Investigator Silver (IVR) Investor presentation summary

Investment overview

• Positioned as Australia’s only pure-play silver mine; Paris resource 57Moz, with a 30,000m drilling program underway.

• A$50M enterprise value and A$55M cash at 30 Sep 2026; presentation cites a significant discount to global peers.

• Investment thesis highlights five years of market deficits, growing industrial demand and an inelastic supply response.

Market and location

• Silver supply is largely by-product: primary silver 27.8%, lead/zinc 29.4%, copper 26.8% and gold 15.5%.

• Paris is in South Australia’s Gawler Craton, near regional mining hubs and multiple operating mines.

• Project location has no competing land use; it is flat and dry, with highly saline groundwater, and heritage surveys are complete across the project footprint.

Project design and economics

• Proposed open pit targets a flat orebody 600m wide by 2,000m long; ore starts less than 10m below surface and the pit is 175m deep.

• Conventional silver processing uses a standard flowsheet and off-the-shelf equipment to produce silver doré.

• DFS: A$1,038M LOM free cash flow, A$618M pre-tax NPV, 61% pre-tax IRR, 52% margin, A$260M capex and 13-month payback.

• DFS assumptions: US$60/oz silver, A$39.70/oz AISC, 11-year initial mine life and 30Moz LOM production; 86% of the production target is Indicated and 14% Inferred.