/pods. • High grade historic lodes: six lodes are recognised underground within the Historic Elizabeth Hill Mine mineralised envelope. • Basal Munni Munni Intrusion: the basal contact of Munni Munni Mafic Intrusion reports anomalous silver in soils over 2km strike. • Broader surface anomalies: numerous surface silver anomalies associated with NNE trending structures sympathetic to Munni Munni fault. Silver lode exposed on 82m level during past mining operation at Elizabeth Hill mine. 7 N 3. Significant Growth Potential Definitive Plan to Target Three Distinct Exploration Avenues. A • Reprocessing & interpretation of data - COMPLETE Mine Resource Assessment B • Assessment of historical core & geophysics reprocessing - COMPLETE Historic Elizabeth Hill Silver Mine Schematic (Long Section – Looking West) Discovery Gossan MUNNI MUNNI ULTRAMAFIC COMPLEX Second Gossan ? Future Potential Open Pit* • Resource quantification to JORC 2012 standards UNDERWAY • Near mine targeting for repeat silver lodes - UNDEWAY Near Mine Targeting S Based Contact Mineralisation* • Assessment of near surface pit - UNDERWAY • Geophysics & Geochemistry - UNDERWAY Future Potential Underground* • Mineralisation envelope is open C Regional Repeat Targeting • Regional (distal) targeting for new look-a-like Elizabeth Hill deposits within large 180km2 land package – see next slide – REGIONAL EXPLORATION UNDERWAY 8 8 3. Significant Growth Potential - Regional Where is the next Elizabeth Hill? • Multiple look-a-like geological structures with similar characteristics to Elizabeth Hill – untested. • Historical geochemistry carried out exploring for Lithium returned anomalous readings for Ag – all untested. • Walk up targets to explore for Elizabeth Hill style mineralisation. • Prospect for multiple Elizabeth Hill style mineralised bodies based on geological setting. • WCE has engaged ERM Consultants to assist with technical and project management. Elizabeth Hill Geologies Overview. 9 3. Significant Growth Potential – Proven by recent works Where is the next Elizabeth Hill? • pXRF surface sampling has returned multiple high-grade silver (Ag) results up to 920g/t • Gossanous and ferruginous float has generated new potential Silver (Ag) target areas nearby the historic Elizabeth Hill mine • High Grade readings have been recorded ~300m to the north and ~150m to the south of the known Elizabeth Hill mineralisation envelope and correlate with the location of the Munni Munni Fault system • Further exploration now planned, including trenching, additional sampling and metal detecting Elizabeth Hill Geologies Overview. 10 4. Value Pathway and Advancement Strategy Works Already, Well-Advanced and Key Upcoming Catalysts. Transaction Announced Site Works Commenced Drill Contract Award Rebrand and Finalisation Drilling Commencement Real Time On site Analysis First Assays • Elizabeth Hill Acquisition • Core Review • Ground truthing targets • Rebrand to West Coast Silver . • DD programme • Assay Results • Tenders received • ASX: WCE • Contract Awarded • New Website • On-site real-time analysis with pXRF for immediate feedback – ongoing throughout the program • Soil Sampling commenced on regional targets 75% completed • Re-assaying of old materials for other elements • New Strategy & Direction • Targeting EH ore zone • Down Plunge Extension • Near Surface Material • Structural Understanding 23/05/25 11 4. Board & Management Driven By a Highly Experienced Team With Intimate Asset Knowledge. Technical & Corporate Advisory Russell Mortimer CHAIRMAN EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR Geophysicist SGC Mr Thomas Reddicliffe Mr Bruce Garlick Mr Robert Mosig Gerard O’Donovan Mr Reddicliffe is a geologist with over 40 years’ exploration and evaluation experience primarily focused on Australia. 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 Mosig is a geologist with over 50 years of corporate, technical and marketing experience in mining and exploration across gold, platinum, diamond and specialty metals. He was a founding director of Platina Resources and Helix Resources. Senior Corporate Advisor ex Sun Silver (ASX:SS1) Fellow of the Australian Institute of Mining and Metallurgy. Current Chair of GreenTech Metals (ASX:GRE) and Non-Executive Director of Gibb River Diamonds (ASX:GIB). Mr Mosig is also a Director of Mantle Minerals Ltd. 12 Thank you. Contact Information: Mr Bruce Garlick Executive Director bgarlick@westcoastsilver.com.au +61 437 393 6000 info@westcoastsilver.com.au ASX | WCE westcoastsilver.com.au References Page 3: 1. A Transformational Acquisition 1 WAMEX Annual Report, 1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16 2 www.kitco.com/charts/silver 3 Refer to Errawarra Resources Ltd ASX announcement dated 17 March 2024 4 Last 12 months ending 26 February 5 https://silverinstitute.org/global-industrial-demand-on-track-for-a-new-record-high-in-2024/#:~:text=Overall%2C%20with%20slight%20growth%20in,persist%20for%20the%20foreseeable%20future 6 www.kitco.com/charts/silver 7 Refer to Errawarra Resources Ltd ASX announcement dated 15 April 2024 Page 4: 1. Proven Production 7 www.kitco.com/charts/silver 8 WAMEX Annual Report, 1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16 Page 5: 2. Outstanding Geology 9 Refer to Errawarra Resources Ltd ASX announcement dated 17 March 2024 Page 11: 3. Significant Growth Potential – Proven by recent works Refer to Errawarra Resources Ltd ASX announcement dated 15 April 2024 19 May 2025 14 Corporate Summary Options & Performance Rights Options & Performance Rights Number of securities Unlisted Options exercisable at $0.25 each expiring on or before 29 June 2025 1,000,000 Unlisted Options exercisable at $0.25 each expiring on or before 25 September 2025 1,500,000 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 11,000,000 Unlisted Options exercisable at $0.04 each expiring on or before 21 May 2028 8,437,500 Performance Rights Class B expiring on or before 21 April 2027 5,000,000 Performance Rights expiring on or before 18 May 2028 12,000,000 15