IVR strengthens its development team for silver project

Our development stage silver Investment Investigator Silver (ASX: IVR) has made a series of senior appointments to strengthen the team that will build its Paris Silver Project in South Australia.

IVR owns 100% of the Paris Silver Project in South Australia, which 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 the project, with the goal of increasing confidence in the existing drilling which may also allow other areas to become higher priority for early mining.

The idea is that higher grade, more profitable areas that can be accessed early get prioritised to maximise early cashflow - helping to pay down debt quickly and build a cash buffer.

MD Lachlan Wallace has made this strategy clear multiple times in presentations and webinars.

IVR raised $55M back in March 2026, and with ~A$60M in cash today it has a strong runway to undertake all the work required to reach a Final Investment Decision (FID).

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We covered that drilling program in more detail here:IVR Drilling underway at Paris - derisking production, expanding the pit, and hunting the 15km corridor

Building the team to deliver Paris

Today IVR announced five new appointments, each bringing mine development, construction or operational experience to the project.

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Joe Sutanto joins as Chief Financial Officer and Joint Company Secretary (effective September 2026).

Sutanto was previously CFO and Company Secretary of Hillgrove Resources, where he actually worked alongside Lachlan Wallace through the financing, development and commissioning of the Kanmantoo Underground Copper Mine in South Australia.

He brings more than 20 years across accounting, commodity trading, corporate finance, governance, project development and mining operations.

This reunites the finance/MD partnership that took Kanmantoo into production, so we take it as a good sign the MD has been able to get someone into the role he has worked with prior.

Milan Jiranek comes on as Project Director (construction), having delivered mining and processing infrastructure across Peak Iron's Gawler Craton operations.

He will lead the detailed engineering and execution planning, including the EPCM (Engineering, Procurement and Construction Management) work that gets Paris ready to build.

Geoff Deans joins as Project Director (technical) - a former OZ Minerals Project Director whose major project delivery experience includes the Carrapateena block cave expansion.

His focus is permitting, native title, stakeholder engagement and coordinating the technical workstreams behind the approvals process.

Luke Cerny is the new Principal Mining Engineer, with experience spanning the development of the Kanmantoo copper mine and operational leadership at Ok Tedi in PNG.

He will lead the mine planning, scheduling and operational readiness work as Paris moves toward execution.

Dr Ben Cave joins as Senior Exploration Geologist from IGO Limited, adding to the team expanding the Paris resource along the 15km Paris Silver Corridor and assessing regional opportunities.

There is a bit of a theme with these hires - recent, hands-on South Australian mine development experience (Kanmantoo, Carrapateena and Gawler Craton).

So this may also help with future financing as the team has been able to demonstrate that they have done it before in the exact same jurisdiction.

And remember that the MD Lachlan Wallace has permitted, financed and built a mine in this state before.

From study to construction

IVR completed its 2021 PFS and then delivered its Definitive Feasibility Study in February that confirmed a project that can produce more than 30M ounces of silver over an initial 11-year mine life.

With the study done and the build team now coming together, the focus shifts to permitting, financing and a Final Investment Decision which is being progressed.

THE DFS was done with a “consensus case” silver price of US$60.18/oz (A$87.22/oz) which is very close to the current prices (~US$58/oz or ~A$84oz), so the pricing is relevant to today’s prices.

And the numbers here still stack up strong.

You can read our full deep dive on the DFS here:IVR's Paris silver project in South Australia shows $1.15BN pre-tax NPV, 93% IRR, 11 month payback... and the silver price is rising

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.

• 🔄 Environmental permits
• 🔄 Project infrastructure permits
• 🔄 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.

• 🔄 Lender engagement and technical due diligence
• 🔲 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.

IVR is continuing to work on this as part of this drill program

Here are the milestones we are tracking:

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