Investigator Resources (IVR) Investor presentation summary

Investment highlights

• Only pure-play silver development in Australia, offering high-grade, high-margin potential with robust economics and strong leverage to silver price movements.

• Project located in a tier-1 jurisdiction with established infrastructure and regulatory certainty.

• Management team has a proven track record in mine development and operations in South Australia.

• District-scale growth potential with multiple high-priority targets for resource expansion.

• Strong exposure to favorable silver market fundamentals, including rising industrial and investment demand.

Project economics and operational metrics

• Definitive Feasibility Study (DFS) confirms high-margin, low-complexity operation with 100% leverage to silver price.

• Pre-tax NPV of A$618m at consensus prices and A$1.2bn at spot prices; IRR ranges from 61% to 93%.

• Life-of-mine (LOM) production of 30Moz silver over 11 years, with A$260m capex and AISC of A$39.70/oz.

• Payback period of 11–13 months, with significant sensitivity to silver price increases.

• Simple, expansion-ready infrastructure with overbuilt TSF and water redundancy for operational resilience.

Resource and reserve estimates

• Paris Silver Project hosts a total mineral resource of 24Mt at 73g/t Ag and 0.41% Pb, containing 57Moz Ag and 99kt Pb.

• Maiden ore reserve of 12Mt at 88g/t Ag for 33Moz Ag, underpinning the DFS.

• Resource and reserve estimates are JORC-compliant and supported by recent drilling and technical studies.