Investigator Resources Advancing Flagship Paris Project Towards 2024 DFS

• Investigator Resources' primary asset is the Paris Silver project in South Australia with a resource of 57 million ounces of silver worth over A$2 billion at current prices
• A pre-feasibility study was completed in 2021 showing strong economics at a $34/oz silver price with further optimization potential
• The definitive feasibility study is on track for completion in the first half of 2024 with environmental and other key studies already completed
• There is further exploration upside to potentially expand the resource and mine life at Paris and other nearby targets
• At current market capitalization, Investigator offers leveraged exposure to a rising silver price as one of the only pure-play silver developers on the ASX

About Investigator Resources

Investigator Resources (ASX:IVR) is a mineral exploration and development company focused solely on unlocking the potential of its 100% owned Paris Silver Project in South Australia. With an existing silver resource of 57 million ounces worth over A$2 billion at today's silver prices, the Paris Silver project represents a unique pure silver development opportunity in Australia.

Over the past year, Investigator has made strong progress towards completing a Definitive Feasibility Study to pave a clear pathway for Paris to move into production. Key environmental and field studies are complete while metallurgical test work is ongoing to optimize silver and lead recoveries. This positions Paris as a relatively low-risk and straightforward project located in a Tier 1 mining jurisdiction with strong local community support.

At the current silver price, the Paris PFS demonstrates robust economics including a Pre-Tax NPV8 of A$202M to A$245M and IRR of 47.9% to 54.1%. Further optimization of recovery and costs from the 2024 DFS could see these numbers expand materially. When combined with a relatively modest initial capex requirement of ~$130M, there is substantial valuation leverage at current market cap with a rising silver price.

As one of the only pure-play silver vehicles available to ASX investors, completion of Paris' DFS could prove to be a key re-rating catalyst for Investigator in the year ahead.

Interview with Managing Director, Andrew McIllwain

Definitive Feasibility Study On Track

A Pre-Feasibility Study released in November 2021 outlined strong economic potential for Paris based on a US$34/oz silver price. The project demonstrated low operating costs at A$17.45/oz placing it in the lowest quartile of the industry cost curve. This leaves substantial margin to fund debt repayments and free cash flow in an environment where silver is expected to enter a prolonged structural bull market over the next decade.

Investigator is now working swiftly towards completion of a Definitive Feasibility Study in 1H 2024 after recently raising $5.5M to fully fund this work. Key areas of focus include:

• Finalizing metallurgical recovery optimization tests for silver and lead
• Completing pit design work to maximize silver resources
• Updating financial analysis and funding/financing options
• Progressing approvals, mining leases, and other regulatory requirements

Encouragingly, several key environmental and field studies have already been completed including hydrology assessments and additional exploration drilling last year. Hence, Paris is not facing many of the significant potential approval or permitting delays impacting other precious metals projects globally.

Further Near-Mine and Regional Exploration Upside

While Paris itself contains an already substantial silver inventory, Investigator also sees strong potential for additional near-mine discoveries across its 1,375km2 regional exploration package surrounding the project area. Secondary priority silver and base metal targets have been identified within 10km of Paris that the company plans to further assess in 2024.

This includes seismic surveys and fieldwork to search for repeats of similar Paris-style mineralization across the broader region. Ongoing activities will still represent modest expenditures relative to the company's existing cash balance. But any exploration successes could significantly elevate both Paris' production profile as well as Investigator's organic growth pipeline in South Australia.

Funding Path Clearing Post-DFS

Investigator Managing Director Andrew McIlwain has emphasized that completing the Paris DFS is the company's number one priority for 2024. This milestone will demonstrate the technical and economic viability of development to allow engagement with potential funding partners.

While the initial ~$130M capex requirement is relatively modest compared to many silver projects globally, the company is still evaluating a mix of debt and equity options. Potential funding sources McIlwain highlighted could include:

• Debt financing
• Silver streaming agreements
• Strategic investments
• Royalties or forward sale agreements

The North American market also offers a deep pool of funding for high-quality silver developers which the company may look to tap more extensively post-DFS. Listing on the OTC markets to expand Investigator's visibility to this investor audience is another pathway under consideration.

Leveraged Exposure to Rising Silver Price

After bottoming out around $20/oz through late 2021, silver has seen a tentative recovery back above $23/oz in early 2023. But with gold:silver ratio still hovering close to 80x compared to its long term average near 65x, most analysts forecast silver will enter a new structural bull market over the coming years.

Some of the key drivers behind this emerging silver narrative include:

• Increasing investment and industrial demand above slowing mine supply
• Ongoing monetary inflation/currency debasement
• Silver's role as a geopolitical and ESG "green metal" hedge
• Major base metal electrification requiring substantial silver inputs

As both a currency and highly functional industrial commodity, rising silver demand appears poised to outstrip declining ore grades and stale project pipelines across both developed and emerging markets this decade. Hence, the stars seem aligned for companies like Investigator Resources with sizeable and scalable silver assets to be big winners in the backdrop of a secular silver supercycle.

Valuation Upside from Current Levels

With the company's updated NPV estimate for Paris likely exceeding the current sub-A$50M market capitalization of Investigator, existing shareholders arguably have relatively low risk and high reward at spot silver prices. There are few other opportunities to gain exposure into what shapes as a globally significant silver development asset with such modest upfront capital on the ASX.

And while navigating volatile equity markets may require patience in the interim, Investigator offers maximum leverage for investors betting on an inevitable recovery in precious metals sentiment. Completing Paris' DFS over the next 6-12 months could prove the spark which begins to unlock the company's latent valuation upside.

Upside Case:

• Silver prices breaking out above $30/oz towards $50/oz over next 3-5 years
• Paris exploration success and resource expansion
• Further project optimization from DFS to improve economics
• Attractive M&A target if asset gets de-risked

Conclusion

With a large and high grade silver inventory, modest initial capex, low operating costs and located in a Tier 1 mining jurisdiction, the Paris Silver project shapes as a standout silver development story in the making. Investigator Resources provides ASX investors a rare opportunity to gain exposure into this emerging silver bull narrative through a highly scalable, de-risked project with additional upside potential.

The fully funded Paris definitive feasibility study will be the next milestone to watch on the path towards potential production start-up still within the next few years. Attractively priced at current levels, Investigator appears positioned to re-rate substantially higher as silver market conditions continue improving over the long term.