Investigator Silver

Investigator Silver is an Australian mineral exploration and development company focused on the discovery and advancement of silver and other mineral resources. The company is committed to exploring prospective mineral assets, creating long-term value for shareholders, and supporting responsible and sustainable development. Investigator Silver combines technical expertise, exploration experience and a strategic approach to mineral resource development, with a focus on identifying and progressing high-quality opportunities in Australia. Key Outcomes Pre-tax NPV8: A$1.15 billion Pre-tax IRR: 93% Capital Payback: 11 months from first production Mine Life: Approximately 11 years Silver Production: More than 30 million ounces Free Cash Flow: A$1.87 billion (pre-tax, ungeared) Operating Cash Margin: 64% at spot pricing Breakeven Silver Price (including capital repayment): ~US$37/oz

Management Profile:
Lachlan Wallace Managing Director (Appointed effective from 01 July 2025) BEng (Mining), MBA, MSc, GAICD Lachlan is a highly experienced mining executive with 25 years of leadership across the full project lifecycle. He has held senior roles with public and private mining organisations across multiple commodities throughout Australia, Asia and Africa. Most recently, he was CEO & Managing Director of Hillgrove Resources (ASX:HGO), where he led the successful redevelopment of the Kanmantoo Copper Mine in South Australia from initial exploration through permitting, funding and execution to a low-capex, cash generating underground operation.

What are your key goals for the next 3 months?:
Advance exploration activities and continue progressing priority targets and technical work across our projects. Progress key project milestones, including exploration planning, technical studies, approvals and development activities. Maintain strong financial management and ensure funding is aligned with our exploration and corporate priorities. Strengthen stakeholder and investor relationships through clear communication and engagement. Maintain strong governance, compliance and risk management across all company activities. Position Investigator Silver for the next stage of growth by focusing on the development of our mineral assets and creating long-term value for shareholders.

What are your key goals for the next 6 months?:
Advance priority exploration programs and generate meaningful exploration results. Improve geological understanding and define priority mineralisation targets. Progress technical, environmental and permitting work required for the next stage. Strengthen the company’s funding position to support the next phase of activities. Develop relationships with potential strategic and industry partners. Establish a clear development pathway for the most prospective opportunities.

What are your key goals for the next 12 months?:
Significantly advance resource definition across priority areas, using exploration results and technical data to establish a stronger understanding of the scale and potential of our mineral assets. Complete or materially advance key technical and economic studies to assess development options, project economics and potential pathways toward commercialisation. Identify and progress the company’s highest-value project opportunities, concentrating capital and resources where the strongest potential for shareholder value has been demonstrated. Advance priority projects toward development readiness, including the necessary technical, environmental, regulatory and operational work. Pursue strategic funding and partnership opportunities that can provide the capital, expertise and capability required to accelerate project development. Strengthen the company’s market position and investor profile through the delivery of significant project milestones and consistent communication of results and progress. Establish a clear medium-to-long-term development strategy, including defined milestones for resource growth, project advancement, funding and potential commercialisation. Position Investigator Silver for a major value-creation phase, with the objective of moving beyond exploration success toward a credible and clearly defined pathway for project development and long-term shareholder returns.

What do you think makes your company such a compelling investment?:
High-Grade Resource - Paris hosts a JORC resource of 57Moz silver and 99kt lead, making it Australia’s highest-grade primary silver project. Investigator is only focussed on the silver - making Paris the only pure silver development asset in Australia. The deposit is shallow and amenable to open-pit mining, offering strong potential for low-cost production. Tier-1 Jurisdiction - Located 70km north of Kimba on South Australia’s Eyre Peninsula, Paris benefits from secure, mining-friendly regulations, access to infrastructure, and proximity to workforce and services. This places it among the most attractive silver projects globally. Strong Economics - A Pre-Feasibility Study (PFS) demonstrated robust project economics with low operating costs and strong free cash flow potential. With silver prices rising more than 100% since the PFS, there is significant upside leverage to commodity prices, with optimisation work in the Definitive Feasibility Study expected to unlock further value. Next Stage - The project is advancing toward development with a Definitive Feasibility Study (DFS) underway. This includes expanding the pit size to capture more silver ounces and transitioning to wet tailing storage, which reduces capital and operating costs. In parallel, we have commenced permitting to bring forward first silver production.

What are your corporate activities?:
Investigator Silver’s corporate activities are focused on the exploration, evaluation and advancement of mineral projects, with a particular focus on silver and other strategically important mineral opportunities. Our activities include: Mineral exploration and resource evaluation Geological and technical studies Project development and economic assessment Exploration planning, permitting and regulatory compliance Evaluation of strategic investment and partnership opportunities Capital management and funding activities to support project advancement Engagement with investors, shareholders, government, industry and other stakeholders Corporate governance, risk management and compliance Identifying and evaluating new opportunities that may complement the company’s existing portfolio The company’s overall objective is to progress its mineral assets through exploration and development while identifying opportunities to create sustainable long-term value for shareholders.