Interview with Andrew Mcllwain, Managing Director of Investigator Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/investigator-resources-ivr-raises-42m-to-fund-dfs-by-ye23-2825

Recording date: 15th December 2023

Investigator Resources (ASX:IVR) represents a unique investment exposure into silver through its 100% owned Paris Silver project in South Australia. With silver fundamentals aligning for a new bull run amid constrained mine supply, quality silver developer stocks offer strong leverage. Paris’ large 57 million ounce resource, low costs and straightforward permitting pathway provide the ingredients for substantial investor upside.

Definitive Feasibility De-Risking Development
An existing robust Pre-Feasibility Study has outlined Paris’ potential to deliver over 4Moz annual silver production at an All-In Sustaining Cost of $17.45/oz over a 5-7 year initial mine life. At spot prices, this allows healthy margins to service debt and equity investors.

Investigator is now advancing Paris expeditiously through a Definitive Feasibility Study on track for completion 1H 2024. Key metallurgical, pit design and project funding activities are underway, fully funded by a recent $5.5M raise. This will pave a clear approvals and financing pathway eyeing a potential 2024 construction decision.

Significant Exploration Upside in Prolific District
While the Paris silver deposit itself offers scale and grade quality in a favorable mining jurisdiction, there also exists substantial opportunity to uncover additional resources nearby. Within 10km of Paris, other early stage silver and base metal occurrences provide targets for potential near-mine exploration successes in 2024 that could significantly enhance Paris’ production profile and mine life.

Attractive Entry Point for Silver Leverage
Investigator’s current market capitalization continues trading at a significant discount to Paris’ in situ silver value and preliminary project NPV estimates. Once the DFS further optimizes recoveries and costs, a fundamental project re-rating appears likely over the next 12 months. Investigator presents a unique listed vehicle for ASX exposure riding a potential prolonged silver upcycle.

Near Term Milestones Driving Re-Rating Catalysts
Completing the Paris definitive feasibility study ranks as the prime milestone to unlock project value in 2023. However Investigator also anticipates ongoing news flow surrounding:

- Final metallurgical test work results on silver/lead recoveries
- Resource expansion through exploration success
- Reviewing funding options and partnerships
- Commencing approvals and mining lease process

Smooth Permitting Pathway for Development
A key aspect which differentiates Paris from many silver development projects is its clear pathway through permitting and approvals required before major construction decisions. Located in South Australia’s stable mining-friendly jurisdiction with strong local community ties, Paris is poised to progress swiftly once project parameters are finalized.

The remote project area contains no major environmental or social constraints that could lead to extended delays. Hence Investigator is in prime position to capitalize should silver prices continue recent upward momentum above US$25/oz.

Conclusion
With asset quality, sound economics and execution ability, Investigator Resources provides an exciting exposure story as one of Australia’s only pure play silver developers. The Paris Project shapes as a potentially world class producer in a premier mining destination at the early stage of a new precious metals cycle playing out.

The Definitive Feasibility Study due over the coming 6-12 months will be a pivotal catalyst in realizing Paris’ immense underlying value. Investigator offers exceptional leverage into this emerging silver bull narrative.

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View Investigator Resources' company profile: https://www.cruxinvestor.com/companies/investigator-resources

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