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.
$0.175
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.
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 hits 2m at 10,049g/t silver
Aug 22, 2025
Aug 22, 2025 |
11 min
High grade silver starting 5m below the surface… West Coast Silver (ASX: WCE) just hit a 17m silver pod with average grades across that whole section at ~858g/t silver… And it starts ~5m below the surface - almost shallow enough to dig out with a shovel…
Our New Portfolio Addition: West Coast Silver (ASX:WCE)
Aug 8, 2025
Aug 8, 2025 |
18 min
We think silver is going to go on a generational run. Silver has already done it twice in the last ~50 years - once in the late 1970s and again in 2011. (we could be wrong of course, but just in case we are right, we are adding a new silver stock to our Portfolio today)
WCE signs MOU to look further into nearby processing opportunity
Dec 4, 2025
Dec 4, 2025 |
3 min
Our silver Investment West Coast Silver (ASX: WCE) just signed an MoU with Artemis Resources looking to utilise its nearby plant for processing.
WCE hits visible silver at the Elizabeth Hill mine in WA
Nov 24, 2025
Nov 24, 2025 |
2 min
Our silver Investment West Coast Silver (ASX: WCE) has just confirmed that ongoing diamond drilling has intersected zones of silver mineralisation
WCE aircore drilling starts on regional targets at the Elizabeth Hill silver mine
Nov 13, 2025
Nov 13, 2025 |
2 min
Our silver Investment West Coast Silver (ASX: WCE) has just begun an aircore drilling program at its Elizabet Hill silver mine.
WCE silver visuals in drill cores from Elizabeth Hill drilling
Nov 5, 2025
Nov 5, 2025 |
2 min
Our silver Investment West Coast Silver (ASX: WCE) just finished the initial five holes of its phase 2 drill program on its Elizabeth Hill project in WA.
WCE begins phase 2 drill program at Elizabeth Hill
Oct 15, 2025
Oct 15, 2025 |
2 min
Our silver Investment West Coast Silver (ASX: WCE) just announced that the phase 2 drilling program has already commenced at its Elizabeth Hill project.
Sunday Edition: 30th November
Nov 30, 2025
Nov 30, 2025 |
15 min
Tomorrow’s market open promises to be a very interesting one for silver stocks after silver’s near 6% surge on Friday night post the ASX closing… (hitting the highest price in its history and delivering a key breakout of a 50 year chart pattern we have been watching…) Here are all the silver stocks we are Invested in and ones to watch on Monday morning, click on the link to read out Investment thesis for each one:
Silver Breakout Sparking Early Santa Rally?
Nov 29, 2025
Nov 29, 2025 |
7 min
Last weekend we predicted an unlikely “Santa rally” into the Christmas break… (unlikely at the time off the back of a horror Friday that had rattled confidence and with only a few weeks left to go…) And during THIS week our lord and saviour Santa Claus came early and delivered what could be the start of this “santa rally” that nobody was expecting. Santa’s sack was bulging with positive sentiment in global markets that flowed into ASX small caps…
Sunday Edition: 16th November
Nov 16, 2025
Nov 16, 2025 |
18 min
Yesterday we wrote about what the future of war will look like… And the critical minerals needed by countries to quickly build the biggest armies of autonomous robot war dogs and war drones, with the best AI. Our Investment Island Pharmaceuticals (ASX:ILA)’s drug Galidesivir has the potential to defend against bioweapons. ILA says they are coming out of trading halt tomorrow (Monday) morning “pending an announcement by Island Pharmaceuticals regarding US Food & Drug Administration feedback on Galidesivir program”
The Rollercoaster in Silver and the Rapid Rise of AI-Driven Defence
Nov 15, 2025
Nov 15, 2025 |
6 min
The original plan for today was a little “self pat on the back” about the silver price roaring up 9% for the week and getting back to the highest it’s ever been… And maybe a quick revisit of our silver thesis and silver stocks. Then we woke up to silver being down by 3.3% for the day. But instead, today we are going to write about emotions and autonomous AI robot war dogs
Sunday Edition: 9th November
Nov 9, 2025
Nov 9, 2025 |
17 min
Happy Sunday… Below is a summary and links for everything we wrote about last week, along with some other interesting content we found in relation to our Portfolio. We have been talking a lot about the accelerating race between the US and China to be the leading global superpower… … and how the winner in technology, AI and the mass manufacturing of autonomous AI war robots and drones will ultimately be the new global power.
