• Definitive Feasibility Study confirms Paris as a high-margin, financeable silver project
• Pre-tax NPV of A$1.15B, IRR of 93%, and ~11-month payback from first production
• Completed A$55m institutional placement to accelerate Paris into early works

Investigator Silver Limited (ASX: IVR) has completed the Definitive Feasibility Study (DFS) for its 100%-owned Paris Silver Project, located on South Australia's Eyre Peninsula. The DFS confirms Paris as a high-margin, financeable silver project with a clear pathway to development. Key DFS outcomes include a pre-tax NPV of A$1.15 billion, an IRR of 93%, and a rapid ~11-month payback from first production. The project benefits from a simple, conventional development plan, utilizing shallow open-pit mining and standard processing methods. The mine plan is structured to prioritize early access to higher-grade ore, accelerating cash flow and supporting rapid capital recovery. During the quarter, Investigator also completed a A$55 million institutional placement, strengthening its balance sheet and enabling early, schedule-critical workstreams ahead of a construction decision. The company is now focused on advancing Paris toward development, with workstreams aligned to financing readiness, engineering progression, and project de-risking.

The DFS outlines a pre-tax NPV of A$1.15 billion, an IRR of 93%, and a rapid ~11-month payback from first production, based on a silver price of US$80/oz and an exchange rate of AUD:USD 0.69.

Investigator is now focused on advancing Paris toward development, with workstreams aligned to financing readiness, engineering progression, and project de-risking. This includes engineering progression, approvals pathway advancement, targeted infill drilling, resource conversion and near-pit drilling, district-scale exploration, and early works planning.