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2026-11-06
◂ Monitor IVR ASX

Investigator Silver Limited

DFS Unfunded Developer · Silver · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.041
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$107.5M
EV
A$49.1M
Cash
A$58.8M
Debt
A$315.2K
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

Paris Silver Project

Australia

DFS Unfunded Developer100% ownedSilverLead

DFS complete and Mining Lease Application lodged in August 2026; lease grant, PEPR, native-title agreement, detailed engineering, financing and FID remain outstanding.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$445M8% discount
IRR51%Published return
Initial capexA$260MPublished capital estimate
Operating cost39.7AUD/oz AISC
NPVA$832M8% discount
IRR78%Published return
Initial capexA$260MPublished capital estimate
Operating cost39.7AUD/oz AISC

Post-tax consensus case at US$60.18/oz silver and AUD:USD 0.69; development funding requirement used as initial capital envelope.

Post-tax spot case at US$80/oz silver and AUD:USD 0.69.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated17M tonnes75 g/t Ag and 0.5% PbSilver · Lead2023-07-05
Mineral ResourceInferred7.2M tonnes67 g/t Ag and 0.2% PbSilver · Lead2023-07-05
Ore ReserveProbable12M tonnes88 g/t AgSilver2026-02-27
Tenements1
el6347Granted— None · No expiry supplied
Milestones3
  1. Definitive Feasibility Study completed

    Achieved · High materiality

  2. Submit Mining Lease Application

    Achieved · High materiality

  3. Final Investment Decision after approvals and financing

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Mining LeaseSouth AustraliaPending—Yes
Native Title Mining AgreementSouth AustraliaPending—Yes
Program for Environment Protection and RehabilitationSouth AustraliaRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Paris Definitive Feasibility StudyDFSCurrent2026-02-27100%-project, pre-tax and post-tax economics for a 1.5 Mtpa open-pit and whole-ore leach development.

Other

South Australian Regional Exploration Portfolio

Australia

Discovery Drill Stage100% ownedSilverGoldCopper

Paris corridor and wider South Australian exploration remain pre-resource opportunities; the September 2026 high-grade intercepts do not establish a new reserve or mine plan.

Tenements2
el5845Granted— None · No expiry supplied
el5938Granted— None · No expiry supplied

Other

Molyhil Tungsten-Molybdenum Project

Australia

Divested0% ownedTungstenOthers

Investigator completed the sale of its former 25% interest in January 2026 and retains only deferred consideration rights.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred4.6M tonnes0.26% WO3 and 0.09% MoTungsten · Others2024-05-28
Milestones1
  1. Sale of Investigator's 25% interest completed

    Achieved · Medium materiality

Other

Black Hill / Athena earn-in

Australia

Discovery Drill Stage0% ownedSilverGoldCopper

Alliance owns EL6475; Investigator is in the stage-one option period with no project interest yet earned. A 49% interest is conditional on stage two expenditure and share issue, and 80% requires stage-three funding and lease grant.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
el6475Granted— None · No expiry supplied

Other

Stuart Shelf royalty tenements

Australia

Divested0% ownedCopperGoldSilver

Tenements sold to Pernatty; Investigator retains a 2% net smelter royalty over production from the former joint venture tenements, subject to a counterparty buyout option.