Investigator Resources (ASX:IVR) Managing Director Lachlan Wallace told attendees at a company presentation that the Paris Silver Project in South Australia is being positioned as a “pure silver” development with what he described as a near-term pathway to production. Wallace emphasized that Paris is intended to produce a silver doré bar for sale to local refiners, including the Perth Mint and ABC Bullion in Sydney, which he said would provide “100% leverage” to the silver price rather than relying on by-products or “silver equivalent” crediting.
Silver market backdrop and company’s investment thesis
Wallace said silver has experienced significant volatility recently, describing a move from around $30/oz roughly four months ago to a peak near $120/oz a few weeks earlier, before trading around $75–$80/oz at the time of the talk. Despite the price swings, he argued that the underlying supply-demand imbalance has not changed.
- Industrial use: Wallace described silver as the “most conductive metal” and tied demand to electrification and decarbonization trends.
- Monetary/hedging demand: He cited money printing, rising debt, credit downgrades, and declining confidence in fiat currencies as supporting investor interest in hard assets such as gold and silver.
On the supply side, Wallace said only about 27–28% of silver production comes from primary silver miners, with the remainder produced as a by-product of mining for other metals such as gold, copper, lead, and zinc. In his view, this makes supply “price inelastic” because many producers do not materially change production in response to silver prices. He also noted geopolitical and operational risks, stating that a large portion of silver supply comes from regions such as Russia, China, and Latin America, and that relatively little primary silver is produced in “Tier One jurisdictions like Australia.”
Paris Silver Project: development plan and upcoming DFS
Wallace described Paris as a high-grade, primary silver project being advanced through a definitive feasibility study (DFS) and permitting, with the DFS due “very shortly.” He outlined a development concept centered on a simple open-pit operation, noting the orebody begins around 10 meters below surface and is “large, flat” and “tabular,” which he said is amenable to bulk open-pit mining at low cost.
For processing, Wallace described a conventional whole-of-ore cyanide leach with Merrill-Crowe zinc precipitation to recover silver, with the aim of producing a silver doré bar. He said the initial mine life is expected to be around 10 to 11 years.
He also highlighted the project’s location in South Australia, citing proximity to the mining hubs of Whyalla and Port Augusta and access to skilled labor, equipment, and support services within a few hours of the planned site.
Economic leverage to silver prices and anticipated DFS changes
Wallace referenced a 2021 pre-feasibility study (PFS) as the most recent public set of project financials until the DFS is released. He said the PFS outlined “strong economics,” including about $500 million of free cash over what was then modeled as a five-year mine life, based on a silver price assumption of US$22/oz.
He discussed the project’s sensitivity to higher prices, stating that running the then-current silver price (~$75–$80/oz) through the older model without changing other inputs would add “another $2 billion worth of free cash,” and using the recent peak price of $120/oz would add about $4 billion. Wallace framed this as evidence of leverage from a pure silver asset.
Wallace also previewed changes he expects in the DFS, including:
- A larger pit design compared to the PFS, enabled by the price environment.
- Lower cut-off grade to include ounces previously considered sub-economic.
- Tailings redesign following the discovery of a large water source roughly 10 km away in 2023, allowing a shift from a dry-stack tailings plan to a wet tailings facility. He said this change reduced the need for filtration, downsized detox requirements, and lowered capital and operating costs.
- Value engineering to reduce concrete, steel, and installation hours.
Permitting timeline, community engagement, and execution readiness
On approvals, Wallace said the company is actively working through permitting and described the project area as flat, dry, and sparsely vegetated, with saline groundwater that is “too saline for livestock” and no competing land-use issues. He added that South Australia is supportive of mining, stating that about “1 in 15 dollars” of state domestic product comes from the resource industry. Wallace said the company is meeting with government weekly to refine and condense the permitting scope.
He outlined a timeline to lodge a mine lease application around mid-2026, with an expected approval turnaround by mid-2027, which he described as aligning with final investment decision (FID) and the start of development.
Wallace also pointed to his prior experience permitting and building a South Australian operation—the Hillgrove Underground Copper Mine—as a factor he said has contributed to regulators’ confidence in the project’s ability to progress from approvals to execution.
Regarding Traditional Owners, he said the company has maintained an “excellent relationship” over roughly 13 years, conducted around five formal Native Title surveys, identified culturally significant areas, and agreed to exclusion zones to keep the pit and infrastructure outside those locations.
As the DFS nears completion, Wallace said the company is shifting focus toward “building” by developing detailed construction work packs, beginning early contractor engagement, and considering long-lead items. He also said the company is preparing for financing, including establishing a data room.
In addition, Wallace said Investigator plans a detailed drill-out this year—more than 150 holes—to tighten spacing from roughly 25 meters to about 12–12.5 meters. He said the intent is to increase lender confidence in head grade during the initial 2–3 year debt repayment window, potentially reducing due diligence time and improving debt terms.
Exploration pipeline and funding position
Wallace described Paris as the start of a broader effort within a 15-kilometer mineralized silver district. He highlighted targets including Apollo (about 5 km north), which he said returned 8 meters at 1,200 g/t silver, and Athena (about 10 km south), which he said returned 20 meters at 160 g/t silver including 5 meters at nearly 500 g/t. He said any discoveries within trucking distance of a future Paris plant and tailings facility could face a lower economic and permitting hurdle.
He also discussed a group of tenements about 80 km east referred to as Uno Morgans, described as part of a potential hub-and-spoke strategy. Wallace said limited prior drilling had an over 80% success rate for anomalous silver or zinc, with a cited highlight of 12 meters at 240 g/t. He said the company has completed gravity and geochemical surveys and is ranking targets for further drilling.
Further east near Broken Hill on the South Australian side, Wallace described the Curnamona asset near the White Dam Gold Mine and close to large copper deposits in the region. He said the area has historical gold and copper mining from the 1800s but had not been drilled previously, despite three targets showing coincident IP, magnetic, gravity, and soil anomalies. Wallace said drilling began in December and would be completed around March, targeting a larger-scale IOCG or porphyry-style copper-gold model.
From a balance sheet perspective, Wallace said Investigator had AUD 13 million in cash and AUD 19 million in “in-the-money” options, describing a total “war chest” of about AUD 30 million. He said this funding is intended to support permitting through FID, execution readiness work such as detailed engineering, and continued exploration.
Wallace concluded that he views the silver market as “structurally supported,” while emphasizing that Investigator is advancing Paris toward finance- and permit-ready status and continuing to explore to extend mine life beyond the initial 10–11 years.
About Investigator Resources (ASX:IVR)
Investigator Resources Limited, together with its subsidiaries, engages in the exploration of mineral properties in Australia. The company explores for silver, copper, lead, and gold deposits. It primarily focuses on the 100% owned Paris silver project located to the north of the town of Kimba in South Australia. The company was formerly known as Southern Uranium Limited and changed its name to Investigator Resources Limited in November 2010. The company was incorporated in 2005 and is based in Norwood, Australia.
