Announcement PDF ASX: IVR ASX ANNOUNCEMENT 23 July 2025 Noosa Mining Conference Presentation Investigator Resources Limited’s Managing Director Lachlan Wallace will be presenting at the Noosa Mining Conference this afternoon. Please refer to the attached presentation. Mr Wallace will be presenting at 2.30pm (AEST). Should you wish to view the presentation, registration for live streaming is available at the following link: https://us06web.zoom.us/meeting/register/QbVM9-HpSHGrprDCLW2huw#/registration Approved for release by the Board of Directors. For further information, please contact: Lachlan Wallace Managing Director + 61 (0) 8 7325 222 lwallace@investres.com.au Page | 1 July 2025 Thinking Silver? Think Investigator 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, and release titled “New Silver Intersection Identified at Athena” dated 22 July 2025 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 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) #1 – ASX announcement 5 July 2023 2 Why Silver? Why Investigator? Silver’s Moment: Dual role as industrial metal and store of wealth—demand is rising, supply is tight. Paris Advantage: Tier-1 grade, low-cost, high-margin silver project in a top jurisdiction. Price Leverage: Rising silver prices expand the pit, boost returns, and unlock more ounces. District Scale: 15km mineralised corridor—Paris is just the beginning. Strategic Timing: DFS underway, exploration accelerating, market re-rating potential. 3 Silver outperforms gold in bull runs 1971-1980 1999-2011 Since 2022 As usual, gold has run hard early, but silver is gaining momentum, up ~30% this year alone 4 Dual role of silver Monetary Metal Traditional store of wealth Global PV Silver Demand Industrial Metal Highest electrically conductive metal • Circuit boards, semiconductors • Photo voltaic (PV) – every solar panel needs ~1oz Ag • Electric vehicles (EV) contain ~2oz Ag BNEF, Metals Focus Decarbonisation through electrification depends on silver 5 Only a quarter of silver comes from primary silver mines Other, 0.5% 30% Mexico 25% % Global Production Primary Silver, 27.8% Gold, 15.5% Copper, 26.8% 20% China Peru 15% 10% Chile 5% Russia Bolivia 0% Lead/Zinc, 29.4% World Silver Survey 2025 0 U.S. Australia Silver Institute 20 40 60 80 Fraser Institute - Investment Attractiveness 100 Silver production is price inelastic Very little supply from Tier 1 jurisdictions Mines producing silver as a by-product do not increase silver production if silver price rises – in fact, many producers use the higher price to process lower grade stockpiles, reducing head grade and metal production, further constraining supply. 75% of silver supply comes from Latin America, China & Russia, all subject to geopolitical and operational risk 6 Silver deficit forecast to continue 100 Silver Market Balance (Moz) Gold : Silver Ratio Surplus 50 Silver historically cheap 0 -50 Deficit -100 Silver historically expensive -150 -200 -250 -300 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F Silver Institute Silver is relatively cheap in historical terms. A reversion to the mean would see silver rise a further 40-50% on current price – and that is without any increase to the gold price. 7 Inflation hedge US Debt projected to rise. And its already started… Money printing continues to pay debt and stimulate the economy. Central banks are buying gold as a strategic move to diversify their reserves, and protect against economic and geopolitical risks. Inflation erodes purchasing power, encouraging investment in precious metals as a store of wealth. Congressional Budget Office As the retail investment market catches on, watch out! Metals Focus, World Gold Council 8 Silver focused business in Tier 1 jurisdiction Paris Silver Project • Australia’s highest grade primary Silver project • 57Moz Silver + 99kt Lead - JORC (2012) Resource #1 • PFS completed 2021 • Resource updated July 2023 • DFS in progress Athena Earn-in • Silver anomaly 11km along strike from Paris • Previously explored for Fe only with drill holes terminating in silver mineralisation. Uno/Morgans exploration tenements • 80km east of Paris - base & precious metals Curnamona - Copper/Gold/Silver prospectivity 9 #1 – ASX announcement 5 July 2023 Corporate Snapshot $0.06 $40.00 $0.05 $35.00 $0.04 Capital Shares on issue 1,733 M Listed Options (4.2c, exp Mar 2028) 467 M Share Price #1 2.8c Market Cap $48.5M Cash (30 June 2025 - unaudited) $5.1M Enterprise Value $43.4M $30.00 Share Register – 30 June 2025 $0.03 Top 20 30% Liquidity – 12 months 43% $25.00 Board and Management $0.02 $20.00 $0.01 Sep 2024 Nov 2024 Non-Executive Chair Lachlan Wallace Managing Director Andrew Shearer Non-Executive Director #1 – Share price at close business 22 July 2025 IVR shareprice (A$/share) - LHS Silver (US$/oz) - RHS $0.00 Jul 2024 Richard Hillis Jan 2025 Mar 2025 May 2025 $15.00 Jul 2025 10 Paris Silver - strong project economics#1 Free Cash A$487 M Production 26.7 Moz NPV8 IRR A$202 M 48% Capex ASIC A$131 M A$17.45/oz #1 - Paris PFS - ASX Announcement 30 Nov 2021 Since this study, silver price has increased > 70% 11 Pathway to production DFS underway Metallurgical optimisation • Crush, grind and Lead recovery test work • Final Silver leach studies – incl tails & detox PFS DFS Hydrological study – pit & process water Environmental survey Price provides opportunity to increase silver production • Revising mine optimisation, design and processing to maximise value for higher price environment In parallel, regulatory approvals are being prepared: • Mining permit (MLA) Indicative DFS pit expansion (grey) highlighting material increase in size. Optimisation work is ongoing to maximise value from the structural shift in silver price. DFS PFS • Environmental permit (PEPR) • Native Title Mining Agreement (NTMA) 12 District-Scale Discovery APOLLO ARES PARIS PERSEUS 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 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 # 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 Silver Corridor 15km of untapped silver potential – and growing… 13 District-Scale Discovery APOLLO ARES Farm-In Agreement on adjacent high grade silver prospect #1 PARIS 2012 drilling at Athena focussed on iron ore, not silver. PERSEUS MANTO 2013, with ongoing success at Paris, selected intervals were re-assayed for silver, returning multiple hits, including: • ATHENA 5m @ 493g/t silver from 71m (12BWRC020) #2 Paris Silver Corridor Historic drillholes terminate in silver mineralisation #1 – ASX announcement 1 April 2025 #2 – ASX announcement 22 July 2025 ATHENA A A’ A second magnetic signature adjacent to Athena is untested 14 Magnetic RTP imagery Curnamona – Cu/Au Historical gold and copper mining Coincident magnetics, gravity, IP and soil anomaly Drilling commences Sep-2025 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 Why Silver? Why Investigator? 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 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 16 Lachlan Wallace, Managing Director 47 King Street, Norwood SA 5067 Thinking Silver? Think Investigator. +61 (0) 8 7325 2222 lwallace@investres.com.au www.investres.com.au 17