Announcement PDF Thinking Silver? Think Investigator. Advancing Australia’s highest grade Silver project. 2023 Annual General Meeting Presentation 23 November 2023 ASX:IVR 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 Australasian Institute of Mining and Metallurgy. 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. Investigator Resources Limited – AGM Presentation – 23 Nov 2023 2 What do you need to know about Investigator? • South Australia focus - 8,000km2 • Paris Silver Project • Australia’s highest grade primary Ag project • 57Moz Silver + 99kt Lead - JORC (2012) Resource #1 • PFS completed, resource updated, DFS in progress • Uno/Morgans tenements • 80km east of Paris - base & precious metals • Curnamona - Cu/Au/Ag prospectivity • 2 tenement packages under farm-out deals • Earn-In to JV over Molyhil Tungsten Project in NT • Shallow, high-grade tungsten & molybdenum • Resource drilling in progress #1 – As announced to the ASX 5 July 2022 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 3 What you need to know about Investigator?.…cont Capital – 30 Sept 2023 Shares – ordinary 1,437M Listed Options (6.3c, exp Mar 2025) 232M Unlisted Options (7.6c, exp Dec 2025) 28.5M Share Price 4.1c Market Cap $59M Cash (as at 30 Sept 2023) $3.3M Share Register – 31 August 2023 Jupiter Asset Management 14.6% Top 20 32% # Shareholders 5,500 Board and Management Richard Hillis Non-Executive Chair Andrew Shearer Non-Executive Director Andrew McIlwain Managing Director Investigator – it’s all about leverage to Silver Investigator Resources Limited – AGM Presentation – 23 Nov 2023 4 Silver – Increasing industrial demand…. A few silver facts…..both a precious and an industrial metal* • Traditional store of wealth • The most electrically conductive metal • Circuit boards, semiconductors • Every solar panel contains ~1oz Ag • Every electric vehicle (EV) contains ~2oz Ag • ~900Moz produced annually • 2022 global demand 1.21Boz – up 16% • Solar panels and EVs to add >200Moz pa from 2025 • 85% global reserves forecast to be consumed by 2050 • Decarbonisation and electrification of the world needs silver * The Silver Institute Our green future will depend on silver…. Investigator Resources Limited – AGM Presentation – 23 Nov 2023 5 Paris Silver Project – 100% IVR Pre Tax NPV8: A$202 to A$245 Million IRR: 47.9% to 54.1% Project Life 5 to 7 years Capex A$131 Million LOM Free Cash (Pre Tax) A$487 to A$602M AISC: Pre-Feasibility Study #2 Paris – the highest grade undeveloped primary silver project in Australia • Simple open pit – 70% free dig • Dry stacked tailings • Hybrid diesel & solar power generation • PFS results based on silver recovery only • Base case Ag price - A$34.30/oz • AISC of A$17.45/oz • Zero contribution from lead (99kt in resource) • Lead recovery a key focus in DFS A$17.45/oz #2 – PFS results as released to ASX on 30 Nov 2021 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 6 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 7 Paris Silver Project – Definitive Feasibility Study • Southern resource extension • Access granted to restricted area • Resource update – improved confidence • Metallurgical optimisation • Crushing & grinding testwork completed • Final Silver leach studies – incl detox • Lead recovery test work in progress • Hydrology study • Pit & Process water • Environmental • Community • Early engagement with SA regulators • DFS due early 2024 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 8 Paris Silver Project – Exploration within 5km of deposit @ Apollo • 3m @ 34g/t Ag from 189m #3 • 8m @ 1,262g/t Ag from 149m; incl. • 3m @ 3,167g/t Ag #4 • Mineralogically identical to Paris @ Ares • 39m @ 1.26% Zn from 21m; incl. • 12m @ 2.66% Zn #4 Further drilling planned for 2024 #3 – As released to ASX on 7 June 2023 #4 – As released to ASX on 25 Aug 2022 Figure shows regional drilling. Most recent drilling at Apollo shown in inset as yellow triangles. Investigator Resources Limited – AGM Presentation – 23 Nov 2023 9 Investigator – SA Regional Opportunities Uno Morgans tenements: 80km east of Paris…. • Similar structural/geologic setting to Paris • Silver, Gold & Base metal potential • 3,300m RC drilling in 2022 • 24 of 27 holes intersected mineralisation #5 • 12m @ 240g/t silver from 78m (12 Mile) • 123m @ 0.48% zinc from 15m (Uno Nth) • Further drilling planned for H2 2023 #5 – As released to the ASX on 7 July 2022 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 10 Diversification – Molyhil Tungsten/Molybdenum Project - NT • 3 stage Earn-In to Joint Venture with Thor Energy (ASX:THR) • Stage 1 - $1M over 18 months to earn 25% Molyhil interest (& 40% Bonya) • JORC 2012 resource estimate #6 – to be updated • Previously reported DFS #7 - requires revalidation • Molyhil granted NT “Major Project” status • NT Collaborative Funding for regional gravity survey • Potential for NAIF, NT Jobs and Fed Critical Minerals funding • Key opportunities include: • Resource – drilling, remodel and re-estimation • Metallurgical process refinement • Molybdenum pricing upside • 1,650m 12-hole resource drilling program in progress • Revised resource estimate and Scoping Study #6 – As reported by THR to the ASX 8 Apr 2021 #7 – Reported by THR to the ASX 23 Aug 2018 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 11 So what is so fascinating about tungsten?.…. Just about everything needs a little bit of tungsten…. • Used in aero-space, steel hardening, cutting, drilling, armour plate, electronics and jewellery • An essential industrial metal - unique in its hardness • Highest melting point of all metals - 3,422 deg Celsius • Classified as a Critical Mineral worldwide • Potential application in enhancing lithium batteries • Supply historically dominated by China & Russia • 50% price improvement over last 18 months Investigator Resources Limited – AGM Presentation – 23 Nov 2023 12 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 13 Investigator – The Value Proposition……. • Silver exposure – Paris is the highest-grade undeveloped Silver project in Australia • Robust project PFS financials, opportunities to enhance - DFS in progress • Regional exploration targets with potential to augment Paris • Stable jurisdiction, clear pathway to approval • Critical mineral exposure and diversification opportunity with Molyhil Tungsten Project • Team with significant industry experience, project knowledge and operational skillset • News flow • Paris DFS milestones: • Metallurgical testwork – lead recovery • Mine optimisation study • SA Regional exploration • Molyhil Tungsten Project – drilling and resource update Investigator Resources Limited – AGM Presentation – 23 Nov 2023 14 Thank you Thinking Silver? Think Investigator.… Investigator Resources Limited – AGM Presentation – 23 Nov 2023 • Andrew McIlwain, Managing Director • 47 King Street, Norwood SA 5067 • +61 (0) 8 7325 2222 • amcilwain@investres.com.au • www.investres.com.au 15 Appendix 1 – Paris Mineral Resource Estimate #8 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) NOTE: 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. #8 – As released to the ASX on 5 July 2023 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 16 Appendix 2 – Molyhil Earn-In to JV Agreement ## General Terms • 3 stage Earn-In to Joint Venture with Thor Mining (ASX:THR) • Stage 1: • Payment to Thor of $100,000 on execution of Heads of Agreement documentation • Expenditure of $1M over 18 months (includes $100k HoA fee above) to earn a 25% interest in the Molyhil Tungsten Project and associated tenements, and all of Molyhil’s 40% interest in the adjacent Bonya tenement (EL29107 in JV with Arafura (ASX:ARU)) • If expenditure of $1M is not met within 18 months, balance to be paid to Thor • On formation of the Joint Venture (25:75 IVR:THR) IVR to issue Thor $250,000 in IVR shares (at the higher of 15-day VWAP or $0.05) • Stage 2: • Expenditure of a further $2M over 3 years to earn a further 26% interest in the Molyhil Project and associated tenements (51:49 IVR:THR) • Stage 3: • Expenditure of a further $5M over 3 years to earn a further 19% interest in the Molyhil Project and associated tenements (80:20 IVR:THR) • On formation of the 80:20 Joint Venture IVR to issue Thor $250,000 in IVR shares (at the higher of 15-day VWAP or $0.05) • On formation of the 80:20 Joint Venture Thor can elect to contribute on a pro-rata basis or dilute. If diluted below 10% then Thor’s interest reverts to an NSR. ## – As released to the ASX on 24 November 2022 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 17 Appendix 3 – Molyhil Mineral Resource Estimate #10 Category ‘000 Tonnes WO3 Grade % Tonnes Mo Grade % Tonnes Cu Grade % Tonnes Fe Grade % Measured 464 0.28 1,300 0.13 600 0.06 280 19.12 Indicated 2,932 0.27 7,920 0.09 2,630 0.05 1,470 18.48 Inferred 990 0.26 2,580 0.12 1,170 0.03 300 14.93 Total 4,386 0.27 11,800 0.1 4,400 0.05 2,190 17.75 Table 2: Molyhil Mineral Resource Estimate JORC (2012) classification as reported by Thor Energy to the ASX on 8 April 2021. Reported at a cut-off grade of 0.07% WO3 Tungsten. (Note: Total values may differ due to minor rounding errors in the estimation process, Mineral Resource reported to a 200mRL level which was used to define material that could be potentially extracted using open pit mining methods) NOTE: The information in this presentation that relates to Mineral Resources Estimates at the Molyhil Tungsten/Molybdenum Project is extracted from Thor Energy's ASX release titled “Mineral Resource Estimate Update, Molyhil Project” dated 8 April 2021 and is available to view on Thor Energy’s website www.thorenergyplc.com. The Company understands that the Molyhil Mineral Resource Estimate was compiled in accordance with the guidelines of the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012) and that the data for the Molyhil Mineral Resource Estimate was prepared and validated by Thor Energy under the supervision of Nicole Galloway Warland, a Member of the Australian Institute of Geoscientists. Thor Energy considered that Ms Galloway Warland had sufficient relevant experience to be considered a “Competent Person” as defined by the JORC Code (2012). The resource estimate for WO3 and Mo was undertaken by Johan van Zyl, Senior Geostatistician with Golder Associates, a Member of the Australasian Institute of Mining and Metallurgy. Mr van Zyl was considered by Thor Energy to have sufficient relevant experience to be considered a “Competent Person” as defined by the JORC Code (2012). The resource estimate for Fe and Cu was undertaken by Stephen Godfrey, Principal Resource Geologist with Resource Evaluation Services, a Fellow of the Australasian Institute of Mining and Metallurgy and a Member the Australian Institute of Geoscientists. Mr Godfrey was considered by Thor Energy to have sufficient relevant experience to be considered a “Competent Person” as defined the JORC Code (2012). The Company confirms that it is not aware of any new information or data that materially affects the information included in Thor Energy's original market announcement, and that the form and context in which the Competent Person’s findings are presented have not been modified from Thor Energy's original market announcement. #10– As released to the ASX by Thor Energy on 8 April 2021 Investigator Resources Limited – AGM Presentation – 23 Nov 2023 18