Announcement PDF Not for release to US wire services or distribution in the United States Building Australia’s only pure-play silver mine March 2026 Lachlan Wallace, Managing Director 2 Important information Important Noticesand Disclaimer:This presentation(Presentation) has been preparedby InvestigatorSilver Limited (ACN 115 338 979)(Company) in connectionwith: • InvestigatorSilver’sDFS announcementtitled ‘ParisDFS delivers MaidenOre Reserveand StrongEconomics’;and • A two- tranchenon-underwritten institutional placement of new fully paid ordinarysharesin the Company(New Shares) to raiseapproximatelyA$55 million (Placement). The following notices and disclaimers apply to this Presentation and you are therefore advised to read this carefully before reading or making use of this Presentation or any information contained in this Presentation. By accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in this important information section. The distribution of this Presentation (including an electronic copy) in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed.Any failureto comply with such restrictionsmay constitutea violation of applicablesecurities laws. Summary information only: The information in this Presentation is summary information only and is current as at the date of this Presentation (unless otherwise indicated), and the information in this Presentation remains subject to change without notice. The information is this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in the Company, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act) or other legislation. It has been prepared by the Company with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by the Company or any other party involved in its preparation or any transaction referred to in thisPresentation(includingthe JointLead Managers,as definedbelow), except as required by law. Reliance should not be placed on information or opinions contained in this Presentation and, none of the Company nor any of its representatives or advisers has any obligation to finalise, correct or update the contents of this Presentation, except as required by law. To the maximum extent permitted by law, the Company is not responsible for updating, nor undertakes to update, this Presentation. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are availableat www.asx.com.au. Past performance: Past performance metrics and figures (including past share price performance of the Company), as well as any historic or pro forma financial information, that is included in this Presentation are provided for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company’s views, or that of any other party involved in its preparation or any transaction referred to in this Presentation (including the Joint Lead Managers), on the Company’s future financial performance or condition or prospects. Investors should note that past performance of the Company, including in relation to the historical trading price of the Company’s shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future performance, including the future trading price of shares. The historical information included in this Presentation is, or is based on, informationthat has previouslybeen releasedto the market. Forward-looking statements and forecasts: The material in this Presentation contains certain forecasts and forward-looking information which can generally be identified by the use of words such as “will”, “may”, “should”, “could”, “likely”, “consider”, “ongoing”, “anticipate”, “estimate”, “expect”, “project”, “predict”, “propose”, “intend”, “plan”, “believe”, “target”, “forecast”, “goal”, “objective”, “aim”, “seek” and other similar expressions, including (without limitation) regarding possible or assumed future performance or potential growth of the Company and the timetable and outcome of the Placement and the use of the proceeds thereof . Such information is not a guarantee of future performance and involves known and unknown risks and uncertainties, as well as other factors, many of which are beyond the control of the Company. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. No representation or warranty, expressed or implied, is made or given by or on behalf of the Company, any of the Company’s directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation. Investors are cautioned not to place undue reliance on such statements. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements. Accordingly, neither the Company nor any of the Company’s directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admissionin, or any documentsuppliedwith, this presentationor by any future communicationsin connectionwith such documentsand any such liabilitiesare expresslydisclaimed. Not an offer: This Presentation is not and should not be considered an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company or any other financial products and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment. This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and InvestmentsCommission. Not for distribution or release in the United States: Distribution or release of this Presentation outside Australia is restricted by law. This Presentation may not be distributed in any jurisdiction except in accordance with applicable legal requirements, including those set forth in the section of this Presentation under the heading “International offer restrictions". In particular, this Presentation may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction. The New Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Persons who come into possession of this Presentation should observe any such restrictionsas any non-compliance could contraveneapplicablesecurities laws.Pleaserefer to the section of this Presentation underthe heading“International offerrestrictions" for more information. Financialdata: All dollarvalues are in Australiandollars(A$ or AUD), unless otherwisestated.Amounts,totals and changepercentagesare calculated on whole numbers and not the roundedamounts presented. 3 Important information No liability: This Presentation has been prepared by the Company in good faith, based on information available to it, including information from third parties, and has not been independently verified. All information in this Presentation is believed by the Company to be reliable as at the date of this Presentation. No representation or warranty is made as to the accuracy, completeness or reliability of the information. To the maximum extent permitted by law, each of the Company and its related bodies corporate,and their respective its directors,employees,agentsand advisers: 1. expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financialinformation,any estimatesor projectionsand any otherfinancialinformationderived therefrom,whetherby way of negligence or otherwise;and 2. expressly excludes and disclaims all liabilities in respect of, makes no representations regarding, any part of this Presentation and make no representation or warranty as to the currency, accuracy, adequacy, reliability or completeness or fairness of any statements,estimates, options,conclusions or otherinformationcontainedin thisPresentation;and 3. expresslyexcludes and disclaimall liability,for any expenses,losses,damagesor costsincurred by you as a result of the informationin thisPresentationbeing inaccurateor incompletein any way for any reason,whetherby negligenceor otherwise. Statements made and information presented in this Presentation are made and presented only as at the date of this Presentation, and is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation remains subject to change withoutnotice. Investment risk:An investmentin the Companyis subject to investmentand otherknownand unknownrisks,some of whichare beyondthe control of the Company.Thoserisks and uncertaintiesinclude factorsand risks specificto the Companysuch as (withoutlimitation) the statusof explorationand miningtenementsand applicationsand the risks associatedwith the non-grant or expiryof thosetenementsand applications,liquidityrisk,risksassociatedwith the explorationor developmentalstage of projects,fundingrisks,operational risks,changesto government fiscal,monetaryand regulatorypolicies,the impactof actionsof governments,the potentialdifficultiesin enforcingagreementsand protectingassets,alterationsto resourceestimates and the imprecisenature of resourceand reserve statements,any circumstancesadverselyaffectingareasin whichthe Companyoperates,fluctuationsin the production,volume and price of commodities,any impositionof significant obligationsunder environmentalregulations,fluctuationsin exchangerates,the fluctuatingindustryand commoditycycles, the impact of inflationon operatingand development costs,taxation,regulatoryissues and changesin law and accountingpolicies,the adverse impact of wars,terrorism,political,economicor naturaldisasters,the impact of changes to interest rates,loss of key personnel and delays in obtainingor inabilityto obtainany necessarygovernment and regulatoryapprovals,insurance and occupational healthand safety.Further informationregardingthe risksassociated withan investment in the Companyare set out in this Presentation.The Companydoes not guarantee anyparticularrate of return or the performance of the Company,nor does it guaranteethe repaymentof capitalfrom the Companyor any particulartax treatment. Not financial product advice: This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of the Company. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. The Company is not licensed to provide financial product advice in respect of an investment in securities (including New Shares) or otherwise. Each investor must make its own independent assessment of the Company (including the information contained in this Presentation) having regard to their own objectives, financial situation and needs and seek legal, accountingand taxationadvice appropriate to their jurisdiction before acquiringany securitiesin the Company.Coolingoff rightsdo not applyto the acquisition of New Shares. Syndicate disclaimer: Barrenjoey Markets Pty Limited, Canaccord Genuity (Australia) Limited and MA Moelis Australia Advisory Pty Ltd (together, the Joint Lead Managers) are acting as lead managers to the Placement. The Joint Lead Managers are acting for and providing services to the Company in relation to the Placement and will not be acting for or providing services to the Company’s shareholders or creditors. The Joint Lead Managers have been engaged solely as independent contractors and are acting solely in a contractual relationship on an arm’s length basis with the Company. The engagement of the Joint Lead Managers by the Company is not intended to create any agency or other relationship between the Joint Lead Managers and the Company’s shareholders or creditors. To the maximum extent permitted by law, each of the Joint Lead Managers and their respective related bodies corporate and affiliates, and each of their respective officers, directors, employees, agents and advisers (each a Limited Party): (i) expressly exclude and disclaim all duties, responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any loss arising from this Presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this Presentation, including for any indirect, consequential, special or economic loss or damage (including, without limitation, any loss of profit or anticipated profit, fines or penalties, loss of business or anticipated savings, loss of use, business interruption or loss of goodwill, bargain or opportunities); (ii) disclaim any obligations or undertaking to release any updates or revision to the information in this Presentation to reflect any change in expectations or assumptions; and (iii) do not make any representation or warranty, express or implied, as to the reasonableness, fairness, accuracy, reliability or completeness of the information in this Presentation or that this Presentation contains all material information about the Company, the Placement or that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company, or likelihood of fulfilment of any forward-looking statement, forecast, prospects, returns or any event or results expressed or implied in any forward-looking statement or any information in this Presentation. The Joint Lead Managers and their respective Limited Parties have not independently verified the information in this Presentation and take no responsibility for any part of this Presentation. They make no recommendations as to whether you or your related parties should participate in the Placement, nor do they make any representations or warranties to you concerning the Placement. None of the Joint Lead Managers nor any of their respective Limited Parties has authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and they do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by any of them (except for references to the Joint Lead Manager’s name). You represent, warrant and agree that you have not relied on any statements made by the Joint Lead Managers or their respective Limited Parties. You undertake that you will not seek to sue or hold the Joint Lead Managers or their respective Limited Parties liable in any respect in connection with this Presentation or the Placement (to the maximum extent permitted by law). Each of the Joint Lead Managers and their respective affiliates and related bodies corporate (each a JLM Group) are full service financial institutions engaged in various activities, which may include (but are not limited to) underwriting, trading, financing, corporate advisory, financial advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services including for which they have received or may receive customary fees and expenses or other transaction consideration. In the course of these activities, members of each JLM Group may at any time for their own account and for the accounts of their clients make or hold investments in equity securities or other financial products of the Company or its related entities and receive customary fees and expenses or other transaction consideration in respect of such activities. The Joint Lead Managers may receive fees for acting in their capacity as lead managers to the Placement. You acknowledge and agree that the determination of eligibility of investors for the purposes of the Placement is determined by reference to a number of matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of the Company and the Joint Lead Managers. Each of the Company, the Joint Lead Managers and their respective Limited Parties disclaim any duty or liability (including for negligence) in respect of the exerciseor otherwiseof that discretion, to the maximumextentpermittedby law. Noneof the Joint Lead Managersnor any of theirrespectiveLimited Parties have anyobligationto update the statementsin this Presentation. 4 Important information Competent PersonStatements Exploration Results: The information in this Presentation relating to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Jason Murray who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a full-time employee of the Company. Mr Murray has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Murray consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears. Mineral Resource Estimates: The information in this report that relates to Mineral Resource Estimates at the Paris Silver Project is extracted from the release titled “Paris Mineral Resource Estimate Update” dated 5 July 20231 and is available to view on the Company’s website. 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. Ore Reserves: The information in this Presentation that relates to Ore Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Atish Kumar, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a consultant to the Company and is employed by Perth Mining Consultants. Mr Kumar has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Kumar consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears. Metallurgy: The information in this report that relates to metallurgical results is based on, and fairly represents, information and supporting documentation prepared by Mr Matthew Leske who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a consultant to the Company and is employed by Ammjohn Solutions. Mr Leske has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Leske consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears. 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. JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Investors outside Australia should note that while Ore Reserves and Mineral Resource Estimates and of the Company in this presentation comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the Canadian NI 43-101 Standards); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this Presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them. Table 1: ParisMineral ResourceEstimate#1 Table 2: ParisOre Reserve Estimate#2 #1 – ASX announcement5 July 2023 Paris Mineral Resource Estimate Update. #2 – ASX announcement27 February 2026 Paris DFS Confirms Maiden Ore Reserve,Strong Economics. The Company confirms that all material assumptionsunderpinningthe production target and forecast financial information continue to apply and have not materially changed since the date of the original announcements Category Mt Ag g/t Pb % Ag Moz 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) Category Mt Ag g/t Ag Moz Proven - - - Probable 12 88 33 Total 12 88 33 Table 2: 2026 Paris Silver Project Ore Reserve Estimate (Variable cut-off grade based on geometallurgical domains:BT: 28.5g/t, BTM 24g/t, DOL 23g/t) 5 Investment highlights High grade drives strong economics High-grade, high-margin silver development with robust economics: NPV8 (pre-tax) of A$618m at consensus prices and A$1.2bn at spot prices1 Simple operation in a tier 1 jurisdiction Low complexity pure silver project with simple metallurgy and execution pathway Team of proven mine builders Track record of financing, permitting, constructing and operating long-life, economic mining operations in SA District-scale growth potential 15km Paris Silver Corridor with multiple high-priority targets identified for resource expansion Strong leverage to silver fundamentals Pure exposure to silver pricing supported by rising industrial and investment demand #1 – Spot silver price of US$80/oz,AUD:USD 0.69,ASX announcement27 February Paris DFS Confirms MaidenOre Reserve,Strong Economics Australia’s only pure silver, near-term production opportunity 6 DFS outcomes A$1,038m LOM free cash flow A$618m NPV8 (pre-tax) 61% IRR (pre-tax) 52% Margin A$260m Capex 2.4x NPV8 (pre-tax) to funding 11 years Initial mine life 30Moz LOM production #1 - ASX announcement 27 February 2026 Paris DFS Confirms Maiden Ore Reserve, Strong Economics Outcomes are pre-tax,ungeared on a 100% project basis.Assumptions: Consensus pricing assumes a silver price of US60.18/oz (midpoint of consensus) and spot pricing assumes a silver price of US$80/oz;AUD:USD 0.69; 8% discount rate; no escalation.Margin = EBITDA/Revenue. A$42m Increase in free cash per US$1/oz silver price A$39.70/oz AISC 13 months Payback A$27m Increase in NPV8 (pre-tax) per US$1/oz silver price A$1.9bn LOM free cash flow A$1.2bn NPV8 (pre-tax) 93% IRR (pre-tax) 64% Margin A$260m Capex 4.4x NPV8 (pre-tax) to funding 11 years Initial mine life 30Moz LOM production A$42m Increase in free cash per US$1/oz silver price A$39.70/oz AISC 11 months Payback A$27m Increase in NPV8 (pre-tax) per US$1/oz silver price Consensus pricing (US$60/oz) Spot pricing (US$80/oz) DFS confirms high margin, low complexity operation with 100% leverage to silver price1 7 Mexico China Peru Chile Bolivia Russia Australia U.S. 0% 5% 10% 15% 20% 25% 30% 0 10 20 30 40 50 60 70 80 90 % Global Production Fraser Institute - Investment Attractiveness Increasing industrial demand has driven deficits up to 25% of global supply over the past five years, with forecasts pointing to continued shortfalls Gold 16% Copper 27% Lead/Zinc 29% Silver 28% Silver supply forecast to remain in deficit (300) (200) (100) - 100 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F Silver Market Balance in deficit (Moz) Source: Silver Institute >70% of silver is a byproduct: limiting supply response to price Silver mine production by region in 2024 (%) Source: Silver Mine Production by Source Metal in 2024, World Silver Survey 2025 Investigator's Competitive Position in the Market ✓ Rare pure silver exposure: Paris Project offers high leverage to silver price compared to by-product producers ✓ Jurisdictional advantage: Tier-1 mining jurisdiction with established infrastructure and regulatory certainty ✓ Scarcity premium: Pure silver projects are increasingly scarce Source: World Silver Survey 2025, Fraser Institute 2025 Silver mine production by source metal in 2024 (%)1 Industrial and investor demand is accelerating, while supply remains inelastic and concentrated in higher-risk jurisdictions > 75% of silver mined in Latam, China and Russia 8 Shares on issue 1,985m Listed Options (A$4.2c, exp Mar-28) 463m (A$19.4m) Share Price2 A$12c Market Cap A$238m Cash3 A$13m Enterprise Value A$225m Top 20 35% Jupiter Asset Management 14% Liquidity – last 12 months >150% Corporate snapshot +422% +184% - $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 $0.16 $0.18 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 IVR (A$/sh) Silver price (re-based to IVR) #1 – Market data as at 27 February 2026. #2 – Share price at last close on 27 February 2026. #3 – Unaudited as at 31 December 2025, adjusted to include $750k payment from Tivan. Last 12-month share price performance (A$/sh)1 Capital structure (27-Feb-26) Share register (27-Feb-26) 9 Tier 1 mining jurisdiction + proven local delivery Lachlan Wallace Managing Director Board and key management Richard Hillis Non-Executive Chairman Andrew Shearer Non-Executive Director Anita Addorisio Chief Financial Officer & Company Secretary Jason Murray Exploration Manager South Australia ✓ Economically important sector: Resources contribute ~A$1 in A$15 of SA State Domestic Product – strong alignment to support development ✓ Established mining state: clear regulatory framework, deep industry capability, strong contractor/supply chain base ✓ Globally top-ranked jurisdiction (Fraser Institute 2026): SA #4 investment attractiveness & #1 mineral potential globally Delivery capability ✓ Execut