West Coast Silver Raises $6M, Sets Sights on Elizabeth Hill Expansion
West Coast Silver has completed a $6 million capital raise through its first tranche placement and converted performance rights, setting the stage for further exploration at its high-grade Elizabeth Hill silver project.
- Completion of $6 million Tranche 1 placement with 55 million new shares issued
- Tranche 2 placement pending shareholder approval in September
- Conversion of performance rights under Employee Incentive Securities Plan
- Elizabeth Hill project highlighted for high-grade silver and exploration potential
- Strategic land consolidation around Munni Munni fault system enhances growth prospects
Capital Raise Completion
West Coast Silver Limited (ASX – WCE) has successfully completed the first tranche of its two-part capital raising, issuing over 55 million fully paid ordinary shares to raise more than $6 million. This milestone follows the announcement made just a week prior and represents a significant step in bolstering the company’s financial position. The second tranche of the placement remains subject to shareholder approval, scheduled for a general meeting in September 2025.
Performance Rights Conversion
Alongside the placement, West Coast Silver has also converted performance rights under its Employee Incentive Securities Plan, a move that aligns management and staff interests with shareholder value creation. This conversion adds to the company’s issued capital and reflects ongoing confidence in the company’s strategic direction.
Elizabeth Hill Project Potential
The announcement reiterates the significance of the Elizabeth Hill silver project, one of Australia’s historically high-grade silver assets. Past operations produced 1.2 million ounces of silver from a remarkably low tonnage of ore, boasting an exceptional grade of 2,194 grams per tonne. Mining ceased in 2000 due to low silver prices at the time, but the project’s geological potential remains compelling.
West Coast Silver has consolidated a contiguous 180 square kilometre land package around Elizabeth Hill, which includes a substantial portion of the Munni Munni fault system. This geological feature is considered prospective for discovering additional silver deposits similar to Elizabeth Hill. The company also benefits from the project’s location within a Tier 1 mining jurisdiction and proximity to the Radio Hill site, which offers potential processing options.
Strategic Outlook
This capital raising and equity restructuring provide West Coast Silver with the necessary resources to advance exploration and development activities. The company’s focus on unlocking the untapped potential at Elizabeth Hill, combined with its strategic land holdings, positions it well to capitalize on improving silver market conditions. Investors will be watching closely for the outcome of the upcoming shareholder meeting and subsequent exploration results.
Bottom Line?
With fresh capital secured, West Coast Silver is poised to unlock further value from Elizabeth Hill’s rich silver potential.
Questions in the middle?
- Will shareholders approve the second tranche placement in September?
- What exploration results can be expected from the expanded land package around Elizabeth Hill?
- How will the increased share count impact West Coast Silver’s valuation and investor sentiment?
