West Coast Silver Limited (ASX:WCE): Elizabeth Hill Resource Grows as Classification Improves

Aditi Sarkar

11 November 2026 08:26 PM AEDT

West Coast Silver Limited (ASX:WCE): Elizabeth Hill Resource Grows as Classification Improves

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Highlights

A November 2026 resource update put Elizabeth Hill at approximately 3.36 million ounces of silver.
The total represents roughly 20% growth compared with the April 2026 estimate.
About 77% of contained silver is now classified as Indicated.
Further drilling and economic assessment are still needed before a development decision.

West Coast Silver Limited (ASX:WCE) is exploring and evaluating the Elizabeth Hill Silver Project in the Pilbara region of Western Australia. The company’s 11 November 2026 update reported a revised mineral resource of approximately 3.36 million ounces of contained silver, with a markedly larger share classified as Indicated. The estimate reflects additional drilling and geological modelling; it is not a statement of silver produced or a mine-development approval.

Updated Resource Separates Growth From Reclassification

The November 2026 estimate comprises approximately 234,700 tonnes at 446 grams per tonne silver, reported on a 100% project basis and at a 20 grams per tonne cut-off. West Coast Silver Limited (ASX:WCE) described the total as about 20.3% higher than the April estimate, an increase of roughly 568,000 ounces.

The most pronounced change is the resource classification. Indicated material accounts for around 2.59 million ounces, or 77% of the total, compared with about 369,000 ounces previously. The company attributes much of that increase to moving existing material into a higher-confidence category rather than finding the same number of entirely new ounces. Inferred ounces are therefore a separate, lower-confidence portion.

Tonnage and Grade Shift in the Model

West Coast Silver Limited (ASX:WCE) reported that tonnage increased from roughly 141,000 tonnes to 234,700 tonnes while the average grade declined from approximately 617 to 446 grams per tonne. Adding more lower-grade material around a high-grade deposit can raise contained metal while lowering the overall average grade. Neither change by itself establishes profitability.

At a 60 grams per tonne cut-off, the reported resource includes approximately 74,700 tonnes at 1,333 grams per tonne, containing about 3.20 million ounces of silver. The comparison illustrates how much contained metal sits in a comparatively small high-grade portion. Resource estimates remain sensitive to geological interpretation, sampling and the selected reporting parameters.

Project Ownership and Drilling Programme

West Coast Silver Limited (ASX:WCE) has reported a 70% interest in the Elizabeth Hill Mining lease, with the remaining interest held by a project partner. The project has a history of silver mining, but historical extraction should not be mistaken for a current production programme. Work in 2026 has concentrated on resource definition and potential extensions.

The company’s project programme includes testing north-western extensions and deeper targets. Additional drilling can inform resource classification and the geological model, although results may vary across narrow, high-grade zones. The availability of nearby infrastructure does not establish that processing access or a development route has been secured.

Scoping Work and Remaining Uncertainty

West Coast Silver Limited (ASX:WCE) has outlined further resource and scoping-level work for 2027. A mineral resource is not the same as an ore reserve, and the company still needs evidence on mining methods, metallurgical recovery, Capital requirements and operating costs before a commercial project can be assessed.

High-grade silver bodies can present challenges with grade variability and mining dilution. An increase in resource confidence improves the technical basis for study work but does not remove funding, permitting or engineering risk. Any resource update or economic study will need to be assessed against its own assumptions and qualifications.

Key Insights

West Coast Silver Limited (ASX:WCE) has reported more contained silver and a substantial shift into the Indicated category at Elizabeth Hill. The distinction between added ounces and higher-confidence classification is important. Further drilling and development studies are required before any production decision.

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