Investigator Resources Ltd.

Investigator Resources Ltd. is a junior silver development company headquartered in Norwood, Australia, operating primarily in Australia. The company's portfolio consists of 2 development projects, in addition to several early-stage exploration prospects. Key assets include Paris Silver. The company's business model is centered on the exploration and development of mineral deposits, with a primary focus on advancing a significant, high-grade undeveloped project. This core asset is characterized by a geologically unusual deposit where value is predominantly concentrated in a single metal, creating high leverage to that metal's price fluctuations. The operational plan envisions a simple, shallow open-pit mining method, which is supported by a pre-feasibility study that outlined a straightforward processing circuit with robust recoveries. A key competitive advantage stems from the project's location, which presents no conflicting land use, direct community impacts, or detrimental effects on downstream water users, attributes expected to facilitate a streamlined approvals process. The organization pursues strategic diversification and risk mitigation through an earn-in agreement on a separate critical minerals project. Management's approach to project advancement involves detailed de-risking of operational and financial parameters through comprehensive feasibility studies.

Strategic focus centers on completing a Definitive Feasibility Study (DFS) for the primary project, which will underpin applications for a mining license and enable future financing and development decisions. This study involves multiple optimization analyses for mining and processing to ensure a robust financial and operational assessment. To enhance efficiency and minimize costs, the company has formed a strategic alliance with a mining contractor to collaboratively optimize mine design, scheduling, and equipment selection. Resource base expansion is a key priority, pursued through a multi-disciplinary exploration program utilizing gravity surveying, soil sampling, and various drilling techniques to identify additional mineralization proximal to the main deposit. The capital allocation philosophy emphasizes maximizing 'in-ground' expenditure with a focused approach to cash management, relying on periodic capital raisings to fund exploration and development objectives. Diversification is actively pursued through earn-in to joint venture agreements on non-core projects to create accretive value and broaden the enterprise's portfolio.

Executive leadership is headed by a Managing Director with over 40 years of experience in the mining industry, encompassing operational, technical, senior management, and executive roles with a background in project development and financing. The Board of Directors is composed of 3 members, including a Non-Executive Chair, the Managing Director, and a Non-Executive Director. The Chair is a highly regarded geoscientist with a PhD and prior chief executive experience at a cooperative research center, while the other Non-Executive Director has over 25 years of experience in both the mining and finance industries, including as a resource analyst. Due to its size, the board does not have separate committees and held 9 meetings during the fiscal year, with full attendance from all directors. The remuneration framework is designed to align executive compensation with the achievement of strategic objectives and the creation of shareholder value, with short-term incentives linked to the attainment of agreed corporate and individual milestones.

The organization maintains a strong focus on safety, completing the fiscal year with no lost time injuries or reportable incidents, supported by an industry-developed Safety Management System. Environmental stewardship is demonstrated by the completion of all work programs without any reportable environmental incidents and adherence to all regulatory requirements. Proactive environmental management for the primary project includes comprehensive hydrological modeling to assess water resources and potential impacts, as well as ecological field surveys to update baseline data for flora and fauna. Community engagement is a high priority, with a focus on building respectful relationships with Traditional Owners and local communities through continued dialogue and information sharing. The company actively supports local economies by maximizing engagement with local suppliers and service providers. This commitment extends to community investment through sponsorship of organizations and events, including those focused on Indigenous youth education and employment.

In November 2022, the company entered a 3-stage earn-in to joint venture agreement with a subsidiary of Thor Energy PLC for the Molyhil Project, meeting the Stage 1 commitment during fiscal 2024 to form a 25% joint venture and acquire a 40% interest in the adjacent Bonya tenement. A separate joint venture on the Stuart Shelf tenements was formed in September 2023 with a subsidiary of Gold Road Resources, which held a 51% interest. Subsequently, Discover Co Pty Ltd acquired Gold Road's interest, and post-fiscal year-end, the company agreed to sell its remaining 49% interest to a Discover Co subsidiary for cash and future royalties. During the year, Osmond Resources Ltd withdrew from an earn-in agreement concerning the Fowler Domain tenements, leading to a strategic decision by the company to relinquish these non-core assets. Major shareholders include CITICORP NOMINEES PTY LIMITED, which held a 15.25% interest as of August 2024. The company's activities are conducted through several wholly-owned subsidiaries, including Gawler Resources Pty Ltd and Fram Resources Pty Ltd, which hold the interests in these joint venture arrangements.