Precious Metals should be in demand NOW, page-302

Hi Mal, welcome back to the IVR forum. It's good to see some alternative views. Yes, the IVR story has been a long and lengthy one. Questions need to be asked as to whether Paris will ever become economic and minable. I guess we will find out shortly when they announce the DFS. I have met both of you and Goldfinger in person and respect and read both of your opinions. While Goldfinger's posts are sometimes colorful in nature, his intentions I believe are honorable.

Most on this forum agree that it would be nice to have found more ounces in the ground to bring the silver resource closer to 80 million to a 100 million ounces. Consideration must be given to the fact that the economic impact of Lead wasn't factored into the PFS when it was released. The potential of the lead content alone ($300 million according to IVR media presentation on IVE website) is likely more than enough to fund the initial capital expenses (estimated $131 million) of the plant. AISC is expected to be around $17.50 Australian is around $35 (A margin of $17.50 or 50% above costs) (Source IVR website). Disclaimer the Metallurgy of extracting the Lead with the Silver is yet to be determined and may affect the economics of extracting the lead.

In addition, UFX, who I know you hold in high esteem has stated on this forum that silver is too important as a critical strategic industrial metal both now and of the future for this mine to never get off the ground. The silver supply/demand deficit stood at over a 200 million deficit in the 2022 year alone and in the 2023 year is expected to be 142 million in deficit (source silver institute). The silver institute believes that demand through EV's and solar panels etc will only keep going up. This ultimately should result in a rise in the silver price and the improvements in the economics of Paris over time.

Another Project which IVR are currently earning into is a Tungsten project in NT. The old King island Dolphin mine which has been started by group 6 Metals in comparison to IVR's Molyhil is interesting. The Ore value in IVR's Molyhil open pit is nearly twice the grade of Group 6 Metals open grade (Source IVR Media preentation). Tungsten is a critical metal which like silver is needed in almost everything we use today. The Molyhil Tungsten mine also has Moly credits which has increased over 400% since the DFS of the Molyhil Tungsten mine was completed in 2018. Tunston has been up 50%.

Given Tungsten is a critical metal the NT government are offering financial incentives for company startup mines (source recent IVR Presntation in October).

Directors have also recently been buying stock on the market. This is by far a different beast to MCO we both held all those years ago.