Investigator Silver Limited · ASX:IVR
Investigator Silver — Investigator Resources — Shareholder Meeting (November 2025)
20 slides from Investigator Silver's shareholder meeting presentation, Nov 26, 2025
Slide 1: Presentation – AGM & SAEMC
26 November 2025 Presentation – AGM & SAEMC Investigator Resources Limited (ASX: IVR) (“Investigator” or the “Company”) is pleased to provide an investor presentation ahead of today’s Annual General Meeting (AGM). This presentation will also be delivered by Managing Director, Lachlan Wallace on Frid
Slide 2: Australia's only pure silver development project
Australia’s only pure silver development project For personal use only November 2025 Thinking Silver? Think Investigator
Slide 3: Important Information
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 4: Silver price up >70% in 2025
Silver price up >70% in 2025 $55 For personal use only $50 $45 Silver (US$) $40 $35 $30 $25 Customers queue outside ABC Bullion in Sydney’s Martin Place. (ABC News: David Taylor) Sep 2024 Nov 2024 Jan 2025 Mar 2025 May 2025 Jul 2025 Sep 2025 3 https://www.macrotrends.net/2628/silver-price-last-ten-y
Slide 5: Silver historically cheap
Silver historically cheap For personal use only Gold / Silver ratio well above historical average of 65:1 Silver historically cheap Reversion to mean requires silver to increase by 30% (above US$60/oz) Silver historically expensive 4 https://goldprice.org/gold-silver-ratio.html
Slide 6: The only PURE silver project in Australia of development scale
The only PURE silver project in Australia of development scale EV/Silver Equivalent Resource – peer comparison For personal use only Peer Average EV $4.00/oz IVR EV $1.80/oz Undervalued compared to peers 5 MST Research – 16 October 2025
Slide 7: 2021 PFS showed strong project economics
2021 PFS showed strong project economics at US$22/oz#1 $90.00 Free Cash $487 M Silver Price: A$/oz For personal use only $80.00 Current price NPV8 $202 M >A$75/oz $70.00 IRR 54% $60.00 $50.00 Production 26.7 Moz Pre-feasibility Study $40.00 A$34.30/oz Capital $131 M $30.00 AISC $17.45 / oz $20.00 Ja
Slide 8: Research value > 3x current share price
Research value > 3x current share price For personal use only 7 MST Research – 16 October 2025
Slide 9: Paris DFS
Paris DFS Throughput optimisation • Finance stress test to develop bankable mine plan complete For personal use only Optimal throughput - 1.5Mtpa#1 Mine design • Geotechnical assessment complete • Pit optimisation, mine design, TSF design, schedule and costing underway • Completion: Jan-26 Processin
Slide 10: Paris DFS
Paris DFS Throughput optimisation • Finance stress test to develop bankable mine plan complete For personal use only Optimal throughput - 1.5Mtpa#1 PFS Mine design • Geotechnical assessment complete • Pit optimisation, mine design, TSF design, schedule DFS and costing underway • Completion: Jan-26 P
Slide 11: Paris DFS
Paris DFS Throughput optimisation • Finance stress test to develop bankable mine plan complete For personal use only Optimal throughput - 1.5Mtpa#1 Mine design • Geotechnical assessment complete • Pit optimisation, mine design, TSF design, schedule and costing underway • Completion: Jan-26 Processin
Slide 12: Permitting & Pathway to First Silver
Permitting & Pathway to First Silver Mine Lease Application (MLA) • Actively working with the regulator to ensure studies meet their requirements = smooth processing of permit For personal use only • Core technical focus areas: • Hydrogeology • Geochemistry • Tailings storage and management • Aiming
Slide 13: Exploration: Paris is just the beginning
Exploration: Paris is just the beginning For personal use only 12
Slide 14: 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) HESTIA • 1m @ 71g/t Ag & 0.6% Pb from 38m (PLAC161) #2 • 9m @ 21g/t Ag from 114m (PPRC907) #3 Pa
Slide 15: 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 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
Slide 16: Curnamona
Curnamona Historical gold & copper mining For personal use only Coincident magnetics, gravity, IP and soil anomaly Close proximity to large gold & copper resources, but never drilled Maiden drill program underway targeting porphyry & IOCG Band pass filtered gravity data, with new IP traverses shown
Slide 17: Corporate & Financial Strength
Corporate & Financial Strength $0.07 60 Capital For personal use only 55 Shares on issue 1,836 M $0.06 Listed Options (4.2c, exp Mar 2028) 467 M ($19.6M) $10m 50 Share Price #1 5.0c $0.05 Market Cap $92M 45 Cash #2 $9M + $5.6M subject to shareholder approval $0.04 $4.3m Enterprise Value $83M Silver
Slide 18: News flow – next months
News flow – next 6 months Paris DFS workstreams For personal use only Pit design Flowsheet revision DFS – H1 2026 Permitting Exploration Curnamona drilling Paris Silver Corridor drilling Eurilla Hill geochemical survey Corunna geophysical survey Uno Morgan Hub & Spoke drilling 17
Slide 19: Why Silver? Why Investigator?
Why Silver? Why Investigator? Only pure silver project in Australia: 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
Slide 20: Lachlan Wallace, Managing Director
For personal use only Lachlan Wallace, Managing Director Thinking Silver? Think Investigator. 47 King Street, Norwood SA 5067 +61 (0) 8 7325 2222 lwallace@investres.com.au 19 www.investres.com.au
Investigator Resources — Shareholder Meeting (November 2025) on 6ix