Key Highlights

  • West Coast Silver (ASX:WCE) closed at $0.053 on 12 November 2026, down 11.67% over the session.
  • The updated Elizabeth Hill silver resource grew 20% to 3.36 million ounces of contained silver.
  • About 77% of the contained silver is now in the Indicated category, up from 13% in April 2026.

West Coast Silver Limited (ASX:WCE) shares closed at $0.053 on 12 November 2026, down 11.67% over the trading session, while the S&P/ASX 200 closed at 9,146.80, lower by about 6.40 points or roughly 0.07%. West Coast Silver is developing its Elizabeth Hill Silver Project, located south of Karratha in Western Australia. Its latest update, dated 11 November 2026, announced an updated Mineral Resource Estimate, and the share price move on 12 November is not tied to that announcement, which was released the day before.

Updated Mineral Resource Estimate

West Coast Silver reported an updated JORC 2012 Mineral Resource of 3.36 million ounces of silver at 446 grams per tonne in 234.7 thousand tonnes, on a 20 grams per tonne cut-off. Contained silver rose 20.3%, or 568 thousand ounces, from the April 2026 estimate. Tonnage increased 66.5%, but the inclusion of additional lower-grade material reduced the average grade from 617 grams per tonne to 446 grams per tonne.

Confidence and Grade Profile

Indicated resources now hold 2.59 million ounces, or 77% of contained silver, up from 369 thousand ounces, or 13%, in April. About 95% of the reported silver sits in the high-grade core. At a 60 grams per tonne sensitivity cut-off, combined Indicated and Inferred resources total 74.7 thousand tonnes at 1,333 grams per tonne for 3.20 million ounces. The company attributes the growth to a revised geological interpretation and 2026 drilling.

Next Technical Work

Follow-up drilling to test extensions to the north-west of the mineralised system and at Elizabeth Hill Deeps has commenced. Targeted infill drilling, geotechnical, engineering, metallurgy and scoping-level studies are the company's next priorities.

Sector Context

West Coast Silver operates in the silver development segment, where resource confidence and grade drive how investors value a project. Silver prices and the availability of funding for scoping and feasibility work shape the sector. On 12 November the broader market was little changed, so the fall in West Coast Silver shares was company-specific, and the resource announcement itself came a day earlier.

Risks and Limitations

The lower average grade in the updated estimate means that resource tonnage depends on a larger Volume of material being processed. The resource is still under JORC classification, and infill drilling, metallurgy and engineering have yet to confirm the economics. Follow-up drilling at the north-west extension and Elizabeth Hill Deeps may not add resources.

What to Watch Ahead

Investors will look for results from extension drilling, the outcome of infill and metallurgical work, and the scoping-level study timetable.

Final Word

West Coast Silver's updated estimate lifts contained silver and confidence in the resource, though at a lower average grade. The share price fall on 12 November followed an announcement released a day earlier, and the follow-up drilling and scoping studies will be the next markers.