West Coast Silver (ASX: WCE) Expands Silver Resource 20% to 3.36 Million Ounces as High-Grade Development Potential Strengthens

West Coast Silver (ASX: WCE) has delivered a significant milestone at its Elizabeth Hill Silver Project, expanding its JORC Mineral Resource by 20.3% to 3.36 million ounces while dramatically improving geological confidence.

The 11 November 2026 announcement reveals that 77% of contained silver is now classified as Indicated, up from just 13% previously.

With exceptionally high-grade mineralisation, historical production and potential access to nearby processing infrastructure, Elizabeth Hill is building a stronger foundation for future development.

Key Numbers

• 3.36 million ounces: Updated JORC silver resource, representing 20.3% growth since April 2026.
• 2.59 million ounces: Indicated silver resources, accounting for 77% of contained metal.
• 446 g/t silver: Average resource grade across 234,700 tonnes.
• 1,333 g/t silver: Higher-grade resource component containing approximately 3.20 million ounces.
• $5.6 million: Cash balance at 30 September 2026, following a $6 million capital raising.

Elizabeth Hill Delivers a Major Resource Upgrade

West Coast Silver's latest Mineral Resource Estimate incorporates 46 additional drill holes totalling 4,728 metres and 3,952 new silver assays.

Total resource tonnage increased approximately 66.5%, from 141,000 tonnes to 234,700 tonnes, while contained silver expanded from 2.795 million ounces to 3.363 million ounces.

The standout achievement is the substantial improvement in resource confidence.

Indicated silver increased from approximately 369,000 ounces to 2.59 million ounces, providing a stronger geological basis for mine planning and economic assessments.

Although the average resource grade declined from 617 g/t to 446 g/t as additional lower-grade mineralisation was incorporated, the deposit retains an exceptionally high-grade core.

At a 60 g/t reporting cut-off, approximately 3.20 million ounces are contained within 74,700 tonnes grading 1,333 g/t silver.

This represents roughly 95% of the resource's contained silver within less than one-third of its total tonnage.

That concentration could support an efficient, relatively compact mining operation, subject to further technical and economic studies.

High-Grade Resource Offers a Compelling Development Foundation

Elizabeth Hill benefits from several characteristics that distinguish it from an early-stage exploration discovery.

The project previously produced approximately 1.19 million ounces of silver before operations ceased in 2000, demonstrating the presence of historically mineable high-grade mineralisation.

Its location approximately 12 kilometres from the Radio Hill processing facility also presents a potential infrastructure advantage.

A non-binding toll-treatment arrangement provides an avenue for investigating future processing options, although commercial terms and technical suitability remain subject to assessment.

West Coast Silver holds a 70% project interest, with Alien Metals retaining the remaining 30%.

While the company has yet to establish an Ore Reserve or definitive project economics, its improving resource confidence provides a meaningful platform for advancing development studies.

What the Company Is Doing Now

West Coast Silver is continuing exploration at Elizabeth Hill, targeting the north-western extension and deeper mineralisation beneath historical workings.

These areas offer opportunities to expand the resource beyond the currently defined deposit.

The company is also progressing metallurgical testing, geotechnical investigations and preliminary engineering work to evaluate potential mining and processing scenarios.

Beyond Elizabeth Hill, its Errabiddy Gold Project provides additional exploration exposure through a joint venture with Falcon Metals, which has completed its initial 51% earn-in.

With $5.6 million in cash reported at the end of September, West Coast Silver enters this next phase with funding for ongoing exploration and technical assessments, although future development would require additional capital.

Insight: Is Elizabeth Hill Emerging as a High-Grade Silver Development Opportunity?

We believe West Coast Silver's latest resource upgrade represents a meaningful step towards establishing Elizabeth Hill as a credible high-grade silver development opportunity. The sharp increase in Indicated resources strengthens confidence in the deposit, while its concentrated mineralisation and historical production provide encouraging foundations for future mine planning. Potential processing infrastructure could also improve development flexibility. The opportunity remains dependent on metallurgical performance, operating costs and funding, but the improving technical evidence supports a more constructive assessment of the project's longer-term commercial potential.

What Happens Next?

West Coast Silver is targeting another Mineral Resource Estimate update in March 2027, followed by its maiden Elizabeth Hill Scoping Study.

Further drilling could extend the resource, while ongoing technical work should help establish potential production methods, processing recoveries, capital requirements and operating costs.

The current resource modelling incorporates conceptual assumptions, including an A$86-per-ounce silver price and 90% metallurgical recovery, rather than demonstrated operating performance.

The upcoming Scoping Study will therefore be particularly important in assessing whether Elizabeth Hill's high-grade mineralisation can translate into attractive development economics.

For shareholders, the combination of expanding resources, substantially improved geological confidence and an advancing technical programme creates a promising sequence of milestones as West Coast Silver works towards demonstrating Elizabeth Hill's commercial potential.