Announcement PDF INVESTIGATOR SILVER LIMITED ACN 115 338 979 Notice of Annual General Meeting Explanatory Statement and Proxy Form Date of Meeting: Monday, 9 November 2026 Time of Meeting: 11:00am (ACDT) Place of Meeting: Grant Thornton House Level 3 170 Frome Street Adelaide SA 5000 This Notice of Annual General Meeting, Explanatory Statement and Proxy Form should be read in their entirety. If you are in doubt as to how you should vote, you should seek advice from your professional adviser(s). INVESTIGATOR SILVER LIMITED ACN 115 338 979 Registered Office: 170 Frome Street, Adelaide, SA 5067 NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the Annual General Meeting of Shareholders of Investigator Silver Limited (the ‘Company’) will be held at 11:00am (ACDT) on Monday, 9 November 2026. Participating in the Annual General Meeting The Annual General Meeting (Meeting) will be held in person at the offices of Grant Thornton, Level 3, 170 Frome Street, Adelaide SA 5000. Questions The Company invites you to submit questions (relevant to the business of the Meeting or in relation to the content of the Annual Report for the year ended 30 June 2026) in writing to the Company or to the Company’s auditor by email to anita.addorisio@vistra.com. Written questions must be received no later than 5:00pm (AEDT) on Friday, 30 October 2026. During the Meeting, the Chair will aim to address as many of the more frequently raised Shareholder questions as reasonable. Please note that individual responses will not be sent to Shareholders. Proxies Shareholders are strongly encouraged to submit their proxies as early as possible and in any event prior to the cutoff for proxy voting as set out in the Notice. To lodge your proxy, please follow the directions on your personalised Proxy Form which will be enclosed with a copy of the Notice, delivered to you by email or post (depending on your communication preferences). Shareholders attending the Meeting will be able to ask questions and the Company has made provision for Shareholders who register their attendance before the start of the Meeting to also cast their votes on the proposed resolutions at the Meeting. Further Information Any Shareholders who wish to attend the Meeting should monitor the Company’s website and its ASX announcements for any updates about the Annual General Meeting. If it becomes necessary or appropriate to make alternative arrangements for the holding or conducting of the Meeting, the Company will make further information available through the ASX website at asx.com.au (ASX: IVR) and on its website at https://investres.com.au/announcements. AGENDA The Explanatory Statement and Proxy Form which accompany and form part of this Notice, includes defined terms and describe in more detail the matters to be considered. Please consider this Notice, the Explanatory Statement and Proxy Form in their entirety. ORDINARY BUSINESS Receipt and Consideration of Accounts and Reports To receive and consider the Financial Report of the Company and the related reports of the Directors (including the Remuneration Report) and Auditors for the year ended 30 June 2026. Note: Except for as set out in Resolution 1, there is no requirement for Shareholders to approve these reports. Accordingly, no Resolution will be put to Shareholders on this item of business. Resolution 1: Adoption of Remuneration Report To consider and, if thought fit, to pass the following resolution as a non-binding ordinary resolution: “That for the purpose of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the Company’s Annual Report for the year ended 30 June 2026.” Resolution 2: Re-election of Dr Richard Hillis as a Director of the Company To consider and, if thought fit, pass the following resolution as an ordinary resolution: "That Dr Richard Hillis a Director of the Company who retires in accordance with rule 16.1 of the Company’s Constitution and, being eligible offers himself for re-election, be re-elected as Director of the Company.” Resolution 3: Renewal of Investigator Silver Limited’s Employee Share Option Plan To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That, under and for the purposes of ASX Listing Rule 7.2 Exception 13(b), and for all other purposes including section 259B and 260C of the Corporations Act 2001 (Cth), that the Company’s employee incentive plan known as the “Employee Share Option Plan Rules” (ESOP) be approved, with the terms as set out or described in the Explanatory Statement which accompanies and forms part of this Notice of Meeting.” Resolution 4: Approval to issue Performance Rights to the Managing Director, Mr Lachlan Wallace (or his nominee) To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That for the purposes of Listing Rule 10.11, sections 200B and 200E of the Corporations Act and for all other purposes, approval be given to grant up to 8,250,000 Performance Rights in the Company to Mr Lachlan Wallace, or his nominee, on the terms and conditions of his employment contract, and as described in the Explanatory Statement.” SPECIAL BUSINESS Resolution 5: Renewal of Proportional Takeover Provision To consider and, if thought fit, pass the following resolution as a special resolution: “That, for the purposes of Section 648G(4) of the Corporations Act and for all other purposes the shareholders of the company approve the renewal of Clause 27 of the Company’s Constitution as described in the Explanatory Memorandum which accompanies and forms part of this Notice of Meeting.” Resolution 6: Approval of 10% Additional Placement Capacity To consider and, if thought fit, pass the following Resolution as a special resolution: “That, pursuant to and in accordance with Listing Rule 7.1A and for all other purposes, Shareholders approve the issue of Equity Securities up to 10% of the issued capital of the Company (at the time of the issue) calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 over a 12 month period from the date of the AGM, at an issue price of not less than that determined pursuant to Listing Rule 7.1A.3 and on the terms and conditions described in the Explanatory Statement.” By order of the Board Joe Sutanto Company Secretary 6 October 2026 Notes 1. Entire Notice The details of the resolutions contained in the Explanatory Statement accompanying this Notice of Meeting should be read together with, and form part of, this Notice of Meeting. 2. Record Date The Company has determined that for the purposes of the Annual General Meeting, shares will be taken to be held by the persons who are registered as holding the shares at 7:00pm on the date 48 hours before the date of the Annual General Meeting, this is no later than 6:30pm (ACDT) on Saturday, 7 November 2026. Only those persons will be entitled to vote at the Annual General Meeting and transfers registered after that time will be disregarded in determining entitlements to attend and vote at the Annual General Meeting. On a poll, Shareholders have one vote for every fully paid ordinary share held. 3. Voting Each of the Resolutions proposed at the Meeting will be decided on a poll. 4. Proxies a. Votes at the Annual General Meeting may be given personally or by proxy, attorney or representative. b. Each Shareholder has a right to appoint one or two proxies. c. A proxy need not be a Shareholder of the Company. d. If a Shareholder is a company it must execute under its common seal or otherwise in accordance with its constitution or the Corporations Act. e. Where a Shareholder is entitled to cast two or more votes, the Shareholder may appoint two proxies and may specify the proportion of number of votes each proxy is appointed to exercise. f. If a Shareholder appoints two proxies, and the appointment does not specify the proportion or number of the Shareholder’s votes, each proxy may exercise half of the votes. g. A proxy must be signed by the Shareholder or his or her attorney who has not received any notice of revocation of the authority. Proxies given by corporations must be signed in accordance with corporation’s constitution and Corporations Act. h. If you sign the Proxy Form and do not appoint a proxy, you will have appointed the Chair of the Meeting as your proxy. i. To be effective, Proxy Forms must be received by the Company’s share registry (Computershare Investor Services Pty Limited) no later than 48 hours before the commencement of the Annual General Meeting, this is no later than 11:00am (ACDT) on Saturday, 7 November 2026. Any proxy received after that time will not be valid for the scheduled Meeting. 5. Corporate Representative Any corporate Shareholder who has appointed a person to act as its corporate representative at the Meeting should provide that person with a certificate or letter executed in accordance with the Corporations Act authorising him or her to act as that company’s representative. The authority may be sent to the Company and/or share registry in advance of the Meeting or handed in at the Meeting (in person) when registering as a corporate representative. 6. Undirected Proxies Subject to the restrictions set out in Note 7 below, the Chair of the Meeting will vote undirected proxies in FAVOUR of each Resolution. In exceptional circumstances, the Chair may change his or her voting intention on a Resolution, in which case an ASX announcement will be made. Shareholders may also choose to direct the Chair to vote against the Resolution or to abstain from voting. 7. Voting Exclusion Statement Resolution 1 a. In accordance with sections 250R(4) and 250BD(1) of the Corporations Act, a vote must not be cast (in any capacity, including as a proxy), and the Company will disregard any votes purported to be cast, on this resolution by, or on behalf of, a member of the Key Management Personnel, details of whose remuneration are included in the remuneration report, or a Closely Related Party of such a member (KMP Voter), unless the KMP Voter is casting a vote on this resolution on behalf of a person who is not a KMP Voter (including as a proxy) and either:  the KMP Voter is appointed as a proxy in writing that specifies the way the proxy is to vote on the resolution; or  the KMP Voter is the Chair of the meeting and the appointment of the Chair as proxy: i. does not specify the way the proxy is to vote on the Resolution; and ii. expressly authorises the Chair to exercise the proxy even if the Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company or the consolidated entity. If you appoint the Chair as your proxy and you do not direct the Chair how to vote, you will be expressly authorising the Chair to exercise the proxy even if the relevant Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company. If the Chair of the Meeting is appointed as a proxy for a person who is permitted to vote on this Resolution, the Chair will vote any proxies which do not indicate on their Proxy Form the way the Chair must vote, in FAVOUR of this Resolution. In exceptional circumstances, the Chair may change his or her voting intention on the Resolution, in which case an ASX announcement will be made. Shareholders may also choose to direct the Chair to vote against the Resolution or to abstain from voting. If you purport to cast a vote other than as permitted above, that vote will be disregarded by the Company (as indicated above) and you may be liable for breaching the voting restrictions that apply to you under the Corporations Act. Resolutions 2 and 5 There are no voting exclusions on this Resolution. Resolution 3 The Company will disregard any votes cast in favour of this Resolution by or on behalf of: a. any person who is eligible to participate in the Company’s Employee Incentive Plan; or b. an associate of that person or those persons. However, this does not apply to a vote cast in favour of the Resolution by: a. a person as a proxy or attorney for a person who is entitled to vote on the resolution, in accordance with directions given to the proxy or attorney to vote on the resolution in that way; or b. the chair of the meeting as proxy or attorney for a person who is entitled to vote on the resolution, in accordance with a direction given to the chair to vote on the resolution as the chair decides; or c. a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met: i. the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on the resolution; and ii. the holder votes on the resolution in accordance with directions given by the beneficiary to the holder to vote in that way. Furthermore, a vote must not be cast as proxy on Resolution 3 by a member of the KMP (as defined by the Corporations Act) or a closely related party of KMP. However, a person described above (a “Restricted Voter”) may cast a vote on any Resolution 3 as a proxy if: a. The Restricted Voter is appointed as a proxy by writing that specifies the way the proxy is to vote on the Resolution(s); or b. The Chair is the Restricted Voter and the written appointment of the Chair as proxy does not specify the way the proxy is to vote on the Resolution(s) or expressly authorises the Chair to exercise the proxy even though the Resolution(s) is or are connected with the remuneration of a member of the KMP. If you appoint the Chair as your proxy and you do not direct the Chair how to vote, you will be expressly authorising the Chair to exercise the proxy even if the relevant resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel of the Company. Resolution 4 The Company will in accordance with Listing Rule 14.11 disregard any votes cast in FAVOUR of Resolution 4 by Mr Lachlan Wallace (or his nominee) and any of his associates. However, the Company need not disregard a vote if: (a) it is cast by a person as a proxy for a person who is entitled to vote in accordance with the directions on the Proxy Form; or (b) it is cast by the person chairing the Meeting as a proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides. As Resolution 4 may be considered to relate to the remuneration of Mr Wallace who is a member of the KMP for the Company and is occurring in accordance with sections 200B and 200E of the Corporations Act, the Company will disregard all votes cast on Resolution 4 by Mr Wallace or his associates, a member of the KMP or a Closely Related Party of a KMP, who has been appointed as a proxy unless: (a) the proxy is appointed by writing that specifies how the proxy is to vote on that Resolution; or (b) if the proxy is the Chair and the appointment of the Chair as a proxy does not specify the way the proxy is to vote on that Resolution but it expressly authorises the Chair to exercise the proxy even if the Resolution is connected directly or indirectly with the remuneration of a KMP for the Company or if the Company is party of a consolidated entity, for the entity. Resolution 6 As at the date of despatch of this Notice, the Company is not proposing to make an issue of Equity Securities under Listing Rule 7.1A.2 and, therefore, a voting exclusion statement on this Resolution is not currently required by Listing Rule 7.3A.7 as at that date. However, if, between the date of despatch of this Notice of Meeting and the date of the Meeting, the Company proposes to make an issue of Equity Securities under Listing Rule 7.1A.2, the Company will disregard votes cast in favour of this Resolution by or on behalf of: a. any person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a holder or ordinary securities in the Company); or b. an associate of that person or those persons. However, this does not apply to a vote cast in favour of the Resolution by: a. a. a person as proxy or attorney for a person who is entitled to vote on the Resolution, in accordance with directions given to the proxy or attorney to vote on the Resolution in that way; or b. the Chair of the Meeting as proxy, or attorney, for a person who is entitled to vote on the Resolution in accordance with a direction given to the Chair of the Meeting to vote on the Resolution as the Chair of the Meeting decides; or c. a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met: i. the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting on the Resolution; and ii. the holder votes on the Resolution in accordance with directions given by the beneficiary to the holder to vote in that way. 8. Special Resolutions Resolutions 5 and 6 are each proposed as a special resolution. For a special resolution to be passed, at least 75% of the votes validly cast on the Resolution by Shareholders (by number of shares) must be in FAVOUR of the Resolution. 9. Enquiries Shareholders are invited to contact the Company Secretary on 1300 384 692 or by email at anita.addorisio@vistra.com if they have any queries in respect of the matters set out in these documents. EXPLANATORY STATEMENT This Explanatory Statement forms part of the Company’s Notice of Annual General Meeting and is intended to assist Shareholders in consideration of the business proposed at the Meeting. Receipt and Consideration of Accounts and Reports A copy of the Company’s Annual Report for the year ending 30 June 2026 which incorporates the Financial Report, reports of the Directors (including the Remuneration Report and the Auditors) is not enclosed as there is no longer a requirement for the Company to incur the printing and distribution cost associated with doing so for all Shareholders. You may obtain a copy free of charge in hard copy form by contacting the Company Secretary by phone at 1300 384 692, and you may request that this occurs on a standing basis for future years. Alternatively, you may access the Annual Report at the Company's website: https://investres.com.au/annual-reports or via the Company’s announcement platform on the ASX. Except for as set out in Resolution 1, no Resolution is required on these reports. Shareholders will have the opportunity to ask questions about, or make comments on, the 2026 Annual Report and the management of the Company. The Auditor will be invited to attend and will be available to answer questions about the audit of the Company’s 2026 Annual Report. Resolution 1: Adoption of Remuneration Report Background Section 250R(2) of the Corporations Act requires that a resolution to adopt the Remuneration Report must be put to the vote at the Annual General Meeting. The vote on this Resolution is advisory only and does not bind the Directors or the Company. The Remuneration Report is set out in the Directors’ Report in the Company’s 2026 Annual Report. The Remuneration Report sets out the Company’s remuneration arrangements for the Directors and senior management of the Company. In accordance with section 250SA of the Corporations Act, Shareholders will be provided with a reasonable opportunity to ask questions concerning, or make comments on, the Remuneration Report at the Annual General Meeting. In accordance with Division 9 of Part 2G.2 of the Corporations Act, if twenty five per cent (25%) or more of votes that are cast are voted against the adoption of the Remuneration Report at two consecutive Annual General Meetings, Shareholders will be required to vote at the second of those Annual General Meetings on a resolution (a ‘Spill Resolution’) that another meeting be held within 90 days at which all of the Company’s Directors (other than the Managing Director) must go up for re-election. It is noted that at the Company’s last Annual General Meeting, the votes cast against the Remuneration Report represented less than twenty-five per cent (25%) of the total votes cast on that resolution and accordingly, a Spill Resolution will not under any circumstances be required for the Meeting. The Directors will consider the outcome of the vote and comments made by Shareholders on the Remuneration Report at the Meeting when reviewing the Company’s remuneration policies. Board Recommendation and Voting Intention Noting that each Director has a personal interest in their own remuneration from the Company (as such interests are described in the Remuneration Report) that the Board recommends that Shareholders vote in FAVOUR of this Resolution. The Chair of the Meeting intends to vote all available proxies in FAVOUR of this Resolution. Voting Exclusions For voting exclusions refer to Note 7. Resolution 2: Re-election of Dr Richard Hillis as a Director of the Company Background Dr Richard Hillis was appointed as a Non-Executive Director of the Company on 1 January 2022 and is eligible for re-election under the Company’s Constitution. Dr Hillis holds a BSc (Hons) in Geology from Imperial College (London) and a PhD from the University of Edinburgh. Dr Hillis’ career spans appointments at the University of Adelaide where he was Mawson Professor of Geology, State of South Australia Chair of Petroleum Geology, Head of the Australian School of Petroleum and Pro Vice Chancellor (Research Performance). He was a founding director for Petratherm Ltd (ASX: PTR) and KCL Resources. Dr Hillis was also CEO of the Deep Exploration Technologies Cooperative Research Centre from 2010 to 2018 which developed transformative technologies for mineral exploration. Dr Hillis was awarded South Australia Scientist of the year in 2018. Dr Hillis is currently Non-Executive Director of the Heavy Industry Low Carbon Transition Cooperative Research Centre (HILT CRC) Limited and Non-Executive Chair of the Australian Geoscience Council Inc. Board Recommendation and Voting Intention The Board (with Dr Hillis abstaining) recommends that Shareholders vote in FAVOUR of this Resolution. The Chair of the Meeting intends to vote all available proxies in FAVOUR of this Resolution. Voting Exclusions There are no voting exclusions on this Resolution. Resolution 3: Renewal of the Employee Share Option Plan Background On 23 November 2023 (Prior Approval), Shareholders approved the renewal of the Employee Share and Option Plan (ESOP). The ESOP applies to eligible directors, employees, consultants, and such other persons as the Board determines (including executive and non-executive directors, officers, employees, and contractors of the Company’s subsidiaries) and enables those persons to be granted shares, options to acquire shares and other securities in the Company, and assists in achieving the objectives referred to above. This resolution renews the ESOP which was approved by Shareholders at the Company’s Annual General Meeting held on 23 November 2023. The Board is committed to incentivising and retaining the Company’s directors, employees and consultants in a manner which promotes alignment of their interests with shareholder interests. Additionally, the Board considers equity-based compensation an integral component of the Company’s remuneration platform as it allows it to be fiscally prudent by conserving cash resources while still enabling it to offer market-competitive remuneration arrangements. No directors or their associates can or will be issued shares, options or other securities or rights under the ESOP unless shareholder approval of specific issues to them is obtained. Approval is sought, for the purposes of Listing Rule 7.2, Exception 13(b), to issue up to 131.1 million Equity Securities (shares, options or other rights each conditionally entitling the applicable holder to one fully paid ordinary share upon exercise or achievement of the applicable milestone). Any additional issues under the ESOP above that number would require further shareholder approval, unless they were made from the Company’s 15% placement capacity under Listing Rule 7.1. If Shareholders approve this Resolution, the grant of Equity Securities (and the issue of any new Shares pursuant to these Equity Securities) under the ESOP will not be included in the 15% limit imposed by ASX Listing Rule 7.1 for a period of three years from the date of the Meeting. If this Resolution is not approved by Shareholders, any Equity Securities issued by the Company under the ESOP will be included in the formula to calculate the number of securities which the Company may issue in any 12- month period using ASX Listing Rule 7.1 (15% Placement Capacity). ASX Listing Rules ASX Listing Rule 7.1 requires that shareholder approval be received for an issue of securities if the securities will, when aggregated with the securities issued by the entity during the previous 12 months, exceed 15% of the number of securities on issue at the commencement of that 12-month period. ASX Listing Rule 7.2 exception 13(b) provides an exception to ASX Listing Rule 7.1 for securities issued under an employee incentive scheme, such as the ESOP, within 3 years after shareholder approval of the issue of Equity Securities under that scheme as an exception to Listing Rule 7.1. The Company therefore seeks approval of the issue of Equity Securities under the ESOP pursuant to ASX Listing Rule 7.2 Exception 13(b) so that issues of securities under the ESOP do not impede the capacity of the Company to issue up to a further 15% of its capital without shareholder approval. Since 23 November 2023, the date on which Shareholders approved the previous ESOP, the Company has issued 23,416,683 securities under the ESOP. In the Board’s opinion, this Resolution will assist the Company in managing its capital requirements efficiently by ensuring that the Company’s annual issue limit is not diminished by issues of shares under the ESOP, and capacity is available for capital management initiatives and acquisitions, if necessary and appropriate. A summary of the key terms of the ESOP is set out in Annexure A, a copy of which is also available on the Company’s website at CORPORATE GOVERNANCE | Investigator Silver. Corporations Act The offer of Equity Securities under the ESOP is occurring in accordance with Division 1A of Part 7.12 of the Corporations Act, which provides relief from the disclosure and certain other regulatory requirements of the Corporations Act. Board Recommendation As the Directors of the Company are excluded from voting pursuant to the Listing Rules, they make no recommendation to the Shareholders in respect of the ESOP. Voting Exclusions For voting exclusions refer to Note 7. Voting Intention The Chair of the Meeting intends to vote all undirected proxies in favour of this Resolution. Resolution 4: Approval to issue Performance Rights to the Managing Director, Mr Lachlan Wallace (or his nominee) Background The Company is seeking Shareholder approval for the grant of 8,250,000 Performance Rights (Rights) to the Managing Director of the Company, Mr Lachlan Wallace (or his nominee) (being a right to acquire up to 8,250,000 fully paid ordinary shares in the Company subject to satisfaction of relevant vesting conditions) on the terms as described below. Mr Wallace’s Employment Agreement with the Company, the material terms of which were disclosed in the ASX announcement of 3 March 2025, and subsequently amended as disclosed on 31 July 2026, contains a provision for his remuneration to include a Long Term Incentive (LTI) of Performance Rights to the maximum value of 75% of Total Fixed Remuneration (TFR) annually, subject to shareholder approval. The Board undertook a review of Mr Wallace’s remuneration following completion of an independent external remuneration benchmarking review, with the revised terms announced 31 July 2026. The Board undertook the review to ensure the Managing Director's remuneration remains appropriate and competitive as Investigator advances from exploration into the project development, permitting and financing phase. Over the past year, the Company has completed the Definitive Feasibility Study for the Paris Silver Project, strengthened its executive and project delivery capability through a number of key appointments, and progressed the permitting, engineering and financing workstreams required to position the Company for a development decision and construction. The review considered remuneration practices across a selected peer group of ASX-listed resources companies with comparable scale, development activities and leadership responsibilities. The Board determined that the revised remuneration framework appropriately reflects the Company's stage of development and the scope of leadership required to deliver its strategic objectives. The Board has concluded that the remuneration package for Mr Wallace is reasonable and appropriate having regard to the circumstances of the Company and his respective duties and responsibilities as Managing Director. The Board believes that it is appropriate to use Performance Rights to compensate Mr Wallace as this is in line with current market practices and remunerates him appropriately. Given the circumstances of the Company, Performance Rights provides an appropriate and meaningful form of remuneration that aligns with Shareholder interests through performance-based outcomes. The Board believes that the achievement of the performance hurdles attached to these Performance Rights will be to the benefit of all Shareholders as these will motivate Mr