How Investigator’s Paris DFS Reset Could Accelerate Silver Production by 2026

Strategic Reset to Capture Market Opportunity

Investigator Resources Limited (ASX – IVR) has unveiled a strategic growth outlook centered on accelerating the development of its Paris Silver Project, Australia’s highest-grade undeveloped silver deposit. Following the appointment of Lachlan Wallace as Managing Director, the company has initiated a comprehensive reset of its Definitive Feasibility Study (DFS) to better capture value from a stronger silver price environment and a secured long-term water supply.

This reset is not merely a technical update but a deliberate repositioning to enhance project economics and finance-ability. Key changes include an expanded pit shell, enabled by higher silver prices, and a significant design shift from a dry-stack to a wet tailings storage facility (TSF), which promises to reduce capital and operating costs while simplifying environmental management.

Engineering and Financing Focus Drive DFS Reset

The DFS reset emphasizes value engineering across the processing flowsheet, targeting cost reductions without compromising operational robustness. Simplifications in crushing circuits, infrastructure optimization, and consolidation of structural elements are expected to materially lower capital intensity.

Crucially, throughput is being optimized through a financing lens rather than purely technical scale, with options between 1 to 2 million tonnes per annum under review. This finance-first approach aims to attract lenders and accelerate cash flow generation, aligning with the company’s goal to bring forward first silver production.

Exploration Expands District-Scale Silver Potential

Beyond Paris, Investigator is actively exploring a 15-kilometre corridor with multiple high-grade silver intercepts, including promising results at the Athena target. Athena, historically overlooked for silver, has revealed impressive grades in re-assayed drill holes, and a recent gravity survey has identified additional untested anomalies. A dedicated silver-focused drilling program is planned for October to unlock this potential.

Simultaneously, drilling is set to commence at the Curnamona gold-copper project near Broken Hill, providing optionality to complement the precious metals strategy depending on results.

Portfolio Streamlining and Business Development

Investigator continues to rationalize its portfolio by divesting non-core assets such as the Stuart Shelf and White Spur projects, focusing capital on precious metals. The company is also exploring opportunities to acquire a second precious metals asset that complements Paris, aiming to enhance scale and funding options without distraction.

While the Molyhil Tungsten Project remains outside the core strategy, its value is being assessed for potential realization to support the company’s capital focus.

Looking Ahead

The DFS reset is targeted for completion in the first half of calendar year 2026, with permitting activities progressing in parallel to shorten the timeline to construction and production. Investigator’s approach reflects a disciplined, shareholder-focused strategy to capitalize on a supportive precious metals market and deliver long-term value.