IVR lodges Mining Lease application - full approvals targeted for 2027

Our development stage silver Investment Investigator Silver (ASX: IVR) just lodged a Mining Lease Application (MLA) for its 57M ounce Silver Project in South Australia.

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After the mining lease IVR will also have environmental permitting to complete - with full permitting for its project targeted for 2027.

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A big part of the reason we Invested in IVR was because MD Lachlan Wallace designed, permitted, financed and restarted the Kanmantoo copper mine in South Australia while running Hillgrove Resources.

Kanmantoo is the most recent mining project to be permitted and brought into production in South Australia, the same state where IVR is developing its Paris Silver Project.

Lachlan will know exactly what is needed to bring a project online and we are backing him to do it again with IVR.

A quick recap of IVR’s project:

IVR’s project is advanced stage with a Definitive Feasibility Study delivered in Feb which showed:

• A$1.154BN pre-tax Net Present Value (NPV),
• 93% Internal Rate of Return (IRR) and
• An 11 month payback at US$80/oz silver.
• From A$260M CAPEX.

You can see our deep dive into the raise and DFS from March here.

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IVR’s project has a 57M ounce silver JORC resource at an average grade of 73g/t - one of Australia's highest grade pure play silver projects.

IVR is currently drilling its project to try and open up new areas of its resource that could improve economics early into the projects life.

The current at the main project area is focused on 2 main areas:

1. Grade control / infill drilling - drilling in and around the existing resource to increase confidence in the orebody model (reduces risks when mining).

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2. Resource conversion and pit expansion - looking to extend the boundaries of the current mine plan and bring more ounces into the mine plan.

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A couple of months ago IVR started building out the team to construct the project, filling roles including

• CFO,
• Project Directors (x2),
• Principal Mining Engineer, and
• Senior Exploration Geologist.

You can see our coverage on this here.

What do we want to see IVR do next?

Permitting 🔄

Now that the DFS has been published, we will be watching IVR go through all of the permitting workstreams on its project.

We especially want to see the project get a mining licence and an environmental permit granted for the project as soon as possible.

Today IVR submitted the Mining Lease Application (MLA) (source)

Here are the milestones we are tracking:

1. 🔄 Environmental permits
2. 🔄 Project infrastructure permits
3. 🔄 Mining licence granted

Project financing 🔄

The DFS set the CAPEX at A$260M. We want to see IVR make progress on debt/equity financing while the silver price is supportive.

Now that the DFS has been published, the next major catalyst for IVR will be project financing.

While permitting is progressing, we want to see IVR make progress on debt/equity financing commitments for the project CAPEX of A$260M.

1. 🔄 Lender engagement and technical due diligence
2. 🔲 Financing commitments

Grade control drilling 🔄

We want to see IVR complete infill drilling at its resource and upgrade the resource in terms of classification.

Drilling on regional targets 🔄

We also 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.

Here are the milestones we are tracking:

• ✅ Geophysics/Geochemistry work
• ✅ Identify drill targets
• 🔲 Drilling starts
• 🔲 Drilling results