Investigator Silver (ASX:IVR) has released a company presentation outlining the Paris Definitive Feasibility Study results, including a pre-tax NPV8 of A$618 million, a 57 million ounce silver resource, and an active drilling program of more than 30,000 metres targeting resource growth beyond the existing pit.

Key Points

  • Paris DFS returned a pre-tax NPV8 of A$618 million, a pre-tax IRR of 61%, and life-of-mine free cash flow of A$1,038 million based on a silver price of US$60/oz and an AUD:USD rate of 0.69
  • Total capital expenditure for the project is A$260 million, with a payback period of 13 months and an all-in sustaining cost of A$39.70 per ounce
  • The company held A$55 million in cash as at 30 September 2026 and reported an enterprise value of A$50 million
  • Early drill assays from the 2026 program include intersections of 10 metres at 2,662 g/t silver and 4 metres at 2,119 g/t silver outside the existing pit
  • The project pathway shows a Final Investment Decision scheduled for 2027, followed by construction and first silver production

Paris DFS Project Economics and Mine Parameters

According to the filing, the Paris DFS, announced on 27 February 2026, confirmed a maiden ore reserve and life-of-mine production of 30 million ounces of silver over an initial mine life of 11 years. The project is located in South Australia's Gawler Craton. The DFS describes a shallow open pit with ore starting less than 10 metres below surface, a pit depth of 175 metres, and an orebody measuring 600 metres wide by 2,000 metres long. The processing method produces silver doré using conventional technology. The filing states that NPV8 increases by A$27 million for every US$1 per ounce rise in the silver price.

2026 Drilling Results Outside Existing Pit

The filing disclosed preliminary assay results from the 2026 drilling program, referencing a company update dated 9 November 2026. Early results from holes drilled outside the current pit boundary include intersections of 10 metres at 2,662 g/t silver from 78 metres depth, including 1 metre at 13,302 g/t silver; 4 metres at 2,119 g/t silver; 5 metres at 426 g/t silver; 7 metres at 143 g/t silver; and 9 metres at 110 g/t silver. The filing also notes approximately 6 million ounces of silver within the US$48 per ounce pit shell that generates margin at a US$60 per ounce price assumption.

District-Scale Exploration and Development Timeline

The filing identifies a 15-kilometre mineralised corridor surrounding the Paris deposit, with multiple near-pit prospects including Apollo, Ares, and Athena. Historical intercepts cited include 8 metres at 1,262 g/t silver at Apollo and 20 metres at 160 g/t silver at Athena. The company's stated project timeline shows permitting and execution readiness activities during 2026 and 2027, a Final Investment Decision in 2027, followed by procurement of long-lead items, construction, and silver production scheduled to commence in 2028. The filing states the project is fully funded to the Final Investment Decision stage.