Investigator Silver Limited · ASX:IVR
Investigator Silver — Investigator Resources — Investor Presentation (September 2025)
27 slides from Investigator Silver's investor presentation, Sep 16, 2025
Slide 1: Investor presentation & Managing Director Webinar Video
16 September 2025 Investor presentation & Managing Director Webinar Video Investigator Resources Limited (ASX: IVR) (“Investigator” or the “Company”) is pleased to provide an investor presentation ahead of a roadshow in Melbourne and Sydney commencing 16 September 2025 to institutional investors. Fo
Slide 2: ASX Release – Investigator
ASX Release – Investigator • Newsflow: Regular DFS workstream updates (pit design, flowsheet, throughput, power/water), regulatory milestones, and near-term exploration results. The Company confirms that the webinar provides context and detail consistent with recently released strategy and project u
Slide 3: About Investigator Resources
ASX Release – Investigator About Investigator Resources Investigator’s 100% owned Paris Silver Project is located 70km north of the rural township of Kimba on South Australia’s Eyre Peninsula. The Paris Silver Project, with a JORC 2012 resource of 24Mt @ 73g/t silver and 0.41% lead for 57Mozs silver
Slide 4: Thinking Silver? Think Investigator
For personal use only September 2025 Thinking Silver? Think Investigator
Slide 5: Important Information – Disclaimer
Important Information Disclaimer The information in this presentation is published to inform you about Investigator Resources Limited and its activities. Some statements in this presentation regarding estimates or future events are forward looking statements. They involve risk and uncertainties that
Slide 6: Fast-tracking Paris to First Silver
Fast-tracking Paris to First Silver Clear strategy: precious metals focus, silver at the centre For personal use only Paris DFS Reset: capturing value from higher silver prices and secured water - delivering a leaner, financeable plan to accelerate first silver Permitting in parallel: engaging early
Slide 7: Silver focused business in Tier 1 jurisdiction
Silver focused business in Tier 1 jurisdiction Paris Silver Project • One of Australia’s highest grade primary Silver projects For personal use only • 57Moz Silver + 99kt Lead - JORC (2012) Resource #1 • PFS completed 2021 • Resource updated July 2023 • DFS & permit preparation underway – target H1
Slide 8: Corporate Snapshot
Corporate Snapshot Market misread the DFS delay — reset now $0.06 $40.00 Capital positions Paris to capture silver’s upside For personal use only Shares on issue 1,733 M Listed Options (4.2c, exp Mar 2028) 467 M $0.05 Share Price #1 3.0c $35.00 Market Cap $52M Cash (30 June 2025 - unaudited) $5.1M $
Slide 9: Paris Silver PFS showed strong project economics
Paris Silver PFS showed strong project economics#1 IRR For personal use only Free Cash NPV8 ` A$487 M A$202 M 48% Production Capex AISC 26.7 Moz A$131 M A$17.45/oz #1 - Paris PFS - ASX Announcement 30 Nov 2021 Since this study, silver price has increased > 70% 6
Slide 10: DFS Reset
For personal use only DFS Reset 7
Slide 11: Paris DFS Reset – Capturing Value, Accelerating First Silver
Paris DFS Reset – Capturing Value, Accelerating First Silver INPUTS RESET ACTIONS TARGET OUTCOMES For personal use only Silver price +70% since PFS Larger pit, more ounces Lower capex & opex Project water supply secured Dry stack to wet TSF Stronger project economics Flowsheet value engineering De-r
Slide 12: From $20 to $40+ - Why Paris Must Capture This Upside
From $20 to $40+ - Why Paris Must Capture This Upside For personal use only Silver Price: USD/oz https://tradingeconomics.com/commodity/silver 9
Slide 13: Water Secured – Tailings Transformed
Water Secured – Tailings Transformed Hector Paleochannel: Long-term supply enables shift to For personal use only wet TSF, cutting capex and opex 10
Slide 14: Geotechnical program
Geotechnical program Pit expanded; increasing silver ounces concluded in Sep-25 to support expanded pit For personal use only PFS DFS PFS DFS 11
Slide 15: Rethinking processing; leaner, fit-for-purpose
Rethinking processing; leaner, fit-for-purpose Skid mounted crusher: less concrete, steel, install Wet TSF eliminates Wet TSF reduces filtration detox system For personal use only Simplify stockpile away from bin With detox at the TSF, less plant flow which allows downsizing of the Merril- Tailings
Slide 16: Exploiting the Grade Tonnage curve
Exploiting the Grade Tonnage curve For personal use only Lower opex in the process plant, drives lower cut-off grade. Steep slope around the cut-off grade#1 has potential to bring more ounces into the plan from the same pit design; meaning more silver into the rising price environment. 13 # 1 - ASX
Slide 17: Throughput: Optimised for Finance, Not Just Engineering
Throughput: Optimised for Finance, Not Just Engineering Finance-first sizing: throughput options tested against lender benchmarks, not just technical scale. For personal use only Stress-tested plans: downside scenarios run across price, costs, and production. Sweet spot focus: targeting the configur
Slide 18: Permitting in Parallel: Fast-Tracking First Silver
Permitting in Parallel: Fast-Tracking First Silver Early engagement: MLA discussions already underway with the SA Government to ensure studies For personal use only scoped correctly. Concurrent studies: DFS, MLA, and PEPR workstreams advancing together to avoid rework. Accelerated pathway: structuri
Slide 19: Exploration: Paris is just the beginning
Exploration: Paris is just the beginning For personal use only 16
Slide 20: District-Scale Discovery
District-Scale Discovery APOLLO ARES PARIS For personal use only PERSEUS MANTO Apollo (5km from Paris) • 8m @ 1,262g/t Ag from 149m #1 • Mineralogically identical to Paris ATHENA Perseus (2km from Paris) Paris • 1m @ 71g/t Ag & 0.6% Pb from 38m (PLAC161) #2 Silver • 9m @ 21g/t Ag from 114m (PPRC907)
Slide 21: District-Scale Discovery – Athena farm-in
District-Scale Discovery APOLLO ARES Farm-In Agreement on adjacent high grade silver prospect #1 PARIS For personal use only PERSEUS 2012 drilling at Athena focussed on iron ore, not silver. MANTO 2013, with ongoing success at Paris, selected intervals were ATHENA re-assayed for silver, returning mu
Slide 22: Uno Morgans Project – trucking distance to Paris
Uno Morgans Project – trucking distance to Paris Prospective silver area with prior For personal use only shallow sliver-lead-zinc drill hits#1; • 12m @ 240g/t Ag from 78m (UMHRC021) UNO MORGANS • 123m @ 0.48% Zn from 15m (UMHRC011) Upcoming exploration: Eurilla Hill: First pass soil program in CORU
Slide 23: Curnamona
Curnamona Historical gold and copper mining For personal use only Coincident magnetics, gravity, IP and soil anomaly Maiden drill program commences Q4-2025 Band pass filtered gravity data, with new IP traverses shown in pink. 20 Inset: Regional historic RTP 1VD magnetic intensity image, showing larg
Slide 24: Portfolio Management – Streamlined & Precious Metals Focused
Portfolio Management – Streamlined & Precious Metals Focused New Ground Added Eurilla Hill (SA) licence granted, early-stage silver and base metal potential, low- For personal use only impact work program planned Q4 2025. Non-core exits: Divestment of Molyhil (NT), Stuart Shelf (SA), and White Spur
Slide 25: News flow – next months
News flow – next 6 months Paris DFS workstreams For personal use only Pit design Flowsheet revision Throughput optmisation Infrastructure Permitting Exploration Athena gravity survey results and drill program Curnamona exploration Eurilla Hill geochemical survey Corunna geophysical survey 22
Slide 26: Why Silver? Why Investigator?
Why Silver? Why Investigator? High-grade project in a Tier-1 location For personal use only Rising silver prices have the potential to transform already strong project economics DFS is targeting that upside — expanding the pit and bringing more silver into the mine plan A 15km silver district is eme
Slide 27: Thinking Silver? Think Investigator.
For personal use only Lachlan Wallace, Managing Director 47 King Street, Norwood SA 5067 Thinking Silver? Think Investigator. +61 (0) 8 7325 2222 lwallace@investres.com.au www.investres.com.au 24
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