West Coast to accelerate silver exploration after oversubscribed $6m placement

West Coast Silver will use funds from an oversubscribed  $6.125m placement to accelerate exploration at its Elizabeth Hill project in WA’s Pilbara.

Exploration at the Elizabeth Hill silver project will be accelerated using funds from West Coast’s $6.125m placement. Pic: Getty Images

Special Report: Investors have demonstrated their support for West Coast Silver and its Elizabeth Hill project in WA’s Pilbara by strongly backing a $6.125m share placement.

• West Coast Silver raises $6.125m in oversubscribed placement to institutional investors
• Shares priced at 11c representing rare 0.04% premium to 15-day average price
• Funds will accelerate exploration and restart studies at Elizabeth Hill

The placement to a broad range of new institutional and sophisticated investors also received strong demand from existing investors, which resulted in applications being scaled back.

What makes the strong demand stand out even more for West Coast Silver (ASX:WCE) is that the placement was at 11c per share, a premium of 0.04% to the 15-day volume weighted average price to July 21, 2025.

This contrasts starkly with most placements that are typically priced at a discount.

It follows a strong start to drilling at the project with the first two holes returning results of 21m at 1047g/t Ag from 10m and 15m at 723g/t from 1m.

Float and rock chip sampling has also returned silver assays of up to 490g/t along with elevated copper and gold.

“We have been generating outstanding results at Elizabeth Hill and the proceeds of this capital raising will enable us to unlock the value much faster,” executive chairman Bruce Garlick said.

“There is clearly immense scope to grow and further explore the project both near mine and regionally. 

“Given this potential, we want to move as quickly as possible on the exploration front and the successful placement allows us to do this.”

The Elizabeth Hill project tenements. Pic: West Coast Silver

Funding drilling

WCE will use placement proceeds to cover further exploration at Elizabeth Hill, which includes one of Australia’s highest-grade silver mines.

Elizabeth Hill previously produced 1.2Moz of silver from just 16,000t of ore grading 2194g/t Ag in 2000 before it closed due to a low silver price of US$5 an ounce.

Upcoming work will cover resource definition of the near-surface mineralisation, near mine and regional exploration and commencement of internal restart studies.

Trenching and additional sampling has already started to follow-up promising fieldwork that identified the potential for additional resource areas to the north and south of the historical mine.

The company has also engaged ERM Consultants to complete a targeting study to identify high priority targets from the multiple Elizabeth Hill look-alike geological structures present within the tenement for future exploration with results expected within three to four weeks.

This article was developed in collaboration with West Coast Silver, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.