Announcement PDF Investigator Silver Limited | ABN: 90 115 338 979 | 47 King St, Norwood SA 5067 Australia | ASX: IVR | www.ivrsilver.com.au Page | 1 22 January 2026 Accompanying video: click here Investigator Silver Limited Quarterly Activities Report. Period ending 31 December 2025 HIGHLIGHTS Paris Silver Project – DFS Advancing Toward a Finance-Ready Outcome • Definitive Feasibility Study (DFS) optimisation work progressed during the quarter, with finance stress testing confirming 1.5 Mtpa as the optimal plant design throughput, balancing project economics, capital efficiency and funding resilience1. • Revised pit optimisation incorporating updated cost inputs and higher silver price assumptions materially reduced the economic cut-off grade and improved the strip ratio, highlighting the potential to increase mineable inventory within the Paris mine plan. • Metallurgical testwork delivered a ~6% uplift in silver recovery through finer grind optimisation, reinforcing the robustness of the processing flowsheet and the project’s leverage to the current silver price environment. • These outcomes now form the updated DFS design basis and are being incorporated into detailed engineering, scheduling and cost estimation, with DFS delivery remaining on track for H1 2026. Exploration – Paris Silver Corridor Expanded • Detailed processing of gravity data and re-interpretation of historical magnetic and electromagnetic datasets at the Black Hill Project identified two high-priority silver targets, Athena and the newly recognised Hestia prospect. • Both targets sit within the Paris Silver Corridor reinforcing the potential for near-mine resource growth. Corporate – Strengthened Balance Sheet and Clear Silver Focus • Completion of a $10 million institutional placement, with strong support from new and existing investors, strengthened the Company’s balance sheet and provides funding flexibility to accelerate DFS, permitting and exploration programs. • Following shareholder approval, the Company formally rebranded to Investigator Silver Limited, reflecting its evolution into a pure-play silver developer anchored by the Paris Silver Project. 1 For clarity, the 1.5 Mtpa plant throughput referenced above reflects the DFS’s proposed optimal nameplate design capacity and should not be interpreted as a production target under ASX Listing Rules Chapter 19. Page | 2 Managing Director’s Comment Investigator Silver Managing Director, Lachlan Wallace, commented on the quarter: “During the December quarter, Investigator Silver continued to advance the Paris Silver Project toward a finance-ready development outcome, while expanding the near-mine growth pipeline along the Paris Silver Corridor and strengthening the Company’s balance sheet to support accelerated execution. Paris remains on track for delivery of a Definitive Feasibility Study in H1 2026. Importantly, the DFS is being progressed into a record silver price environment, with optimisation work completed during the quarter further improving project resilience and leverage. Finance stress-testing has confirmed 1.5 Mtpa as the optimal throughput setting, revised pit optimisation has materially reduced the economic cut-off grade and improved the strip ratio, and metallurgical testwork delivered an approximate 6% uplift in recovery through grind-size optimisation. Together, these outcomes reinforce the robustness of the Paris development pathway and strengthen the technical foundation for project financing. In parallel, the Company is advancing permitting workstreams with the objective of accelerating the approvals pathway and positioning Paris to move efficiently from DFS into development. Early and proactive permitting activities are being progressed alongside the DFS to support a targeted acceleration toward first silver pour, subject to regulatory approvals and financing. Exploration remains a key value driver, with momentum building across both regional and near- mine programs. The Company intends to complete the Curnamona drilling program commenced late last year, before transitioning directly to Paris-focused exploration across the Paris Silver Corridor – a growing ~15 km trend of silver mineralisation extending both north and south of the Paris deposit – with the objective of identifying additional near-mine ounces capable of supporting longer mine life and enhanced development optionality. At Black Hill, the definition of the Athena and newly recognised Hestia targets provides a clear framework for drill testing of high-priority, trucking-distance opportunities capable of extending mine life and enhancing the future Paris production profile. Importantly, the Paris geological model is already well constrained and closely honours the existing drill data. As the Company prepares for development and financing, we also expect to commence grade control drilling to reduce drill spacing and further increase confidence in orebody continuity and grade distribution. This additional definition work is intended to provide lenders and other funding counterparties with an even higher level of geological assurance, translating to improved mine planning certainty and the potential for a lower cost of finance. With a strengthened balance sheet following the $10 million placement and a sharpened identity as Investigator Silver Limited, the Company enters the next quarter well positioned to deliver the Paris DFS, progress permitting in parallel, and ramp up exploration activity to underpin long- term value creation for shareholders. At quarter end, the Company held $12 million cash on hand and has a further $19.6 million of in-the-money options on issue (potential to convert prior to their expiry in 2028), providing strong funding capacity to advance the Paris DFS, permitting and planned exploration programs. Additional information is available in the accompanying video, accessible here.” Page | 3 INTRODUCTION Quarterly Overview Investigator Silver Limited (ASX: IVR, Investigator, the Company) is pleased to present the Quarterly Activities Report for the period ending 31 December 2025, marking a pivotal quarter for the Company as it continued to advance the Paris Silver Project toward a finance-ready development outcome. During the quarter, the Company completed a series of important technical milestones within the Definitive Feasibility Study, strengthening the project design through disciplined optimisation across mine planning, processing and metallurgy. In parallel, new targets from gravity surveys within the Paris Silver Corridor continued to demonstrate the potential for near-mine growth, while corporate initiatives strengthened the balance sheet and sharpened the Company’s strategic focus. The formal adoption of the name Investigator Silver Limited reflects the Company’s singular focus on developing Australia’s only pure-play silver project of genuine development scale, positioning the business to capture the full upside of a strengthening silver market as Paris progresses through DFS and permitting toward production. OPERATIONS Paris Silver Project – Definitive Feasibility Study (DFS) The Paris Silver Project remains the cornerstone of Investigator Silver’s strategy, with Definitive Feasibility Study work advancing steadily across engineering, mine planning, metallurgy and permitting workstreams during the December quarter. Pit Optimisation and Mine Design During the quarter, Investigator Silver completed a revised pit optimisation study as part of the ongoing Definitive Feasibility Study for the Paris Silver Project. The optimisation incorporated updated operating cost inputs, refined slope parameters informed by recent geotechnical drilling, and an updated silver price assumption, while remaining deliberately conservative relative to prevailing spot prices. For optimisation purposes, a silver price of A$70/oz was applied, compared with approximately A$95/oz at the time of analysis, and approximately A$140/oz at the date of this release. This approach was adopted to ensure the resulting pit design remains robust and financeable across a range of potential silver price environments, rather than relying on peak market conditions. Even at this conservative price level, the optimisation delivered a material reduction in the economic cut-off grade, decreasing from 43.5 g/t silver in the 2021 Pre-Feasibility Study to a range of 22–27 g/t silver, depending on the metallurgical domain of the host rock. This reduction is driven by a combination of higher silver prices, refined slope geometries and improved understanding of mining and processing costs. As summarised in Table 1: Paris Silver Pit Optimisation – PFS compared to December 2025 Study, the revised optimisation resulted in a meaningful increase in mineable silver mineralisation, with in-situ silver increasing from 35 Moz in the PFS to 48 Moz within the optimised pit shell. While total waste tonnes increase modestly, the overall strip ratio improves significantly, reducing from 8.4:1 to approximately 4.2:1, highlighting a materially more efficient mining scenario. At current prices, the strip ratio would be expected to reduce further. Page | 4 Table 1 – Paris Silver Project Pit optimisation – PFS compared to December 2025 study Key assumptions PFS 20212 Dec-25 Optimisation Silver price A$/oz 34.3 70 Cut-off grade g/t Ag 43.5 22 to 27(1) Overall slope angle degrees 45 38 to 55(2) Mining Operating Cost A$/t mined 2.51 5.97 Processing Operating Cost A$/t processed 30.76 34 to 38(1) Average Silver Recovery % 75.7 67 to 86(1) Target mining rate Mtpa 2 1.5 Discount Rate % 10 10 Key results PFS Dec-25 Optimisation Waste Mt 72 77 Silver Mineralisation (insitu) Mt / Moz 8.6 / 35 18 / 48 Strip Ratio waste : silver mineralisation 8.4 4.2 Note 1 - ranges for processing costs and recovery are dependent on type of silver mineralisation and impact the respective cut-off grade Note 2 – slope angle is determined by local geotechnical conditions The impact of the revised optimisation is illustrated in Figure 1, which compares the December 2025 optimised pit shell against the current pit design. The figure demonstrates that pit expansion is primarily constrained to areas where geological confidence already exists, with limited sensitivity to further increases in silver price. This indicates that Paris is a resource-constrained system, rather than a price-constrained system, providing confidence that the pit geometry is unlikely to change materially through the remaining DFS work or permitting process. Figure 1 - Pit Optimisation Pit Shell 26 (grey) compared to current pit design (yellow and red). Further insight is provided by the grade–tonnage relationship shown in Figure 2, which highlights the steepness of the tonnage curve around the revised cut-off grade range. This relationship demonstrates that relatively modest changes in cut-off grade have the potential to materially increase mineable inventory, providing flexibility to optimise mine planning as cost inputs and recovery assumptions continue to be refined. The optimisation work also supports a staged pit development strategy, with multiple pit shells assessed to guide mine sequencing and capital allocation. Early-stage pit shells prioritise higher-grade material, strengthening early cash flow and reducing start-up risk, while larger cutbacks are deferred to later years of operation. This staged 2 ASX 30 November 2021 – Paris PFS Delivers Outstanding Results Page | 5 approach preserves optionality and allows future development decisions to be made with the benefit of operating experience and prevailing market conditions. Figure 2 - Paris Silver Project: Grade–Tonnage curve, Global Mineral Resource Estimate > 0mRL3 These optimisation outcomes are conceptual in nature and do not constitute a production target or ore reserve. They are, however, providing a strong technical framework to guide detailed pit design, mine scheduling and cost estimation as the DFS progresses toward completion. Metallurgical Improvements and Recovery Uplift Metallurgical testwork completed during the quarter delivered practical and value-enhancing outcomes, further strengthening confidence in the Paris processing flowsheet and its ability to deliver high silver recoveries across a range of ore types. The testwork program assessed composite and variability samples representative of the breccia mineralisation which is the dominant metallurgical domain within the Paris deposit. Results confirmed that Paris mineralisation is amenable to conventional cyanide leaching, with consistently strong recoveries achieved. A key outcome of the program was the identification of a ~6% uplift in average silver recovery in the dominant breccia mineral type through optimisation of the primary grind size. As summarised in Table 2. average silver recovery increased from 73.5% at 75 microns to 79.7% at 53 microns, representing an uplift of 6.2%, with further incremental improvement observed at 45 microns. The spatial distribution of metallurgical composites used in the testwork is illustrated in Figure 3, which demonstrates that samples were selected to provide representative coverage across the planned pit area. The metallurgical work also highlighted the potential for further recovery improvement as pit optimisation brings a greater proportion of dolomite-hosted mineralisation into the mine plan as the pit deepens. This material has historically demonstrated excellent metallurgical performance, and increasing its relative contribution within the mine schedule would lift average life-of-mine recoveries. 3 ASX 5 July 2023 – Paris Mineral Resource Estimate Update Page | 6 Collectively, these results confirm that relatively modest adjustments to grind size can deliver meaningful recovery improvements without introducing undue complexity to the processing flowsheet. From a project development perspective, this provides a valuable lever to enhance project economics while maintaining a conventional, low-risk processing route. Figure 3 - Location of composite samples used in the metallurgical testwork Table 2 - Cyanide Leach Test Summary – Silver Extraction for Various P80 Grind Sizes Sample 106 microns 75 microns 53 microns 45 microns Extraction % Extraction % Extraction % Extraction % D, C1 76.9 66.7 79 78.7 D, C2 63.6 62.4 65.5 69.4 D, C3 69.7 67.3 75.8 78.4 D, C4 97.6 97.4 98.3 96.0 Bulk leach - - - 79.5 D, Av % - 73.5 79.7 80.4 Uplift % - - 6.2 7.0 DFS Status and Next Steps The outcomes from throughput optimisation, pit optimisation and metallurgical review now form the updated DFS design basis and have been integrated into detailed engineering, mine scheduling and cost estimation. At quarter end, the majority of engineering and design work had been completed, with final cost estimates now under review. In early 2026, the project financial model will be updated and the DFS finalised. The Company remains firmly on track to deliver the Paris Silver Project Definitive Feasibility Study in H1 2026, providing a fully integrated, finance- ready development framework. Page | 7 EXPLORATION Paris Silver Corridor – Black Hill Project (JV) Exploration during the quarter remained focused on near-mine opportunities capable of adding scale and optionality to the Paris Silver Project. At the Black Hill Project, where Investigator Silver is earning an interest under a joint venture with Alliance Resources Pty Ltd, the Company completed an integrated geophysical review that materially advanced target definition along the southern extension of the Paris Silver Corridor. The work combined newly acquired detailed ground gravity data with re-processed historical airborne magnetic and electromagnetic (AEM) datasets, providing a step-change in resolution and geological understanding across the Black Hill tenement. Integrated Geophysical Interpretation A detailed ground gravity survey completed in August, comprising 1,722 new gravity stations on a 250 m × 250 m grid, was processed and merged with existing gravity coverage on the adjacent Peterlumbo tenement. This dataset significantly improved definition of subsurface density contrasts and structural architecture across the corridor. In parallel, historical airborne magnetic and AEM datasets were re-processed and re-modelled to ensure consistency with the new gravity data and enable a fully integrated interpretation. This work resolved several key features that were not apparent in the original datasets and provided improved confidence in target geometry and continuity. The regional setting and relationship between gravity, magnetics and known prospects is shown in Figure 4, which are presented side-by-side to highlight the coincidence of geophysical responses across the Paris–Black Hill corridor. Together, these figures demonstrate a continuous structural trend linking Paris with the Athena and newly recognised Hestia prospects to the south. Figure 4 - Peterlumbo (EL6347) and Black Hill (EL6475) tenements with Silver prospects highlighted. LHS Regional Reduced to Pole (RTP) Page | 8 Athena Prospect – Target Refinement At the Athena Prospect, the integrated interpretation resolved the previously recognised magnetic anomaly into two discrete magnetic bodies, rather than a single feature as previously interpreted. Historical drilling at Athena, undertaken between 2012 and 2013, tested only the western magnetic body and was primarily focused on iron mineralisation. The eastern magnetic body remains completely untested by drilling, representing a high-priority exploration opportunity. Importantly, re-processed AEM data transecting the Athena area highlights strong conductive responses located on the periphery of the magnetic inversion shells, consistent with the distribution of skarn-style silver mineralisation observed at Paris. These conductive zones, together with the core of the magnetic bodies, have not been tested by historical drilling. This relationship is illustrated in Figure 6, which presents a cross-section through the Athena targets and highlights the spatial association between magnetic shells, AEM conductors and existing drillholes. The figure clearly demonstrates that large portions of the system — including the eastern magnetic body and key magnetic– conductive contacts — remain untested. Hestia Prospect – Newly Defined High-Priority Target Approximately three kilometres south of Athena, the integrated geophysical review identified a second major target, which the Company has named the Hestia Prospect. Hestia is characterised by coincident magnetic, gravity and AEM responses, a combination that is particularly compelling in the context of the Paris Silver Corridor. The strength and coherence of these coincident anomalies suggest the presence of a significant subsurface body with similar geological characteristics to Paris and Athena. Recent field visits to the Hestia area have also identified sub-cropping magnetite–calc-silicate skarn assemblages, providing surface geological support for the geophysical interpretation. No drilling has previously been undertaken at Hestia, positioning it as a genuine greenfield target within trucking distance of the proposed Paris processing facility. Strategic Context and Next Steps The identification and refinement of the Athena and Hestia targets collectively highlight a prospective structural corridor extending through Black Hill, reinforcing the broader Paris Silver Corridor concept. From a strategic perspective, these targets represent near-mine opportunities with the potential to deliver additional silver inventory that could be incorporated into the Paris development framework, subject to drilling success. The integrated geophysical datasets now provide a clear technical framework to guide drill targeting, sequencing and future exploration planning across the Black Hill joint venture area. Page | 9 Figure 5 - Reduced to Pole (RTP) magnetics enhanced image of the Black Hill (EL6475) tenement with the Athena and newly identified Hestia targets Figure 6 - Section A-A’ over the Athena targets. Strong AEM conductors are seen on the periphery of the magnetic inversion shells (green shells representing 100,000 T). Current existing drillholes at Athena shown at surface. Core of magnetic shells and contacts with AEM signals currently untested as is Eastern magnetic shell. Gravity inversion modelling of bodies with density 2.77 g/cm3 compared to average rock density of 2.67 g/cm3. Figure 7 - Section B-B’ over the Hestia Target showing strong AEM signals associated with high magnetics (green shell) and gravity anomalies Page | 10 Curnamona Curnamona is an early-stage copper–gold exploration project in eastern South Australia near the NSW border and close to Broken Hill, in a proven mining jurisdiction surrounded by significant deposits. The project sits in an region of known copper and gold systems including Kalkaroo and Mutooroo copper deposits (earned into by Sandfire) and the White Dam gold mine located immediately across the highway. While the tenements host historical copper and gold workings dating to the early 20th century, the larger-scale targets we are now testing have never been drill tested. These targets are supported by coincident IP, magnetic, gravity and soil geochemical anomalies, providing compelling multi-dataset vectors for discovery. Drilling commenced late last year and paused over the Christmas period. Drilling will recommence in the coming weeks and is expected to conclude in March, before the drill relocates to Paris. CORPORATE ACTIVITIES Strategic Capital Raise – $10 Million Placement During the quarter, Investigator Silver successfully completed a $10 million institutional placement, strengthening the Company’s balance sheet and providing the financial capacity to accelerate multiple value-adding workstreams across the portfolio. The placement attracted strong support from both new and existing institutional investors, including the Company’s largest shareholder, Jupiter Asset Management, and was completed at an issue price of $0.042 per share, representing a premium to the prevailing VWAP. The placement was structured in two tranches, with the first tranche issued under existing placement capacity and the second tranche approved by Shareholders in November at the Company’s Annual General Meeting. Funds raised are being directed toward accelerating the Paris Silver Project DFS and permitting activities, advancing near-mine drilling across the Paris Silver Corridor, progressing regional exploration at Uno Morgans and Curnamona, and strengthening corporate readiness as the Company moves toward project financing. Page | 11 Cash Position At 31 December 2025, Investigator Silver held a strong cash position of $12 million, underpinned by the $10 million institutional placement completed during the quarter. The strengthened balance sheet provides the Company with flexibility to continue advancing the Paris Silver Project DFS, progress permitting activities and execute planned exploration programs across its portfolio. Post quarter end, the Company also received a further $750,000 payment for the Molyhil tungsten project in the Northern Territory from Tvan Limited (ASX:TVN), bringing total upfront cash received under the Transaction to A$875,000. Investigator retains rights to further deferred consideration totalling $1,312,500, payable in three equal annual instalments (with 50% able to be paid in shares at Tivan’s election, as previously disclosed)4 . In addition, the Company has $19.6 million of in-the-money options on issue (expiry March 2028), which, if exercised, would further bolster the Company’s financial position. Rebrand to Investigator Silver Limited Following shareholder approval at the Annual General Meeting held on 26 November 2025, the Company formally changed its name to Investigator Silver Limited, with the rebrand becoming legally effective during the quarter. The name change reflects the Company’s evolution into a business singularly focused on developing silver assets, anchored by the Paris Silver Project. Unlike many ASX-listed peers that report silver as a by-product of lead or zinc operations, Investigator Silver is developing a pure-play silver asset with full exposure to movements in the silver price. The rebrand aligns the Company’s identity with its strategy and portfolio, clearly communicating its position as Australia’s only pure-play silver developer of genuine development scale as Paris advances through DFS and permitting toward production. Investor Engagement and Market Positioning During the quarter, management delivered investor presentations in conjunction with the Company’s Annual General Meeting and at the South Australian Exploration & Mining Conference. These engagements provided an opportunity to communicate recent technical progress, outline the DFS pathway and reinforce the Company’s pure- play silver strategy to a broader investor audience. With the DFS expected to be released in early 2026, the Company is planning an intensive investor engagement program across Australia, North America and Europe to promote the Paris Silver Project and broaden institutional awareness ahead of the next phase of development. Corporate Disclosure and Reporting In the attached Appendix 5B, the figure of $129k (as disclosed in section 6.1 and 6.2) relates to all fees, salaries and superannuation paid to Investigators Directors for the December 2025 Quarter. Listed Options – IVROB The Company had 467 million listed options (ASX: IVROB) on issue at the end of the Quarter with an exercise price of $0.042 and expires 24 March 2028. Following increasing enquiry from Option holders on how to exercise their IVROB options with the IVR share price currently trading in excess of the option exercise price, we outline the procedure below: 4 ASX 16 September 2025: Molyhil Sale Crystallises Value and Sharpens Precious Metals Focus Page | 12 • Complete your Exercise of Options Notice Form provided by the share registry for the amount you wish to exercise by no later than 5:00pm (ACST) on 24 March 2028. This may be found by logging into your Computershare account under the Statements section. • Remit the funds via EFT directly to the Company’s bank account per the instructions included on the Option Exercise Form and include your SRN/HIN as the reference number. • Email your completed exercise of Options Notice form and confirmation of bank transfer to info@ivrsilver.com.au. • The Company will issue the IVR Shares in respect of the New Options exercised within 5 business days following receipt of a Notice of Exercise Form and receipt of funds. If you have any enquiries concerning your Option holding, please contact Computershare Investor Services Pty Limited on 1300 850 505. OUTLOOK In the coming quarter, Investigator Silver expects to focus on: • completing the Paris Silver Project DFS; • advancing Paris permitting studies to support an accelerated approvals pathway; • undertaking Native Title surveys and mining agreement negotiations for the proposed mine and infrastructure layout; • refining drill targets and planning follow-up exploration across the Paris Silver Corridor; and • continuing disciplined capital management as the Company positions itself for project financing. The Company remains firmly on track to deliver the Paris Silver Project Definitive Feasibility Study in H1 2026, marking a key milestone in its transition toward becoming Australia’s only pure-play silver producer. For and on behalf of the board Lachlan Wallace Managing Director For further information, please contact: Lachlan Wallace Managing Director + 61 (0) 8 7325 222 lwallace@ivrsilver.com.au Page | 13 ABOUT INVESTIGATOR SILVER Investigator Silver Limited (ASX: IVR) is an Australian precious-metals developer advancing the Paris Silver Project in South Australia—positioned as a rare, pure-play silver company on the ASX. The Company is progressing project studies and approvals to support a pathway to development, while also building district-scale upside across its broader tenement package in the Gawler Craton. Investigator’s strategy is focused on creating a clear, leverage-to- silver investment proposition, underpinned by disciplined technical work, responsible stakeholder engagement, and a commitment to delivering long-term value for shareholders. Capital Structure (as at 31 Dec 2025) Directors & Management Shares on issue 1,980,411,641 Dr Richard Hillis Non-Exec. Chair Listed Options 467,374,590 Mr Lachlan Wallace Managing Director Mr Andrew Shearer Non-Exec. Director Top 20 shareholders 34.78 % Ms Anita Addorisio CFO & Company Secretary Total number of shareholders 6,664 Total number of option holders (IVRO) 777 ASX ANNOUNCEMENTS RELEASED DURING THE QUARTER Date Announcement Title 3 October 2025 $10M Placement to Fast-Track Paris Silver Project 9 October 2025 Paris DFS: Finance Testing Supports 1.5 Mtpa Design 10 November 2025 Silver Targets Defined at Black Hill Project 13 November 2025 Clarification – Paris DFS – Finance Testing Supports 1.5 Mtpa Design 26 November 2025 Presentation – AGM & SAEMC 2 December 2025 Investigator Rebrands to Reflect Silver Focus 16 December 2025 Paris Silver DFS Update – Pit Optimisation and Metallurgical Improvements Page | 14 TENEMENT HOLDINGS AT THE END OF THE QUARTER Tenement Number Location Tenement Name Registered Holder Ownership Project: Peterlumbo (IVR 100%) EL6347 Sth Aust Peterlumbo SUNTHE 100% Project: Uno/Morgans (IVR 100%) EL5845 Sth Aust Uno Range GRL 100% EL5933 Sth Aust Morgans GRL 100% EL6724 Sth Aust Corunna GRL 100% EL6753 Sth Aust Nonning South GRL 100% EL6725 Sth Aust Yardea GRL 100% EL5913 Sth Aust Harris Bluff GRL 100% EL6953 Sth Aust Eurilla Hill GRL 100% Project: Curnamona (IVR 100%) EL5938 Sth Aust Wiawera GRL 100% EL6345 Sth Aust Treloars GRL 100% EL6253 Sth Aust Olary/Bulloo Creek GRL 100% Project: Northern Territory EL29701