Investigator Resources (IVR) Q1 2026 TU earnings summary

Executive summary

• Paris Silver Project is advancing toward a finance-ready and permit-ready status, with a focus on becoming Australia's only pure silver development at scale.

• DFS is progressing with 1.5 Mtpa throughput selected for optimal economics and financeability, and plant design changes have identified A$18 million in savings.

• Pit design expanded to capture more silver ounces, supported by new geotechnical drilling; DFS and permitting remain on track for H1 CY2026 submission.

• Recent capital raises, including a $10 million placement, have positioned the company with up to $35 million in current and future cash, supporting both development and exploration.

• The business is streamlining to focus solely on precious metals, particularly silver, and is rebranding to Investigator Silver.

Financial highlights

• Pre-feasibility study (PFS) in 2021 showed $500 million in free cash flow for a $130 million build, based on a silver price of AUD 34.30/oz.

• At current silver prices (AUD 72–73/oz), the project could generate an additional $1 billion in free cash flow.

• Cash balance at 30 September 2025 was $4.2 million, excluding the $10 million placement and future Molyhil sale proceeds.

• $10 million placement completed at an 8.6% premium to 15-day VWAP, with $5.6 million pending shareholder approval.

• Cash position expected to reach $15 million post-approval, plus $2 million from asset sales and $19.6 million in in-the-money options.

Outlook and guidance

• Definitive Feasibility Study (DFS) for Paris is on track for release in early 2026.

• Mine lease application and environmental permitting are progressing in parallel, targeting submission by mid-2026.

• Exploration drilling at Paris, Uno Morgans, and Curnamona is scheduled for early 2026, with results expected in the first half of the year.

• Near-mine and regional exploration to continue, with first silver production targeted post-DFS and permitting.

• The company aims to transition from explorer to producer, with first silver pour as the primary goal.