Investigator Silver (IVR) Q3 2026 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) confirms a high-margin, financeable silver project with a clear pathway to development and rapid payback.

• Transition from study to execution phase, focusing on engineering, approvals, and targeted drilling to support financing and project de-risking.

• Maiden Ore Reserve declared, underpinning the initial mine plan and development case.

Financial highlights

• Pre-tax NPV of A$1.15B, IRR of 93%, and ~11-month payback from first production at spot silver price of US$80/oz.

• Life-of-mine free cash flow of A$1.87B over ~11 years.

• Low all-in sustaining cost (AISC) of A$39.70/oz, supporting strong operating margins of ~64%.

• Gross revenue projected at A$3.52B (spot), with net operating cash flow of A$2.13B.

• Cash balance of A$51M at 31 March 2026, with an additional A$13M approved post-quarter end.

Outlook and guidance

• Focus on advancing Paris toward a development decision, including FEED, permitting, and early works.

• Targeted infill and near-pit drilling to increase data density and support resource conversion.

• District-scale exploration across the Paris Silver Corridor to underpin long-term growth.

• Project financing workstreams and lender engagement underway.