Investigator Silver’s Paris Project Boasts A$1.15B NPV and 93% IRR After A$55M Raise
Investigator Silver Limited has raised A$55 million through an institutional placement to accelerate development of its Paris Silver Project, following a robust feasibility study confirming strong economics and rapid payback.
- A$55 million placement to fund early works and engineering
- Paris DFS shows pre-tax NPV8 of A$1,154 million and IRR of 93%
- Payback period of 11 months from first silver production
- Placement proceeds to support approvals, drilling, and procurement
- Second tranche subject to shareholder approval in April 2026
Strong Feasibility Study Sets Stage for Development
Investigator Silver Limited (ASX: IVR) has taken a decisive step forward in advancing its Paris Silver Project on South Australia's Eyre Peninsula by securing A$55 million in an institutional placement. This capital injection follows the release of a Definitive Feasibility Study (DFS) that paints a compelling picture of the project's financial viability, with a pre-tax net present value (NPV8) of A$1.154 billion, an internal rate of return (IRR) of 93%, and a rapid payback period of just 11 months from the start of production.
The DFS confirms Paris as a low-risk, high-margin silver development, leveraging a conventional open-pit mining approach and proven processing techniques. The study's assumptions, including a silver price of US$80 per ounce, have been validated by recent market prices, adding further confidence to the project's outlook.
Placement to Accelerate Execution and Early Production
The A$55 million placement, split into two tranches, will underpin Investigator's transition from the study phase to active execution. The first tranche, raising approximately A$41.7 million, is set to settle in early March 2026, while the second tranche, worth around A$13.3 million, awaits shareholder approval expected in April.
Funds will be directed towards advancing engineering design, securing necessary permits, engaging contractors, and initiating early-stage construction activities. This includes enabling infrastructure and procurement of long-lead items critical to maintaining the project schedule. Targeted high-density drilling will also be undertaken to enhance geological confidence and support financing efforts.
Strong Backing and Strategic Focus
Notably, the placement attracted participation from both new and existing institutional investors, including the company's largest shareholder, Jupiter Asset Management. Managing Director Lachlan Wallace emphasised the company's strong position, highlighting the experienced team and robust balance sheet as key enablers for delivering the project on time and budget.
Wallace also pointed to the broader market dynamics, noting the strengthening international demand for silver and the scarcity of near-term supply additions. This context reinforces the strategic importance of bringing the Paris project into production swiftly to fill the supply gap.
Looking Ahead
With the placement secured, Investigator Silver is poised to maintain momentum through 2026, focusing on converting the DFS into a construction-ready project. The company plans to continue exploration drilling to expand resources and optimise mine planning, while progressing discussions around project financing to support the estimated A$260 million development cost.
Investors will be watching closely as the company navigates shareholder approval for the second tranche and advances critical early works that will set the pace for first silver production.
Bottom Line?
Investigator Silver’s A$55 million raise marks a pivotal step towards unlocking the Paris project’s potential, but execution discipline and financing remain key to realising its promise.
Questions in the middle?
- Will shareholder approval for the second tranche be secured without delay?
- How will ongoing drilling results impact resource upgrades and financing terms?
- What are the prospects for securing debt financing to cover the remaining development costs?
