West Coast Silver A$3.2m Placement to Fund 2026 Exploration at Elizabeth Hill
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to advise that its joint venture partner, West Coast Silver Limited (ASX: WCE) (“West Coast” or “West Coast Silver”) has received firm commitments to raise A$3.2 million (before costs) via a placement of fully paid ordinary shares (the “Placement”) to existing and new institutional and professional investors.
Following completion of the Placement, Alien will hold an 8.7% interest in the then issued share capital of West Coast. The Placement is anticipated to be completed on or around 7 January 2026, subject to receipt of funds and completion of standard settlement procedures. A further announcement will be made at that time.
The Placement will provide additional funding to maintain exploration momentum at Elizabeth Hill and progress regional target evaluation across West Coast’s consolidated project area.
The full text of the announcement issued by West Coast Silver is provided below in Appendix A.
For further information, please visit the Company’s website at www.alienmetals.uk
$3.2m Placement to Fund 2026 Exploration at Elizabeth Hill
Highlights
· $3.2 million in firm commitments received via a strategic placement to institutional and professional investors, led by CPS Capital.
· Proceeds to advance drilling, assay processing and follow-up exploration at the Elizabeth Hill Silver Project, together with regional target evaluation.
· Exploration focused on identifying additional Elizabeth Hill-style silver mineralisation and assessing the potential for repeat deposits within the broader district.
· Assay results expected early in the New Year, providing near-term newsflow.
· Technical site visits planned in January/early February 2026, including engagement with specialist geologists to refine 2026 exploration priorities.
Executive Chairman Bruce Garlick said:
“Strong support from existing and new investors puts West Coast Silver in a well-funded position heading into 2026. Against a supportive silver price backdrop, we’re focused on advancing Elizabeth Hill and accelerating target generation across the broader district, with assays expected early in the New Year and technical site visits planned in January/early February.”
West Coast Silver Limited (ASX: WCE) (West Coast Silver or the Company) is pleased to advise that it has received firm commitments to raise $3.2 million (before costs) via a placement of fully paid ordinary shares (Placement) to existing and new institutional, professional and sophisticated investors.
The Placement provides additional funding to maintain exploration momentum at Elizabeth Hill and progress regional target evaluation across the Company’s consolidated project area.
Use of Funds
Funds raised will be applied to:
• Ongoing drilling and follow-up exploration at the Elizabeth Hill Silver Project
• Assay processing and interpretation, with results expected early in the New Year
• Evaluation of near-mine and regional targets aimed at identifying additional Elizabeth Hill-style silver mineralisation and the potential for repeat deposits within the district
• Technical site visits planned for January/February 2026, including engagement with specialist and expert geologists to refine 2026 exploration priorities
• General working capital to support an expanded exploration program
The successful capital raising places West Coast Silver in a strong financial position heading into 2026, with multiple exploration and news-flow catalysts anticipated.
Placement
The Placement comprises the issue of 16,842,106 fully paid ordinary shares at an issue price of $0.19 per share (New Shares). The Placement is within the Company’s placement capacity under ASX Listing Rule 7.1.
The Placement issue price represents a 11.9% discount to the Company’s fifteen (15) day volume weighted average price (VWAP) 0.2157. The Placement is expected to close on 5 January 2026, with New Shares to be issued on or around 7 January 2026, subject to receipt of funds and completion of standard settlement procedures.
The Placement was led by CPS Capital Group Pty Ltd as Lead Manager, for which it will receive standard capital raising fees and broker options, subject to shareholder approval where required.
Next Steps
With exploration activity underway and assays pending, West Coast Silver is positioned to carry momentum into 2026. Assay results are expected early in the New Year, and technical site visits are planned for January/early February to support target refinement and program planning.
The Elizabeth Hill Project
Elizabeth Hill is historically one of Australia’s highest grade silver projects and has a proven production history outlined below:
• High grades enabled low processing tonnes: 1.2Moz of silver was produced from just 16,830t of ore at a head grade of 2,194g/t (70.5 oz/t Ag)[1].
• Previous mining operation ceased in 2000: because of low silver prices (US$5)[2].
• Simplistic historical processing technique: native silver was recovered via low-cost gravity separation techniques.
• Untapped potential remains in ground with deposit open at depth and recent consolidation of land package offers potential to discover more Elizabeth Hill style deposits.
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Tier 1 Mining Jurisdiction located on a mining lease with potential processing option at the nearby Radio Hill site. Radio Hill is a third-party-owned processing facility; WCE has no current agreement in place.”
Figure 3: Tenement Location.
Through the consolidation of the surrounding land packages into a single contiguous 180km2 package significant exploration and growth potential exists both near mine and regionally. The land package holds a significant portion of the Munni Munni fault system, and other fault systems subparallel to the Munni Munni fault system, which are considered prospective for Elizabeth Hill look-a-like silver deposits.
This ASX announcement has been authorised for release by the Board of Directors of West Coast Silver Limited.
For further information, please contact:
Bruce Garlick
Executive Director
West Coast Silver Limited
E: info@westcoastsilver.com.au
