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Thinking Silver? Think Investigator September 2025 For personal use only
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2 Important Information Disclaimer The information in this presentation is published to inform you about Investigator Resources Limited and its activities.Some statements in this presentation regarding estimates or future events are forward looking statements.They involve risk and uncertainties that could cause actual results to differ from estimated results.All reasonable effort has been made to provide accurate information, but we do not warrant or represent its accuracy and we reserve the right to make changes to it at any time without notice. To the extent permitted by law, Investigator Resources Limited accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this presentation.Recipients should make their own enquiries in relation to any investment decisions. Competent Person Statements The information in this presentation relating to exploration results is based on information compiled by Mr Jason Murray who is a full time employee of Investigator Resources Limited. Mr Murray is a member of the Australian Institute of Geoscientists (AIG). Mr Murray has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Murray consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this presentation that relates to Mineral Resources Estimates at the Paris Silver Project is extracted from the release titled “Paris Mineral Resource Estimate Update” dated 5 July 2023 and is available to view on the Company’s website www.investres.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this presentation that relates to Pre-Feasibility Study undertaken on the Paris Silver Project is extracted from the release titled “Paris PFS Delivers Outstanding Results” dated 30 November 2021 and is available to view on the Company’s website www.investres.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the results in the relevant market announcement continue to apply and have not materially changed. The information in this presentation that relates to the drill results is extracted from the release titled “Paris Regional Exploration Drilling Results” dated 25 August 2022, release titled “Silver Intersected Proximal to Paris Project” dated 30 May 2024, release titled “Drilling Results From Greater Paris Silver Project” dated 31 March 2025, release titled “Quarterly Activities Report 30 September 2024” dated 23 October 2024, release dated “Earn-In agreement to silver opportunity next to Paris” dated 1 April 2025, release titled “New Silver Intersection Identified at Athena” dated 22 July 2025, and release titled “High-Grade Silver Discovery at Uno Morgans Project” dated 7 July 2022, and is available to review on the Company’s website www.investres.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Paris Mineral Resource Estimate #1 #1 – ASX announcement 5 July 2023 Category Mt Ag ppm Pb % Ag Mozs Pb Kt Indicated 17 75 0.5 41 85 Inferred 7.2 67 0.42 16 14 Total 24 73 0.41 57 99 Table 1: 2023 Paris Silver Project Mineral Resource estimate (25g/t silver cut-off grade). (Note: Total values may differ due to minor rounding errors in the estimation process) For personal use only
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3 Fast-tracking Paris to First Silver Clear strategy: Paris DFS Reset: Permitting in parallel: Exploration: Portfolio discipline: engaging early to shorten and de-risk the path to production capturing value from higher silver prices and secured water - delivering a leaner, financeable plan to accelerate first silver precious metals focus, silver at the centre unlocking district-scale silver growth at Athena and across the Paris Corridor advancing core projects while seeking value from non-core assets For personal use only
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4 Silver focused business in Tier 1 jurisdiction Paris Silver Project • One of Australia’s highest grade primary Silver projects • 57Moz Silver + 99kt Lead - JORC (2012) Resource #1 • PFS completed 2021 • Resource updated July 2023 • DFS & permit preparation underway – target H1 2026 Paris Silver Corridor • 15km long corridor – drilling shows district scale potential Uno/Morgans exploration tenements • 80km east of Paris - base & precious metals Curnamona - Gold/Silver/Copper prospectivity • Coincident IP , magnetics, gravity, & soils indicate strong mineralisation potential. Maiden drilling starts Q4 2025. #1 – ASX announcement 5 July 2023 For personal use only
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5 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $0.00 $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 Jul 2024 Sep 2024 Nov 2024 Jan 2025 Mar 2025 May 2025 Jul 2025 IVR shareprice (A$/share) - LHS Silver (US$/oz) - RHS Corporate Snapshot Capital Shares on issue 1,733 M Listed Options (4.2c, exp Mar 2028) 467 M Share Price #1 3.0c Market Cap $52M Cash (30 June 2025 - unaudited) $5.1M Enterprise Value $46.9M Share Register – 30 June 2025 Top 20 30% Liquidity – 12 months 43% Board and Management Richard Hillis Non-Executive Chair Lachlan Wallace Managing Director Andrew Shearer Non-Executive Director #1 – Share price at close business 15 September 2025 Market misread the DFS delay — reset now positions Paris to capture silver’s upside For personal use only
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6 Paris Silver PFS showed strong project economics#1 Since this study, silver price has increased > 70% ` #1 - Paris PFS - ASX Announcement 30 Nov 2021 A$487 M Free Cash 26.7 Moz Production A$202 M NPV8 A$131 M Capex 48% IRR A$17.45/oz AISC For personal use only
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7 DFS ResetFor personal use only
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8 Paris DFS Reset – Capturing Value, Accelerating First Silver Silver price +70% since PFS Project water supply secured Larger pit, more ounces Dry stack to wet TSF Flowsheet value engineering Finance-led throughput optimization Permitting in parallel Lower capex & opex Stronger project economics De-risked approvals Mine plan that lenders can support Fast-track first silver INPUTS RESET ACTIONS TARGET OUTCOMES For personal use only
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9 From $20 to $40+ - Why Paris Must Capture This Upside https://tradingeconomics.com/commodity/silver Silver Price: USD/oz For personal use only
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10 Water Secured – Tailings Transformed Hector Paleochannel: Long-term supply enables shift to wet TSF, cutting capex and opex For personal use only
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11 PFS DFS DFS PFS Pit expanded; increasing silver ounces Geotechnical program concluded in Sep-25 to support expanded pit For personal use only
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12 Rethinking processing; leaner, fit-for-purpose Skid mounted crusher: less concrete, steel, install Simplify stockpile away from bin Wet TSF eliminates filtration Wet TSF reduces detox system With detox at the TSF, less plant flow which allows downsizing of the Merril- Crowe processTailings pumped: eliminating >10Mt rehandle Eliminating waste. Example: Use plant to support services rather than purpose-built steel intensive overhead racks Just some of the ways we are now attacking the flow sheet to reduce capital Note: this is a work in progress, and not all examples may advance to the final flow sheet For personal use only
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13 Exploiting the Grade Tonnage curve Lower opex in the process plant, drives lower cut-off grade. Steep slope around the cut-off grade#1 has potential to bring more ounces into the plan from the same pit design; meaning more silver into the rising price environment. # 1 - ASX announcement 5 July 2023 For personal use only
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14 Throughput: Optimised for Finance, Not Just Engineering Sized for bankability — throughput chosen to meet lender benchmarks and maximise value Finance-first sizing: Stress-tested plans: Sweet spot focus: targeting the configuration that maximises value and fundability. downside scenarios run across price, costs, and production. throughput options tested against lender benchmarks, not just technical scale. For personal use only
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15 Permitting in Parallel: Fast-Tracking First Silver Permitting integrated with DFS — reducing risk, saving time, bringing first silver forward Early engagement: Concurrent studies: Accelerated pathway: structuring approvals to shorten the timeline to first silver. DFS, MLA, and PEPR workstreams advancing together to avoid rework. MLA discussions already underway with the SA Government to ensure studies scoped correctly. For personal use only
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16 Exploration: Paris is just the beginning For personal use only
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17 District-Scale Discovery # 1 - ASX announcement 25 August 2022 # 2 - ASX announcement 30 May 2024 # 3 - ASX announcement 31 March 2025 # 4 - ASX announcement 23 October 2024 ATHENA PARIS ARES Paris Silver Corridor PERSEUS APOLLO MANTO Apollo (5km from Paris) • 8m @ 1,262g/t Ag from 149m #1 • Mineralogically identical to Paris Perseus (2km from Paris) • 1m @ 71g/t Ag & 0.6% Pb from 38m (PLAC161) #2 • 9m @ 21g/t Ag from 114m (PPRC907) #3 • 1m @ 1.37g/t Au from 40m (PPRC905) #3 • 42m @ 0.28% Pb and 48m @ 0.56% Zn from 51m (including 3m @ 1% Zn from 78m) (PPRC901) #3 15km of untapped silver potential – and growing… Manto (5km from Paris) • 3m @ 86g/t Ag from 90m, including 1m @ 218g/t Ag from 91m #3 • 3m @ 31g/t Ag from 105m (PLAC284) #4 For personal use only
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18 District-Scale Discovery Farm-In Agreement on adjacent high grade silver prospect #1 2012 drilling at Athena focussed on iron ore, not silver. 2013, with ongoing success at Paris, selected intervals were re-assayed for silver, returning multiple hits, including: • 5m @ 493g/t silver from 71m (12BWRC020) #2 #1 – ASX announcement 1 April 2025 #2 – ASX announcement 22 July 2025 A second magnetic signature adjacent to Athena is untested ATHENA PARIS ARES ATHENA Paris Silver Corridor MANTO Magnetic RTP imagery PERSEUS APOLLO Historic drillholes terminate in silver mineralisation A A’ For personal use only
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19 Uno Morgans Project – trucking distance to Paris Prospective silver area with prior shallow sliver-lead-zinc drill hits#1; • 12m @ 240g/t Ag from 78m (UMHRC021) • 123m @ 0.48% Zn from 15m (UMHRC011) Upcoming exploration: Eurilla Hill: First pass soil program in Q4-2025 targeting IOCG. Corunna: gravity survey over key targets. EURILLA HILL CORUNNA UNO MORGANS # 1 - ASX announcement 7 July 2022 For personal use only
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20 Curnamona Historical gold and copper mining Coincident magnetics, gravity, IP and soil anomaly Maiden drill program commences Q4-2025 Band pass filtered gravity data, with new IP traverses shown in pink. Inset: Regional historic RTP 1VD magnetic intensity image, showing large magnetic feature within tenement For personal use only
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21 Portfolio Management – Streamlined & Precious Metals Focused Non-core exits: Value realised: Sharpened focus: Portfolio now aligned to building a district-scale precious metals platform anchored by Paris. Up to $3m secured from Molyhil #1 & related fluorite sale#2, $1m cash for sale of Stuart Shelf and royalties retained#3. Divestment of Molyhil (NT), Stuart Shelf (SA), and White Spur (Tas) crystallises value and removes distractions. New Ground Added Eurilla Hill (SA) licence granted, early-stage silver and base metal potential, low- impact work program planned Q4 2025. # 1 - ASX announcement 16 September 2025 # 2 - ASX announcement 21 November 2024 # 3 - ASX announcement 16 September 2024 For personal use only
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22 News flow – next 6 months Paris DFS workstreams Pit design Flowsheet revision Throughput optmisation Infrastructure Permitting Exploration Athena gravity survey results and drill program Curnamona exploration Eurilla Hill geochemical survey Corunna geophysical survey For personal use only
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23 Why Silver? Why Investigator? High-grade project in a Tier-1 location Rising silver prices have the potential to transform already strong project economics DFS is targeting that upside — expanding the pit and bringing more silver into the mine plan A 15km silver district is emerging around Paris Next Steps: • Pathway to production: DFS and permitting underway • District growth: Geophysics at Athena, followed by drilling in the Paris Silver Corridor • New frontiers: First drilling campaign at Curnamona, and early exploration at the Uno Morgans project For personal use only
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24 Lachlan Wallace, Managing Director 47 King Street, Norwood SA 5067 +61 (0) 8 7325 2222 lwallace@investres.com.au www.investres.com.au Thinking Silver? Think Investigator. For personal use only