A$55M Placement to accelerate Paris
Released
Released
Announcement PDF
Investigator Silver Limited | ABN: 90 115 338 979 | 47 King St, Norwood SA 5067 Australia | ASX: IVR | www.ivrsilver.com.au Page | 1
Not for release to US wire services or distribution in the United States
3 March 2026
A$55M Placement to accelerate Paris into early works and bring forward first silver
Highlights
Strategic placement of A$55m to new and existing institutional investors, including participation
from the Company’s largest shareholder, Jupiter Asset Management.
Placement follows the release of the Paris Definitive Feasibility Study (DFS)1, which confirms strong,
high-margin economics and a clear development pathway:
o Pre-tax NPV8 A$1,154m, IRR 93%, payback 11 months from first production and operating
margin of 64% using silver price of US$80/oz.
Completion of the DFS and Placement underpins the Company’s move from study phase to
execution at Paris.
Investigator boasts a strong balance sheet that enables an immediate shift into execution,
progressing the next level of engineering and approvals readiness, and commencing early-stage
construction works aimed at bringing forward first silver production.
Early works scope includes enabling infrastructure and long-lead items where appropriate to protect
the schedule-critical path.
Investigator is in a very strong position, with a clear development pathway for Paris, a defined
execution plan, strong balance sheet and a proven team of mine builders who are focused and
committed to converting the DFS into a construction-ready project.
Investigator Silver Limited (ASX: IVR) (“Investigator” or “the Company”) is pleased to announce that it
has received firm commitments to complete a A$55.0 million two-tranche institutional placement at an
issue price of A$0.086 per share. The placement received strong support from both existing and new
domestic and international institutional investors.
The Placement follows the release of the Company’s Definitive Feasibility Study (DFS) for the 100%-owned
Paris Silver Project on 27 February 2026, which confirmed a conventional, low-risk development pathway
and strong financial outcomes.
Following the DFS, Investigator’s priority is to maintain development momentum and transition
immediately from study phase into execution.
With an estimated development funding requirement of approximately A$260 million for Paris, the
Company considered it important to secure funding at this stage to remove near-term financing
uncertainty and enable an accelerated execution program. The Placement strengthens Investigator’s
1
ASX Announcement 27 February 2026 Paris DFS Confirms Maiden Ore Reserve, Strong Economics. The Company confirms that all material assumptions under-
pinning the production target and forecast financial information continue to apply and have not materially changed since the date of the announcement.
ASX Release – Investigator Silver
Page | 2
balance sheet and supports early, schedule-critical activities that position Paris for a construction decision
and accelerate the pathway to first silver.
Investigator Silver Managing Director, Lachlan Wallace, said:
“The DFS confirmed Paris as a financeable and buildable silver project, supported by high
margins, impressive economics, a rapid payback period of less than 12 months and
strong leverage to the silver price. Since the DFS release, silver has traded above the
US$80/oz spot case used in the Study, reinforcing the strength of the silver price at a time
when international demand continues to strengthen and the lack of near-term silver
mines coming online demonstrates the need for high-quality projects like Paris to fill the
growing gap in supply.
“Securing this A$55 million Placement allows us to keep momentum at Paris and along
with the completion of the DFS, marks a key step change in focus as Investigator move
straight into execution phase. We will now focus on accelerating early execution
activities, strengthen our delivery team, and progress long-lead procurement planning
to keep schedule momentum and bring forward first silver production.
“We will also focus on commencing schedule-critical activities and targeted high-density
drilling in the initial mining areas to strengthen lender confidence through the debt
repayment period and support more attractive financing terms. In parallel, we will
continue to drive growth by advancing mine expansion drilling immediately around the
planned pit to convert Inferred material to higher-confidence categories, and by
progressing drilling across the broader 15km Paris Silver Corridor.
“The Company would like to thank our existing and new investors for their strong
support, including our largest shareholder Jupiter Asset Management. Investigator has
never been in a stronger position. We have a team that understands what it takes to
build high-quality mining operations in South Australia and now have the capital and
pathway to develop Paris into a near-term silver operation.
“Moving ahead, our discipline and commitment to strategic execution will remain core
to our delivery in what is going to be a transformative 2026 for the Company.”
Advancing Paris into execution
Proceeds from the Placement will be applied to progress Paris through the next stage of development,
with a focus on activities that tighten execution certainty, protect the schedule critical path and accelerate
the pathway to first silver. Key activities include:
advancing the next level of engineering and design to support construction-ready scope definition
and contractor pricing;
progressing approvals and permitting workstreams and associated stakeholder engagement;
early contractor engagement, procurement strategy development and tendering of early work
packages;
targeted high-density infill and definition drilling in areas scheduled to be mined in the early years,
to strengthen geological confidence, accelerate lender due diligence over the period most relevant
to debt repayment, and support more competitive financing terms;
commencement of preparatory and enabling works to support an efficient construction start;
long-lead procurement planning and, where appropriate, early commitments to protect schedule;
ASX Release – Investigator Silver
Page | 3
mine expansion drilling immediately around the planned pit aimed at converting Inferred material
to higher-confidence Resource classification to support mine planning and future optimisation;
regional drilling across the broader 15km Paris Silver Corridor to test near-plant growth
opportunities and build longer-term optionality; and
strengthening the owner’s team and delivery systems required to execute the Project efficiently
and safely.
Placement proceeds will also support general working capital and corporate purposes consistent with
progressing the Paris Silver Project and maintaining disciplined financial management.
Near-term focus
Over the coming months, the Company will focus on converting the DFS into a build-ready project by
progressing engineering, approvals readiness and execution planning, while continuing to advance project
financing pathways aligned with the Project’s ongoing de-risking.
Placement Details
New Shares issued under the Placement will be issued in two tranches:
Tranche 1: the Company will issue approximately 484.5 million New Shares at an Offer Price of
A$0.086 per New Share, raising a total of ~A$41.7 million (“Tranche 1”); and
Tranche 2: subject to shareholder approval, the Company will issue approximately 155.1 million New
Shares at an Offer Price of A$0.086 per New Share, raising a total of ~A$13.3 million (“Tranche 2”).
The Offer Price of A$0.086 per New Share represents a discount of 28.3% to Investigator’s last closing
share price of A$0.12 per share on Friday, 27 February 2026 and a discount of 24.2% to Investigator’s 15-
day volume weighted average price of A$0.1135 per share up to and including Friday, 27 February 2026.
New Shares issued under Tranche 1 will take place within the Company’s existing placement capacity in
accordance with ASX Listing Rule 7.1 (286,915,216 new shares) and 7.1A (197,562,525 new shares).
Settlement of Tranche 1 is expected to occur on 9 March 2026, with New Shares to be allotted on 10
March 2026.
Completion of Tranche 2 is subject to shareholder approval, which will be sought at an Extraordinary
General Meeting (“EGM”) expected to be held in April 2026. Pending shareholder approval, Settlement
of the Tranche 2 Placement and allotment of New Shares are expected to occur in April 2026.
New Shares issued under the Placement will rank equally with the Company’s existing fully paid ordinary
shares on issue.
The Placement is not underwritten. Barrenjoey Markets Pty Limited, Canaccord Genuity (Australia)
Limited and MA Moelis Australia Advisory Pty Ltd acted as Joint Lead Managers to the Placement and are
entitled to a fee of up to 5% on the funds raised. Alpine Capital Pty Limited acted as Co-Manager to the
Placement.
ASX Release – Investigator Silver
Page | 4
Indicative Timetable
Event Date (AEDT)
Trading halt lifted and announcement of completion of Placement Tuesday, 3 March 2026
Settlement of New Shares under Tranche 1 9 March 2026
Allotment and trading of New Shares under Tranche 1 10 March 2026
EGM to approve issue of New Shares under Tranche 2 April 2026
Settlement of New Shares under Tranche 2 April 2026
Allotment and trading of New Shares under Tranche 2 April 2026
This timetable is indicative only and the Company may, at its discretion (subject to any applicable laws and the ASX Listing Rules), vary any
of the above dates. The allotment and trading of New Shares is subject to ASX confirmation.
For and on behalf of the board.
Lachlan Wallace
Managing Director
For further information, please contact:
Lachlan Wallace
Managing Director
+ 61 (0) 8 7325 222
lwallace@ivrsilver.com.au
Stephanie Richardson
Sodali & Co
+61 423 459 440
stephanie.richardson@sodali.com
About Investigator Silver
Investigator Silver Limited (ASX: IVR) is advancing its 100%-owned Paris Silver Project, located on South
Australia’s Eyre Peninsula approximately 70km north of Kimba.
Paris hosts a JORC 2012 Mineral Resource of 24Mt @ 73g/t Ag and 0.4% Pb for 57Moz silver and 99kt lead
(Indicated + Inferred), and a maiden Ore Reserve of 12Mt @ 88g/t Ag for 33Moz silver (Probable).
The Company has completed a Definitive Feasibility Study (DFS) for Paris, confirming a conventional, low
technical risk development pathway: a shallow open-pit orebody mined by contract mining, processed via
a whole-ore cyanide leach flowsheet with Merrill–Crowe doré recovery.
The DFS outcomes support a fundable project profile, characterised by strong operating margins and rapid
payback.
Investigator is now focused on progressing Paris from DFS into execution by advancing engineering,
approvals and early development activities, while continuing exploration to support mine expansion and
district-scale growth within the broader Paris region.
ASX Release – Investigator Silver
Page | 5
Not an Offer of Securities
This announcement has been prepared for publication in Australia and may not be released to US wire
services or distributed in the United States. This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities
described in this announcement have not been, and will not be, registered under the US Securities Act of
1933 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.
Competent Person Statement
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.
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
information in this report that relates to Paris Definitive Feasibility Study is extracted from the release
titled “Paris DFS Confirms Maiden Ore Reserve, Strong Economics” dated 27 February 2026. Both
announcements are 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 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.
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.
ASX Release – Investigator Silver
Page | 6
Paris Mineral Resource Estimate2
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
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)
Paris Ore Reserve Estimate3
Category Mt Ag g/t Ag Moz
Proven - - -
Probable 12 88 33
Total 12 88 33
2026 Paris Silver Project Ore Reserve Estimate (Variable cut-off grade based on geometallurgical do-
mains: BT: 28.5g/t, BTM 24g/t, DOL 23g/t).
(Note: Total values may differ due to minor rounding errors in the estimation process)
2
ASX Announcement 5 July 2023 Paris Mineral Resource Estimate Update
3
ASX Announcement 27 February 2026 Paris DFS Confirms Maiden Ore Reserve, Strong Economics
Share your feedback
Discover