Investigator Silver Limited · ASX:IVR
Investigator Silver — Investigator Resources — Corporate Update (October 2025)
19 slides from Investigator Silver's corporate update, Oct 30, 2025
Slide 1: Presentation - September Quarterly Activities and Outlook
30 October 2025 Presentation - September Quarterly Activities and Outlook Investigator Resources Limited (ASX: IVR) (“Investigator” or the “Company”) is pleased to provide an investor presentation ahead of today’s webinar with Managing Director, Lachlan Wallace. For personal use only For further inf
Slide 2: Australia's only pure silver development project
Australia’s only pure silver development project For personal use only October 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 >65% in 2025
Silver price up >65% in 2025 $55 For personal use only $50 $45 $40 Silver (US$/oz) Silver (U$) $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
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 Customers queue outside ABC Bullion in Sydney’s Martin Place. (ABC
Slide 6: The only PURE silver project in Australia of development scale
The only PURE silver project in Australia of development scale EV/Silver Resource – peer comparison For personal use only Peer Average EV $4.00/oz IVR EV $1.80/oz Undervalued compared to peers on pure silver basis 5 MST – 16 October 2025
Slide 7: 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 54% 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 increased > 100%, adding > A$1B Free Cash 6
Slide 8: Structural Price Shift – Why Paris Must Capture This Upside
Structural Price Shift – Why Paris Must Capture This Upside $90.00 Silver price increase > 100% since PFS use only $80.00 Fundamentally changes project design and economics Silver Price: A$/oz $70.00 For personal $60.00 $50.00 $40.00 Pre-feasibility Study A$34.30/oz $30.00 $20.00 Jan 2021 Jan 2022 J
Slide 9: Research value > 3x current share price
Research value > 3x current share price For personal use only 8 MST – 16 October
Slide 10: Paris DFS concluded in Sep-25 to support expanded pit
Geotechnical program Paris DFS concluded in Sep-25 to support expanded pit Throughput optimisation • Finance stress test to develop bankable mine plan For personal use only • Optimal throughput - 1.5Mtpa Mine design • Geotechnical assessment – pit wall slope stability • Pit optimisation, mine design
Slide 11: 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 12: Exploration: Paris is just the beginning
Exploration: Paris is just the beginning For personal use only 11
Slide 13: 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 14: 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 15: 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 commences Q4-2025 targeting porphyry & IOCG Band pass filtered gravity data, with new IP travers
Slide 16: Corporate & Financial Strength
Corporate & Financial Strength $0.07 60 Capital 55 For personal use only $0.06 Shares on issue 1,836 M Listed Options (4.2c, exp Mar 2028) 467 M ($19.6M) 50 Share Price #1 4.9c $0.05 Market Cap $90M $10m 45 Cash #2 $9M + $5.6M subject to shareholder approval $0.04 $4.3m 40 Enterprise Value $81M Silv
Slide 17: 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 Athena gravity survey results Paris Silver Corridor drilling Curnamona drilling Eurilla Hill geochemical survey Corunna geophysical survey Uno Morgan Hub & Spoke d
Slide 18: 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 19: 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 18
Investigator Resources — Corporate Update (October 2025) on 6ix