WCE raises $6M to for Australia’s highest grade silver project

Our Investment West Coast Silver (ASX: WCE) just closed a $6M capital raise for its WA silver project.

WCE's project previously produced 1.2M ounces of silver at an average grade of ~2,194g/t in the early 2000’s.

The project has gone largely untouched since then (with only minor exploration work) - mainly because of what happened to silver prices.

WCE picked up the asset back in May 2025 and now has a maiden JORC resource on the project of ~2.8M ounces of silver averaging ~617g/t.

That makes WCE’s project the highest grade silver project on the ASX right now.

This week WCE raised $6M at 9.5c in an oversubscribed capital raise - with the cash going toward moving the project out of the exploration stage and into the development stage.

We also participated and have added to our WCE position.

Another big positive - it was actually cornerstoned by Paul Cronin’s “Admiralty Resource Fund”.

(source)

For anyone who hasn’t heard of Paul before - he was the former MD and CEO of Adriatic Metals, which IPO'd at 20c in May 2018 and was taken over at ~$5.56 per share last year.

(Adriatic owned a giant silver-lead-zinc deposit in Bosnia - so Paul knows his silver assets pretty well)

Adriatic was one of the biggest ASX success stories in the last decade.

WCE now has two ex-Adriatic connections…

WCE’s CEO - Serge Smolonogov - was also with Adriatic, initially as head of exploration and eventually as General Manager for growth:

(source)

So two connections to a multi billion dollar takeover - we will take that…

What’s next for WCE?

Here is WCE’s latest Gantt chart with everything we can expect to see over the coming months:

(source - WCE’s latest investor presentation)

In terms of exploration the three things we are looking out for are:

1. Future drilling to upgrade the resource, including Inferred resources to Indicated
2. Drilling looking for extensions including the deeper high grade 3m at 524g/t silver hit.
3. Testing of new targets plus geophysics across the broader project area

And then all of that data rolling into what we expect to be an updated JORC resource being fed into a Scoping Study, expected to get underway in Q4.

Here are the milestones we are tracking right now:

• ✅ Drilling results (received today)
• 🔄 Updated mineral resource estimate (planned for Q4 - source)
• 🔲 Scoping study starts
• 🔲 Scoping study results