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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
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1M
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YTD
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1Y
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$58.8M Finite
Debt A$315.2K Net cash A$58.4M
Basic shares 2.6B 2026-09-26
Runway 21.45 quarters The 21.45 quarters figure is from the June Appendix 5B on its A$58.795m cash presentation; annual audited cash is A$35,266 lower. It measures historical operating and exploration spending, not construction capacity.

Liquidity

Financial position

Audited cash of A$58.760m includes A$40.009m rolling deposits. A$0.315m office lease liability is the only identified interest-bearing obligation; the A$260m Paris development envelope remains unfunded.

Capital structure

Ownership and dilution

Ordinary shares
2.6B
Fully diluted
3.1B

Selected the 31 July 2026 Appendix 2A total of 2,622,857,752 ordinary shares. It reconciles from the 30 June quarterly figure by adding the 21,381,818 performance-right conversion and the 484,906 placement allotment absent from that quarterly capital table. Fully diluted shares add all listed options, nil-price options, remaining performance rights and unlisted options. The 2026 annual report shareholder table confirms the same 2,622,857,752 ordinary shares; the option and right inventory remains the July filing basis because no later security change was identified.

Security classes5
ClassTypeQuantityStrikeExpiry
IVR ordinary fully paid sharesOrdinary Share2.6B——
Listed IVROB options exercisable at A$0.042Option462.6MA$0.0422028-03-24
Unquoted nil-exercise-price employee optionsOption2.5MA$02028-03-01
Unquoted performance rightsPerformance Right14.3MA$0—
Unquoted options exercisable at A$0.0825Option4MA$0.0822028-12-04
Company guidance1
MetricProjectPeriodLowHighStatus
Completion Of Permitting And Approvals Processparis2027—— calendar yearCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-04-30Ann. 2026-03-03RaisingOrdinary Fully Paid SharesA$55M—A$0.086CompletedTwo-tranche institutional placement described as A$55 million; a A$2 million subscription default was separately disclosed.Period 2026-03-03 to 2026-04-30 · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

2025 and 2026 annual notes, original fluorite counterparty release and later Molyhil settlement reviewed; no live silver offtake, stream or commodity/FX hedge was disclosed.

Conditional earn-in; no present project ownership, with exploration spend, share issue and potentially a capped royalty required to reach 80%.

Earn In · Active
Counterparties
Alliance Resources Pty Ltd · Alliance (Eyre) Pty Ltd
Applies to
Black Hill / Athena earn-in · Silver · Gold · Copper
Economic direction
Mixed
Period
From 2025-04-01; no end date stated
Key terms
Stage 1 exploration spend: 500,000 AUD
Stage 2 further exploration spend: 500,000 AUD
Stage 2 share consideration: 500,000 AUD of IVR shares
Stage 3 interest: 80 %
Alliance residual royalty cap: 1 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Investigator retains a 2% NSR on former Stuart Shelf JV ground, with a buyout right held by Pernatty; no producing asset supports a cash-flow estimate.

Royalty · Active
Counterparties
Pernatty Co Pty Ltd · Discover Co Pty Ltd
Applies to
Stuart Shelf royalty tenements · Copper · Gold · Silver
Economic direction
Benefit
Period
From 2024-12-01; no end date stated
Key terms
Net smelter royalty: 2 % NSR
Counterparty buyout: —
How it affects our valuation

No valuation treatment is available for this arrangement.

After sale of the 25% Molyhil interest, value is limited to staged Tivan consideration; the first payment arrived partly in escrowed shares.

Other · Active
Counterparties
Tivan Limited
Applies to
Molyhil Tungsten-Molybdenum Project · Tungsten · Others
Economic direction
Benefit
Period
From 2026-01-19; no end date stated
Key terms
Nominal deferred sale consideration: 1,312,500 AUD
First instalment received: 437,500 AUD
Remaining nominal instalments: 875,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Sandover fluorite-rights sale has A$425,000 of potential milestone consideration; timing and receipt remain uncertain.

Other · Conditional
Counterparties
Tivan Limited
Applies to
Molyhil Tungsten-Molybdenum Project · Others
Economic direction
Benefit
Period
From 2024-11-21; no end date stated
Key terms
Remaining contingent proceeds to Investigator: 425,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.