Highlights

  • Falcon Metals has completed Stage 1 of its earn-in at the Errabiddy Gold Project by incurring over A$914,000 in qualifying expenditure against the A$750,000 threshold, resulting in a 51 per cent participating interest for Falcon in the non-graphite minerals at Exploration Licence E09/2457.
  • Following Stage 1 completion, Falcon has elected to proceed to Stage 2, through which it may earn a further 19 per cent interest to reach 70 per cent total by incurring an additional A$1.25 million in expenditure by October 2029.
  • A second significant gold intercept has been reported at the Olsen Well prospect, 240 metres along strike from the original discovery hole, providing further evidence that the extensive surface geochemical anomaly reflects underlying bedrock gold mineralisation.
  • West Coast Silver retains 100 per cent of the graphite rights within E09/2457 and full ownership of the separate Parrot Bore and Parrot Bore East tenements, while maintaining focus on advancing the Elizabeth Hill Silver Project.

West Coast Silver Limited (ASX:WCE) is an ASX-listed minerals company focused on the development of the Elizabeth Hill Silver Project while maintaining a portfolio of exploration Assets in Western Australia. On 5 November 2026, the company announced that its farm-in partner Falcon Metals, through its wholly owned subsidiary, had completed the Stage 1 earn-in expenditure requirement under the Earn-in, Joint Venture and Mineral Rights Agreement covering Exploration Licence E09/2457 at the Errabiddy Gold Project. The completion of Stage 1 resulted in Falcon acquiring a 51 per cent participating interest in the non-graphite minerals at the licence, with West Coast Silver's subsidiary Errawarra Pty Ltd retaining 49 per cent. Falcon has now elected to proceed to Stage 2 of the earn-in.

Stage 1 Completion and Stage 2 Election

Falcon submitted its Stage 1 completion notice on 13 October 2026, reporting total qualifying expenditure of approximately A$914,000 against the required A$750,000 threshold. West Coast Silver reviewed the notice and confirmed it does not dispute the expenditure quantum, triggering the agreed change in participating interests. Under Stage 2, Falcon may earn a further 19 per cent interest in the non-graphite mineral rights at E09/2457, taking its total interest to 70 per cent, by satisfying an additional expenditure requirement of A$1.25 million on or before October 2029. The expenditure surplus from Stage 1 of approximately A$164,000 will be credited towards Stage 2. West Coast Silver highlighted that if Stage 2 is completed, Errawarra will retain a 30 per cent participating interest.

West Coast Silver's managing director noted that the arrangement has enabled more than A$900,000 of exploration expenditure to be incurred at Errabiddy without direct funding from the company, while it retains meaningful exposure to gold and base metals through its participating interest and preserves 100 per cent of the graphite rights, which are excluded from the earn-in entirely. The company retains the option, following completion of Stage 2, to convert its participating interest into a 2 per cent net smelter return royalty, providing an alternative path to maintaining exposure to future production.

Olsen Well Drilling Results and Exploration Progress

Within the Errabiddy Gold Project, the Olsen Well prospect has become a focus of Falcon's initial drilling program. The first drill hole at the prospect returned a significant gold intersection from surface, and the more recently reported hole OWRC0007, drilled approximately 240 metres east of the discovery hole, intersected 16 metres at 2.2 grams per tonne gold from 8 metres depth, including a higher-grade interval at depth. This second significant bedrock intercept, at a meaningful lateral separation from the first, provides further evidence that the 5.8-kilometre gold-in-soil anomaly at Olsen Well reflects genuine underlying bedrock mineralisation rather than surface-only contamination.

The drilling program at Olsen Well has been expanded and is expected to continue through mid-November 2026, with assay results pending for a substantial number of completed holes. Falcon's focus is on defining the orientation, geometry, and continuity of the mineralised zones between and around the two confirmed intercepts. West Coast Silver also noted that it retains full ownership of the Parrot Bore and Parrot Bore East tenements, which host a previously identified gold and copper soil anomaly, and intends to review historical exploration data across these licences in light of the encouraging Olsen Well results.

Key Takeaways

The completion of Stage 1 at Errabiddy and Falcon's election to proceed to Stage 2 mark a progression in the joint venture that keeps partner-funded exploration active on the licence while West Coast Silver retains material exposure. The two significant gold intercepts at Olsen Well, spaced 240 metres apart, are early indications that a coherent bedrock gold system may underlie the surface geochemical anomaly, though further drilling will be required to establish the system's geometry and continuity before any resource can be estimated. For West Coast Silver, the arrangement allows management to remain focused on the Elizabeth Hill Silver Project while retaining optionality on a potentially emerging gold discovery.