Investigator Silver (IVR) investor relations material

Market context and project positioning

• Silver demand is rising due to its dual role in monetary value and industrial applications, especially in green technologies.

• Global silver supply is tight, with most production as a byproduct from less stable regions, leading to price inelasticity and recent record prices.

• The project is Australia's only pure play silver development, fully exposed to silver price movements.

Project location, permitting, and community engagement

• Located in South Australia, a top-ranked, investment-grade mining jurisdiction with strong government support.

• The site has minimal competing land use and has been developed in consultation with traditional owners, with heritage surveys and native title agreements progressing.

• Permitting is on track to be completed by mid-next year, supported by a proven permitting process.

Project design, operations, and economics

• The mine is a simple, low-cost open pit operation with ore near the surface, enabling rapid stockpile build-up.

• Production is expected at 4.5–5 million ounces per year initially, then 3.5–4 million ounces annually over an 11-year mine life.

• Utilizes a conventional processing flow sheet with no novel technology, producing silver doré bars for direct sale.

• DFS indicates $1 billion free cash flow over 11 years, with a 13-month payback on $260 million initial capital and margins above 50%.

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