Announcement PDF Investigator Silver Limited Cover 30 June 2026 Investigator Silver Limited (Formerly Investigator Resources Limited) ABN 90 115 338 979 Annual Report - 30 June 2026 Investigator Silver Limited Contents 30 June 2026 1 Corporate directory 2 Chair and Managing Director's Letter 3 Review of operations 5 Directors' report Auditor's independence declaration Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Investigator Silver Limited Shareholder information 13 27 28 29 30 31 32 54 55 56 59 Investigator Silver Limited Corporate directory 30 June 2026 2 Directors Richard Hillis - Non-Executive Chairman Lachlan Wallace - Managing Director (Appointed on 01 July 2025) Andrew Shearer - Non-Executive Director Company Secretary Ms Anita Addorisio Chief Financial Officer and Joint Company Secretary Mr. Joe Sutanto (Appointed on 07 September 2026) Principal place of business Level 1, Suite 4 136 Greenhill Road,Unley South Australia 5061 Share register Computershare Limited Level 5, 115 Grenfell Street Adelaide, South Australia 5000 Auditor Grant Thornton Audit Pty Ltd Level 3, 170 Frome Street Adelaide, South Australia 5000 Solicitors Baker & McKenzie L19, CBW, 181 William Street Melbourne VIC 3000 Stock exchange listing Investigator Silver Limited shares and options are listed on the Australian Securities Exchange (ASX code: IVR and IVROB) Website www.investres.com.au Investigator Silver Limited Chair and Managing Director's Letter 30 June 2026 3 Dear Fellow Shareholders, FY26 was a transformational year for Investigator Silver with the advancement of the Paris Silver Project from a development concept into a robust and financeable project, establishing the foundations required to transition Investigator into Australia's next primary silver producer. Significant progress was achieved across technical studies, permitting, environmental approvals, stakeholder engagement, project execution planning, and financing readiness. This work culminated in the release of the Definitive Feasibility Study (DFS) in February 2026, confirming Paris as one of Australia's premier undeveloped silver projects. Importantly, the past year was also about positioning the Company for development – with the strengthening of our balance sheet, expansion of our technical and project delivery capability, advancing key regulatory workstreams and continuing to de- risk every aspect of the Paris development pathway. As a result, Investigator enters FY27 as a substantially different company to the one that entered FY26. Today, we possess a quality asset, a strong balance sheet, a clear development pathway and a team with the experience required to finance, build and operate a successful mining business. A defining achievement of the year was the substantial progress made across all elements of the Paris DFS. The study incorporated an extensive body of engineering, environmental, metallurgical and mining work, representing the most detailed technical programs ever undertaken by the Company. The outcome is a project that stands apart amongst other silver development opportunities. Paris combines many of the characteristics sought by investors and financiers. It is located in South Australia, one of the world's most highly regarded mining jurisdictions. The project is situated on the Eyre Peninsula with excellent access to infrastructure and a supportive regional community. It comprises a simple, shallow open pit mineral resource amenable to conventional mining methods and utilises well understood processing technologies with no requirement for unproven or technically complex flowsheets. Collectively, these attributes contribute to a low-risk development profile and provide the confidence required to advance toward production. The Board and Management team also remain highly constructive on the outlook for silver, which benefits from its unique dual role as both a precious metal and an industrial metal. Despite these favourable conditions, we believe that Investigator's market valuation does not adequately reflect the quality of our asset base, the progress achieved during FY26, or the opportunities that lie ahead. The completion of the DFS has provided a high degree of technical confidence around Paris, while our strong cash position and strengthened project team provide the capability to execute the next phase of growth. The success of this execution is ultimately driven by people. While the quality of the Paris asset has long been recognised, the Company has been equally focused on ensuring it has the right leadership, technical expertise and project execution capability to unlock its full value. Throughout FY26 as well as subsequent to financial year end, Investigator continued to strengthen its executive and technical teams, adding experience across project development, engineering, permitting, financing and operations. We now have a team with demonstrated experience in successfully financing, building and operating mines, providing confidence that Paris can transition from development project to an operating mine. The Company's financial position was also significantly enhanced during the year. Following the successful capital raising and continued prudent management of corporate resources, Investigator enters FY27 with a strong balance sheet and $59 million in cash. This places the Company in an enviable position relative to many of its peers and allows us to advance development activities from a position of financial strength. While Paris remains our primary focus, the broader potential of the region continues to emerge. Exploration activities across the district continue to expand the scale of the mineralised system surrounding Paris. Prospects including Apollo, Perseus, Manto and Athena provide compelling evidence that Paris may represent only part of a larger mineralised system. Particularly encouraging is the continued development of the Athena Prospect, where historical drilling results and recent geological reinterpretation have highlighted significant untested silver potential. While limited on-ground exploration activities were undertaken during FY26, the prospect remains a compelling target for future exploration. The prospectivity of the region provides a longer-term growth platform capable of complementing future mine development and extending the strategic value of the district as discoveries are made. Investigator Silver Limited Chair and Managing Director's Letter 30 June 2026 4 Looking ahead, our priorities are clear. The release of the DFS marked an important milestone, but it is not the destination. Rather, it is the foundation from which the next stage of the Company's evolution will be built. During FY27 our focus will be directed toward advancing permitting and approvals, progressing financing discussions, undertaking project execution planning and continuing to position Paris for a development decision, whilst maximising exploration opportunities. Every major workstream within the business is now aligned around a single objective: advancing Investigator toward silver production as efficiently and responsibly as possible. Investigator remains well positioned to advance the Paris Silver Project, supported by a strong balance sheet, a clear development pathway and an experienced management team. The Company also retains exposure to exploration opportunities across its broader portfolio, providing potential for future value creation. On behalf of the Board, we thank all our stakeholders for their continued support and confidence throughout this transformational year. We look forward to updating you on the next phase of progress as we work toward our goal of establishing Investigator as Australia's next primary silver producer. Richard Hillis Lachlan Wallace Chair Managing Director Investigator Silver Limited Review of Operations 30 June 2026 5 REVIEW OF OPERATIONS Paris Silver Project Investigator's flagship Paris Silver Project is located on South Australia's Eyre Peninsula, approximately 70 kilometres north of Kimba and approximately 535 kilometres north-west of Adelaide. The Project is situated within one of Australia's most prospective and mining-friendly jurisdictions and benefits from excellent access to transport and regional services with a supportive community. The Project represents one of Australia's most advanced undeveloped primary silver assets and remains the strategic focus of the Company. The Paris Silver Project hosts a substantial JORC (2012) compliant Mineral Resource estimate1 of 24Mt @ 73g/t silver and 0.41% lead for 57Moz silver and 99kt lead at a cutoff of 25g/t silver with 72% of the estimate within the Indicated classification category. The Paris resource is characterised by shallow mineralisation amenable to conventional open pit mining methods. During FY26, the Company's primary objective was to advance Paris toward development through completion of technical, environmental, permitting and execution readiness activities. Significant progress was achieved across all major workstreams, culminating in the release of the maiden Ore Reserve Estimate and the Paris DFS2. The DFS confirmed Paris as a robust, financeable and development-ready silver project and represents a major milestone in the evolution of Investigator. The completion of the DFS marked the transition of Paris from a feasibility stage opportunity to an emerging development project, providing a clear pathway toward permitting, project financing and ultimately construction. Paris Definitive Feasibility Study2 The DFS was the culmination of several years of technical work and incorporated detailed studies across mining, metallurgical processing, infrastructure, water supply, environmental management, social licence, project execution and financial evaluation. The study was undertaken to a substantially greater level of technical detail than previous assessments and was specifically designed to support future development decision making, regulatory approvals and financing activities. Throughout FY26, significant effort was invested in refining all key project assumptions, ensuring the final study was supported by a robust technical foundation. The DFS confirmed Paris as a high margin and finance ready silver development project with strong leverage to the silver price and a practical pathway to near term production. The study demonstrated the strength of the Project across a range of pricing scenarios and highlighted a combination of strong project economics, rapid payback and a relatively modest development funding requirement. The outcomes reinforced the Company’s long-held view that Paris is a high-quality silver asset capable of generating substantial value for shareholders. Importantly, the DFS demonstrated strong operating margins and cash flow generation throughout the life of mine, supported by a staged mining strategy designed to prioritise higher grade, lower strip ratio ore in the earlier years of operation. This approach accelerates cash generation during the critical ramp up period, strengthens project resilience and enhances overall project fundability. The mine plan also incorporates strategic stockpile management, providing operational flexibility and a significant inventory of future processing material that further supports project robustness. Key DFS outcomes include:  Pre-tax NPV8 of A$1.15 billion and IRR of 93% based on a spot silver price assumption of US$80/oz.  Pre-tax NPV8 of A$618 million and IRR of 61% based on long-term consensus silver pricing assumptions of US$60.18/oz.  Payback period of approximately 11 months from first production under the spot price scenario and 13 months under consensus pricing assumptions.  Strong net operating cash flow margins of approximately 64% under the spot case and 52% under the consensus case.  Development funding requirement of approximately A$260 million, resulting in an attractive NPV to development capital multiple and supporting a financeable project profile.  Life of mine production of approximately 30 million ounces of silver over an 11-year mine life. 1 ASX 5th July, 2023; Paris Mineral Resource Estimate Update. 2 ASX 27th February, 2026; Paris Silver DFS and Maiden Ore Reserve Investigator Silver Limited Review of Operations 30 June 2026 6  Declaration of a maiden Ore Reserve of 12Mt at 88g/t silver containing 33 million ounces of silver. The DFS also demonstrated significant leverage to future silver price appreciation. Holding mining, processing and operating assumptions constant, each additional US$1/oz increase in the silver price is estimated to increase project NPV by A$27 million and life of mine pre-tax cash flow by A$42 million, highlighting the substantial upside available to shareholders in a strengthening silver market. In addition to the strong economics of the Project, a key differentiator of Paris remains its relative simplicity. The Project design comprises a shallow open pit mine utilising conventional drill and blast, load and haul mining methods. Ore processing is based on well established technologies commonly used throughout the mining industry and incorporates conventional crushing, grinding, leaching and Merrill-Crowe silver recovery processes. The use of proven technology reduces operational complexity and contributes to the low risk development profile of the Project. The DFS further highlighted the advantages of developing Paris within South Australia, a Tier 1 mining jurisdiction with an established regulatory framework, supportive government environment and excellent access to infrastructure. Combined with the Project's simple operating philosophy and strong economic returns, these factors position Paris as one of the most compelling undeveloped primary silver projects globally. The study clearly demonstrates the economic and technical merits of Paris and provides a strong platform from which to pursue the next phase of development. Paris Permitting and Development Readiness A critical focus throughout FY26 was the advancement of the permitting and environmental approval pathways required to support future project development. Recognising the strategic importance of permitting to overall project delivery schedules, Investigator continued to undertake environmental baseline studies, stakeholder engagement activities and technical assessments required to support future regulatory submissions. The Company progressed environmental, hydrogeological, heritage and technical workstreams with a view to aligning approvals activities with broader project development objectives. Significant effort was directed towards ensuring technical studies were undertaken to standards suitable for both DFS requirements and future permitting submissions, thereby reducing duplication and streamlining future approval processes. Meaningful progress was also achieved through ongoing engagement with landholders, Traditional Owners, government agencies and regional stakeholders. Maintaining strong relationships with local communities remains a core component of the Company's development philosophy and an important element of responsible project advancement. Core work programs included over 3,000 cumulative hours of Native Title heritage surveying in addition to separate consultative sessions bringing greater understanding of the project. This work has been invaluable in understanding the Gawler Ranges Aboriginal Corporation’s views on culture and Country and importantly has informed some of the project design components to ensure it is aligned with cultural values, and incorporates the spirit of ngapartji ngapartji (reciprocity and good faith, with mutual ongoing exchange of culture to the extent that we are walking together and sharing our views). The Company has undertaken regular stakeholder engagement with landowners in addition to community information sessions relating to the project. The progress achieved during FY2026 places Paris in a strong position to continue advancing through regulatory and permitting pathways while maintaining development momentum. Post this FY26, report the Company lodged its Mining Lease Application with the Department for Energy and Mining3. Building Capability FY2026 represented an important year in the evolution of Investigator's organisational capability. As the Company transitions toward project development, the Board and Management recognised the importance of ensuring internal capability evolved alongside the technical maturity of the Paris Project. Accordingly, Investigator continued to strengthen its executive, technical and project delivery functions throughout the year. 3 ASX 19th August, 2027; Investigator Lodges Mining Lease Application Investigator Silver Limited Review of Operations 30 June 2026 7 The Company assembled a team with expertise spanning mine development, engineering, permitting, construction, operations and project financing. Collectively, the strengthened leadership team brings significant experience in the successful development and operation of mining projects both within South Australia and internationally. These appointments reflect the Company's strategic objective of building an organisation capable of financing, developing and operating a mining project rather than solely advancing exploration activities. By year end, Investigator had established a development-focused team structure aligned with progression of Paris toward future production. Exploration and Resource Growth While development of Paris remains the Company's primary objective, exploration continues to play an important role in creating long-term shareholder value. Investigator controls a highly prospective land position surrounding the Paris Silver Project in addition to a number of additional tenements in the East Eyre and Curnamona regions. The Company believes significant opportunities exist to grow the broader silver endowment of the district. Exploration activities during FY26 focused on advancing targets within the Paris Silver Corridor and evaluating additional opportunities capable of complementing future mine development. Paris sits within a broader mineralised system extending over more than 15 kilometres and hosts multiple silver prospects exhibiting characteristics similar to those observed at Paris. Exploration activities undertaken across the Corridor have identified several targets with potential to contribute to district scale development opportunities. Work completed during FY26 saw commencement of additional drilling focused on advancing the Paris Silver Project through a combination of resource growth, resource confidence and regional target generation programs. Drilling completed during the period included areas highlighted for resource conversion and pit expansion potential around the Paris Deposit, as well as regional targets in the Paris Silver Corridor. Drilling is expected to recommence during the September quarter. Exploration activities continued to identify and prioritise growth opportunities within the broader Paris Silver Corridor. Geological mapping and target generation has generated and advanced several targets in this corridor. These targets display characteristics consistent with epithermal and skarn silver mineralisation and represent organic growth opportunities within trucking distance of the proposed Paris operation. Outside the Paris district, Investigator continued evaluation of its broader South Australian exploration portfolio. Activities undertaken across the East Eyre project areas included geological assessment, geophysical interpretation, surface geochemical programs and target generation activities aimed at identifying opportunities for future drilling proposed for FY2027. The East Eyre project areas remain prospective for silver and base metals. The Curnamona project area saw partial completion of a drilling program testing three targets within the Treloars prospect area with potential for copper and gold mineralisation. This program of work was halted prematurely due to wet weather conditions, with the drill rig relocated to Paris at the time. Samples were delayed in departure from site due to this weather event. Additional work included reconnaissance mapping, which identified a number of historic workings requiring further investigation. The Curnamona has potential for copper, gold, silver and base metal discovery. The Company’s Molyhil project was divested during the year (refer corporate activities) with the company’s only remaining NT asset being the Bonya JV (40% Fram/60% Arafura Rare Earths (ASX:ARU). The Company's regional portfolio provides exposure to additional precious and base metal discovery opportunities while maintaining strategic focus on advancing Paris toward production. Resources and Reserves Statement The Company carries out an annual review of its Mineral Resources and Reserves as required by the ASX Listing Rules. The review was carried out at 30 June 2026. The estimates for Mineral Resources were prepared and disclosed under JORC Code 2012 and are confirmed to remain unchanged. During FY2026 the Company declared a maiden Ore Reserve Estimate2 as part of the Paris DFS. Investigator Silver Limited Review of Operations 30 June 2026 8 Paris Mineral Resource Estimate1 Paris Ore Reserve Estimate2 Estimation Governance Statement The Company ensures that all exploration results, Mineral Resource estimations and Ore Reserve estimations are subject to appropriate levels of governance and internal controls. Exploration results are collected and managed by an employee of the Company who is an experienced and competent qualified geologist. All data collection activities are conducted to industry standards based on a framework of quality assurance and quality control protocols covering all aspects of sample collection, topographical and geophysical surveys, drilling, sample preparation, physical and chemical analysis and data and sample management. Mineral Resource estimates and Ore Reserve estimates are prepared by qualified independent Competent Persons. If there is a material change in the estimate of a Mineral Resource or Ore Reserve, the estimate and supporting documentation in question is reviewed by a suitably qualified independent Competent Person. The Company reviews and reports its Mineral Resources on an annual basis in accordance with JORC Code 2012. Competent Person Statements The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates, and any production targets and forecast financial information derived from the production targets continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the previous announcements. 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. Investigator Silver Limited Review of Operations 30 June 2026 9 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. Business Risks Investigator’s operating and financial results and performance are subject to various risks and uncertainties, some of which are beyond Investigator’s reasonable control. Set out below are matters which the Group has assessed as having the potential to have a material impact on its operating and/or financial results and performance. (i) Fluctuations in external economic drivers including macroeconomics and metal prices: The Company’s primary focus is the advancement of its Paris Silver Project. Fluctuations in the silver price can result from various aspects beyond the Company's control, including macroeconomic and geopolitical factors. Capital costs associated with construction of a project may vary depending on a number of criteria and affect a project’s forecast economic viability. Sustained lower silver prices would adversely impact the viability of the project. (ii) Capital and Liquidity: The Company will incur expenditures over the next several years in connection with its exploration objectives and development of new projects and relies on its ability to raise capital as its primary source of funding. The Company is exposed to the risk that unfavourable macroeconomic and market conditions would preclude it from raising sufficient capital. (iii) Failure to discover mineral resources and convert to ore reserves: Exploration activities are speculative in nature and often require substantial expenditure on exploration surveys, drilling and sampling as a basis on which to establish the presence, extent and estimated grade (metal content) of mineralised material. Even if significant mineralisation is discovered, it may take additional time and further financial investment to determine whether a mineral resource has attributes that are adequate to support the technical and economic viability of mining projects and enable a financial investment and development decision to be made. During that time the economic viability of the project may change due to fluctuations in factors that affect both revenue and costs, including metal prices, foreign exchange rates, the required return on capital, regulatory requirements, tax regimes and future cost of development and mining operations. (iv) Tenure, access and grant of applications: The Company has been granted tenements by the South Australian Department for Energy and Mining (‘the Department’) on the terms and conditions set out in the related lease agreements. At the expiry of the lease terms, the decision of renewal application to assign tenements to the Consolidated Entity remains with the Department. A non-renewal of a tenement would adversely affect the Company’s exploration prospects and fulfilment of the aspirations of the Consolidated Entity. (v) Native Title and Aboriginal Heritage: In relation to tenements which the Company has an interest in, or will in the future acquire such an interest, there may be areas over which legitimate common law native title rights of Traditional Owners exist. If native title rights do exist, the ability of the Company to gain access to tenements (through obtaining consent of any relevant landowner), or to progress from the exploration phase to the development and mining phases of operations may be adversely affected. (vi) Reliance on key personnel: The Company is heavily dependent for its continued operational success on its ability to attract and retain high calibre personnel to fill roles including Directors, Managing Director, Exploration Manager and geologists. A loss of key personnel or a failure to attract appropriately skilled and experienced personnel could affect its operations and performance. Investigator Silver Limited Review of Operations 30 June 2026 10 (vii) Market risks: General economic conditions, movements in interest and inflation rates may have an adverse effect on the Company’s activities, as well as on its ability to fund those activities. Further, share market conditions may affect the value of the Company’s securities regardless of the Company’s operating performance. Share market conditions are affected by many factors such as:  general economic outlook;  interest rates and inflation rates  currency fluctuations;  changes