Investigator Silver (ASX:IVR)

Investment Memo:

Investigator Silver (ASX:IVR)

- LIVE

Opened: 03-Oct-2025

Shares Held at Open: 13,714,286

What does IVR do?

Investigator Silver (ASX:IVR) owns 100% of the Paris silver project in South Australia.

The project has a 57M ounce silver JORC resource estimate, is at the Definitive Feasibility Study (DFS) stage and is one of Australia’s highest grade silver deposits.

What is the macro theme?

Silver is both an industrial and a precious metal.

Silver also has a prominent industrial use case in the manufacture of photovoltaic cells for solar panels - and as such can be considered important to the energy transition.

Silver is currently trading at 14 year highs at the time of this memo.

Our Big Bet for IVR

“IVR takes advantage of the high silver price environment and puts its project into production. At that point, we would expect IVR to be capped at multiples of our Initial Entry Price”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our IVR Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

Why did we invest in IVR?

IVR has one of the highest-grade silver projects in Australia

IVR’s project has an estimated 57M ounces of silver at an average grade of 73g/t.

That makes it one of the highest grade primary silver deposits in Australia.

IVR project is at the advanced DFS stage

It is hard enough to go and make a mineral discovery, it is even harder to get a mine into production.

For the DFS stage companies that are in the market during a hot commodity cycle, securing project financing can become a whole lot easier.

We like that IVR is at this DFS stage and it can potentially be one of those companies that ‘survives the cycle’ and becomes a mine during this current silver bull run.

We also think that with a running silver price, IVR’s DFS could surprise the market to the upside in terms of project economics.

We are investing alongside Jupiter Asset Management

Jupiter Asset Management owned 14% of IVR (before today’s capital raise - that they also went into) and we are following them into the story.

Jupiter is a huge resources fund out of the UK with over £47.1 billion in assets under management.

We have had success investing alongside Jupiter with another silver story Mithril Silver & Gold, which is up 515% from our Initial Entry Price.

Also, Jupiter came into one of our recent silver picks Rapid Critical Metals which is up 111% since our Initial Entry Price.

(past performance is not an indicator of future performance)

Jupiter have been major holders in IVR for years now and have followed their money into IVR’s capital raises - including the most recent one.

We think silver could go on a ‘once in a generation’ run to new highs

Silver is now at 14 year highs, and we think it's about to go on a “once in a generation” run to new all time highs... taking all silver stocks with it.

(no guarantees, past performance is not a reliable indicator of future performance)

Very few silver stocks on ASX

There are very few silver stocks on the ASX.

Even less ‘pure play’ silver stocks.

If silver runs, there could be a lot of capital chasing silver exposure in only a handful of names.

This scarcity could mean valuations run from where they are now.

Exploration upside (three projects that haven’t been systematically drilled)

IVR just did a deal on the ground next door to its 57M ounce JORC resource estimate.

IVR now has a 15km corridor of exploration targets where it can look to make repeat discoveries (similar to its existing deposit).

Drilling so far has shown district scale potential.

IVR’s project being designed to work even in the event of a lower silver price

IVR updated its project's resource in 2023 and started working on its Definitive Feasibility Study (DFS) later that year.

The study started when silver prices were trading in the mid US$20 per ounce.

That means IVR has been designing the project to work in a low silver price environment.

The silver price is now more than double where it was when IVR started its DFS.

IVR’s new MD has brought an asset online in South Australia before

Lachlan was previously Managing Director of ASX-listed Hillgrove Resources where he led the design, permitting, financing and restart of the Kanamantoo copper mine...

That project is also in South Australia ~60km south east of Adelaide.

So he knows his way around permitting in South Australia.

We are backing Lachlan to do it all again with IVR’s project, also in South Australia.

What do we expect IVR to deliver?

Objective #1: Definitive Feasibility Study on Paris silver project

We want to see IVR complete and release its Definitive Feasibility Study (DFS). We are hoping to see a big improvement on the A$135M after tax Net Present Value (NPV) that was delivered in IVR’s last study in 2021 (using a silver price of US$24.70).

Milestones

in-progress Pit design

in-progress Flowsheet revision

not done Throughput optimisation

not done DFS completed

Objective #2: Drilling on regional targets

We want to see IVR drill out the 15km corridor of targets that sit around its 57M ounce JORC resource estimate. The ultimate success from these drill programs would be a discovery similar to IVR’s existing resource.

Milestones

not done Geophys/Geochemistry work

not done Identify drill targets

not done Drilling starts

not done Drilling results

Objective #3: Permitting of the Paris silver project

We want to see IVR go through all of the permitting workstreams on its project. We especially want to see the project get a mining license and go through all of the environmental permitting process’.

Milestones

not done Environmental permits

not done Project infrastructure permits

not done Mining license granted

Objective #4: (Bonus): Drilling on IVR’s other assets

We also want to see IVR drill out its other projects in South Australia.

IVR plans to drill one of those projects later this year.

These sit outside of the key reasons we are Invested, but if IVR makes a meaningful discovery on these it could become material to the company’s valuation.

What could go wrong?

Commodity price risk

The performance of commodity stocks are often closely linked to the value of the underlying commodities they are seeking to extract. Should silver prices fall, this could hurt the IVR share price.

IVR: Better re-do that economic study for your silver mine… now that the silver price has tripled… [03-Dec-2025]

Permitting Risk

IVR will be seeking a mining permit for its silver project. If this permit is delayed or rejected it may be a drag on the IVR share price.

Development risk

IVR’s project is relatively well advanced which carries its own risks.

IVR will need to raise funding and go through the development process for its project.

IF there are any delays to forecast development timelines, the market could sell down IVR.

Funding risk/dilution risk

As a pre-revenue small cap company, IVR is reliant on capital markets to advance its projects. If something negative happens at a macro or company level, IVR could struggle to access capital on favourable terms.

These capital raises may take place at a discount, and result in the issuance of new shares which incur dilution to existing shareholders.

Market risk

Broader market sentiment could deteriorate, and shares as an investment class trade lower, taking IVR’s share price with it. Alternatively, there could be further sector specific pain ahead where junior explorers suffer a lot more than the broader market.

Other risks

Like any stock market investment, investing in IVR carries a range of risks that may affect the company’s value. Some risks are identifiable, while others are unpredictable.

IVR’s main asset is the Paris silver project in South Australia. It is at the Definitive Feasibility Study (DFS) stage but is not yet a producing mine. There is a risk the project never reaches production.

IVR is highly exposed to silver prices. A sustained fall in silver could materially impact project economics and investor sentiment.

The company is pre-revenue and reliant on raising capital to fund development. Any equity raise may dilute existing shareholders, and debt funding may not be available on favourable terms.

Permitting and approvals pose another risk. Mining licenses and environmental permits can take longer than expected or face objections that delay project timelines.

Development risk is also material. Building a mine involves technical, financial, and operational challenges. Cost overruns or delays could hurt the share price.

IVR’s share price has already moved with silver’s recent strength. Current levels may partially reflect anticipated upside, increasing the risk of pullbacks if silver softens or milestones slip.

Finally, market and macro risks apply. A downturn in equity markets or sentiment towards junior explorers could weigh on IVR regardless of company progress.

Investors should carefully consider these risks and seek professional advice before making an investment decision.

What is our investment plan?

Our plan is to hold the majority of our position in IVR for 3 to 5 years, which should be enough time to see IVR get into production... and the silver price to go on the run we hope it will.

We may look to sell up to 20% of our holding if the company delivers on one or more of our Investment Memo objectives and/or the share price materially re-rates in line with our minimum hold conditions.

We intend to maintain a position in IVR for 3 to 5 years.

Disclosure: Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 13,714,286 IVR Shares at the time of publishing this Investment Memo. The Company has been engaged by IVR to share our commentary on the progress of our Investment in IVR over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs.