REG - Alien Metals Limited - Mineral Resource Estimate at Elizabeth Hill
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RNS Number : 4644B Alien Metals Limited 22 April 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI
2019/310). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Trading Symbols
AIM: UFO FWB: I3A1
22 April 2026
Alien Metals Limited
("Alien" or the "Company")
2.79 Moz Silver Mineral Resource Estimate at Elizabeth Hill
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, advises that its joint venture partner, West Coast Silver Limited ("West Coast Silver") (ASX: WCE), has today released an inaugural Mineral Resource Estimate ("MRE") for the Elizabeth Hill Silver Project in the West Pilbara, Western Australia (the "Elizabeth Hill Project").
West Coast Silver has reported a JORC (2012) compliant MRE of 2.79 Moz silver at 617 g/t Ag, comprising 0.37 Moz Indicated and 2.42 Moz Inferred, reported above a 20 g/t Ag cut-off, confirming Elizabeth Hill as one of Australia's highest-grade silver deposits and establishing a strong foundation for near-term growth and potential development.
Direct Leverage to Resource Growth
Alien retains a 30% interest in the Elizabeth Hill Project and holds 30.5 million shares in West Coast Silver (representing an 8.7% interest in the issued share capital of West Coast Silver), providing exposure to both project-level value creation and also its equity shareholding in West Coast Silver.
The newly defined resource represents a significant milestone for the Elizabeth Hill Silver Project, a proven high-grade silver system with historical production of approximately 1.2 Moz , which is located on a granted mining lease with existing infrastructure nearby. The current resource footprint remains open at depth and along strike, reinforcing the potential for scale.
Executive Chairman, Bruce Garlick, commented:
"The delivery of a maiden 2.79 Moz silver resource is a major achievement and reinforces the Elizabeth Hill Project's position as one of Australia's premier high-grade silver assets.
"Through its 30% project interest and strategic equity holding in West Coast Silver, Alien is well positioned to capture value from ongoing resource growth and project advancement, offering shareholders meaningful leverage to future success."
The full release issued by West Coast Silver is provided below in Appendix A.
For further information, please visit the Company's website at
www.alienmetals.uk (http://www.alienmetals.uk/) or contact:
Alien Metals Limited
Bruce Garlick
Email: ir@alienmetals.uk (mailto:ir@alienmetals.uk)
Strand Hanson (Financial and Nominated Adviser)
James Harris / James Dance / Edward Foulkes
Tel: +44 (0) 207 409 3494
Zeus Capital Limited (Joint Broker)
Harry Ansell / Katy Mitchell Tel +44 (0) 203 829 5000
Turner Pope (Joint Broker)
Andy Thacker / Guy McDougall
Tel: +44 (0) 203 657 0050
Notes to Editors
Alien Metals Ltd is a mining exploration and development company listed on the
AIM market of the London Stock Exchange (AIM: UFO). The Company follows a
balanced strategy of advancing and strengthening its asset portfolio through
targeted technical work and project development, while evaluating
partnerships, joint ventures, and selective monetisation opportunities that
are value-enhancing for shareholders. At the same time, Alien will continue to
consider opportunities to expand our asset base through carefully selected
acquisition opportunities which meet the Board's prudent criteria.
Alien's principal focus is the advancement and development of its 90%-owned
Hancock Iron Ore Project in the central Pilbara region of Western Australia.
The Hancock tenements contain a JORC-compliant resource of 8.4Mt at 60% Fe and
offer significant exploration upside, which is targeted to deliver a mining
operation of 2Mtpa for 10 years. The Project benefits from direct access to
the Great Northern Highway, providing a route to export facilities at Port
Hedland, one of the world's largest iron ore export hubs. Alien also holds
exploration interests in the Brockman and Vivash iron ore projects in the West
Pilbara.
Alien additionally retains exposure to two advanced precious and base metal
assets in the Pilbara. At Munni Munni, one of Australia's largest PGM systems
hosting a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium)
and gold, the Company has completed its partial asset sale and joint venture
transaction with GreenTech Metals Ltd, under which Alien has divested a 70%
interest in the Munni Munni tenements to GreenTech and Alien will retain a 30%
interest, free carried to the completion of a bankable feasibility study at
Munni Munni. Alien (via wholly owned subsidiary A.C.N. 643 478 371 Pty Ltd)
also retains a 30% interest in the Elizabeth Hill Silver Project through a
joint venture with Crest, which encompasses the Elizabeth Hill Mining Lease
M47/342, which has produced some of Australia's highest-grade silver ore
during the late 1990s. Alien retains a 30% interest in the Elizabeth Hill
Silver Project and additionally holds 30.5 million shares in West Coast Silver
Limited, providing both direct project exposure and equity participation in
ongoing development.
Competent Person's Statement
The information in this Report that relates to the current Mineral Resource
estimate is based on, and fairly reflects, information compiled by Mr Phil
Jankowski. Mr Jankowski is a full-time employee of ERM and is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Jankowski has sufficient
experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as
Competent Person as defined in the 2012 Edition of the Australasian Code for
the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code). Mr Jankowski consent to the disclosure of the information in this
Report in the form and context in which it appears.
Appendix A - WCE ASX Release Titled "Elizabeth Hill Silver Project - 2.8 Moz
Silver Mineral Resource Estimate" dated 22 April 2026
Elizabeth Hill Silver Project - 2.8 Moz Silver Mineral Resource Estimate
· West Coast Silver announces its inaugural Mineral Resource Estimate
(MRE) for the Elizabeth Hill Silver Project, Western Australia.
· 2.79 Moz Silver from 141,000t at 617g/t Ag, including 369,000 oz
Indicated and 2.42 Moz Inferred, reported above a 20 g/t Ag cut-off.
· Establishes Elizabeth Hill as one of Australia's highest-grade silver
deposits.
· Pit optimisation confirms Reasonable Prospects for Eventual Economic
Extraction (RPEEE) within a compact open pit (~200 m x 180 m, 130 m deep) on a
granted Mining Lease.
· Optimised pit captures almost all current mineralisation, including
historical underground areas.
· The consensus metal prices used to define the open pit optimisation
capture almost the entirety of the current mineralisation, including mining
around the previous Elizabeth Hill underground operation.
· Mineralisation remains open along strike and at depth, with
significant upside from near-mine and regional targets.
· MRE represents a foundation inventory, with clear potential for
growth through ongoing drilling and geophysics across a ~180 km² land package
West Coast Silver Limited (ASX: WCE) ('West Coast Silver' or the 'Company') is
pleased to announce the results of the inaugural Mineral Resource estimate
(MRE) at the Elizabeth Hill Silver Project in Western Australia.
The MRE establishes a robust, high-grade foundation that will support
continued development throughout 2026, paving the way for additional economic
studies.
Commenting on the Mineral Resource Estimate (MRE), Executive Chairman Bruce
Garlick said:
"West Coast Silver has progressed exploration at Elizabeth Hill rapidly to
deliver a JORC 2012 compliant inaugural Inferred and Indicated Mineral
Resource Estimate of 2.79 Moz Ag from 141,000 t at a grade of 617 g/t Ag above
a cut-off grade of 20 g/t Ag. The inaugural MRE includes successful drilling
results from 2025 exploration and an accurate depletion of ore mined between
1999 and 2000.
The MRE grade confirms Elizabeth Hill as one of the highest-grade silver
projects in Australia. At a cut-off grade of 60 g/t, the resource contains
over 2.72 Moz Ag from 76,000t @ over 1,114 g/t Ag. This is 97% of total MRE
silver ounces and 54% of total MRE tonnes. The pit optimisation extends to the
limits of most drilling and includes historical areas mined from underground.
This speaks to the robustness of the deposit and the growth opportunities
remaining at depth, along strike, and peripheral to existing mineralisation.
As 40% of MRE tonnes and 86% of silver ounces remain in the Inferred category,
there is opportunity to significantly grow the MRE by further drilling within
the open pit optimisation to convert Inferred resources to Indicated resource
status.
This first Elizabeth Hill MRE is a benchmark for what is expected to be a
continued high grade Ag growth story leading to the development of Australia's
highest-grade silver mine."
2026 Mineral Resource Estimate
The 2026 Mineral Resource Estimate (MRE) has been completed in collaboration
with mineral resource industry consulting firm ERM Australia Consultants Pty
Ltd (ERM).
The Elizabeth Hill Silver Project is located 45 km south of Karratha, WA, on
mining lease M47/342, held 70% by Crest Silver (West Coast Silver Ltd) and 30%
by Alien Metals subsidiaries (Figure 1). The lease covers part of the Munni
Munni Intrusive Complex, with silver mineralisation structurally controlled by
the Munni Munni Fault and hosted in altered ultramafic and granite rocks
within 50 m of the fault, with most mineralisation within 10 m. Silver is
closely linked to silica-carbonate veining, forming high-grade, nuggetty
native silver, mainly in ultramafic rocks.
In 2025, Errawarra Resources (now West Coast Silver) acquired 70% of the
Elizabeth Hill Project after completing three drilling programs.
Mineralisation contains restricted, ultra-high-grade veins of native silver.
An example of the ultra-high grades is the Karratha Queen silver specimen on
display within the Perth Mint which contains 3,250 oz of Ag recovered from
previous underground mining at Elizabeth Hill between 1999 and 2000. These
veins are known to occur in structurally controlled shoots with dimensions not
exceeding 5 m. For modelling, two domains were created. The first domain,
using a cut-off of 20 g/t Ag, was chosen to define the outer limit of
mineralisation. A second 5,000 g/t Ag high-grade domain was then modelled
around mined historic high-grade underground stopes.
Inside the 20 g/t Ag domain, 1,150 g/t Ag and 13,000 g/t Ag were selected as
cut-offs for high-grade indicators. Inside the 5,000 g/t Ag domain a 13,000
g/t Ag indicator was selected for the high-grade indicator.
For each domain, the proportion and grade were estimated by ordinary kriging;
the final block grade is the weighted average of the proportion and grade
estimated for each of the blocks.
A reconciliation was completed between previous production and the estimated
model. The reconciliation showed that inside the mined stope the model has
102% of the tonnes at 126% of the grade compared with production. The recorded
grade is the recovered grade and the amount of silver discharged to tailings
is not well documented.
Figure 1: Elizabeth Hill Exploration Tenement Package and Mine Location
The Mineral Resource estimate is detailed in Table 1.
Table 1: Elizabeth Hill Mineral Resource estimate
JORC Classification Tonnes (kt) Ag (g/t) Ag (koz)
Indicated 84 137 369
Inferred 57 1,331 2,426
Total 141 617 2,795
Notes to the Mineral Resource:
1. The tonnes and grades have been reported
inside a pit shell.
2. The Mineral Resource is reported in
accordance with the JORC Code 2012 Edition.
3. The Competent Person for the Mineral Resource
is Phil Jankowski FAusIMM of ERM.
4. Mineral Resources are reported at a cut-off
of 20 g/t Ag, constrained by an optimised open pit generated at A$85.71/oz Ag.
5. Rounding may lead to minor apparent
discrepancies.
Open Pit Optimisation Parameters
A pit optimisation using Whittle software implementation of the Lerch-Grossman
algorithm was completed to evaluate reasonable prospects for eventual economic
extraction (RPEEE). Optimisation considered the potential of using standard
open pit mining techniques, with a processing flowsheet of gravity-Merrill
Crowe cyanidation-flotation. A metal price of $US60/oz Ag was used; other
costs and physical inputs (Table 2) are based on ERM's experience and are
reasonable for the scale of the mineralisation. Based on the parameters
adopted, the cut-off grade is 20.8 g/t Ag, which for reporting has been
rounded to 20 g/t Ag.
Table 2: Open pit optimisation parameters
Parameter Units Value
Silver Price $US/oz 60
USD/AUD Exchange Rate Ratio 0.70
Silver Price $AU/oz 85.71
Royalty % of production 5%
Mining cost $AU/t 4.50
Mining Dilution % of insitu tonnes 5%
Mining Recovery % of insitu tonnes 5%
Payability % of production 99%
Processing cost $A/t of plant feed 45.57
General and Administrative cost $A/t of plant feed 3.00
Metallurgical recovery % of head grade 90
Overall pit slope angle Degrees 46
Table 3: Elizabeth Hill MRE by JORC classification grade tonnage table
Indicated Inferred Total
Cut-off Tonnes Ag (g/t) Ag (oz) Tonnes Ag (g/t) Ag (oz) Tonnes Ag (g/t) Ag (oz)
0 118,907 100 382,159 80,563 940 2,435,318 199,469 439 2,817,482
20 84,117 137 369,248 56,696 1,331 2,426,218 140,812 617 2,795,472
40 49,694 211 336,988 41,823 1,795 2,413,261 91,516 935 2,750,255
60 35,551 275 314,030 40,522 1,851 2,411,311 76,072 1,114 2,725,347
80 30,795 306 303,291 38,353 1,952 2,406,597 69,147 1,219 2,709,894
100 23,782 369 282,439 37,200 2,010 2,403,500 60,982 1,370 2,685,947
The optimal open pit has a footprint of approximately 200 m by 180 m and a
maximum depth of 130 m, reaching -15 m RL. It captures almost the entirety of
the current mineralisation, including mineralisation around the previous
underground operation. The mineralisation is insufficiently tested below the
pit shell. Additional lodes, especially high-grade material down plunge and
down dip, may produce a significant increase in the size of an optimal
resource reporting pit.
Views of the optimized pit and resource block model coloured by classification
are presented in Figure 2 to Figure 4.
Figure 2: Long section view of block model with pit shell shown.
Yellow=Indicated, Red=Inferred; Orange traces show planned and current diamond
holes and pink traces show planned and current RC holes.
Figure 3: View from southeast of model > 20 g/t Ag with pit shell.
Yellow=Indicated Red=Inferred; Orange traces show planned and current diamond
holes and pink traces show planned and current RC holes; .pit wall sliced for
clarity.
Figure 4: View from southeast of model > 20 g/t Ag with pit shell.
Yellow=Indicated, Red=Inferred; Orange traces show planned and current diamond
holes and pink traces show planned and current RC holes.
Listing Rule 5.8.1 Disclosure
Geology and Geological Interpretation
M47/342 covers part of the ultramafic basal portion of the Munni Munni
Intrusive Complex (MMIC) of the Sisters Supersuite, that intrudes granitoids
of the Cherratta Granitoid Complex.
A local geology map and schematic long section are presented in Figure 5 and
Figure 6 respectively.
Figure 5: Plan View Elizabeth Hill MRE open pit optimisation outline over
geology, 2025 aircore drilling results, 2026 planned diamond and RC
exploration drill collars and historic underground mined area projected to
surface.
Source: WCE ASX Announcement dated 24 February 2026 (modified)
Figure 6: Schematic Longitudinal Section, Elizabeth Hill Mine showing 2026 MRE
optimised pit shell, historical workings mineralisation grade distribution,
planned 2026 RC and Diamond extension drilling (in progress).
Note. Longitudinal Section is a rendition of the interpreted Munni Munni Fault
surface between granite rocks (west of sectional view) and the basal
ultramafic lithologies of the MMIC (east of sectional view).
Source: WCE ASX Announcement dated 14 April 2026 (modified).
The MMIC is a complex layered ultramafic-mafic intrusion, with layers of
dunite, lherzolite wehrlite olivine websterite, clinopyroxenite and websterite
within the ultramafic zone. The general stratigraphy of the MMIC comprises an
upper 3,630 m thick, generally massive Gabbroic Zone and a lower 1,850 m
thick, layered Ultramafic Zone which dip moderately to the south. Within the
project area, the MMIC comprises variations on pyroxenitic to peridotitic
units of the lowermost Ultramafic Zone.
Foliated granite to granodiorite is a widespread component of the Cherratta
Granitoid Complex, particularly around the MMIC. Additionally, various
granitoids that have intruded the Whundo Group are included within the unit.
The rock is locally k-feldspar porphyritic and weakly banded.
Primary igneous intrusive contacts between the MMIC Ultramafic Zone and the
underlying footwall to the intrusive CGC are exposed northeast of the
Elizabeth Hill mine and interpreted to plunge moderately south.
Silver mineralisation at Elizabeth Hill is structurally controlled and has a
clear spatial and genetic association with the subvertical north-trending
Munni Munni Fault. All the silver is hosted in fractured, veined,
metasomatised and/or broken ultramafic and granite within 50 m either side of
the fault, most within 10 m of the fault. The fault intersects the plunging
granite-ultramafic intrusive contact at a high angle and offsets that contact
several hundred metres, with an apparent east side down and lateral sinistral
movement.
In cross section, the silver mineralisation is apparently controlled and
localised around a flexure in the Munni Munni Fault with localised splays
along structures and the granite-ultramafic contact away from the fault.
Detailed modelling (ongoing) of the granite-ultramafic contact in the vicinity
of the mine indicates a region of complicated geometry on that contact that
most likely represents complex fault interactions with multiple fault planes
anastomosing and intersecting.
The great majority of mineralisation is localised in structure that juxtaposes
ultramafic against granite. Granite-granite juxtaposition on either side of
the fault has only relatively minor silver mineralisation. However, this
remains an area of active current exploration and previous conclusions may be
influenced by exploration that has concentrated solely on that
granite-ultramafic association, without examining possibilities beyond that
relationship.
Within the mineralised zone, silver is intimately associated with
silica-carbonate veining and alteration. High grade silver mineralisation
often forms nuggetty networks of native silver adjacent to areas of intense
carbonate veining in both ultramafic (dominantly) and granite (subordinately).
Several alteration types are recognised associated with the mineralised zones.
These include:
· Breccias with both pyroxenite and granite/gneiss clasts
· Silica or calcite matrix
· Intense silicification in and around the Munni Munni Fault
· Completely silicified zones
· Quartz and calcite veins.
These zones within the fault area are often overprinted by later brittle
fracturing deformation, most likely resulting from reactivation of the fault
as a brittle fracture zone post-dating mineralisation.
Weathering is variably developed and ranges from subcrop of fresh rock at
surface to penetration of oxidation and clayey alteration up to 30 m depth,
typically associated with intense late brittle fracturing.
Drilling Techniques
A total of 1,602 drillholes for 17,405.9 m have been completed in the project
area, as detail in Table 4. Most of the drilling meterage is from Diamond
Drilling (DD) and Reverse Circulation (RC) drillholes.
Table 4: Summary of drilling history
Year(s) No. of holes Hole Type Metres
1987 11 RC 805
1989 1 DD 12.9
8 RAB 187.5
2 RC 147
6 RCD 656.25
1999 8 DD 102.4
2000 10 DD 138.1
47 RC 2,419
693 SL 1,545.1
314 FC 526.95
2001 9 DD 392.6
2002 22 RC 2,367
2010 1 RC 180
2021 4 DD 213.2
1 TR 47
2022 3 RC 313
2025 6 AC 70
25 DD 2,186.05
Absent 78 DD 1,222.8
313 FC 525.55
40 RC 3,348.5
TOTAL 1,602 17,405.9
Sampling and Sub-sampling techniques
Historic Drilling
Alien Metals Drilling 2021-24
All RC samples are put through a cone splitter, and the sample was collected
in a unique pre-numbered calico sample bag. The moisture content of each
sample was recorded in the database.
The RC samples are sorted, oven dried, the entire sample is pulverised in a
one stage process to 85% passing 75 µm. The bulk pulverised sample was then
bagged and approximately 200 g extracted by spatula to a numbered paper bag
that was used for the assay charge.
The DD samples were cut in half, and the right half of the core was submitted
for assay. They are oven dried, jaw crushed to nominal <10 mm, 3.5 kg was
obtained by riffle splitting and the remainder of the coarse reject was bagged
while the 3.5 kg was pulverised in a one stage process to 85% passing 75 µm.
The bulk pulverized sample was then bagged and approximately 200 g extracted
by spatula to a numbered paper bag that was for the assay charge.
For some RC drilling, typically in areas where the geologist decides that
there is no mineralisation, 4 m composite samples were taken and used for
assay. The RC drill spoil samples were collected by traversing each sample
pile systematically by scoop to obtain similar volumes of representative
material for the nominated composite interval. This is regarded as a fit for
purpose sampling regime for the type of drilling and the current stage of
exploration.
Field duplicate RC sampling was also undertaken with the drillers collected a
duplicate sample, at the same time as the main sample, off the second sample
port on the cone splitter or re-splitting of the reject interval if using a
riffle splitter.
The samples were then sent to Bureau Veritas Laboratory for sample preparation
and analysis. At the laboratory, the samples were sorted and discrepancies to
documentation notified to the Company, oven dried, crushed to -10 mm for core
samples, riffle split if oversize and the bulk reject was retained. The sample
was then pulverised in a vibrating disc pulveriser in a single step to 95%
passing 105 µm, a ~200 g was split off and bagged for analysis and the bulk
reject was retained. The sample sizes are appropriate for the geology and
style of mineralisation being investigated.
Pre-2021 Historical Drilling
Various sampling methods have been employed previously for non-core drilling.
Information is available for some anomalous drill holes discussed in this
report. Samples for drill hole AG43 have been riffle split and spear sampled
from drill spoils.
The CP cannot confirm but expects the core was cut and sampled according to
industry standard (half core) techniques. Information on sample moisture
content is available for some drilling. Where available most samples were dry.
Sample sizes have not been described in historical reports.
WCE Drilling 2024-present
Diamond Drilling
Samples for laboratory analyses were taken by sawing the DD core in half along
a cutting line, which is offset from the core orientation line. The half of
the drill core without the orientation line was collected for assaying.
Duplicate samples were collected by sawing the remaining half core into two
quarter cores, taking a quarter core but preserving the quarter core with the
orientation line. Original and QAQC samples (standards, blanks and core
duplicates) were sent to the laboratory for analysis (ALS Perth for all
elements and secondary assaying at ALS Langley Canada for any over grade Ag
assays).
DD core samples were fine crushed (CRU-42a) to 90% passing 3.15 mm. The sample
was then rotary split directly from the crusher (SPL-22a) and pulverised to
obtain 750 g to 85% passing 75 µm (method PUL-25e). These preparation methods
are standard and appropriate for the samples.
The 1 m half core samples are appropriate to the grain size of the material
being sampled. Where intervals of native silver were logged, these were
sampled to mineralogical boundaries as low as 0.2 m in length.
Air Core Drilling
A hydraulic rotary sample splitter on the aircore rig was used to obtain a
representative 2 kg - 3 kg sample of every metre drilled in a pre-numbered
calico bag.
Based on geological logging, selected 1m samples were collected per hole for
silver assaying, as part of a 48-element suite, with the remainder of the 1 m
samples secured as back up to any composite samples collected in the same
hole. If a hole was partially or not sampled on a 1 m basis, the rest of the
hole was sampled as 2 m or 3 m composites.
All sampling excluded the transported cover rocks.
When compositing, a uniquely numbered calico bag was used, and the sample was
collected by using a scoop through the sample pile to ensure the sample was as
representative as possible.
One metre, and two and three metre composite samples were sent to the ALS
Geochemistry laboratory in Perth for analysis of 48 elements, including Ag, by
method ME-MS61L.
Samples were oven dried as required, fine crushed to 90% passing 3.15 mm,
pulverised, and split to obtain a nominal 500 g sub sample for assaying. The
remainder of the sample was to be retained as a coarse reject.
Certified Reference Material (CRM) standards (OREAS 608b & 611b), and
blanks were inserted approximately every 25 and 50 samples, respectively. No
field duplicates were collected as the drilling was deemed reconnaissance in
nature.
The 2 kg - 3 kg sample size is considered appropriate for the material being
sampled.
Sample Analysis Method
Historic Drilling
Alien Metals Drilling 2021-24
Assaying was completed by Bureau Veritas Laboratory in Perth, an accredited
commercial laboratory. All sample results have been received.
For both RC and DD drilling samples, appropriate commercial CRM standards,
blanks and field duplicates were submitted at the rate of around 5% of all
samples.
An aliquot of sample was fused with Sodium Peroxide, and the melt was
dissolved in dilute hydrochloric acid and the solution analysed via
Inductively Coupled plasma (ICP) Mass Spectrometry (MS). The detection limit
for Ag was 5 g/t Ag.
As part of normal procedures, Alien examined all standards and blanks to
ensure that they are within tolerances. Additionally, sample size, grind size
and field duplicate results are examined to ensure no bias to silver grade
exists.
Pre-2021 Historical Drilling
Assaying and laboratory procedures are not available for most historical
drilling. However, this information is available for some of the drill holes
described in this report.
Samples were sent to Genalysis Laboratories for analysis of Ag only by a
two-acid (perchloric/hydrochloric) digest with atomic absorption spectrometry
(AAS) finish (lab code C/AAS) to a detection limit of 1 g/t Ag.
Some drill samples of each batch were check assayed at Genalysis and Ultra
Trace Laboratories by an accelerated cyanide leach with an AAS finish (lab
code Leachwell/AAS) to a detection limit of 1 g/t Ag.
Some samples of each batch were also analysed by Genalysis for Ag only by an
Aqua Regia digest with an AAS finish (lab code B/AAS) to a detection limit of
0.1 g/t Ag. The tenor of results from different analytical techniques and
different laboratories was generally comparable. The Competent Person (CP)
could not independently verify the QA/QC of these analyses.
C/AAS is considered a partial extraction.
West Coast Silver has completed sufficient verification of the assay data, and
in the CP's opinion it provides sufficient confidence the assaying was
appropriate for the mineralisation present and is fit for purpose.
None of the previous reports that have been reviewed by West Coast Silver to
date specified the use of any spectrometers or handheld XRF tools.
Information on sample preparation and QA procedures is not available for most
drilling.
WCE Drilling 2024-present
Diamond Drilling
Laboratory samples were analysed at ALS laboratories (Perth) for 48 elements,
four acid digestion and ICP-MS finish. Samples with above upper detection
limit analyses (>100 g/t Ag) were then analysed at ALS Perth with Ag-OG62
(four acid, ore grade Ag), ME-OG62 (four acid ore grade elements), Pb-OG62
(ore grade Pb - four acid) and Zn-OG62 (ore grade Zn - four acid). For Ag
assays >1,500g/t Ag, samples were sent to ALS Langley (Canada) for analysis
by Ag-GRA21 (Ag 30g FA-GRAV finish). For Ag assays >10,000 g/t, samples
were then further analysed at ALS Langley by Ag-CON01 (Ag concentrate).
Four acid digestion is considered near total digestion.
The first samples analysed at the start of each hole were a blank then a
standard before assaying of core samples, then ending the sample run for the
hole with a standard then a blank.
CRM standards (OREAS 303b, OREAS-602c, OREAS-608b, OREAS-611b) were inserted
in the sampling stream as every 25(th) sample. Duplicate samples (quarter
core) were collected as every 50(th) sample. Irrespective of where intervals
of native silver were sampled in the hole, a duplicate sample was collected
which was followed by insertion of a blank.
Acceptable levels of accuracy and precision have been established for all CRM
standards and for the majority of the blank material.
Four blanks which had been inserted after core intervals with visible native
silver showed some contamination of the blanks from the previous extremely
high-grade Ag sample of <1% relative as carry-over from the crusher and
pulveriser. The CP considers the levels of carry-over is acceptable and there
was no direct evidence of further contamination after the blank on succeeding
samples.
Air Core Drilling
Laboratory samples were analysed at ALS laboratories (Perth) for 48 elements,
four acid digestion and ICP-MS finish. Samples with above upper detection
limit analyses (>100 g/t Ag) were then analysed at ALS Perth with Ag-OG62
(four acid, ore grade Ag), ME-OG62 (four acid ore grade elements). For Ag
assays >1,500 g/t Ag, samples were sent to ALS Langley (Canada) for
analysis by Ag-GRA21 (Ag 30 g FA-GRAV finish).
A 0.25 g split of the samples were analysed with the ALS ME-MS61L method that
provides ALS's lowest detection levels (0.002 g/t for Ag) from a four-acid
digestion with 48 elements determined by ICP-MS.
ME-MS61L is considered a near total digestion.
Standards and blanks were inserted in the sampling sequence for analysis with
the ME method.
Acceptable levels of accuracy and precision have been established for all CRM
standards and for all but one of the blank materials.
Aircore assays are regional geochemical results that are used to identify
areas for further follow up exploration, and anomalies identified generally
consist of several elevated samples. The CP notes minor carry-over
contamination in one blank sample from the pulveriser or crusher does not
affect anomaly identification.
Mineral Resource Estimate and Classification
Silver mineralisation domains were modelled using Leapfrog Geo. Given the very
high variability of mineralisation, and the known occurrence of extreme
grades, it was recognised that multiple domains would be required.
For the domaining exercise, all available data was used. To supplement the
drilling and sampling data, a grid of flat lying pseudo-drillholes on a 5 m by
5 m grid was created and intersected with the historic stope. These
intersections were used to supplement the intersections of drillholes, and in
places expand the outer contact to ensure the mineralised domain captures all
the stope.
In each domain, the domained composite datasets are highly skewed, with high
coefficient of variance and maxima in the percentage range. This is a result
of the presence of small, extreme grade structures that could not be either
effectively sampled by the drilling grid or sub-domained.
An indicator approach for grade interpolation was used to restrict the
influence of the high-grade Ag composites. For the 20 g/t Ag domain the
following approach was adopted:
• Estimate the proportion (IND2) of each block between ≥
1150 g/t Ag and < 13,000 g/t Ag by indicator kriging, the proportion will
be between 0 and 1.
• Estimate the proportion (IND3) of each block ≥ 13,000 g/t
Ag by indicator kriging, the proportion will be between 0 and 1.
• The proportion (IND1) of each block < 1150 g/t Ag will be
IND1 = 1 - IND2 -IND3.
Grades for domain 20 g/t Ag domain were interpolated in three bins:
• Bin 1 (AG1) only used composite grades < 1150 g/t Ag.
• Bin 2 (AG2) only used composite grades between ≥ 1150 g/t
Ag and < 13,000 g/t Ag.
• Bin 3 (AG3) only used composite grades ≥ 13,000 g/t Ag.
The final grade (AG_PPM), a weighted average for each block is then calculated
by the following formula:
• AG_PPM = (IND1 * AG1) + (IND2 * AG2) + (IND3 * AG3)
A similar approach was used for the 5,000 g/t Ag domain:
• Estimate the proportion (IND5) of each block ≥ 13,000 g/t
Ag by indicator kriging, the proportion will be between 0 and 1.
• The proportion (IND4) of each block < 13,000 g/t Ag will
be IND4 = 1 - IND5.
Grades for domain the 5,000 g/t Ag domain were interpolated in two bins:
• Bin 4 (AG4) only used composite grades < 13,000 g/t Ag.
• Bin 5 (AG5) only used composite grades ≥ 13,000 g/t Ag.
The final grade (AG_PPM), a weighted average for each block is then calculated
by the following formula:
• AG_PPM = (IND4 * AG4) + (IND5 * AG5)
Validation of grade estimates was completed by:
• Manual check of order relations with no issues identified
• Visual checks on screen in cross section and plan view to
ensure that block model grades honour the grade of the composites
• Statistical comparison of composite and block grades
• Generation of swath plots to compare input and output grades
in a semi-local sense, by easting, northing and elevation
• Reconciliation of the previously mined stope with the
current block model.
Drilling produced a coherent, geologically plausible interpretation of the
mineralisation that matches the known controls.
The QAQC data available for the recent data demonstrates it is of acceptable
quality, being reasonably accurate and precise and fit for purpose of
estimating the Mineral Resource.
The comparison between the model prediction and the production records is
reasonable, with the caveat that the production records are suspected of being
incomplete and do not account for the Ag discharged to tailings.
Previous mining has demonstrated that the mineralisation was able to be mined
from a selective underground operation; less selective open pit mining is
therefore highly likely to be able to define and extract mineralisation at the
calculated economic cut-off of 20 g/t Ag.
In the resource dataset, there is a relatively dense grid of recent surface RC
and diamond drillholes in the upper, northern lobe; in the deeper southern
lobe the majority of the available data comprises underground diamond
drilling, face and channel samples, and sludge holes. To reproduce the shape
of the mineralisation as demonstrated by the previous stopes, it was necessary
to use the grades from this data; however the quality of the sampling from
face samples and sludge drilling is not generally suitable for resource
estimation.
A distance buffer of 7.5 m from the existing drill data in the upper part of
the mineralisation was used to classify Indicated; other blocks were
classified Inferred.
Grade Cut-off Parameters
Based on the parameters outlined in the Mining Factors and Assumptions used in
pit optimisation, the calculated cut-off grade is 20.8 g/t Ag, which for
reporting purposes has been rounded to 20 g/t Ag.
Mining and Metallurgical Methods and Parameters
A pit optimisation was completed to demonstrate reasonable prospects for
eventual economic extraction (RPEEE). Optimisation considered the potential of
using Gravity - Merrill Crow - Flotation processing with assumed costs of:
• Silver price of A$85.71 (US$60 at AUD/USD exchange rate of
0.70)
• Royalty of 5%
• Payability of 99%
• Mining cost of A$4.5/t of rock
• Mining dilution of 5%
• Mining recovery of 95%
• Processing cost of A$45.57/t of feed
• General and Administrative cost - A$3/t of feed
• Processing recovery - 90%
• Overall pit slope angle - 46 degrees.
Based on the parameters outlined above, the calculated cut-off grade is 20.8
g/t Ag, which for reporting purposes has been rounded to 20 g/t Ag.
Previous production at Elizabeth Hill utilised a gravity circuit. Historical
recovery data is not available. A processing flowsheet of gravity-Merrill
Crowe cyanidation-flotation was considered for the pit optimisation with an
assumed recovery of 90%.
Elizabeth Hill Silver Project
Elizabeth Hill is one of Australia's high-grade silver projects (based on
historical production grades) and has a proven production history. Key points
are outlined below:
· High grades enabled low processing tonnes. A total of 1.2 Moz of
silver was produced from just 16,830t of ore at a head grade of 2,194g/t (70.5
oz/t Ag)(( 1 (#_ftn1) )).
· Mining operations ceased in 2000 as a result of low silver prices (US
$5/oz)(( 2 (#_ftn2) )).
· Simplistic historical processing techniques were used focussing only
on native silver extraction. Native silver was recovered via low-cost gravity
separation techniques.
· Untapped mineral resource expansion potential remains. The Elizabeth
Hill deposit remains open at depth and along strike. Recent consolidation of
the WCE tenement land holding offers potential to discover more Elizabeth Hill
style deposits near mine and regionally.
· World leading silver grades located on a mining lease with proximity
to the Radio Hill processing facility.
Through the consolidation of surrounding land packages into a single
contiguous 180 km(2) package where WCE has silver exploration rights over
Greentech (GRE) and Alien (UFO-AIM), significant exploration and growth
potential has been created near mine and regionally (refer Figure 1). 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 silver deposit analogues.
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 Chairman
West Coast Silver Limited
E: info@westcoastsilver.com.au
Competent Person Statement
The information in this Report that relates to the current Mineral Resource
estimate is based on, and fairly reflects, information compiled by Mr Phil
Jankowski. Mr Jankowski is a full-time employee of ERM and is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Jankowski has sufficient
experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as
Competent Person as defined in the 2012 Edition of the Australasian Code for
the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code). Mr Jankowski consent to the disclosure of the information in this
Report in the form and context in which it appears.
Forward-Looking Statements
Statements in this announcement which are not statements of historical facts
are forward-looking statements. These statements instead represent
management's current expectations, estimates and projections regarding future
events. Although management believes the expectations reflected in such
forward-looking statements are reasonable, forward-looking statements are
based on the opinions, assumptions and estimates of management at the date the
statements are made and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Accordingly, investors are cautioned not to place undue reliance on such
statements.
Cautionary Statement
This document is neither a prospectus nor an offer to subscribe for fully paid
ordinary shares. West Coast Silver and its directors, employees and
consultants make no representations or warranty as to the accuracy,
reliability or completeness of this document, and have no liability, including
liability to any person by reason of negligence of, or contained in or derived
from, or for any omissions from this document, except liability under statute
that cannot be excluded. This document contains reference to certain targets
and plans of West Coast Silver which may or may not be achieved. The
performance of West Coast Silver may be influenced by a number of factors,
uncertainties and contingencies, many of which are outside the control of the
Company and its directors, staff and consultants.
JORC Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or · Samples for laboratory analyses were taken by sawing the diamond drill
specific specialised industry standard measurement tools appropriate to the (DD) core in half along a cutting line, which is offset from the core
minerals under investigation, such as down hole gamma sondes, or handheld XRF orientation line. The half of the drill core without the orientation line was
instruments, etc). These examples should not be taken as limiting the broad collected for assaying. Duplicate samples were collected by sawing the
meaning of sampling. remaining half core into two quarter cores, taking a quarter core for the
assay and preserving the quarter core with the orientation line. Sample length
· Include reference to measures taken to ensure sample representivity was typically 1 m but could be as high as 1.3 m and as low as 20 cm. The short
and the appropriate calibration of any measurement tools or systems used. sample lengths were designed to separately capture the zones of visible native
silver mineralisation. Original and QAQC samples (CRM standards, blanks and
· Aspects of the determination of mineralisation that are Material to core duplicates) were sent to the laboratory for analysis (ALS Perth for all
the Public Report. elements and secondary assaying at ALS Langley Canada for any over grade Ag
assays).
· In cases where 'industry standard' work has been done this would be
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m · Entire DD samples were fine crushed (CRU-42a) to 90% passing 3.15 mm. The
samples from which 3 kg was pulverised to produce a 30 g charge for fire sample was then rotary split directly from the crusher (SPL-22a) and
assay'). In other cases, more explanation may be required, such as where there pulverised to obtain 750 g to 85% passing 75 µm (method PUL-25e). These
is coarse gold that has inherent sampling problems. Unusual commodities or preparation methods are industry standard and appropriate for the samples.
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, rotary · Drilling was undertaken with a track-mounted LF90 diamond core drill rig
air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple capable of drilling HQ core to 600 m. Core was recovered in a triple tube. All
or standard tube, depth of diamond tails, face-sampling bit or other type, the core in this program was drilled HQ3.
whether core is oriented and if so, by what method, etc).
· The drill rig was lined up on the proposed dip and azimuth by the
drillers using an Azimuth Aligner instrument.
· Core was orientated using Reflex ACT III HQ tool.
· Drill hole collars were surveyed using an IMDEX TN14 Gyro and
Differential GPS.
· A Reflex Omni X-42 North Seeking Gyro was used for downhole surveying of
the drill holes and was calibrated prior to use, with readings taken at
approximately every 5m on the in and out run.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Core recovery was systematically recorded from the commencement of
results assessed. diamond coring to the end of hole, by reconciling against driller depth
blocks, production plods and knowledge obtained from visual inspection.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · Core recoveries typically averaged above 90% with isolated minor zones of
Whether a relationship exists between sample recovery and grade and whether lessor recovery.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material. · No relationship has been established between core recovery and grade.
There is no reason to expect any sampling bias.
· Detailed core recovery data was noted throughout the drilling by the
drilling crew and confirmatory measurements were collected and recorded by the
geologist as part of the geotechnical logging.
Logging · Whether core and chip samples have been geologically and · Diamond drill core was orientated and geologically and geotechnically
geotechnically logged to a level of detail to support appropriate Mineral logged for the entire drill hole by an experienced team of geologists with the
Resource estimation, mining studies and metallurgical studies. data stored in a database.
· Whether logging is qualitative or quantitative in nature. Core (or · All core logging was both qualitative and quantitative in nature.
costean, channel, etc) photography.
· Photographs are taken prior to the cutting and sampling of the core; core
· The total length and percentage of the relevant intersections logged. is wetted to improve the visibility of features in the photographs.
Subsampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Samples for laboratory analyses were taken by sawing the DD core in half
taken. along a cutting line, which is offset from the core orientation line. The half
of the drill core without the orientation line was collected for assaying.
· If non-core, whether riffled, tube sampled, rotary split, etc and Duplicate samples were collected by sawing the remaining half core into two
whether sampled wet or dry. quarter cores, taking a quarter core but preserving the quarter core with the
orientation line. Original and QAQC samples (CRM standards, blanks and core
· For all sample types, the nature, quality and appropriateness of the duplicates) were sent to the laboratory for analysis (ALS Perth for all
sample preparation technique. elements and secondary assaying at ALS Langley Canada for any over grade Ag
assays).
· Quality control procedures adopted for all subsampling stages to
maximise representivity of samples. · Entire DD core samples were fine crushed (CRU-42a) to 90% passing 3.15
mm. The sample was then rotary split directly from the crusher (SPL-22a) and
· Measures taken to ensure that the sampling is representative of the pulverised to obtain 750 g to 85% passing 75 µm (method PUL-25e). These
in-situ material collected, including for instance results for field preparation methods are standard and appropriate for the samples.
duplicate/second-half sampling.
· The 1m half core samples are appropriate to the grain size of the
· Whether sample sizes are appropriate to the grain size of the material being sampled. Where intervals of native silver were logged, these
material being sampled. were sampled to mineralogical boundaries as low as 0.2 m in length.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Laboratory samples were analysed at ALS laboratories (Perth) for 48
laboratory procedures used and whether the technique is considered partial or elements, four acid digestion and ICP-MS finish. Samples with above upper
total. detection limit analyses (>100 g/t Ag) were then analysed at ALS Perth with
Ag-OG62 (four acid, ore grade Ag), ME-OG62 (four acid ore grade elements),
· For geophysical tools, spectrometers, handheld XRF instruments, etc, Pb-OG62 (ore grade Pb - four acid) and Zn-OG62 (ore grade Zn - four acid). For
the parameters used in determining the analysis including instrument make and Ag assays >1,500 g/t Ag, samples were sent to ALS Langley (Canada) for
model, reading times, calibrations factors applied and their derivation, etc. analysis by Ag-GRA21 (Ag 30 g FA-GRAV finish). For Ag assays >10,000 g/t,
samples were then further analysed at ALS Langley by Ag-CON01 (Ag
· Nature of quality control procedures adopted (e.g., standards, concentrate).
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e., lack of bias) and precision have been established. · Four acid digestion is considered a near total digestion.
· The first samples analysed at the start of each hole were a blank then a
standard before assaying of core samples, then ending the sample run for the
hole with a standard then a blank.
· Certified reference material (CRM) standards (OREAS 303b, OREAS-602c,
OREAS-608b, OREAS-611b) were inserted in the sampling stream as every 25(th)
sample. Duplicate samples (quarter core) were collected as every 50(th)
sample. Irrespective of where intervals of native silver were sampled in the
hole, a duplicate sample was collected which was followed by insertion of a
blank.
· Acceptable levels of accuracy and precision have been established for all
CRM standards and for the majority of the blank material.
· Four blanks which had been inserted after core intervals with visible
native silver showed some contamination of the blanks from the previous
extremely high-grade Ag sample of <1% relative as carry-over from the
crusher and pulveriser. The Competent Person (CP) considers the levels of
carry-over is acceptable and there was no direct evidence of further
contamination after the blank on succeeding samples.
Verification of sampling and assaying · The verification of significant intersections by either independent · Significant silver intercepts reported in this announcement were
or alternative company personnel. generated by ERM's Principal Structural Geologist and QAQC cross checking and
validation completed by the CP.
· The use of twinned holes.
· October 2025 diamond drilling twinned several historical drill holes to
· Documentation of primary data, data entry procedures, data verify their reported grades.
verification, data storage (physical and electronic) protocols.
· Primary data have been entered into spreadsheets on laptops which then
· Discuss any adjustment to assay data. have been verified and entered into the database.
· No adjustments were made to the assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Diamond drill holes are located using a Differential GPS (DGPS) with
and down-hole surveys), trenches, mine workings and other locations used in accuracy to within 20 cm for northing and easting. Historical collars have
Mineral Resource estimation. been surveyed by DGPS where collars were found.
· Specification of the grid system used. · 2025 drilling uses a downhole north seeking gyro for surveys that
provides continuous readings in and out of the drill hole. The data is
· Quality and adequacy of topographic control. uploaded into a database for storage.
· A 0.5 m DTM is used for topographic control.
· Data has been collected in GDA94/MGA Zone 50 and converted to GDA20/MGA
Zone 50.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drill holes were spaced 15-25 m apart on drill lines that were spaced
10-20 m apart. Drill holes were either designed to verify historical drill
· Whether the data spacing, and distribution is sufficient to establish results and/or test for extensions of mineralisation.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · No Mineral Resource or Ore Reserve are reported.
· Whether sample compositing has been applied. · Core samples for laboratory analyses have been taken of the entire drill
hole on a 1 m sample length but may be reduced to 0.2 m or extended to 1.3 m
where geological or mineralogical parameters are required. The exception was
for drill holes 25WCDD023 and 25WCDD025 which have been sampled every 5(th)
metre in the upper parts of the drill holes and then every metre through the
zone interpreted to potentially contain mineralisation.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drill holes were oriented with a dip of -60° towards 270°. This hole
possible structures and the extent to which this is known, considering the orientation was designed to intersect the north-south trending, sub-vertical,
deposit type. mineralised structural envelope as close to perpendicular. Geologically
described logged intersections do not represent true thickness.
· If the relationship between the drilling orientation and the
orientation of key mineralized structures is considered to have introduced a · The drill orientation is not expected to have introduced any sampling
sampling bias, this should be assessed and reported if material. bias.
Sample security · The measures taken to ensure sample security. · Drill core was transported from the drill rig to the storage facility in
Karratha by WCE personnel.
· Samples have been stored in a secured yard in Karratha under supervision
by WCE personnel.
· Diamond core samples were collected in individual calico bags, and
several calico bags were then placed in labelled polyweave bags that were zip
locked. Polyweave bags were subsequently loaded into labelled bulka bags that
were tied off and secured for transportation.
· A chain of control was utilised for tracking of samples from Karratha to
the lab in Perth.
· Samples were dispatched to the ALS laboratory in Perth via a commercial
transport company.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No audits or reviews of the sampling techniques has been undertaken by
West Coast Silver or any independent parties. The data has been audited by
ERM's Database Manager before entering into the database. The Database Manager
also completed an audit of the QAQC samples.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The results reported in this announcement refer to core from holes
agreements or material issues with third parties such as joint ventures, drilled wholly on M47/342.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · The tenement lies within the Ngarluma Native Title claim.
· The security of the tenure held at the time of reporting along with · The tenement is in good standing with no known impediments.
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · The Elizabeth Hill deposit and adjoining area has been explored for
Ni, Cu, PGM, base metals, Li and Ag mineralisation since 1968 when US Steel
International Inc explored the area for base metals and nickel.
· Massive silver was discovered in ~1994-1995 by Legend mining NL in
a percussion hole drilling program. Further drilling followed and in 1997 an
exploration shaft and drive was sunk by East Coast Minerals NL.
· Underground mining at Elizabeth Hill was conducted in 1999-2000
with additional drilling completed by East Coast Minerals NL until the project
was sold to Global Strategic Metals NL in 2012. Alien Metals Ltd purchased the
lease M47/342 in early 2020.
· Considerable exploration for Ni, Cu, PGM was conducted by Hunter
Resources dating back to the 1980s.
· Helix Resources acquired the Munni Munni Project in the late 1990's
and undertook a number of scoping studies.
· In 2002, a SRK Mineral Resource estimate for PGE and Au was
published in accordance with the JORC code.
· Subsequently, Platina Resources undertook mining studies and two
scoping studies for the PGE and Au mineralisation.
Geology · Deposit type, geological setting and style of mineralisation. · The Elizabeth Hill silver mineralisation is structurally controlled
and is located at the contact of the ultramafic Munni Munni intrusion to the
east and Archaean gneisses and granites to the west. This contact is occupied
by the north-south trending Munni Munni Fault. Mineralisation has been
intersected over a 100 m north-south zone along the boundary of the Munni
Munni Fault, plunging south along the granite contact. The zone has an
east-west width of 15-20 m with the high-grade core restricted to around 3 m
width in the region of the underground workings. The mineralised zone is
separated into several pods and occurs within a quartz carbonate chalcedonic
silica breccia that contains carbonate and quartz veins. The silver occurs in
fine disseminations, needles, veins, nuggets and platelets up to several
centimetres in diameter.
Drill hole Information · A summary of all information material to the understanding of the · Exploration results are not being reported.
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Recent or historical drilling assay data referenced has previously
maximum and/or minimum grade truncations (e.g., cutting of high grades) and been reported in ASX announcements.
cut-off grades are usually Material and should be stated.
· No metal equivalent values are reported.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Drill hole intersections reported are not true widths due to the
Exploration Results. sub vertical geometry of the mineralised body and -60° dip of the drill
holes.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g., 'down hole length,
true width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Appropriate maps and figures have been included in this
intercepts should be included for any significant discovery being reported. announcement.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · All relevant and material exploration data to highlight the areas
practicable, representative reporting of both low and high grades and/or discussed in this announcement have been reported or referenced.
widths should be practiced to avoid misleading reporting of Exploration
Results · Drill assay information relevant to this announcement has been
provided above in the body of the announcement.
· Historical drill data and assay results referenced in this
announcement have been previously reported in ASX announcements.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · All relevant and material exploration data for the areas
reported including (but not limited to): geological observations; geophysical discussed in this report.
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g., tests for · Further work will include but not limited to systematic geological
lateral extensions or depth extensions or large-scale step-out drilling). mapping, channel and rock chip sampling, soil sampling, pXRF, geophysics,
structural interpretation, historical data compilation, and drilling to
· Diagrams clearly highlighting the areas of possible extensions, identify suitable host rock geology and structural architecture for
including the main geological interpretations and future drilling areas, polymetallic mineralisation.
provided this information is not commercially sensitive.
· Interpretive diagrams are included in this announcement.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · ERM completed validation of the drill hole data when importing data
example, transcription or keying errors, between its initial collection and into the various software packages used in this Mineral Resource estimate.
its use for Mineral Resource estimation purposes.
· Data validation procedures used.
Site visits · Comment on any site visits undertaken by the Competent Person and · The Competent Person has not conducted a site visit. ERM geologists
the outcome of those visits. have made numerous site visits during 2025, including direct supervision of
drilling, sampling and sample dispatch.
· If no site visits have been undertaken indicate why this is the
case.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The Munni Munni Fault ("MMF") was modelled from regional
interpretation of the mineral deposit. geophysical data and logged fault intersections. Along with the second order
north dipping Elizabeth Hill Fault, these two faults were used as inputs to
· Nature of the data used and of any assumptions made. product a set of fault bounded wireframes of the footwall granite-gneiss and
the hangingwall ultramafic.
· The effect, if any, of alternative interpretations on Mineral
Resource estimation. · The mineralisation model was designed on a nominal 20 g/t Ag
cut-off to capture the mineralised volume, in both the hangingwall and
· The use of geology in guiding and controlling Mineral Resource footwall of the MMF.
estimation.
· The historic underground stopes were used to supplement drilling
· The factors affecting continuity both of grade and geology. and sampling data where appropriate; the overall mineralisation matches the
previous mined mineralisation well.
· An internal nominal 5000 g/t Ag High Grade domain was interpreted
to segregate the previously mined high-grade mineralisation from lower grade
mineralisation.
Dimensions · The extent and variability of the Mineral Resource expressed as · The mineralisation has a strike length of approximately 70 m, and
length (along strike or otherwise), plan width, and depth below surface to the plunges to the south 130 m. In plan it has an elongated ovoid shape, with a
upper and lower limits of the Mineral Resource. maximum plan width of 25 m. There are two distinct but conjoined lobes, the
lower one offset to the south with respect to the upper northern lobe.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) · In each domain, the domained composite datasets are highly skewed,
applied and key assumptions, including treatment of extreme grade values, with high coefficient of variance and maxima in the percentage range. This is
domaining, interpolation parameters and maximum distance of extrapolation a result of the presence of small, extreme grade structures that could not be
from data points. If a computer assisted estimation method either effectively sampled by the drilling grid or sub-domained.
was chosen include a description of computer software and parameters used.
· An indicator approach for grade interpolation was used to restrict
· The availability of check estimates, previous estimates and/or the influence of the high-grade Ag composites. For the Low-grade Domain the
mine production records and whether the Mineral Resource estimate following approach was adopted:
takes appropriate account of such data.
· Estimate the proportion (IND2) of each block between ≥ 1150 g/t
· The assumptions made regarding recovery of by-products. Ag and < 13,000 g/t Ag by indicator kriging, the proportion will be between
0 and 1.
· Estimation of deleterious elements or other non-grade variables
of economic significance (eg sulphur for acid mine · Estimate the proportion (IND3) of each block ≥ 13,000 g/t Ag by
drainage characterisation). indicator kriging, the proportion will be between 0 and 1.
· In the case of block model interpolation, the block size in · The proportion (IND1) of each block < 1150 g/t Ag will be IND1
relation to the average sample spacing and the search employed. = 1 - IND2 -IND3.
· Any assumptions behind modelling of selective mining units. · Grades for domain 1,000 were interpolated in three bins:
· Any assumptions about correlation between variables. · Bin 1 (AG1) only used composite grades < 1150 g/t Ag.
· Description of how the geological interpretation was used to · Bin 2 (AG2) only used composite grades between ≥ 1150 g/t Ag
control the resource estimates. and < 13,000 g/t Ag.
· Discussion of basis for using or not using grade cutting or · Bin 3 (AG3) only used composite grades ≥ 13,000 g/t Ag.
capping.
· The final grade (AG_PPM) for each block is then calculated by the
· The process of validation, the checking process used, the following formula:
comparison of model data to drill hole data, and use of reconciliation data
if available. · AG_PPM = (IND1 * AG1) + (IND2 * AG2) + (IND3 * AG3)
· A similar approach was used for the High-Grade Domain:
· Estimate the proportion (IND5) of each block ≥ 13,000 g/t Ag by
indicator kriging, the proportion will be between 0 and 1.
· The proportion (IND4) of each block < 13,000 g/t Ag will be
IND4 = 1 - IND5.
· Grades for domain 2,000 were interpolated in two bins:
· Bin 4 (AG4) only used composite grades < 13,000 g/t Ag.
· Bin 5 (AG5) only used composite grades ≥ 13,000 g/t Ag.
· The final grade (AG_PPM) for each block is then calculated by the
following formula:
· AG_PPM = (IND4 * AG4) + (IND5 * AG5)
· Validation of grade estimates was completed by:
· Manual check of order relations with no issues identified
· Visual checks on screen in cross section and plan view to ensure
that block model grades honour the grade of the composites
· Statistical comparison of composite and block grades
· Generation of swath plots to compare input and output grades in a
semi-local sense, by easting, northing and elevation
· Reconciliation of the previously mined stope with the current
block model.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · The estimates are on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The reporting cut-off of 20 g/t Ag was based on the economic
applied. factors used as inputs for the open pit optimisation.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum · A pit optimisation was completed to evaluate the reasonable
mining dimensions and internal (or, if applicable, external) mining prospects for eventual economic extraction (RPEEE). Optimisation considered
dilution. It is always necessary as part of the process the potential of using Gravity - Merrill Crow - Flotation processing with
of determining reasonable prospects for eventual economic extraction to assumed costs of:
consider potential mining methods, but the assumptions made regarding mining
methods and parameters when estimating Mineral Resources may not always be · Silver price of A$85.71 (US$60 at AUD/USD exchange rate of 0.70)
rigorous. Where this is the case, this should be reported with an explanation
of the basis of the mining assumptions made. · Royalty of 5%
· Payability of 99%
· Mining cost of A$4.5/t of rock
· Mining dilution of 5%
· Mining recovery of 95%
· Processing cost of A$45.57/t of feed
· General and Administrative cost - A$3/t of feed
· Processing recovery - 90%
· Overall pit slope angle - 46 degrees
· Based on the parameters outlined above, the calculated cut-off grade
is 20.8 g/t Ag, which for reporting purposes has been rounded to 20 g/t Ag.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Previous production at Elizabeth Hill utilised a gravity circuit.
amenability. It is always necessary as part of the process Historical recovery data is not available. A processing flowsheet of
of determining reasonable prospects for eventual economic extraction to gravity-Merrill Crowe cyanidation-flotation was considered for the pit
consider potential metallurgical methods, but the optimisation with an assumed recovery of 90%. Metallurgical test work is
assumptions regarding metallurgical treatment processes and parameters made recommended to supported the ongoing development of the project.
when reporting Mineral Resources may not always be rigorous. Where this is the
case, this should be reported with an explanation of the basis of the
metallurgical assumptions made.
Environmen-tal factors or assumptions · Assumptions made regarding possible waste and process residue · The project is on a granted mining lease, and previous mining has
disposal options. It is always necessary as part of the process produced a tailings dam that has been reprocessed subsequently to the end of
of determining reasonable prospects for eventual economic extraction mining. There is also a small waste landform, and the site has been disturbed.
to consider the potential environmental impacts of the mining and processing It is assumed that extension of the site would be possible with appropriate
operation. While at this stage the determination of potential environmental baseline and ongoing monitoring.
impacts, particularly for a greenfields project, may not always be well
advanced, the status of early consideration of these potential environmental
impacts should be reported. Where these aspects have not
been considered this should be reported with an explanation of the
environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · A total of 146 density measurements have been taken from core
assumptions. If determined, the method used, whether wet or dry, the samples; most were acquired by East Coast Mining in 1999, with a follow up
frequency of the measurements, the nature, size and representativeness of program by West Coast in 2025. They were measured by the Archimedes immersion
the samples. method. The results show a wide range of values, with the logged fresh samples
averaging 2.86 t/m3. For the resource, 2.75 t/m3 has been applied to the
· The bulk density for bulk material must have been measured by Fresh, and 2.50 t/m3 for the Weathered. Further detailed density work is
methods that adequately account for void spaces (vugs, porosity, etc), recommended.
moisture and differences between rock and alteration zones within the
deposit.
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.
Classification · The basis for the classification of the Mineral Resources into · Drilling produced a coherent, geologically plausible interpretation
varying confidence categories. of the mineralisation that matches the known controls.
· Whether appropriate account has been taken of all relevant · The QAQC data available for the recent data demonstrates it is of
factors (ie relative confidence in tonnage/grade estimations, reliability of acceptable quality, being reasonably accurate and precise and fit for purpose
input data, confidence in continuity of geology and metal values, of estimating the Mineral Resource.
quality, quantity and distribution of the data).
· The comparison between the model prediction and the production
· Whether the result appropriately reflects the Competent Person's records is reasonable, with the caveat that the production records are
view of the deposit. suspected of being incomplete
· Previous mining has demonstrated that the mineralisation was able
to be mined from a selective underground operation; less selective open pit
mining is therefore highly likely to be able to define and extract
mineralisation at the calculated economic cut-off of 20 g/t Ag.
· In the resource dataset, there is a relatively dense grid of recent
surface RC and diamond drillholes in the upper, northern lobe; in the deeper
southern lobe the majority of the available data comprises underground diamond
drilling, face and channel samples, and sludge holes. To reproduce the shape
of the mineralisation as demonstrated by the previous stopes, it was necessary
to use the grades from this data; however the quality of the sampling from
face samples and sludge drilling is not generally suitable for resource
estimation.
· A distance buffer of 7.5 m from the existing drill data in the
upper part of the mineralisation was used to classify Indicated; other blocks
were classified Inferred.
Audits or reviews · The results of any audits or reviews of Mineral Resource · The Mineral Resource estimate has not been externally reviewed but
estimates. has been subject to ERMs internal peer review process.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and · The estimate is a global estimate; reliance should not be placed on
confidence level in the Mineral Resource estimate using an approach or individual block estimates due to the known high degree of variability in
procedure deemed appropriate by the Competent Person. For example, the grade.
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if such · A reconciliation between previous production and the model inside
an approach is not deemed appropriate, a qualitative discussion of the the mined stope is that the model has 102% of the tonnes at 126% of the grade
factors that could affect the relative accuracy and confidence of the is considered reasonable.
estimate.
· Outside the stope, the model also predicts that 5.3 kt @ 1,445 ppm
· The statement should specify whether it relates to global or local Ag was mined from the underground development. It is currently unclear whether
estimates, and, if local, state the relevant tonnages, which should be this material was processed or if it was stockpiled. Furthermore, the amount
relevant to technical and economic evaluation. Documentation should include of silver recovered from the tailing's retreatment has not been documented.
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
(( 1 (#_ftnref1) )) WAMEX Annual Report,1 April 2014 to 31 March 2015,
Elizabeth Hill Silver Project, Global Strategic Metals NL, p16
(( 2 (#_ftnref2) )) www.kitco.com/charts/silver
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