Key Highlights

  • The Elizabeth Hill Mineral Resource grew to 3.36Moz of silver at 446 g/t, up 20.3% on the April 2026 estimate.
  • Indicated resources now make up 2.59Moz, or 77% of contained silver, up from 13% in April.
  • The average grade fell 27.7% as lower-grade material was added, with the high-grade core holding about 95% of the silver.
  • Follow-up drilling is testing north-west extensions and Elizabeth Hill Deeps, with infill and engineering work next.

West Coast Silver Limited (ASX:WCE) has released an updated JORC 2012 Mineral Resource Estimate for its Elizabeth Hill Silver Project, south of Karratha in Western Australia. The announcement dated 11 November 2026 reports 3.36 million ounces of silver in 234.7 kilotonnes at an average of 446 g/t, using a 20 g/t cut-off on a 100% basis.

What drove the increase

Contained silver rose by 568,000 ounces, or 20.3%, from the April 2026 estimate. Tonnage increased by 66.5% to 234.7kt, mainly because additional lower-grade material was included. That addition lowered the average grade by 27.7%, from 617 g/t to 446 g/t. The company attributed the change to a revised geological interpretation and to updated estimation that incorporates 2026 drilling.

The mix of confidence also changed. Indicated silver rose to 2.59Moz, or 77% of the total, from 369,000 ounces or 13% in April. The company said this gives the estimate a substantially greater proportion of Indicated material.

Grade distribution and the sensitivity test

The high-grade core contains about 95% of the reported silver, which means the bulk of the metal sits in a smaller part of the deposit. At a 60 g/t sensitivity cut-off, the combined Indicated and Inferred resource is 74.7kt at 1,333 g/t, for 3.20Moz of silver. That presentation shows how much of the total depends on the high-grade zone.

Shareholders should note that the average grade is lower in the main estimate than in the April figure, and that the increase in tonnage comes from material of lower grade. Whether that lower-grade material is economic will depend on future studies.

Next steps in the program

Follow-up diamond drilling has commenced to test extensions to the north-west of the mineralised system and at Elizabeth Hill Deeps. The company said these holes target potential resource growth.

Targeted infill drilling, geotechnical, engineering, metallurgy and scoping-level studies have also started and are now the company’s technical priorities. Those steps will test whether the revised geology holds at closer spacing.

Final Word

The updated estimate shows a larger silver inventory with more of it in Indicated categories, while the average grade is lower because of the added material. The next results from the extension drilling, infill work and early engineering and metallurgy will show whether the increased inventory can be converted into a development case.