Investigator Silver (IVR) investor relations material

Market context and project overview

• Silver demand is rising due to global electrification and decarbonization, while supply remains constrained, leading to consecutive deficits and upward price pressure.

• The Paris Silver project is a pure-play, high-margin silver operation in South Australia, offering direct exposure to silver prices and supply security in a Tier 1 jurisdiction.

• The project has a 57-million-ounce resource, a completed DFS at $60/oz, and is expected to generate over $700 million in free cash with an NPV of $426 million.

• The operation is simple, open-pit, and low-cost, with conventional processing and no concentrate handling, producing silver doré on site.

• The region offers strong government support, skilled workforce, and established mining infrastructure.

Project development, exploration, and economics

• Over $40 million in cash is available, supporting permitting, engineering, and a 30,000-meter drill program to expand resources and mine life.

• The mine plan targets high-grade ore early, with 5 million ounces/year initially, then 3.5 million ounces/year, and aims for rapid capital repayment in about 13 months.

• Ongoing drilling seeks to convert inferred resources to indicated, potentially increasing mine life and project value.

• The broader 15-kilometer district is underexplored, presenting further upside for additional discoveries near the Paris plant.

• The project’s EV is about $60 million, significantly below peers, creating a value disconnect and investment opportunity.

Permitting, team, and timeline

• Permitting is progressing, including a Native Title Mining Agreement and mine lease applications, with completion targeted by mid-2027.

• The team has deep experience in South Australia, with recent hires strengthening execution, financing, and operational capabilities.

• Engineering is advancing with early contractor engagement, and $40 million in cash allows for early procurement and enabling works.

• A formal debt process will begin early next year, with increased drill density to support lender confidence and favorable terms.

• Final investment decision is targeted for mid-to-late 2027, with a two-year build and first silver production expected in 2029.