Companies / WCE

WEST COAST SILVER LIMITED

ASX:WCEMaterials
435.7M shares on issueASX (delayed) · snapshot 11 Sept 2026468.0M fully diluted+7.4% if every option and right converts$0.093price · delayed$40.5Mmarket cap · indicative

Today’s holders own 93.1% of what they think they own, once every option and right converts.

High
Dilution riskprovisional — limited history

Share count grew 191% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months; since relisting as WCE; prior history under ERW not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.5 quarters of funding
Share-count growth (24m)191.0%since relisting as WCE; prior history under ERW not included
Raise cadence (24m)5 cash raisessince relisting as WCE; prior history under ERW not included
Options & rights overhang7.4% of shares
In-the-money supply1.4% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

WEST COAST SILVER LIMITED's ordinary share count grew 191.0% between May 2025 and September 2026, reaching 436M shares. In the past 24 months, the company raised capital five times, with total disclosed proceeds of A$21.4M. The most recent raise was a A$6.0M placement in August 2026. Options and rights on issue could convert into 32M new shares, representing 7.4% of the current share count, with 1% in the money at the current share price. The nearest expiry for these options is October 2026. As of June 2026, the company reported A$6.7M in available cash, which covers approximately 2.5 quarters of funding. Two proposed securities issues (Appendix 3B) are pending, with the nearest proposed date in November 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
Get told when this changes
Set up alerts
Daily email alerts cover risk-level moves, new raises, pending proposed issues and option expiries for the companies you follow.
7.4%
Options & rights overhang
1.4%
In-the-money supply
2
Raises · last 12 months
2.5 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Shown since relisting as WCE (26 May 2025); prior history under ERW is not included. Latest count 435.7M per ASX (delayed) (snapshot 11 Sept 2026).
250M300M350M400MMay 25Jan 26Sept 26Cash raise · 27 Aug 2026Cash raise · 31 Dec 2025Cash raise · 22 Aug 2025Cash raise · 31 July 2025Cash raise · 21 July 2025435.7M

Cash runway

2.5 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$6.7M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $2.9M cash at quarter end (item 4.6), 1.1 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
Free account
5 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
7 Sept 20262A · quoted issueWCE : ORDINARY FULLY PAID435.7MAppendix 2A
13 Aug 20262A · quoted issueWCE : ORDINARY FULLY PAID373.4MAppendix 2A
31 July 20262A · quoted issueWCE : ORDINARY FULLY PAID371.4MAppendix 2A
24 July 20262A · quoted issueWCE : ORDINARY FULLY PAID365.4MAppendix 2A
11 June 20262A · quoted issueWCE : ORDINARY FULLY PAID362.4MAppendix 2A
Free account
37 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

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

every 3.3 monthsaverage gap between raises
0.5 monthssince the most recent
21 July 2025 – 27 Aug 2026first to most recent in this window
$6.0M
Placement
27 Aug 2026 ACTIVE
Free account
12 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

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.

Free account
12 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 7% of the 15% placement capacity left — about 93% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
Free account
Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Pending proposed issues

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
Unlocks on a paid plan
See plans

Options & convertible securities

7.4%
Options & rights overhang · of current shares
1.4%
In-the-money supply · at current price
32.2M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered26.2M · 6.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered6.0M · 1.4% of shares
    Performance 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.

What a price move would switch on
16.1M32.2M$0.093 now0.25× today ($0.023) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.046) — 6.3M of the priced supply in the money, 1.4% of shares on issue0.75× today ($0.070) — 6.3M of the priced supply in the money, 1.4% of shares on issue1× today ($0.093) — 6.3M of the priced supply in the money, 1.4% of shares on issue1.25× today ($0.116) — 6.3M of the priced supply in the money, 1.4% of shares on issue1.5× today ($0.140) — 8.3M of the priced supply in the money, 1.9% of shares on issue2× today ($0.186) — 16.5M of the priced supply in the money, 3.8% of shares on issue3× today ($0.279) — 23.7M of the priced supply in the money, 5.5% of shares on issue5× today ($0.465) — 26.2M of the priced supply in the money, 6.0% of shares on issue10× today ($0.930) — 26.2M of the priced supply in the money, 6.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.093 today, 6.3M securities are in the money (1.4% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 8.3M (1.9% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
WCEANOptionsPrice-triggered$0.1830 Oct 20263.5MFiling
WCEATOptionsPrice-triggered$0.1224 Mar 20271.0MFiling
WCEASOptionsPrice-triggered$0.1230 July 2027100kFiling
WCEAUOptionsPrice-triggered$0.2024 Sept 20275.0MFiling
WCEAOOptionsPrice-triggered$0.1225 Nov 20271.0MFiling
WCEAPOptionsPrice-triggered$0.04018 May 20286.3MFiling
WCEAVOptionsPrice-triggered$0.1524 Sept 20284.6MFiling
WCEABOptionsPrice-triggered$0.2519 Nov 2028500kFiling
WCEACOptionsPrice-triggered$0.3011 Feb 20292.5MFiling
WCEAWOptionsPrice-triggered$0.227 May 20291.8MFiling
WCEAQPerformance rightsCondition-triggered——1.0MFiling
WCEAHPerformance rightsCondition-triggered——5.0MFiling

“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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • WCEAAPrice-triggered3.0M securities → 016 Oct 2025 Appendix 2A
Free account
12 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
22 May 2026Bruce GarlickOther1.5M1.5M—$60k3Y notice
2 Apr 2026Bruce GarlickOther—200k——3Y notice
23 Jan 2026Bruce GarlickOther incentive2.0M———3Y notice
Free account
10 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
Free account: 2 full company unlocks every month, no card.
Create free account

Latest announcements

11 Sept 2026AGM Date & Director Nomination
7 Sept 2026$PCompletion of A$6.0 Million Placement
7 Sept 2026Cleansing notice
7 Sept 2026Application for quotation of securities - WCE
31 Aug 2026Proposed issue of securities - WCE
31 Aug 2026$P$6M Placement to Accelerate Elizabeth Hill Exploration
28 Aug 2026Investor Presentation
27 Aug 2026$PTrading Halt
27 Aug 2026$PCorrection - Bonanza Silver Grades at Elizabeth Hill
26 Aug 2026$PBonanza Silver Grades & Growth of Elizabeth Hill Project
23 Aug 2026Elizabeth Hill Investor Presentation
23 Aug 2026$PSerge Smolonogov Appointed Chief Executive Officer
13 Aug 2026Cleansing Notice
13 Aug 2026Application for quotation of securities - WCE
12 Aug 2026$PBroad Near-Surface Silver Zone Defined at Elizabeth Hill
5 Aug 2026Final Director's Interest Notice (ES)
5 Aug 2026Initial Director's Interest Notices (VF & SS)
5 Aug 2026Proposed issue of securities - WCE
5 Aug 2026WCE Strengthens Board with New Appointments
31 July 2026Cleansing Notice

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.