West Coast Silver (ASX:WCE) entered a non-binding memorandum of understanding (MOU) with Artemis Resources (ASX:ARV) to evaluate the potential for Artemis' Radio Hill Processing Plant, according to a Thursday filing with the Australian bourse.

Under the deal, the companies will determine whether the plant could feasibly and economically process ore or material from the company's Elizabeth Hill Silver mine in Western Australia, the filing said.

Each of the companies will bear their own cost associated with the preparation and implementation of the MOU, the filing added.

Shares of West Coast Silver fell past 5% in recent Thursday trade.