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PARIS SILVER PROJECT

PARIS SILVER CORRIDOR

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WHY INVESTIGATOR?

Barlow

The Definitive Feasibility Study, released in February 2026, confirmed Paris as a high-margin, finance-ready silver development with outstanding project economics.

Capital Payback: 11 months from first production

Silver Production: More than 30 million ounces

Free Cash Flow: A$1.87 billion (pre-tax, ungeared)

Operating Cash Margin: 64% at spot pricing

Breakeven Silver Price (including capital repayment): ~US$37/oz

, 2026 for full DFS details and assumptions).

These outcomes demonstrate a robust, low-risk development capable of generating strong cash flow across a range of silver price environments, positioning Paris to become Australia's next primary silver producer.

With the Definitive Feasibility Study now complete, Investigator has transitioned from project study into project execution. The Company's focus is now firmly on delivering Final Investment Decision through three parallel workstreams:

Environmental approvals are progressing under South Australia's transparent and well-established mining framework. Extensive environmental and stakeholder studies have now been completed across the project area, providing a strong foundation for permitting and development.

Engineering has moved beyond feasibility into execution readiness. The project has been deliberately designed as a conventional, low technical risk development using open pit mining, whole-ore cyanide leaching and Merrill-Crowe silver recovery. Current work is focused on optimisation, execution planning and ensuring Paris is construction ready.

The strong economics demonstrated in the Definitive Feasibility Study provide the foundation for project financing. Investigator is progressing financing activities with the objective of delivering a funding solution that supports development while maximising value for shareholders.

Paris hosts a JORC (2012) Mineral Resource of 24Mt at 73g/t silver and 0.41% lead, containing 57 million ounces of silver and 99,000 tonnes of lead. The shallow, tabular orebody is ideally suited to conventional open pit mining, providing a straightforward development pathway with significant leverage to the silver price.

Located on South Australia's Eyre Peninsula, approximately 60 kilometres north of Kimba, Paris combines a large, high-grade silver resource with a simple development strategy, outstanding project economics and a clear pathway to production in one of the world's premier mining jurisdictions.

Paris is one of the world's few undeveloped primary silver projects. Unlike many silver developments that rely on base metal by-products, Paris is a genuine primary silver mine, providing investors with direct leverage to the silver price. As silver prices strengthen, the project's cash flow and value increase significantly, making Paris one of the purest silver investment opportunities globally.

TSF deliberately overbuilt for long-term growth

1.5Mtpa: 3 stage crush, whole-ore cyanide leach + Merrill–Crowe doré

The lodgement represents a major milestone in the development of Paris and follows substantial technical assessment, Project definition, regulatory engagement and stakeholder consultation undertaken as the Company advances the Project towards development.

• Flat tabular orebody enables low-cost shallow open pit mining with max depth of ~175m

• Staged mining brings forward low strip, high grade ore

High density drilling to de-risk production start-up