Investigator Silver Limited · ASX:IVR
Investigator Silver — Investor Presentation (March 2026)
35 slides from Investigator Silver's investor presentation, Mar 24, 2026
Slide 1: Investor Webinar Presentation
24 March 2026 Investor Webinar Presentation Investigator Silver Limited (ASX: IVR, “Investigator” or “the Company”) is pleased to provide the Presentation that will be discussed in today’s webinar, the focus of which is the Definitive Feasibility Study (DFS) for the Paris Silver Project located in S
Slide 2: Building Australia's only pure-play silver mine
For personal use only Building Australia’s only pure-play silver mine March 2026 Lachlan Wallace, Managing Director
Slide 3: Important information
Important information Important Notices and Disclaimer: This presentation (Presentation) has been prepared by Investigator Silver Limited (ACN 115 338 979) (Company) in connection with: • Investigator Silver’s DFS announcement titled ‘Paris DFS delivers Maiden Ore Reserve and Strong Economics’; and
Slide 4: Important information
Important information No liability: This Presentation has been prepared by the Company in good faith, based on information available to it, including information from third parties, and has not been independently verified. All information in this Presentation is believed by the Company to be reliabl
Slide 5: Important information: Competent Person Statements
Important information Competent Person Statements Exploration Results: The information in this Presentation relating to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Jason Murray who is a Member of the Australasian Institute of Mining
Slide 6: Investment highlights
Investment highlights A high-margin silver development with clear delivery capability and district-scale upside For personal use only High grade drives strong economics High-grade, high-margin silver development with robust economics Simple operation in a tier 1 jurisdiction Low complexity pure silv
Slide 7: Silver supply forecast to remain in deficit
Silver supply forecast to remain in deficit Industrial and investor demand is accelerating, while supply remains Increasing industrial demand has driven deficits up to 25% of global supply inelastic and concentrated in higher-risk jurisdictions over the past five years, with forecasts pointing to co
Slide 8: DFS outcomes
DFS outcomes DFS confirms high margin, low complexity operation with rapid payback1 Consensus pricing (US$60/oz) Spot pricing (US$80/oz) For personal use only A$1,038m A$618m 61% A$1.9bn A$1.2bn 93% LOM free cash flow NPV8 (pre-tax) IRR (pre-tax) LOM free cash flow NPV8 (pre-tax) IRR (pre-tax) 52% A
Slide 9: Project Overview
For personal use only Project Overview 8
Slide 10: Project overview
Project overview Low complexity High-grade, shallow open pit with conventional processing and low technical risk For personal use only Early cash flow Staged mining brings forward higher-grade, lower-strip ore in the early years Resilience through stockpiles Stockpile strategy provides operational f
Slide 11: Shallow low-cost open pit
Shallow low-cost open pit Flat tabular orebody enables low-cost For personal use only • shallow open pit mining with max depth of ~175m • Staged mining brings forward low strip, high grade ore • First ore <10m below surface Ind+Inf Grade Silver Waste Total Strip Pit Stage (Mt) (g/t Ag) (Moz) (Mt) (M
Slide 12: Stockpiles enable grade streaming & build project resilience
Stockpiles enable grade streaming & build project resilience • Utilising a dual fleet for first 2 years will build stocks to enable grade streaming, bringing high-grade ore forward in the schedule • Stockpiles provide project resilience: after one year of mining, stockpiles hold ~1.3 Moz recoverable
Slide 13: Well-proven, low-cost flowsheet
Well-proven, low-cost flowsheet • 1.5Mtpa: 3 stage crush, whole-ore cyanide leach + Merrill–Crowe doré For personal use only 12
Slide 14: Simple, expansion-ready infrastructure layout
Simple, expansion-ready infrastructure layout TSF deliberately overbuilt for long-term growth • Initial design provides ~20 Mt capacity vs ~13 Mt LOM (i.e., >4 years embedded capacity) For personal use only • TSF wall is designed as mine-built haul-road, far wider than TSF engineering spec, creating
Slide 15: DFS operating and capital costs breakdown
DFS operating and capital costs breakdown Operating cost breakdown (A$/oz) Capital cost breakdown (A$m) For personal use only LOM cost Unit cost Unit cost Includes site services, 260 Area (A$m) (A$) (A$/oz) power, water, TSF and 23 camp costs 30 6.9 Mining 1 630 20.8 ($/t mined) 98 2 37.2 Processing
Slide 16: Development Pathway
For personal use only Pathway Development 15
Slide 17: Permitting
Permitting No competing land use • Flat, dry, sparely vegetated For personal use only • Saline ground water cannot support livestock Project designed in consultation with stakeholders • Excellent relationship with Traditional Owners, built over 13 years of respectful engagement • Five heritage surve
Slide 18: Execution readiness
Execution readiness Well funded to advance toward development Funding position For personal use only • Recently raised A$55m1, providing the balance sheet strength to progress the next phase and move directly from DFS into execution readiness Build ready definition • Detailed engineering (FEED) to i
Slide 19: High density drilling to derisk production start-up
High density drilling to derisk production start-up For personal use only +150 hole drilling program in 2026 to increase data density over Stage 1 & 2 pits mitigates grade risk during debt repayment period 18
Slide 20: Upside
For personal use only Upside 19
Slide 21: Mine life expansion areas
Mine life expansion areas Optimisation pushing pit to areas with sparse • Pit optimisation driving pit to drilling that are not included in the DFS plan Indicated For personal use only expand into areas with limited Inferred data • Drilling in 2026 to test potential mine life expansion areas immedia
Slide 22: District scale discovery
District scale discovery For personal use only Apollo (5km from Paris) • 8m @ 1,262g/t Ag from 149m #1 • Mineralogically identical to Paris Perseus (2km from Paris) • 1m @ 71g/t Ag & 0.6% Pb from 38m (PLAC161) #2 • 9m @ 21g/t Ag from 114m (PPRC907) #3 • 1m @ 1.37g/t Au from 40m (PPRC905) #3 • 42m @
Slide 23: Uno Morgans Hub & Spoke – Trucking Distance to Paris
Uno Morgans Hub & Spoke – Trucking Distance to Paris Prospective silver area with prior For personal use only shallow sliver-lead-zinc drill hits1; • 12m @ 240g/t Ag from 78m (UMHRC021) UNO MORGANS • 123m @ 0.48% Zn from 15m (UMHRC011) Q4 2025 (complete): CORUNNA • Eurilla Hill: First pass soil prog
Slide 24: Curnamona
Curnamona • Historical gold & copper mining • Coincident magnetics, gravity, IP For personal use only and soil anomaly • Close proximity to large gold & copper resources, but never drilled • Maiden drill program partially completed. Heavy rains prevented all holes from being drilled – rig relocated
Slide 25: Looking ahead
For personal use only ahead Looking 24
Slide 26: Pathway to First Silver
Pathway to First Silver 2026 2027 2028 For personal use only Definitive Feasibility Study Permitting High density drilling to de-risk start-up FID Execution readiness Long lead Construction Silver production Mine life expansion drilling Paris corridor exploration drilling 25
Slide 27: Australia's only pure play Silver investment opportunity
Australia’s only pure play Silver investment opportunity Rare, undiluted silver exposure through a 100%-owned primary For personal use only silver project in a tier-1 jurisdiction DFS confirms compelling project fundamentals, supporting low- cost, high-margin development potential Management team ar
Slide 28: Appendix A: Supporting data
For personal use only Appendix A: Supporting data 27
Slide 29: Corporate snapshot
Corporate snapshot Last 12-month share price performance (A$/sh)1 Capital structure (20-Mar-26) $18.00 For personal use only Shares on issue 2,470m $16.00 Listed Options (A$4.2c, exp Mar-28) 463m (A$19.4m) $14.00 Share Price2 6.4c $12.00 Market Cap A$158m $10.00 Cash3 A$55m $8.00 Enterprise Value A$
Slide 30: Tier 1 mining jurisdiction + proven local delivery
Tier 1 mining jurisdiction + proven local delivery Board and key management South Australia ✓ Economically important sector: Resources contribute ~A$1 For personal use only Most recently led the in A$15 of SA State Domestic Product – strong alignment to Lachlan Wallace development of the Managing Di
Slide 31: Impressive project economics
Impressive project economics Physicals Units Consensus Spot Cash flow profile – spot price (US$80/oz) (A$m) Life of mine (LOM) months 108 108 500 2,500 Ore mined and processed kt 13,395 13,395 For personal use only 400 2,100 Waste mined kt 79,841 79,841 Strip ratio w:o 6 6 300 1,700 Silver grade g/t
Slide 32: Appendix B: Risk factors
For personal use only Appendix B: Risk factors 31
Slide 33: Risk factors
Risk factors An investment in the Company is considered to be speculative and potential investors should consider the risk factors described below together with information about the Company. There are specific risks which relate directly to the Company’s business as well as other general risks many
Slide 34: Risk factors: Market risks
Risk factors Market risks General economic conditions, movements in interest and inflation rates may have an adverse effect on the Company’s activities, as well as on its ability to fund those activities. Further, share market conditions may affect the value of the Company’s securities regardless of
Slide 35: For personal use only
For personal use only Lachlan Wallace | Managing Director 47 King Street, Norwood SA 5067 +61 (0) 8 7325 2222 lwallace@investres.com.au 34 www.investres.com.au
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