Investigator Resources (IVR) Investor update summary

Project overview and economics

• Paris is a high-margin, primary silver project in South Australia, producing silver doré bars with direct leverage to silver prices and rare pure silver exposure.

• The DFS confirms strong economics: pre-tax NPV of AUD 618 million at consensus pricing, rising to AUD 1.2 billion at spot, with IRRs of 61% and 93% respectively, and rapid payback periods of 13 and 11 months.

• Life-of-mine free cash flow is AUD 1.9 billion at spot and AUD 1,038 million at consensus, with robust operating margins and 30Moz LOM production over an 11-year mine life.

• Every $1 increase in silver price adds AUD 27 million to NPV and AUD 42 million to free cash flow.

• Project is underpinned by a shallow, high-grade ore body, enabling low-cost, bulk open pit mining and staged mine plan for early cash flows.

Technical design and operational strategy

• Mine plan stages high-grade ore early, supporting strong early cash flows and rapid payback.

• Large ore stockpiles built early provide operational flexibility and resilience, with stockpiles peaking at nearly AUD 500 million in value.

• Processing uses a conventional, low-risk Merrill-Crowe flow sheet, with a 1.5 Mtpa plant sized for financeability and simple metallurgy.

• Infrastructure is expansion-ready, with overbuilt tailings storage, water redundancy, and conservative power and camp assumptions.

• All-in sustaining cost is about AUD 39.70/oz, with a simple, predictable cost base and further optimization potential.

Capital, financing, and scalability

• Development funding requirement is approximately AUD 260 million, fully loaded for all site infrastructure and working capital.

• Capital approach is conservative, with scope for optimization in power, camp, and road costs.

• Project is designed for scalability, with infrastructure supporting potential satellite deposits and throughput scenarios tested up to 2 Mtpa.

• Targeting a funding structure of roughly 70% debt and 30% equity, with ongoing work to support project finance readiness.

• Recent AUD 55 million placement ensures the project is well-funded for execution readiness and de-risking activities, with a further AUD 13 million pending shareholder approval.