Investigator Silver pushes Paris into approvals and resource growth

Paris Mining Lease Application Enters Assessment

Investigator Silver Limited (ASX:IVR) has moved the Paris Silver Project into the next stage of South Australia’s approvals process, with its Mining Lease Application now lodged and progressing through regulatory assessment and community consultation. The application follows technical, environmental and stakeholder work, but it does not represent approval to mine.

The company said it continued native title discussions, land access negotiations and preparation of environmental and operational management frameworks during the September quarter. These workstreams will determine how smoothly Paris advances through the remaining approvals pathway, alongside ongoing engineering and project execution activities.

The milestone builds on the Paris Mining Lease Application, which was lodged earlier in the quarter after extensive pre-lodgement regulatory and stakeholder engagement. Investigator is also advancing metallurgical testwork, process design, infrastructure planning, procurement planning and mine development studies as it works towards a development decision.

High-Grade Results Expand the Exploration Question

“Paris Deposit H1 2026 RC drilling, showing historic drilling, 2026 DFS Paris optimised pit outline, main targets and key results to date.”

Drilling results outside the current Definitive Feasibility Study mine plan have added a more immediate exploration angle to the development story. At Paris East, results included 4 metres at 5,448 grams per tonne silver from 78 metres, including 1 metre at 13,302 grams per tonne, while Paris North returned 2 metres at 4,211 grams per tonne from 111 metres, including 1 metre at 8,120 grams per tonne.

Investigator also reported broader mineralised intervals at Paris North and continued mineralisation beneath the current DFS pit design at Paris Deeps. The results are exploration results rather than a revised Mineral Resource or Ore Reserve, but they are being used to test whether the mining inventory can be expanded beyond the current plan. The earlier high-grade Paris drilling results had also included a 1 metre interval at 13,302g/t silver and identified the Theseus system.

30,000 Metre Program Begins With Cash Behind It

The fully funded approximately 30,000 metre drilling program began late in September after weather interruptions earlier in the year. By 30 September, 24 holes totalling about 2,900 metres had been completed, with the program targeting resource growth, higher-confidence resource categories and extensions beyond the DFS mine plan.

“H1 2026 RC drilling, showing historic drilling, key regional targets, 2026 DFS Paris Deposit pit outline, tenure, the Paris Silver corridor, and Theseus cross-section location.”

The campaign is intended to generate information for future mine planning, financing work and an updated Mineral Resource Estimate. At the regional level, mapping, target generation and geophysical interpretation continued across the Paris Silver Corridor, including work at Theseus, about 7.5 kilometres southeast of Paris. Historical core sampling there returned multiple silver-bearing intervals associated with epithermal alteration and base-metal mineralisation.

Investigator ended the quarter with $55.1 million in cash, down from $58.8 million at the prior quarter end. Cash outflows included $3.2 million on exploration and evaluation, while the Appendix 5B calculated estimated funding of 14.9 quarters based on the quarter’s relevant outgoings. The company has begun preliminary discussions with potential funding providers and industry participants, but no financing transaction was announced.

The next evidence will come from the drilling itself, the response to the Mining Lease Application and progress on native title and land access agreements. The key tension is whether exploration can add enough higher-confidence material to improve the project before financing and a final investment decision become more immediate demands.