WEST COAST SILVER LIMITED
ASX:WCEMaterialsToday’s holders own 93.1% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 191% in 24 months; 5 cash raises in 24 months; since relisting as WCE; prior history under ERW not included
WEST COAST SILVER LIMITED's ordinary share count grew 191% between May 2025 and September 2026, its latest share-count filing, to 436M shares. All data cover only the period since its rename from ERW in May 2025; earlier history is not included. The company raised capital five times in the 24-month window for total proceeds of A$21.4M, most recently a A$6.0M placement in September 2026. Options and rights on issue could convert into 32M new shares, equal to 7.4% of the current share count, of which 1% are in the money; the nearest expiry is October 2026. The company has under 2 quarters of funding at the recent spend rate. Three proposed securities issues (Appendix 3B) are pending, with the nearest expected in November 2026.
Quick answers · 3
Is WCE raising capital?
West Coast Silver has 3 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $6.0M on 1 Sept 2026.
How much cash does WCE have?
In its quarterly cash report for the quarter ended 30 Sept 2026, West Coast Silver reported $5.6M of cash and estimated 1.9 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do WCE's options expire?
Unexercised options and rights equal 7.4% of West Coast Silver's shares on issue; the nearest expiry is Oct 2026.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 7 Sept 2026 | 2A · quoted issue | WCE : ORDINARY FULLY PAID | 435.7M | Appendix 2A |
| 13 Aug 2026 | 2A · quoted issue | WCE : ORDINARY FULLY PAID | 373.4M | Appendix 2A |
| 31 July 2026 | 2A · quoted issue | WCE : ORDINARY FULLY PAID | 371.4M | Appendix 2A |
| 24 July 2026 | 2A · quoted issue | WCE : ORDINARY FULLY PAID | 365.4M | Appendix 2A |
| 11 June 2026 | 2A · quoted issue | WCE : ORDINARY FULLY PAID | 362.4M | Appendix 2A |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
5 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as WCE (26 May 2025); prior history under ERW is not included
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered26.2M · 6.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered6.0M · 1.4% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 26.2M priced (of which 6.3M in the money), 6.0M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.
Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.
At $0.059 today, 6.3M securities are in the money (1.4% of shares on issue). At double today’s price it is 7.3M (1.7% of shares).
- Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
- 6.0M (18.6% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| WCEAN | Options | Price-triggered | $0.18 | 30 Oct 2026 | 3.5M | Filing |
| WCEAT | Options | Price-triggered | $0.12 | 24 Mar 2027 | 1.0M | Filing |
| WCEAS | Options | Price-triggered | $0.12 | 30 July 2027 | 100k | Filing |
| WCEAU | Options | Price-triggered | $0.20 | 24 Sept 2027 | 5.0M | Filing |
| WCEAO | Options | Price-triggered | $0.12 | 25 Nov 2027 | 1.0M | Filing |
| WCEAP | Options | Price-triggered | $0.040 | 18 May 2028 | 6.3M | Filing |
| WCEAV | Options | Price-triggered | $0.15 | 24 Sept 2028 | 4.6M | Filing |
| WCEAB | Options | Price-triggered | $0.25 | 19 Nov 2028 | 500k | Filing |
| WCEAC | Options | Price-triggered | $0.30 | 11 Feb 2029 | 2.5M | Filing |
| WCEAW | Options | Price-triggered | $0.22 | 7 May 2029 | 1.8M | Filing |
| WCEAQ | Performance rights | Condition-triggered | — | — | 1.0M | Filing |
| WCEAH | Performance rights | Condition-triggered | — | — | 5.0M | Filing |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 22 May 2026 | Bruce Garlick | Other | 1.5M | 1.5M | — | $60k | 3Y notice |
| 2 Apr 2026 | Bruce Garlick | Other | — | 200k | — | — | 3Y notice |
| 23 Jan 2026 | Bruce Garlick | Other incentive | 2.0M | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.