Investigator Resources (IVR) Noosa Mining Investor Conference summary

Precious metals and silver market trends

• Silver demand is rising due to its dual role as an industrial metal and store of value, with significant use in green energy and decarbonisation technologies such as solar panels and electric vehicles.

• Silver has historically outperformed gold in bull markets, with recent momentum since 2022 and a 30% price increase this year.

• Supply is largely inelastic, with only about 28% from primary mines and most production as a byproduct in geopolitically unstable regions.

• Ongoing deficits are forecast through 2025, driven by decarbonization and macroeconomic instability.

• The gold-to-silver price ratio remains above historical averages, suggesting potential for a 40-50% price increase if mean reversion occurs.

Investment opportunities and project highlights

• Junior miners transitioning to production offer the greatest leverage to rising silver prices.

• Paris Silver Project is Australia’s highest-grade primary silver project, with a 2023 resource estimate of 57Moz silver and 99kt lead.

• Pre-feasibility study (2021) showed strong economics: NPV8 of A$202M, IRR of 48%, and capex of A$131M.

• The project is well-funded, with A$5.1M cash, a market cap of A$48.5M, and is progressing through a Definitive Feasibility Study with optimisation efforts underway.

• Optimisation includes pit expansion, lower cut-off grades, and reduced operating and capital costs.

Exploration and district-scale growth

• The Paris Silver Project sits within a 15km mineralised corridor with significant intersections at Apollo, Perseus, Manto, and Athena.

• Recent acquisition and farm-in at Athena adds underexplored ground with high-grade historic drill results and further geophysical and drilling work planned.

• Additional assets near Broken Hill and at Curnamona are being explored for gold and copper, with drilling at Curnamona scheduled for September 2025.

• District growth strategy includes ongoing exploration and geophysics along the Paris Silver Corridor.

• The company is positioning for a market re-rating as exploration accelerates and new frontiers are tested.