Investigator Silver Limited · ASX:IVR
Investigator Silver — Shareholder Meeting (November 2026)
17 slides from Investigator Silver's shareholder meeting presentation, Nov 9, 2026
Slide 1: Building Australia's only pure-play silver mine
rsonal use only Building Australia’s only pure-play silver mine November 2026 Lachlan Wallace, Managing Director
Slide 2: Investigator Silver: Why Silver? Why Investigator? Why Now?
Investigator Silver Rare combination of commodity momentum, a project and team to deliver it, at a compelling valuation rsonal use only Why Silver? Why Investigator? Why Now? • Five years of market deficits • Simple project, strong economics • Fully funded to FID • Growing industrial demand • Tier 1
Slide 3: Silver Thematic
Silver Thematic Growing silver demand persistent deficits and constrained supply Consistent market deficits year on year… … With limited ability for supply to respond rsonal use only Silver Market Balance (Moz) Other, 0.5% Gold, 15.5% Primary Silver, 27.8% Copper, 26.8% Lead/Zinc, 29.4% Source: Worl
Slide 4: South Australia (Gawler Craton)
South Australia (Gawler Craton) Located in the right jurisdiction and postcode rsonal use only Australia’s #1 mining jurisdiction Located in the Gawler Craton Close to regional mining hubs Multiple operating mines nearby 4
Slide 5: Paris Location: Straight forward permitting
Paris Location Straight forward permitting rsonal use only No competing land use Flat, dry, highly saline groundwater Designed with Traditional Owners Heritage surveys complete over entire project footprint 5
Slide 6: Simple Mining – Low Technical Risk
Simple Mining – Low Technical Risk Shallow, simple open pit rsonal use only Flat orebody – 600m wide x 2,000m long Low strip ratio – ore starts <10m below surface Stage 1 North Simple pit – only 175m deep Stage 2 North Stage 1 South Ultimate Pit 6
Slide 7: Conventional Processing
Conventional Processing Proven technology with a standard silver flow sheet rsonal use only Off the shelf equipment Producing silver doré Simple logistics 7
Slide 8: Paris DFS
Paris DFS Strong project economics to underpin valuations with direct leverage to silver rsonal use only A$1,038m A$618m 61% 52% US$60/oz LOM free cash flow NPV8 (pre-tax) IRR (pre-tax) Margin Price Assumption 0.69 Forex Assumption 13 months 2.4x A$260m A$39.70/oz Payback NPV8 (pre-tax) to Capex AIS
Slide 9: Growth Beyond Current Pit
Growth Beyond Current Pit Today’s DFS is only the beginning The DFS pit was deliberately constrained smaller than the optimized shell to limit Inferred material. rsonal use only > 30,000m drill program in H2-26 targeting resource upgrade outside of existing pit and near-mine growth within 15km. Also
Slide 10: Growth Beyond Current Pit
Growth Beyond Current Pit Today’s DFS is only the beginning PPRC965 5m @ 426 g/t Ag from 49 m rsonal use only PPRC957 2m @ 4,211 g/t Ag from 111 m inc. 1 m @ 1,545 g/t Ag 2026 Preliminary Results: inc. 1 m @ 8,120 g/t Ag Early assays show high grades silver outside of pit¹: PPRC968 10m @ 2,662 g/t A
Slide 11: District Scale Opportunity
District Scale Opportunity Paris sits within a 15km underexplored mineralised corridor Multiple near-pit prospects rsonal use only provide potential for additional silver discoveries beyond Paris, for example: • Apollo - 8m @ 1,262 g/t Ag¹ • Ares - 2m @ 243 g/t Ag² • Athena - 20m @ 160 g/t Ag³ 7m @
Slide 12: Management team that builds mines
Management team that builds mines Proven experience in permitting, engineering, financing, constructing and operating mines in SA rsonal use only Lachlan Wallace | Managing Director Jason Murray | Exploration Manager Led development of Kanmantoo underground ~6Moz of gold discoveries in Africa copper
Slide 13: Clear pathway to first silver
Clear pathway to first silver 2026 2027 2028 rsonal use only Definitive Feasibility Study Permitting Drilling to de-risk start-up Execution readiness FID Long lead Construction Silver production 13
Slide 14: Investment Proposition
Investment Proposition Silver is scarce. Quality projects are scarcer. The valuation disconnect is the opportunity rsonal use only Leverage to favourable silver market dynamics Located in tier 1 jurisdiction with simple mining and processing DFS confirms strong project economics Management team are
Slide 15: Lachlan Wallace | Managing Director
rsonal use only Lachlan Wallace | Managing Director Level 1, 136 Greenhill Road, Unley, SA, 5061 +61 (08) 7325 2222 Lwallace@ivrsilver.com.au www.ivrsilver.com.au 15
Slide 16: Important Information
Important Information Purpose and scope This presentation has been prepared by Investigator Silver Limited (ACN 115 338 979, ASX: IVR) (the Company) to provide a general update on the Company and its projects. The information is a summary and is current as at the date of this presentation unless oth
Slide 17: 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
Investigator Silver — Shareholder Meeting (November 2026) on 6ix