Agreement to Earn-In and Joint VentureThe Terms Sheet executed...

Agreement to Earn-In and Joint Venture

The Terms Sheet executed between Investigator, its 100% owned subsidiary Kimba Minerals Pty Ltd and

Osmond Resources Ltd, reflects the style of joint venture agreements that Investigator has previously
entered into, such as with DGO Gold over Investigator’s Stuart Shelf tenements (ASXGO - 21 September 2020).
Acknowledging the pre-listing status of Osmond, there are several considerations and conditions precedent. The key elements and detail of the agreement is set out below.

Consideration:

• Within 5 days of execution, Osmond to issue 200,000 shares to Investigator; and

• On listing on the ASX, Osmond to issue a further 900,000 shares (at a deemed IPO issue price of

$0.20 per share) to Investigator.

• If Osmond fail to list by 29 March 2022, this deal falls away with Osmond having no further rights.
Stage 1 Program:

• Osmond to spend $750,000 over a period of 3 years to earn a right to a 51% interest in a Joint
Venture or withdraw with no project interest earned; and

• If the minimum expenditure condition is met, the parties will enter into a formal Earn-In/Joint Venture Agreement and a 51% interest in the tenements will be transferred to Osmond (Osmond 51%,
IVR 49%).

Stage 2 Program:

• On satisfaction of the Stage 1 Earn-In/Joint Venture conditions, Osmond may elect to proceed with
Stage 2 of the Earn-In.

• For expenditure of an additional $2M over a further 3-year period, Osmond will earn an additional
29% Joint Venture interest to a total of 80% (Osmond 80%, IVR 20%).

Future work programs:
• Post completion of Stage 2, with Osmond having earned an 80% Joint Venture interest, Investigator’s 20% interest will be free carried through to completion of a Pre-Feasibility Study.

• On completion of a Pre-Feasibility Study, Investigator may elect to either fund further exploration
and development costs on a pro-rata basis, or dilute. If Investigator’s Joint Venture interest dilutes
to 5%, the interest will convert to a 1% net smelter return royalty.
ASX Release – Investigator Farm-Out of Fowler Domain tenements 18 October 2021

About Osmond Resources Ltd

Osmond is an unlisted public company formed in 2021 for the purpose of seeking admission to the Official
List of the ASX as a resource exploration company. Having raised seed capital, Osmond has secured
rights to additional tenements in the Fowler Domain and anticipates listing on ASX in late 2021.
Chaired by Rhod Grivas, Osmond non-executive directors include Andrew Shearer and Daniel Eddington.
It is acknowledged that, with Andrew Shearer being a Non-Executive Director of Investigator, there exists
a conflict of interest, however the negotiation and approval of this agreement has been undertaken on an
arm’s length basis on terms considered standard within the industry for a transaction of this type. Mr
Shearer, as a non-executive director of both companies, took no part in Investigator’s decision process
with respect to this transaction.

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and the direction from IVR management;

“Investigator’s Fowler Domain tenements were applied for in mid-2020 and formally granted in
June 2021. Interest in this area was increased by Western Areas’ discovery of significant nickel
and copper sulphide mineralisation in immediately adjacent tenements (ASX:WSA – 23 June 2020).
ASX Release – Investigator Farm-Out of Fowler Domain tenements 18 October 2021

“In parallel with the Agreement with Investigator, Osmond have confirmed that they have executed
an agreement with a third party to explore on other adjacent tenements, taking their interest in the
Fowler Domain to a total of approximately 3,400km2
.
“Whilst we consider the Fowler Domain to be highly prospective, the early exploration nature of
the area would draw our attention away from the opportunities that we have in our existing Uno,
Morgans and Harris Bluff tenements and the ongoing work on our Paris Silver Project and surrounding prospects.
“This Agreement is consistent with Investigator’s approach of assessing exploration potential of
a tenement package whilst minimising risk and cost yet maintaining discovery exposure through
at least a 20% residual interest and a shareholding in Osmond.

“We are pleased to partner with Osmond and look forward seeing the results of their exploration
work that will follow their IPO.”

Investigator’s Managing Director, Andrew McIlwain.



All the best to shareholders.

I'm interested in hearing your view.

Many thanks

Gracie