Investigator Resources (IVR) Status Update summary

Strategic Realignment and Leadership

• New leadership is refocusing on precious metals, with silver as the core asset and gold as a potential future focus.

• Divestment of non-core assets is underway to focus capital and management on precious metals, with new ground added at Eurilla Hill.

• The company aims to attract more institutional investors to support development funding.

• Actively reviewing new silver and gold opportunities, including distressed or non-core assets, to complement Paris.

• Strategic plan is continually reviewed to align with shareholder growth objectives and market conditions.

Paris Project DFS Reset and Operational Improvements

• The Paris Project's DFS is being reset to capture value from higher silver prices and a secured long-term water supply, with a larger pit and wet TSF replacing dry stack to reduce costs and risk.

• Plant design is being simplified, focusing on modular equipment and streamlined processes to reduce capital and operational costs.

• Throughput is being optimized for financeability, with plans stress-tested against lender benchmarks.

• The DFS is targeted for completion in H1 2026, with permitting and environmental approvals running in parallel.

• Mine life is anticipated to be around 7–8 years, balancing throughput and funding metrics.

Project Economics and Market Position

• Paris PFS (2021) showed robust economics: NPV8 of A$202M, IRR of 48%, and AISC of A$17.45/oz, with silver prices up over 70% since the study.

• Paris is positioned as one of the highest-grade undeveloped silver projects globally, with a 2023 resource estimate of 57Moz silver and 99kt lead.

• Market cap stands at $52M with $5.1M cash as of June 2025; share price reset positions Paris to benefit from silver’s upside.

• Silver is viewed as undervalued with strong structural demand drivers, including its role in decarbonization and technology.

• The project is located in a stable, mining-friendly jurisdiction, enhancing its attractiveness to investors.