Investigator Resources Optimises Paris Silver Project Throughput at 1.5 Mtpa, Saves A$18M

Paris Silver Project Advances

Investigator Resources Limited (ASX – IVR) has reported significant progress in its September 2025 quarterly activities, with the Paris Silver Project moving steadily towards a finance-ready stage. The Definitive Feasibility Study (DFS) remains on track for submission in the first half of 2026, underpinned by detailed engineering, financial modelling, and permitting workstreams.

Key technical milestones include the optimisation of throughput at 1.5 million tonnes per annum (Mtpa), a figure that strikes a balance between project economics, capital efficiency, and funding resilience. This throughput choice emerged from rigorous stress testing across various silver price and operational scenarios, confirming the project’s robustness.

Complementing this, the plant design has been refined through a value-engineering program that identified approximately A$18 million in savings. These efficiencies stem from adopting a Wet Tailings Storage Facility, enabled by confirmation of a long-term water source onsite, and simplifications in crushing, stockpiling, and plant layout. Such design improvements not only reduce capital and operating costs but also streamline construction readiness.

Expanding Resource Potential and Exploration Momentum

The mine plan has been expanded, with the pit design extended about 155 meters westward and 30 meters deeper, capturing additional silver ounces amid a rising silver price environment. Geotechnical drilling has been completed to support this expansion, with ongoing assessments aimed at improving pit wall stability and potentially lowering the strip ratio, which could enhance project economics further.

Exploration activity is gaining momentum across Investigator’s portfolio. At the Athena Prospect, located 11 km south of Paris, a gravity survey has been completed to refine drill targeting, with drilling scheduled for early 2026. Similarly, maiden drilling at the Curnamona Gold-Copper Project is planned for late 2025, targeting multiple coincident geophysical anomalies in a prolific mineral province near Broken Hill. The Uno Morgans Project, about 80 km east of Paris, will see soil sampling and gravity surveys to prioritise drill targets, building on previous high-grade silver intercepts.

Corporate Strength and Strategic Focus

Post quarter-end, Investigator successfully raised $10 million through an institutional placement priced at an 8.6% premium to the 15-day volume-weighted average price (VWAP). The capital injection is earmarked to accelerate the DFS, permitting, and exploration programs, supported by strong backing from both new and existing institutional investors, including major shareholder Jupiter Asset Management.

In line with its sharpened strategic focus on precious metals, Investigator divested its 25% interest in the Molyhil Tungsten Project for up to A$2.19 million in staged payments. This divestment completes the company’s exit from non-core assets, freeing capital and management bandwidth to concentrate on silver development.

At quarter-end, the company held $4.2 million in cash, excluding the proceeds from the recent placement and expected divestment payments, positioning it well to fund upcoming activities.

Looking Ahead

Investigator plans to progress drilling campaigns at Curnamona’s Treloars, Redsun, and Tombstone prospects, alongside regional gravity and soil surveys at Uno Morgans. Concurrently, the DFS will advance towards finalisation, including completing pit design, processing flow sheet, and economic modelling. Permitting studies will continue to ensure alignment with regulatory requirements, aiming for a smooth approval process.

With a clear strategic objective to transition into a precious-metals producer led by the Paris Silver Project, Investigator is building a pipeline of complementary growth opportunities across South Australia. The company’s disciplined approach to asset management and capital allocation underscores its commitment to delivering shareholder value through sustainable development.