Investigator Silver Limited has made significant progress on its Paris Silver Project, confirming an optimal 1.5 Mtpa plant design and identifying new high-priority exploration targets. A $10 million capital raise strengthens its balance sheet ahead of the Definitive Feasibility Study due in H1 2026.
- DFS optimisation confirms 1.5 Mtpa plant throughput as optimal
- Revised pit design reduces cut-off grade and improves strip ratio
- Metallurgical testwork boosts silver recovery by ~6%
- New high-priority targets Athena and Hestia identified in Paris Silver Corridor
- $10 million institutional placement strengthens balance sheet
Progressing Toward a Finance-Ready Silver Project
Investigator Silver Limited has taken decisive steps forward in advancing the Paris Silver Project in South Australia, Australia's only pure-play silver development of scale. During the December 2025 quarter, the company completed key optimisation work within its Definitive Feasibility Study (DFS), confirming a 1.5 million tonnes per annum (Mtpa) plant throughput as the optimal balance between project economics, capital efficiency, and funding resilience.
This optimisation was underpinned by a revised pit design that incorporated updated cost inputs and conservative silver price assumptions, resulting in a significant reduction in the economic cut-off grade from 43.5 grams per tonne to a range between 22 and 27 grams per tonne. This adjustment, alongside improved slope parameters and mining cost insights, materially improved the strip ratio from 8.4 – 1 to approximately 4.2 – 1, indicating a more efficient mining operation with increased mineable silver inventory.
Metallurgical Advances and Robust Processing
Complementing the pit optimisation, metallurgical testwork delivered a roughly 6% uplift in silver recovery through finer grind size optimisation. The dominant breccia mineralisation responded well to conventional cyanide leaching, with recovery rates increasing from 73.5% at 75 microns to nearly 80% at 53 microns grind size. This improvement not only enhances project economics but also reinforces the robustness of the processing flowsheet, maintaining a low-risk, conventional approach.
Expanding Exploration Horizons
Exploration efforts during the quarter focused on near-mine growth opportunities within the Paris Silver Corridor. Detailed gravity surveys combined with reinterpreted magnetic and electromagnetic data at the Black Hill Project identified two high-priority silver targets – Athena and the newly recognised Hestia prospect. Both targets lie within trucking distance of the Paris processing facility and represent compelling opportunities to extend mine life and add value to the project. Notably, parts of these targets remain untested by drilling, setting the stage for upcoming exploration campaigns.
Strengthening Financial Position and Corporate Focus
To support its accelerated development pathway, Investigator Silver completed a $10 million institutional placement during the quarter, attracting strong backing from both new and existing investors, including its largest shareholder, Jupiter Asset Management. This capital injection bolsters the company’s cash position to $12 million and, combined with in-the-money options, provides ample funding capacity to complete the DFS, advance permitting, and ramp up exploration.
Reflecting its sharpened strategic focus, the company formally rebranded to Investigator Silver Limited, signalling its evolution into a pure-play silver developer fully leveraged to silver price movements. This repositioning differentiates it from peers that treat silver as a by-product and aligns its identity with its core asset and market opportunity.
Looking Ahead
Investigator Silver remains on track to deliver the Paris Silver Project DFS in the first half of 2026, a critical milestone that will provide a fully integrated, finance-ready development framework. Concurrently, the company is advancing permitting activities with an eye toward accelerating approvals and initiating grade control drilling to increase geological confidence. Exploration will continue to focus on the Paris Silver Corridor and regional projects like Curnamona, aiming to underpin long-term value creation.
Bottom Line?
With DFS completion imminent and exploration targets emerging, Investigator Silver is poised to unlock significant value in a rising silver market.
Questions in the middle?
- How will the updated pit optimisation and metallurgical improvements impact the final project economics and financing terms?
- What are the timelines and expected outcomes for drilling at the newly identified Athena and Hestia targets?
- How might fluctuations in the silver price affect the project's development schedule and capital requirements?