West Coast Silver Launches Oversubscribed $6M Raise to Drill High-Grade Silver Project
Key Takeaways
- West Coast Silver's placement was upsized from $3.5 million to $6 million after investor demand significantly exceeded expectations, with 63,157,897 shares issued at $0.095 per share.
- The $6 million is allocated across development drilling ($1.75M), exploration drilling ($1.25M), a scoping study ($250K), and two Mineral Resource Estimate updates targeted for Q4 2026 and Q2 2027.
- Elizabeth Hill carries a production history of 1.2Moz silver from just 16,830 tonnes of ore at a head grade of 2,194 g/t — mining ceased in 2000 due to low silver prices, not resource exhaustion.
- An existing 2.8Moz silver MRE (announced 22 April 2026) underpins the project, with the placement capital designed to grow that resource base and advance the project toward development.
- Admiralty Resource Fund (associated with Paul Cronin) committed $500,000, and board members including Non-Executive Chairman Vince Fayad participated directly — a clear alignment signal from insiders.
Oversubscribed $6 million placement to fast-track Elizabeth Hill silver exploration
West Coast Silver (ASX: WCE) has received firm commitments to raise $6 million through an oversubscribed placement, upsized from an initial target of $3.5 million after investor demand significantly exceeded expectations. The placement is priced at $0.095 per share, representing a 13.8% discount to the 15-day VWAP of $0.1102 (calculated prior to the 15 days prior to the trading halt) and a 17.4% discount to the last traded price of $0.1150 prior to the trading halt on 27 August 2026.
Up to 63,157,897 fully paid ordinary shares will be issued, with completion expected on or around 8 September 2026. Admiralty Resource Fund, an entity associated with Paul Cronin, participated with a $500,000 investment for 5,263,158 shares. CPS Capital Group Pty Ltd acted as Lead Manager.
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What the $6 million will be used for
The capital is earmarked across a defined programme spanning near-term development work and regional growth exploration. The dual focus is clear: advance the Elizabeth Hill project towards a maiden scoping study while simultaneously expanding the search for additional deposits across the surrounding tenement package.
Two Mineral Resource Estimate (MRE) updates are planned, targeting Q4 2026 and Q2 2027, providing investors with defined milestones to track progress.
| Program | Cost |
|---|---|
| Development Drilling – Infill, Step-out, Metallurgical, Geotechnical | $1,750,000 |
| Development Testwork | $400,000 |
| Scoping Study – Elizabeth Hill Silver Project | $250,000 |
| Exploration Drilling – Elizabeth Hill Deeps, South and West | $1,250,000 |
| Exploration – Regional Geophysics & Field Work | $500,000 |
| Mineral Resource Estimates (Q4 2026, Q2 2027) | $250,000 |
| Working Capital & Placement Costs | $1,600,000 |
| Total | $6,000,000 |
Understanding Elizabeth Hill — why this silver project matters
Elizabeth Hill is one of Australia’s high-grade silver projects, carrying a production history that sets it apart from most early-stage silver assets. The key facts explain the scale of what has been left in the ground.
- 1.2Moz of silver was produced from just 16,830t of ore at a head grade of 2,194 g/t (70.5 oz/t Ag), an exceptionally high-grade operation by any standard
- Previous mining ceased in 2000 due to low silver prices of approximately US$5/oz, not resource exhaustion
- Native silver was recovered using low-cost gravity separation, a simple and proven processing technique
- The deposit remains open at depth, and the land package has been consolidated into a contiguous 180km² tenure
- Located in a Tier 1 mining jurisdiction on a mining lease, with a potential processing option at the nearby Radio Hill site
The surrounding tenement package holds a significant portion of the Munni Munni fault system, a structural feature considered prospective for Elizabeth Hill-style high-grade silver deposits. That matters because the company is not just drilling one known mineralised zone — it is testing a broader system that could host additional discoveries.
An existing 2.8Moz silver MRE (announced 22 April 2026) establishes the current resource base.
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Capital structure and strategic investor backing
The placement is structured in two tranches. Tranche 1 covers 62,315,791 shares issued under ASX Listing Rules 7.1 and 7.1A. Tranche 2 covers 842,106 shares issued to Non-Executive Chairman Vince Fayad (789,474 shares, $75,000) and Non-Executive Director Thomas Reddicliffe (52,632 shares, $5,000), both subject to shareholder approval at the next General Meeting. Board participation in the placement is a direct alignment signal.
| Security | Pre-Placement | Pro Forma |
|---|---|---|
| Ordinary Shares | 373,426,356 | 436,584,253 |
| Unlisted Options | 26,248,713 | 32,248,713* |
| Performance Rights | 6,000,000 | 6,000,000 |
| Market Cap (at $0.095) | $35.5M | $41.5M |
*6,000,000 new unlisted options subject to shareholder approval.
Non-Executive Chairman Vince Fayad
“We are extremely pleased with the strong support received for the Placement, with demand significantly exceeding the Company’s target. The interest shown from both new and existing investors is a strong endorsement of the quality and opportunity of Elizabeth Hill as evident from the outstanding results delivered from our recent drilling program. Moreover, we are delighted to see the significant support from Admiralty Resource Fund and the endorsement of the Company’s strategy under CEO Sergei Smolonogov. With the additional funding secured, West Coast Silver is now in a strong position to accelerate drilling across Elizabeth Hill, pursue the significant near-surface and deeper growth opportunities identified to date, and advance the technical work required to progress the Project towards development.”
What comes next for West Coast Silver
With firm commitments received and completion targeted for around 8 September 2026, the near-term pipeline for West Coast Silver is well defined. Key anticipated milestones based on the planned use of funds include:
- Placement completion on or around 8 September 2026
- Development and exploration drilling commencing at Elizabeth Hill
- First MRE update targeted for Q4 2026
- Scoping Study advancement progressing in parallel with drilling
- Second MRE update targeted for Q2 2027
- Expansion drilling at Elizabeth Hill South and West to search for additional high-grade deposits
All timelines and milestones are subject to the usual operational, regulatory, and market conditions, and should be read as planned targets rather than guaranteed outcomes.
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