Announcement PDF 30 October 2025 Presentation - September Quarterly Activities and Outlook Investigator Resources Limited (ASX: IVR) (“Investigator” or the “Company”) is pleased to provide an investor presentation ahead of today’s webinar with Managing Director, Lachlan Wallace. For further information, please contact: Lachlan Wallace Managing Director + 61 (0) 8 7325 222 lwallace@investres.com.au Thinking Silver? Think Investigator October 2025 Australia’s only pure silver development project 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) 3 Silver price up >65% in 2025 Customers queue outside ABC Bullion in Sydney’s Martin Place. (ABC News: David Taylor) $25 $30 $35 $40 $45 $50 $55 Sep 2024 Nov 2024 Jan 2025 Mar 2025 May 2025 Jul 2025 Sep 2025 Silver (US$/oz) Silver (U$) 4 Silver historically cheap Customers queue outside ABC Bullion in Sydney’s Martin Place. (ABC News: David Taylor) Silver historically cheap Silver historically expensive Gold / Silver ratio well above historical average of 65:1 Reversion to mean requires silver to increase by 30% (above US$60/oz) 5 The only PURE silver project in Australia of development scale MST – 16 October 2025 Peer Average EV $4.00/oz IVR EV $1.80/oz Undervalued compared to peers on pure silver basis EV/Silver Resource – peer comparison 6 Paris Silver PFS showed strong project economics#1 Since this study, silver price increased > 100%, adding > A$1B Free Cash #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 54% IRR A$17.45/oz AISC 7 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 $90.00 Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Structural Price Shift – Why Paris Must Capture This Upside Silver Price: A$/oz Pre-feasibility Study A$34.30/oz Silver price increase > 100% since PFS Fundamentally changes project design and economics 8 Research value > 3x current share price MST – 16 October 9 Paris DFS Throughput optimisation • Finance stress test to develop bankable mine plan • Optimal throughput - 1.5Mtpa Mine design • Geotechnical assessment – pit wall slope stability • Pit optimisation, mine design, schedule and costs Processing • Reviewing recovery vs grind size • Engineering design DFS • Ready for release H1 2026 Geotechnical program concluded in Sep-25 to support expanded pit 10 Permitting & Pathway to First Silver Mine Lease Application (MLA) • Actively working with the regulator to ensure studies meet their requirements = smooth processing of permit • Core technical focus areas: • Hydrogeology • Geochemistry • Tailings storage and management • Aiming to submit mid-2026 Native Title Mining Agreement (NTMA) • Project has been designed based on over a decade of engagement with Traditional Owners through the exploration phase Program for Environment Protection & Rehabilitation (PEPR) • Effectively the environmental permit to commence mining. • Addresses feedback from the Regulator during the MLA process. 11 Exploration: Paris is just the beginning 12 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 13 Uno Morgans Hub & Spoke – 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 Drilling H1 2026 UNO MORGANS # 1 - ASX announcement 7 July 2022 EURILLA HILL CORUNNA 14 Curnamona Historical gold & copper mining Coincident magnetics, gravity, IP and soil anomaly Close proximity to large gold & copper resources, but never drilled Maiden drill program commences Q4-2025 targeting porphyry & IOCG 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 15 15 20 25 30 35 40 45 50 55 60 $0.00 $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 Sep 2024 Nov 2024 Jan 2025 Mar 2025 May 2025 Jul 2025 Sep 2025 Silver (US$/oz) IVR (A$/sh) IVR (A$/sh) Silver (U$) Corporate & Financial Strength Capital Shares on issue 1,836 M Listed Options (4.2c, exp Mar 2028) 467 M ($19.6M) Share Price#1 4.9c Market Cap $90M Cash#2 $9M + $5.6M subject to shareholder approval Enterprise Value $81M Share Register – 30 June 2025 Top 20 31% Liquidity – 12 months 64% Board and Management Richard Hillis Non-Executive Chair Lachlan Wallace Managing Director Andrew Shearer Non-Executive Director #1 – Share price at close business 27 October 2025 #2 – 30 June 2025 audited, plus $4.3m placement in October. Note: A further $5.6m placement proceeds (134M shares) subject to shareholder approval at AGM 26 November 2025. $4.3m $10m Well funded through to FID 16 News flow – next 6 months Paris DFS workstreams Pit design Flowsheet revision DFS – H1 2026 Permitting Exploration Athena gravity survey results Paris Silver Corridor drilling Curnamona drilling Eurilla Hill geochemical survey Corunna geophysical survey Uno Morgan Hub & Spoke drilling 17 Why Silver? Why Investigator? Only pure silver project in Australia: 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 Fully funded to undertake 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 18 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.