Quarterly Activities and Cash Flow Report

Overall, the December 2025 quarter was a pivotal period for Investigator Silver, marked by strong technical progress at Paris as the DFS advances toward a finance-ready outcome, meaningful optimisation and metallurgical improvements that reinforce project resilience and leverage to the current silver price environment, and continued momentum building the near-mine growth pipeline along the Paris Silver Corridor. Combined with a strengthened balance sheet and clear strategic focus as a pure-play silver developer, the Company enters 2026 well positioned to deliver the Paris DFS in H1, progress permitting in parallel, and ramp up exploration activity to support long-term value creation for shareholders.