Investigator Resources Looks Poised for Growth

• Investigator Resources (IVR) is an ASX-listed company focused on the silver project called Paris in South Australia.
• Paris is Australia's highest-grade undeveloped silver project, containing around $1.5 billion worth of metal in the ground.
• IVR's share price has held up well compared to the broader market, likely due to its status as a proxy for investing in silver.
• IVR has conducted regional exploration, finding promising silver intersections at Apollo, and has gained access to new areas for drilling, indicating potential resource expansion.
• The company aims to optimize the definitive feasibility study (DFS), improve lead recovery, address geotechnical challenges, and explore backfilling options to enhance project economics.

About Investigator Resources

Investigator Resources (ASX:IVR) is an Australia-based silver exploration and development company focused on advancing its 100%-owned Paris Silver Project in South Australia. The Paris Project hosts a high-grade undeveloped silver deposit and is considered the highest grade undeveloped silver project in Australia with approximately 1.5 billion dollars worth of metal in the ground. Investigator Resources aims to develop the Paris Project into a low-cost, long-life silver mine to capitalize on the forecast demand growth and tightening supply fundamentals for silver.

Interview with Managing Director, Andrew McIlwain

Exploration Success Extending Known Mineralization

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In the interview, Managing Director Andrew McEwin highlighted recent exploration success at the Paris Project, including at the Apollo target and newly accessed areas to the south of the main Paris deposit. McEwin noted that Investigator Resources was able to come to an agreement with the native title owners and traditional owners of the Paris Project area to access previously restricted areas immediately south of the main Paris resource.

McEwin explained that this newly accessed area will enable the company to extend drilling at least 250 meters south from the current 1.2 kilometer north-south long Paris deposit. The company is confident this area hosts mineralization based on previous shallow drilling and the same favorable geology and stratigraphy as the main Paris resource. Investigator Resources plans to start drilling this highly prospective area within the coming weeks and incorporate any additional resources from this work into an updated mining plan and definitive feasibility study expected in the second half of 2023.

The company also reported strong silver results from initial drilling at the Apollo target just 4-5 kilometers from the main Paris resource, further demonstrating the exploration upside across its tenements. Investigator Resources will look to follow up these results with additional drilling after completing its current program at Paris.

Advancing Paris Silver Project Studies

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Behind the scenes, Investigator Resources has continued to progress studies and derisking activities in support of its definitive feasibility study for the Paris Silver Project. This includes important geotechnical and geotechnical drilling and testwork.

A key area of focus has been on opportunities to improve process plant recoveries and project economics. Metallurgical testwork has shown potential to increase lead recoveries from 65% to 72%, which McEwin explained could have a significant positive impact on the project's overall economics. The company is also evaluating the potential to produce a saleable copper concentrate at Paris, which had not been considered in previous studies.

Other critical work underway includes hydrology studies for water supply and management, along with programs to test pit slope stabilization approaches. Investigator Resources believes there are opportunities to optimize the Paris mine plan, extend the initial 6-year mine life, and reduce risk by backfilling completed pits during operations.

Macro Fundamentals Supportive for Silver

Despite recent volatility, McEwin remains optimistic on the outlook for silver prices based on supportive supply and demand fundamentals. He explained that silver supply is heavily dependent on lead and zinc mining, with approximately 70% of annual silver production coming as a by-product from base metal mines. With relatively few new base metal mines starting up to offset depleting production from existing operations, investment in new primary silver projects will be required to meet demand.

At the same time, McEwin sees accelerating demand growth for silver from key industrial applications like solar panels, electric vehicles, and electronics manufacturing. With physical silver demand outstripping supply, as evidenced by premiums on bullion coins, he believes silver prices are positioned for recovery. Investigator Resources offers leverage to this anticipated rebound as a potential new primary silver producer.

A Compelling Silver Investment Opportunity

With its 100%-owned Paris Project, Investigator Resources presents a unique exposure to undeveloped high-grade silver in Australia. Trading at just a A$60 million market capitalization, the company offers significant re-rating potential as it continues to derisk and advance Paris towards production.

Upcoming potential share price catalysts include results from the southern Paris deposit drilling and any additional resource ounces defined from this program. Investors should watch for the revised Paris resource estimate and definitive feasibility study expected in 2023. As Paris moves down the development curve towards a construction decision, investors have an opportunity to position in one of the highest grade and most economic undeveloped silver projects globally.

Conclusion

Investigator Resources has aggressively advanced exploration and development studies on the Paris Silver Project since acquiring the asset in 2020. Located in the highly productive and mining-friendly jurisdiction of South Australia, Paris benefits from excellent surrounding infrastructure including road, rail, power and water. The project area has a long history of mining and Paris itself was discovered in the late 1800s, although silver prices at the time were insufficient to warrant development.

The company has an experienced board and management team to steer Paris through development and into production. Managing Director Andrew McEwin is a geologist with over 25 years in the mining industry across technical, commercial and executive roles in Australia and internationally. Under McEwin's leadership, Investigator Resources is focused on realizing maximum value for shareholders by capitalizing on the current silver market dynamics and rapid advancements towards construction at Paris.

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