Announcement PDF Building Australia’s only pure-play silver mine November 2026 Lachlan Wallace, Managing Director 2 Investigator Silver Rare combination of commodity momentum, a project and team to deliver it, at a compelling valuation Why Silver? Why Investigator? Why Now? • Five years of market deficits • Growing industrial demand • Inelastic supply response • Simple project, strong economics • Tier 1 mining jurisdiction • Proven South Australian mine builders • Significant exploration upside • Fully funded to FID • Trading at significant discount to global peers • 30,000m drilling program underway 57Moz Resource A$ 618M Pre-tax NPV8 A$ 50M Enterprise Value A$ 55M Cash (30 Sep 2026) 3 Silver Market Balance (Moz) Source: Silver Institute Gold, 15.5% Copper, 26.8% Lead/Zinc, 29.4% Primary Silver, 27.8% Other, 0.5% Source: World Silver Survey 2026 Consistent market deficits year on year… … With limited ability for supply to respond Silver Thematic Growing silver demand persistent deficits and constrained supply 4 South Australia (Gawler Craton) Located in the right jurisdiction and postcode Australia’s #1 mining jurisdiction Located in the Gawler Craton Close to regional mining hubs Multiple operating mines nearby 5 Paris Location Straight forward permitting No competing land use Flat, dry, highly saline groundwater Designed with Traditional Owners Heritage surveys complete over entire project footprint 6 Simple Mining – Low Technical Risk Shallow, simple open pit Flat orebody – 600m wide x 2,000m long Low strip ratio – ore starts <10m below surface Simple pit – only 175m deep Stage 1 North Stage 1 South Stage 2 North Ultimate Pit 7 Conventional Processing Proven technology with a standard silver flow sheet Off the shelf equipment Producing silver doré Simple logistics 8 ASX announcement 27 February 2026 Paris DFS Confirms Maiden Ore Reserve, Strong Economics Outcomes are pre-tax,ungeared on a 100% project basis.Assumptions: spot pricing assumes a silver price of US$60/oz; AUD:USD 0.69; 8% discount rate; no escalation.Margin = EBITDA/Revenue. Inferred Mineral Resourcesaccount for 14% of the production target and carry low geological confidence. Further drilling may not supportconversion to Indicated Mineral Resources,and achievement of the production target is uncertain. 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 A$39.70/oz AISC 13 months Payback Paris DFS Strong project economics to underpin valuations with direct leverage to silver A$27m Increase in NPV8 per US$1/oz silver price A$42m Increase in free cash per US$1/oz silver price 30Moz LOM production 11 years Initial mine life US$60/oz Price Assumption 0.69 Forex Assumption 9 Growth Beyond Current Pit Today’s DFS is only the beginning >30,000m drill program underway The DFS pit was deliberately constrained smaller than the optimized shell to limit Inferred material. > 30,000m drill program in H2-26 targeting resource upgrade outside of existing pit and near-mine growth within 15km. Also, within the US$48/oz pit shell, there is ~6Moz of silver that makes margin at US$60/oz. 10 Growth Beyond Current Pit Today’s DFS is only the beginning 2026 Preliminary Results: Early assays show high grades silver outside of pit¹: • 10 m @ 2,662 g/t Ag • 4 m @ 2,119 g/t Ag • 5 m @ 426 g/t Ag • 7 m @ 143 g/t Ag • 9 m @ 110 g/t Ag Extensions to the existing pit through resource conversion have potential to add silver at low incremental cost >30,000m drill program underway PPRC968 10m @ 2,662 g/t Ag from 78 m inc. 1 m @ 13,302 g/t Ag PPRC965 5m @ 426 g/t Ag from 49 m inc. 1 m @ 1,545 g/t Ag PPRC957 2m @ 4,211 g/t Ag from 111 m inc. 1 m @ 8,120 g/t Ag PPRC983 7m @ 143 g/t Ag from 34 m PPRC948 9 m @ 110 g/t Ag from 81 m ¹ ASX announcement 9 November 2026. ² Drill results in figure above from ASX announcement1 September 2026. 11 District Scale Opportunity Paris sits within a 15km underexplored mineralised corridor Multiple near-pit prospects provide potential for additional silver discoveries beyond Paris, for example: • Apollo - 8m @ 1,262 g/t Ag¹ • Ares - 2m @ 243 g/t Ag² • Athena - 20m @ 160 g/t Ag³ 7m @ 111g/t Ag 5m @ 493 g/t Ag ¹ ASX announcement 25 August 2022. ² ASX announcement 27 October 2021. ³ ASX announcement 22 July 2025. >30,000m drill program underway 12 Lachlan Wallace | Managing Director Led development of Kanmantoo underground copper mine in SA from exploration to positive cash flow through operations on time and budget Joe Sutanto | CFO & Company Secretary Led commercial and financing of the Kanmantoo underground copper mine development in SA Jason Murray | Exploration Manager ~6Moz of gold discoveries in Africa Led Paris MRE growth to 57Moz and growing Milan Jiranek | Project Director (construction) Designed and developed the infrastructure at Peak Iron’s Gawler Craton operations Geoff Deans | Project Director (technical) Led the $1.25b Oz Mineral’s Carrapateena Block Cave Expansion in SA. Advising in consulting capacity. Byron Gordon | Chief Development Officer Corporate finance and project funding executive with over 20 years’ experience in the resources sector, transitioning advanced-stage ASX projects from development to production Management team that builds mines Proven experience in permitting, engineering, financing, constructing and operating mines in SA 13 Clear pathway to first silver 2026 2027 2028 Definitive Feasibility Study Permitting Drilling to de-risk start-up Execution readiness FID Long lead Construction Silver production 14 Leverage to favourable silver market dynamics Located in tier 1 jurisdiction with simple mining and processing DFS confirms strong project economics Management team are proven mine builders in South Australia Trading at a significant discount to global silver peers Investment Proposition Silver is scarce. Quality projects are scarcer. The valuation disconnect is the opportunity 15 Lachlan Wallace | Managing Director Level 1, 136 Greenhill Road, Unley, SA, 5061 +61 (08) 7325 2222 Lwallace@ivrsilver.com.au www.ivrsilver.com.au 16 Purpose and scope This presentation has been prepared by Investigator Silver Limited (ACN 115 338 979, ASX: IVR) (the Company) to provide a general update on the Company and its projects. The information is a summary and is current as at the date of this presentation unless otherwise stated. It should be read together with the Company’s announcements and periodic reports lodged with ASX. No offer or financial product advice This presentation is for informationpurposes only. It does not constitute an offer, invitation or recommendation to acquire, sell or hold securities or other financial products, or constitute financial product, investment, legal or tax advice. It has been prepared without taking into account any person’s objectives, financial situation or needs. Investors should make their own assessment and seek independent professional advice before making an investment decision. Forward-looking statements and investment risk This presentation contains forward-looking statements, including development plans, project schedules, production targets and financial forecasts. These statements are based on assumptions and expectations at the date they are made and are subject to risks and uncertainties, including exploration and technical outcomes, permitting, access to funding, construction and operating costs, commodity prices and exchange rates. Actual results may differ materially. Investors should avoid placing undue reliance on forward-looking statements. Past performance is not a reliable indicator of future performance. Paris DFS production target and forecasts The Paris Silver Project production target and forecast financial informationderived from it are sourced from the Company’s ASX announcement dated 27 February 2026, Paris Silver DFS Confirms High-Margin, Finance-Ready Development Pathway; Maiden Ore Reserve Declared. The Company confirms that all material assumptions underpinning the production target and the forecast financial informationderived from it continue to apply and have not materially changed. The DFS production target comprises 86% Indicated Mineral Resources and 14% Inferred Mineral Resources. Inferred Mineral Resources carry a low level of geological confidence. Further exploration may not result in the conversion of Inferred Mineral Resources to Indicated Mineral Resources, and there is no certainty that the production target will be achieved. Reliance and liability The Company has prepared this presentation in good faith using information available to it. To the maximum extent permitted by law, the Company and its directors, officers, employees and advisers make no representationor warranty as to the accuracy, completeness or reliability of the informationand disclaim liability for loss arising from its use or reliance on it. Except as required by law or the ASX Listing Rules, the Company undertakes no obligation to update this presentation. Currency All monetary amounts are in Australian dollars unless otherwise stated. Figures may be rounded. Important Information 17 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 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 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, release titled “High-Grade Silver Discovery at Uno Morgans Project” dated 7 July 2022, and release titled “Paris Project Initial Silver Drill Results” dated 1 September 2026, 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. 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 Paris DFS Confirms Maiden Ore Reserve,Strong Economics 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) Important Information