We believe silver is heading to new all-time highs. A breakout could push prices well above US$50/oz, much higher than historic averages. Two of our top four positions in our Portfolio are silver companies right now.
$0.160
Opened: 08-Aug-2025
Shares Held at Open: 4,863,000
What does WCE do?
WCE holds 70% of the Elizabeth Hill silver project in WA.
Elizabeth Hill was one of Australia’s highest grade silver mines when in production.
We are Investing in WCE to see it make repeat high grade discoveries.
What is the macro theme?
Silver serves as both an industrial and a precious metal.
As a precious metal, silver is often used as a hedge against inflation, a relevant factor given the persistently high inflation at the time of writing.
On the industrial side, silver plays a key role in the production of photovoltaic cells used in solar panels, making it an important material in the global energy transition.
Our Big Bet for WCE
“WCE re-rates to a market cap of $300M by bringing the Elizabeth Hill mine back online OR making a new discovery that is as big (if not bigger) than Elizabeth Hill into a strong macro silver theme.”
NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our WCE Investment Memo.
Success will require a significant amount of luck. Past performance is not an indicator of future performance.
Why did we invest in WCE?
We are bullish silver
We believe silver is heading to new all-time highs. A breakout could push prices well above US$50/oz, much higher than historic averages. Two of our top four positions in our Portfolio are silver companies right now.
WCE’s project was one of Australia’s highest-grade silver mines
WCE’s project had historic production of ~1.2M ounces of silver at average grades of ~2,194g/t silver. A typical high grade project has grades around ~100g/t silver…
WCE’s project sits on a granted Mining Lease
This gives WCE optionality with respect to getting its project back into production. IF the silver price gets high enough, WCE can get its project into production quicker than other greenfields assets.
Historic production had cheap, simple processing
Historic mining used simple gravity processing because the ore contained visible silver nuggets easily separated from the surrounding rock. No need for chemicals or any other complex (expensive) processing routes.
Near mine exploration upside
WCE’s project hasn’t been systematically drilled for over 25 years. We think there is potential to make new discoveries near the old Elizabeth Hill Mine - with lookalike targets along strike.
Already hit very high grade silver in the first few drillholes
WCE has already hit a 21m intercept with silver grades of ~1,047g/t silver (including a 1m intercept grading 15,071g/t silver). Post-results, WCE’s share price has gone from ~4c to a touch a high of 17.5c. (Remember past performance is not indicative of future performance.)
WCE has 10 assays pending right now
WCE still has 10 assays pending from its first drill program, any strong results (similar to what came in from the first hole) into a rising silver price could be good for WCE in the short term.
20 regional targets ranked, exploration starting soon
There is very limited modern exploration over WCE’s regional targets. WCE just identified ~12 high priority and 8 earlier stage regional targets. These are the targets where we are hoping to see a repeat of the high grades at Elizabeth Hill. Air-core/channel sampling to start on these very soon.
Record 145kg native silver nugget came from WCE’s mine
This is more a bonus reason really, it doesn’t drive the Investment decision but it certainly got our attention onto the project when we saw it in real life at the Perth Mint.
What do we expect WCE to deliver?
Objective #1: Assays from 12-hole drill program
WCE just completed its first 12 hole drill program on the project - assays from the next 10 holes are currently pending.
Milestones
Assay results from remaining 10 holes
Objective #2: Target generation - near Elizabeth Hill mine
We want to see WCE do some geochemical sampling and shallow aircore drilling to rank new targets next to the Elizabeth Hill mine.
Milestones
Soil Sampling
Trenching results
Identify drill targets
Permit for further drilling
Objective #3: Target generation - regional targets
WCE’s project area covers ~180km^2. We want to see WCE run geochemical sampling and geophysics across the broader land package and rank new drill targets.
Milestones
Geochemical sampling (soils, trenching)
Geophysical surveys
Identify drill targets
Objective #4: Second drill program starts
We want to see WCE kick off its second round of drilling and have results out to market before the end of the year.
Milestones
Drilling permits granted
Drilling starts
Assay results
What could go wrong?
Exploration risk
There is no guarantee that WCE’s upcoming drill programs are successful. WCE may fail to find economic deposits of silver.
Funding risk/dilution risk
As a pre revenue explorer WCE is dependent on capital markets to fund ongoing drilling and development.
Although it recently raised $6M, future exploration may require additional fundraising.
That could come at discounted prices and further dilute existing shareholders.
Commodity price risk
The performance of commodity stocks are often closely linked to the value of the underlying commodities they are seeking to extract. Should silver prices fall, this could hurt the WCE share price.
Market risk
Broader market sentiment could deteriorate, and shares as an investment class trade lower, taking WCE’s share price with it. Alternatively, there could be further sector specific pain ahead where junior explorers suffer a lot more than the broader market.
What is our investment plan?
Our plan is to hold the majority of our position in WCE for a minimum of 12 months as part of our Catalyst Hunter exploration portfolio, which we hope is enough time to see WCE drill out its project, make a discovery and the silver price to go on the run we hope it will.
We may look to sell up to 20% of our holding if the company delivers on one or more of our Investment Memo objectives and/or the share price materially re-rates in line with our minimum hold conditions.
Disclosure: Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 4,863,000 WCE Shares at the time of publishing this Investment Memo. The Company has been engaged by WCE to share our commentary on the progress of our Investment in WCE over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs.
WCE: Hits 27.4m at 1,314g/t silver - including a 0.35m interval… 33,106g/t silver (that’s bonanza grades)
Feb 5, 2026
Feb 5, 2026 |
12 min
Our Investment West Coast Silver (ASX: WCE) owns 70% of the Elizabeth Hill Silver Mine - one of the highest grade silver mines to ever produce in Australia. And they weren't kidding - yesterday, WCE announced one of the most outrageous high grade drill hits we have seen… 27.4m at 1,314g/t silver…
US Fed Chair Powell subpoenaed - silver and gold both hit NEW all time highs. Index buying driving silver stocks? plus one new announcement…
Jan 13, 2026
Jan 13, 2026 |
16 min
We had to double check this video wasn’t AI when we first saw it... Basically, it’s the US Fed Chair Jerome Powell accusing the US government of putting forward a legal case for criminal charges against him… for refusing to lower interest rates.
Today should be interesting….
Dec 1, 2025
Dec 1, 2025 |
18 min
Today will be the first time that ASX listed silver stocks get a chance to react to the ~6% surge in silver on Friday night. (would that wretched weekend never end?) The silver price closed at the highest it has EVER been in its history.
WCE: High grade silver drilling starts today as silver price hits all time highs overnight - above US $51 per ounce.
Oct 10, 2025
Oct 10, 2025 |
8 min
It feels like just a few weeks ago we were saying if silver went above US$40 we would add some more silver Investments. (it was just 5 weeks ago silver was still under US$40) When silver was trading in the US$30s we felt like a big run up in the silver price was coming and so we started loading up in silver names. One of the earlier Investments we made during that period was West Coast Silver (ASX: WCE).
Silver hits 14 year high - what happens next? Here’s our ASX silver stocks
Sep 4, 2025
Sep 4, 2025 |
7 min
Six hours ago the silver price hit ~US$41.50 per ounce. That’s officially the highest level silver has traded at since October 2011. The silver price is officially at new 14-year highs…
WCE kicks off 4,000m drill program at the Elizabeth Hill Silver mine
Mar 25, 2026
Mar 25, 2026 |
3 min
Our silver Investment West Coast Silver (ASX: WCE) has just started drilling at its Elizabeth Hill silver project in WA.
WCE to start geophysics at the Elizabeth Hill Silver mine
Mar 17, 2026
Mar 17, 2026 |
2 min
Our Investment West Coast Silver (ASX: WCE) is about to kick off geophysics at its Elizabeth Hill project in WA.
WCE identifies 20 new silver targets on silver project in WA
Mar 12, 2026
Mar 12, 2026 |
4 min
Our silver Investment West Coast Silver (ASX: WCE) has just identified 20 regional targets with some near and along strike of its Elizabeth Hill Mine in WA.
WCE to start silver drilling in March - maiden resource due in H2-2026
Mar 3, 2026
Mar 3, 2026 |
2 min
Our silver Investment West Coast Silver (ASX: WCE) will be drilling next month to follow up on the shallow AC results received last week at its Elizabeth Hill Mine in WA.
WCE shallow drilling results show silver continuing to the north
Feb 24, 2026
Feb 24, 2026 |
3 min
Our silver Investment West Coast Silver (ASX: WCE) just hit potential extensions to its Elizabeth Hill Mine in WA.
Sunday Edition: 29th March
Mar 29, 2026
Mar 29, 2026 |
22 min
Here you can find quick overviews of all the content we wrote last week, plus links to each full note. Further down, some links to other interesting stuff we came across on our travels around the internet.
Broken or Sprained? What the Market's Telling Us Right Now
Mar 28, 2026
Mar 28, 2026 |
20 min
Is the market broken again? What could be different this time? Maybe this Iran conflict market freak out of the last few weeks is just a “tweaked hammy” or “dead leg” and recovery will only take a couple of weeks…
Sunday Edition: 22nd March
Mar 22, 2026
Mar 22, 2026 |
22 min
Here you can find links to everything we wrote last week, plus some interesting stuff we came across on our travels.
Sunday Edition: 15th March
Mar 15, 2026
Mar 15, 2026 |
21 min
Yesterday we wrote about the “SaaSpocalypse” being overdone. We think there are currently some great ASX listed SaaS businesses out there with share prices that have taken a big haircut in recent weeks, and valuations are very attractive during peak SaaSpocalypse fear. We also provided an update on each of our favourite themes for 2026. (silver, gold, military metals, AI metals, robot metals, energy and oil & gas) Silver is still one of our favourite themes for the next 12 months. (waiting for that next leg up in the silver price that should lift all silver stocks)
We Survived the SaaSpocalypse (Here is Our Next Move)
Mar 14, 2026
Mar 14, 2026 |
20 min
Ever had a breathless stockbroker call you and generate huge amounts of FOMO about a company to get you to put money into a capital raise? (it works) Then a week later when the stock is trading at 20% below the placement price you wonder why you got so hot and bothered on the phone call? All these “AI is going to disrupt everything” announcements are sort of like that… except at a global scale. Has your company ditched its software systems for AI vibe coded replacements yet? Probably not.
