OK, finally something to talk about! I guess we knew it was...

OK, finally something to talk about! I guess we knew it was going to be good - So time to stop talking and get on with it!

30 November 2021
PARIS PFS DELIVERS OUTSTANDING RESULTS
Highlights
Investigator Resources Limited (ASX:IVR, “Investigator” or the “Company”) is pleased to present the results
of the Pre-Feasibility Study (“PFS”) for its 100% owned Paris Silver Project (“Paris” or the “Project”), located
in the Eyre Peninsula region of South Australia.
• The Pre-Feasibility Study highlights the low-risk nature of the high-grade, near surface, open pit Paris
Silver Project with the Base Case (“Whole of Ore Leach”) a simple processing circuit with robust silver
recoveries.
• The Project delivers strong Pre-Tax Economics including:
o Pre-Tax NPV8 of A$202M to A$245M
o IRR of 47.9% to 54.1%
o Payback period of ~2.3 to 2.8 years1
o Pre-Tax Life of Mine Net Operating Cash Flow of A$487M to A$602M (A$86M to A$97Mpa)
o Project life of 5 to 7 years
• The PFS mine optimisations were run on two silver price scenarios:
o at $34.30/oz with a Production Target mining 8.6Mt of ore (~83% Indicated and 17% Inferred
Resource) at an average grade of 128 g/t Ag, producing 26.7Moz; and
o at $38.00/oz with a Production Target mining 10.9Mt of ore at an average grade of 109 g/t
Ag, producing 29Moz.
• The Paris Silver Project can be brought into production for a forecast A$131M of pre-production
capital expenditure comprising:
o Pre-production mining: A$5.2M
o Process plant: A$43.2M
o Infrastructure costs, including power plant: A$46.8M
o Indirect costs: A$20.4M
o Contingency: A$15.5M
• Low AISC of A$17.45/oz Ag delivering a Life of Mine operating margin of 49%.
• The Project is supported by a large, near surface Ag-Pb deposit with a Mineral Resource Estimate of
18.8Mt at 88 g/t Ag and 0.52% Pb for 53.1Moz Ag and 97.6kt Pb.
• Potential inclusion of a lead recovery circuit provides scope for upside to PFS Base Case.
• Near mine exploration potential remains high with planned exploration targeting potential to add
resources.
• The detailed PFS allow Investigator to immediately commence a Definitive Feasibility Study (“DFS”).
The Company will advance Project financing initiatives in parallel with the technical and approvals
workstream