Announcement PDF Investigator Silver Limited | ABN: 90 115 338 979 | 47 King St, Norwood SA 5067 Australia Cautionary Statement The Definitive Feasibility Study (DFS) discussed herein has been undertaken to assess the technical and economic feasibility of developing an open pit mine to economically and sustainably exploit the Paris Silver deposit, located in South Australia. The Paris Silver Project (Paris or Project) is 100% owned by Investigator Silver Limited (Investigator, or the Company). The Production Target and financial forecasts presented in the DFS are shown on a 100% Project basis. The Ore Reserves and Mineral Resources underpinning the Production Target have been prepared by Competent Persons in accordance with the JORC Code (2012). The Production Target underpinning the financial forecasts included in the DFS comprises 86% Indicated Mineral Resources and 14% Inferred Mineral Resources, and is not based on any Exploration Target or qualifying foreign estimate. During the project payback period of 11 months (post completion of pre-production works), less than 1% of the Production Target is derived from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised. The economic outcomes associated with the DFS are based on certain assumptions made for commodity prices, exchange rates and other economic variables, which are not within the Company's control and are subject to change from time to time. Changes in such assumptions may have a material impact on the economic outcomes. To achieve the range of outcomes indicatedin the DFS, additional funding will likely be required. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the value of the Company’s existing shares. It is also possible that the Company could pursue other “value realisation” strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. See also ‘Funding assumption’ in Section 13 and ‘Funding and market conditions’ in Section 16 for the Company’s funding assumptions and associated risks. This release contains forward-looking statements. Generally, the words “expect”, “potential”, “intend”, “estimate”, “will” and similar expressions identify forward-looking statements. By their very nature forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements, to differ materially from those expressed or implied in the forward-looking statements, which are not guarantees of future performance. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company has concluded that it has a reasonable basis for providing the forward-looking statements included in this announcement and believes it has a reasonable basis to expect that it will be able to fund the development of the Project. However, several factors could cause actual results or future expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS or this release. Investors should consider seeking appropriate professional legal, financial and taxation advice in reviewing this release and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of this release nor any information contained in this release or subsequently communicated to any person in connection with this release is, or should be taken as, constituting the giving of investment or financial advice to any person. This release does not take into account the individual investment objective, financial or tax situation or particular needs of any person. Competent Persons Statements Exploration Results: The information in this report 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 report 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 2023 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 report 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 report 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 report of the matters based on his information in the form and context in which it appears. Page | 2 27 February 2026 Paris Silver DFS Confirms High-Margin, Finance-Ready Development Pathway; Maiden Ore Reserve Declared Strong economics across pricing cases1 Pre-tax NPV8 A$1,154m, IRR 93%, payback 11 months from first production (Spot case US$80/oz, A$115.94/oz). Consensus case (US$60.18/oz, A$87.22)2 : Pre-tax NPV8 A$618m, IRR 61%, payback 13 months from first production. High operating margin supports fundability Strong cash flow generation with a net operating cash flow margin of 64% under the spot case and 52% at consensus. AISC: A$39.70/oz (US$27.39/oz). Low funding requirement relative to value Development funding requirement (max negative cash) of A$260m (incl. indirects, contingency and working capital). NPV8 to development funding multiple: 4.4x (Spot) and 2.4x (Consensus). Conventional, low- risk development pathway Shallow open pit, contract mining, whole-ore cyanide leach + Merrill–Crowe doré, and wet tailings – a well-proven, low-cost flowsheet and mine development approach. 11 Year mine life, staged mining gives early cash flow Higher-intensity mining in first 2 years brings forward higher grade / lower strip ore and builds stockpiles for later reclaim. Stockpiles provide downside protection and lender comfort By the end of the first year of processing, forecast low-grade stockpiles contain ~1.3 Moz of recoverable payable silver, equivalent to ~A$120m net realisable value after remaining processing and selling costs. Net realisable stockpile value peaks at A$493m in month 56 of processing, providing material project resilience. Leverage to silver price Holding the mine plan, costs and forex constant, each additional US$1/oz in the silver price implies A$27m increase in NPV8 and A$42m increase in life-of-project pre-tax net cash flows. South Australia – supportive Tier 1 jurisdiction Stable regulatory framework, established mining region and infrastructure base. Permitting program being progressed in close consultation with government and stakeholders. District-scale growth potential Paris sits within a 15 km mineralised corridor with multiple near- plant drill targets. Proximity to the planned Paris plant and TSF (designed with expansion capacity) creates a lower capital, permitting and environmental hurdle for potential satellite feed and corridor growth. 1 Note: Outcomes are pre-tax, ungeared (no financing) on a 100% project basis. Unless otherwise stated, evaluation uses AUD:USD 0.69, 8% discount rate, no escalation. Only the silver price varies between pricing cases –there is no change in mine design or cut-off grade. 2 Consensus Economics January 2026 – median forecast 2031-2035 Page | 3 Commenting on the DFS results and the exciting future of the Paris Silver Project, Managing Director Lachlan Wallace said: “The Feasibility Study confirms Paris as a tier-one, high-margin, finance-ready silver development project with strong leverage to the silver price and a practical near-term pathway to silver production. The project is a conventional low-risk development – shallow open-pit, contract mining, and whole-ore leach to produce silver doré; prioritising operability, schedule certainty and a reliable ramp-up. Importantly, the Study outcomes are underpinned by a staged mine plan designed to bring forward higher-grade, lower strip ore, build stockpiles and strengthen resilience through the funding and ramp-up period. The development funding estimate includes appropriate allowances and contingency to support a robust, fully-costed funding plan. Following delivery of this Study, Investigator’s focus now shifts to development, as we move to advance the DFS cost and schedule through detailed engineering and contracting to firm up execution certainty, progress permitting, and prepare for financing. This includes a high-density pre-FID drilling program targeting the first three years of mining to strengthen grade confidence in the early cash-flow window and support a faster lender process to deliver more competitive financing outcomes, which includes pricing, covenants and overall terms. Our objective is clear – move rapidly and methodically from study into development, tighten execution certainty, position Paris to be construction-ready and then look to hit the go-button on building our world-class asset into Australia’s leading, pure silver mine.” Paris is located close to large mining centres; Whyalla and Port Augusta Page | 4 1 Executive Summary Investigator Silver (ASX:IVR) (Investigator or the Company) has completed a Definitive Feasibility Study (DFS) for the Paris Silver Project, which is located on Central Eyre Peninsula, ~70km north of Kimba and ~7 hours by road from Adelaide. Paris is designed as a conventional, low technical risk silver development: a shallow open-pit orebody mined by contract mining, processed through a standard whole-ore cyanide leach flowsheet with Merrill–Crowe doré recovery, and supported by a wet tailings storage facility. The execution philosophy prioritises simplicity, constructability and ramp-up reliability, whilst tailoring design to efficient closure and rehabilitation outcomes. The Study demonstrates a combination of high operating margin, rapid payback and modest development funding requirement, supporting a fundable project profile. In addition, early low-grade stockpiles build a growing on-site metal inventory that provides operating flexibility and material downside protection for lenders, reducing funding risk in the early years. The project sits within one pastoral lease with strong ongoing relationships with the landholder in place with strong recognition of the mutual benefit development offers. Paris is located in South Australia, a mature and supportive mining jurisdiction with established infrastructure and a strong regulatory framework. Investigator has maintained active engagement with government to scope an efficient approvals pathway and has established constructive relationships with Traditional Owners, with the project design incorporating cultural heritage considerations and avoidance of sensitive areas. 1.1 Financial outcomes (pre-tax, ungeared) The DFS presents outcomes on a pre-tax, ungeared basis (no financing) at Spot and Consensus in Table 1.1. Headline outcomes highlight a high-margin development case with strong leverage to silver price3 : • Free-cash generation A$1,866m over ~11 year mine life. • Pre-tax NPV8 A$1,154m, IRR 93%, and payback 11 months from first production. • Exceptional operating margin: Net operating cash flow margin of ~64% (Spot) and ~52% (Consensus). • Silver price leverage: Holding mine plan, costs and forex constant, each additional +US$1/oz in the silver price increases the NPV8 by ~A$27m and life-of-project pre-tax net cash flows by ~A$42m. • Breakeven silver price including capital repayment: ~US$37.35/oz. • The project exhibits a low development funding requirement relative to value, with NPV8 to development funding multiples of approximately ~4.4x (Spot) and ~2.4x (Consensus). Combined with rapid payback and high operating margins, this supports a financeable profile and a fast transition from construction into free cash generation. 3 Spot case (US$80/oz). At Consensus price (US$60.18/oz): Free-cash generation is $1,038m, Pre-tax NPV8 ~A$618m and IRR ~61%. Page | 5 Table 1.1 Financial outcomes (pre-tax, ungeared) Item Unit Definitive Feasibility Study 2026 Economic Assumptions Consensus Spot Silver Price (USD) US$/oz 60.18 80.00 Silver Price (AUD) A$/oz 87.22 115.94 Exchange Rate AUD: USD 0.69 0.69 Project Economics Pre-Tax NPV8 A$M 618 1,154 Pre-Tax IRR % 61% 93% Pre-Tax Payback Period (from first Production) Months 13 11 Pre-Tax Payback Period (from first Capital) Months 36 34 Net operating cash flow margin4 % 52% 64% All-In-Sustaining-Cost A$/oz 39.70 39.70 Table 1.2 Cash Flow (pre-tax) Item Unit Definitive Feasibility Study 2026 Cash flow Consensus Spot Gross Revenue A$M 2,645 3,516 Royalties A$M 118 157 Doré Transport & refining A$M 25 29 Net Revenue A$M 2,502 3,330 On Site Operating Costs1 A$M 1,204 1,204 Net Operating Cash Flow A$M 1,298 2,126 Development Funding (max negative cash)5 A$M 260 260 - Mining Pre-production A$M 39 39 - Process plant A$M 70 70 - Infrastructure A$M 98 98 - Indirect Costs A$M 30 30 - Contingency A$M 23 23 Net Project Cash Flow (Pre-Tax) A$M 1,038 1,866 Figure 1.1 Cash Flow (Pre-Tax) 4 Net operating cash flow margin defined as Net Operating Cash Flow divided by Net Revenue 5 Development funding requirement (maximum negative cash position; including working capital) (300) 100 500 900 1,300 1,700 2,100 2,500 (200) (100) - 100 200 300 400 500 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Cumulative Cash Flow (A$M) Annual Cash Flow (A$M) Annual Cash Flow Cumulative Cash Flow Page | 6 Figure 1.2 Sensitivity – NPV8: Tornado Chart (A$M variance with +/- 20% input change) Figure 1.3 Sensitivity – NPV8 1.2 Project snapshot Paris is a proposed 1.5 Mtpa conventional open-pit silver operation producing silver doré, supported by contract mining and a whole-ore leach processing route. The DFS schedule spans approximately 11 years including construction and is designed around a staged mining approach – initially higher-intensity mining to access early ore, followed by steady-state mining and a later processing period supported by stockpile reclaim. Table 1.3 LOM Project physicals Item Unit Definitive Feasibility Study 2026 Life of Mine (LOM) Months Construction + 108 operating Ore mined and processed Kt 13,395 Waste Mined (including 7.6Mt Mineralised Waste) Kt 79,841 Strip Ratio Waste: Ore 5.96:1 Silver Grade g/t 91 Silver Recovery % 78% Silver in Doré produced Moz 30 48 103 155 433 433 433 48 92 155 433 433 433 Capex Discount Opex Metallurgical Recovery Silver Grade Silver Price 600 800 1,000 1,200 1,400 1,600 -20% -15% -10% -5% 0% 5% 10% 15% 20% NPV (A$M) Silver Price Operating Cost Capital Cost A$1,154m Page | 7 Figure 1.4 Simple flexible site layout on flat ground 1.3 Mineral Resource Estimate, Ore Reserve Estimate, and mine plan basis The Paris global Mineral Resource Estimate (JORC 2012)6 contains 57 Moz silver, comprising Indicated and Inferred Resources. Lead has not been considered in the DFS. Table 1.4 2023 Paris Mineral Resource Estimate at 25g/t cut-off and to 0mRL Category Mt Ag g/t Pb % Ag Moz Pb kt Indicated 17 75 0.5 41 85 Inferred 7.2 67 0.2 16 14 Total 24 73 0.4 57 99 Note: Totals may not sum due to rounding Table 1.5 2026 Paris Ore Reserve Estimate at varying cut-off grades7 Category Mt Ag g/t Ag Moz Proven 0 0 0 Probable 12 88 33 Total 12 88 33 Note: Totals may not sum due to rounding The mine plan includes a component of Inferred Resource material (14% LOM, and less than 1% in the payback period). There is a lower level of geological confidence associated with Inferred material and no certainty that forecast production targets will be achieved. The DFS schedule and development strategy prioritise early-stage confidence and minimises Inferred material exposure in the potential debt-repayment window. Ore Reserves are solely reported for the Indicated resource category. 6 ASX Announcement 5 July 2023 Paris Mineral Resource Update 7 Cut-off grade varies for each geometalllurgical domain: BT=28.5g/t, BTM=23g/t and DOL=24g/t – refer Section 4.2 for further Ore Reserve Estimate inputs. Page | 8 The mine plan is designed to bring forward higher grade and lower strip ratio material early, supporting strong early cash flow and rapid payback. The first two years utilise a higher- intensity (dual fleet) mining configuration to accelerate access to early ore and build stockpiles, before transitioning to steady-state mining and later stockpile reclaim. Figure 1.5 Pit stages target high grade, low strip ratio early 1.4 Operating strategy, stockpiles and lender de-risking Operational flexibility and resilience The DFS incorporates an ore stockpiling strategy that supports consistent plant feed and provides flexibility in grade management, blending and scheduling. Stockpiles also provide resilience against short-term disruptions by maintaining a buffer of mined ore available for processing. Stockpiles enable grade streaming to maximise NPV and build resilience through early metal inventory The staged mining approach builds stocks and enables grade streaming over the life of the project, with high grade material preferentially presented to the process facility to improve NPV. This results in head grades averaging 131g/t Ag over the first two years of processing, compared with the average LOM head grade of 91 g/t Ag. Page | 9 The stockpiles also act as on-site metal inventory that provides both operational flexibility and downside protection. By end of the first year of processing, low-grade stockpiles are forecast to contain approximately ~1.3 Moz of recoverable payable silver, equivalent to ~A$155m of stockpiled metal value at spot price. On a net realisable basis (after remaining processing costs and selling charges), this represents approximately ~A$120m of embedded value that can be realised through processing without additional mining risk. The net realisable value of the stockpile peaks at A$493m approximately 56 months (~5 years) after operations commence. This is expected to reduce lender risk and support competitive project finance outcomes. Figure 1.6 Stockpile Balance (top) and Net Realisable Value of Stockpiles (bottom) 0 1 2 3 4 5 6 Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Closing Stockpile Balance (Mt) High Grade Medium Grade Low Grade - 100 200 300 400 500 600 700 800 Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 A$M Processing Cost Net Realisable Value Construction Construction Operations Operations Page | 10 1.5 Processing route and performance The DFS process plant is designed for 1.5 Mtpa throughput and is based on a conventional crush–grind–leach flow sheet producing silver doré. The design philosophy prioritises proven, fit-for-purpose equipment and a straightforward layout to support operability, maintenance access and reliable ramp-up. Key features include: • Three-stage crushing into a coarse ore stockpile and reclaim system • Single 5.75 MW ball mill targeting P80 ~53 µm • Leach / Merrill–Crowe recovery circuit delivering doré production • Leading EPMC contractor, Mincore, provided detailed design and cost basis to support DFS-level engineering, including detailed equipment lists and vendor based price inputs. Conventional, well-trodden pathway (low technical risk) The selected flowsheet and infrastructure approach are standard for comparable operations: open pit mining, crush and grind, whole-ore cyanide leach, Merrill–Crowe doré production and wet tailings storage are established methods with extensive operating precedents. The DFS does not rely on novel processing technology or unproven execution concepts. Figure 1.7 Conventional process: crush–grind–leach–Merrill–Crowe silver recovery 1.6 Development funding requirement and capital composition The project’s capital requirement is presented as the development funding requirement, which is defined as the maximum cumulative negative cash position from first capital expenditure through ramp-up to positive cash-flow. Development funding includes direct Page | 11 capital, indirects/owner’s costs, contingency and working capital movements through ramp- up, and is presented as maximum negative cash. This reflects the practical funding envelope for construction and ramp-up. On this basis, the development funding requirement is estimated at ~A$260m, inclusive of indirect costs, contingency and working capital allowances, without escalation. Table 1.6 Development funding requirement Cost Area Project Capital ($M) A$M US$M Mining pre-production (mobilisation + pre-strip prior to first ore processed) 39 27 Processing plant 70 48 Infrastructure (including site services, power, water, TSF, and camp) 98 67 Indirect costs (project execution / delivery costs) 30 21 Contingency 23 16 Development funding requirement (max negative cash) 260 180 Note: 1. Totals may not sum due to rounding. 2. Forex: AUD:USD 0.69 Figure 1.8 Pareto Chart – Capital Costs Capital is concentrated in a small number of packages, with the largest drivers comprising the processing circuits (leach/grind/recovery) and remote-site infrastructure required for reliable operation (notably power, TSF and camps). Contingency is a deliberate DFS-level allowance reflecting residual uncertainty and execution variability within defined scope. Mining: Pre-strip Contingency Power Leaching TSF Construction Grinding Metal Recovery Camp Construction camp Project Management Crushing Site Services Construction Support Mining Workshop Water Management CCD Mining : Mob & Demob Road Reagents Owners Costs Raw Water Dam Site Construction Management Mining: Diesel Mining: Clear & Grub Mining: Owners Capital Plant Freight & Logistics Detox Owners Capital Communication Grade Control Equipment Capital Cost (A$M) 0 5 10 15 20 25 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Page | 12 1.7 Operating costs and AISC Operating costs are estimated at DFS level and structured across the three core cost centres: • Mining: contractor-operated, based on a schedule of rates aligned to the DFS mining phases and material movement profile. • Processing: plant labour, reagents/consumables, maintenance, power/fuel, borefield and Tailings Storage Facility (TSF) operations. • Site G&A / marketing: site support functions plus transport/refining/royalties. A large portion of operating cost scales with tonnes processed, so A$/t metrics remain comparatively stable through the mine life, while A$/oz varies with head grade, particularly in later years. Table 1.7 Life-of-mine operating cost summary by phase Parameter / Cost Component Capital Phase 1 Phase 2 Phase 3 Total Dual Fleet Dual Fleet Single Fleet Rehandle Project Period Before processing Years 3-4 Years 5-8 Years 9-End ~11 years Mining configuration Two fleets Two fleets Single fleet SP reclaim Ore stockpile reclaim (kt) - 475 2,141 3,645 6,261 Total material moved (kt) 4,378 35,877 52,981 - 93,236 Waste mined (kt) 4,298 31,985 43,559 - 79,841 Ore mined (kt) 80 3,893 9,422 - 13,395 Strip ratio (waste:ore) 53.5 8.2 4.6 - 5.96 Ore processed (kt) - 2,625 7,125 3,645 13,395 Head grade (g/t Ag) - 131 95 52 91 Silver produced (koz) - 8,140 17,386 4,803 30,329 COSTS (A$M) Mining capitalised 196 404 31 631 Processing capitalised 95 264 135 494 G&A capitalised 15 42 22 79 Total capitalised 307 709 198 1,204 AISC (A$/oz) Mining - 24.1 23.2 6.5 20.8 Processing - 11.7 15.2 28.1 16.3 G&A - 1.9 2.4 4.6 2.6 Total - 37.7 40.8 39.1 39.7 UNIT COSTS Mining (A$/t mined or rehandle) - 5.4 7.3 8.6 6.3 Processing (A$/t processed) - 36.2 37.1 37.0 36.9 G&A (A$/t processed) - 5.9 5.9 6.0 5.9 Total (A$/t processed) - 117 100 52 90 1.8 Key risk mitigation The DFS identifies the key project risk areas and embeds mitigations in study design and the forward work program: • Resource confidence / Inferred material: staged schedule and development strategy designed to minimise Inferred resource exposure in the potential debt repayment Page | 13 window; targeted drilling programs planned to improve confidence in early mining areas. The Production Target underpinning the financial forecast comprises 86% Indicated Resources, and 14% Inferred Resources. During the project payback period of 11 months (post the completion of pre-production works), the Production Target comprises of more than 99% Indicated Resources, and less than 1% Inferred Resources. The majority of Inferred material is mined and processed towards the end of the current mine life (refer to Table 5.3 for detailed annual mining and processing quantum by Resource category). • Capital execution and cost certainty: DFS-level estimate includes explicit contingency; next phase focuses on market testing, early contractor engagement and conversion to a controls-ready baseline. • Permitting and approvals: Active engagement with South Australian regulators and structured approvals planning; early scoping to align studies to regulator requirements. • Stakeholder and heritage: Strong working relationship with Traditional Owners and broader community; design and planning incorporate known culturally sensitive areas and heritage considerations in addition to respecting existing land users. 1.9 Next steps: approvals, execution planning and funding readiness Following completion of the DFS, the next phase is focused on execution readiness and funding readiness, including: • Build-ready definition (study → construction-ready): Front-End Engineering Design (FEED) to Issued for Construction (IFC) work packs, constructability input, schedule sequencing, and controls-ready cost and schedule baseline. • Debt readiness: strengthen grade confidence in early mining areas, prepare lender data room and response packs to accelerate due diligence and independent technical review. • Procurement and contracting strategy: packaging/tendering strategy, early contractor engagement and market testing, and long-lead procurement planning (financing-gated). • Approvals pathway: progress permitting and associated environmental and heritage programs in collaboration with regulators and stakeholders. Figure 1.9 outlines a high-level timeline to first silver production. It is noted that this is a best estimate and subject to change. The timeline assumes long lead items are committed prior to FID which is subject to funding availability. Page | 14 Figure 1.9 Timeline to first silver 1.10 District scale growth and expansion potential Paris is located within the ~15 km Paris Silver Corridor, a district-scale mineralised trend with multiple drilling targets along strike and in close proximity to the planned processing hub. Investigator continues exploration drilling within the corridor to expand the initial Paris footprint and assess the potential for additional near-plant silver deposits. A key value driver for Paris is that it is bei