Investigator Resources Limited provided update in relation to rare earth element mineralisation discovered as part of the 7,634m drill program across its 100% owned Peterlumbo tenement, host of the Paris Silver Project in South Australia. The Apollo prospect is approximately 4km northwest of Investigator's 100% owned Paris Silver Project which is itself located 70 kilometres north of the rural township of Kimba on South Australia's Eyre Peninsula. Access to the Paris Silver Project site is predominantly via highways and sealed roads and is approximately 7 hours by road from Adelaide. Paris is a shallow, high-grade silver deposit amenable to open pit mining and hosts a Mineral Resource estimate of 18.8Mt silver at 88g/t for 53.1Moz of silver at a 30g/t cutoff.

2022 Regional drilling program: The regional exploration program that is the subject of this release forms part of a broader exploration program in the vicinity of the Paris deposit reported to the ASX on 25 August 2022 which focused on silver and base metal mineralisation. Reverse Circulation (RC) drilling of 7,634m in 54 holes was completed in April 2022. A series of holes in this program targeted an area north of the interpreted Uno Fault at the Apollo prospect. The Uno Fault marks a major structural change between upper GRV sequences to the north of the fault (generally readily identified by higher amplitude aeromagnetic signature), and lower GRV sequences and underlying basement rocks south of the Uno Fault. These holes tested a model that mineralising fluids migrating along dominant northeasterly or northwesterly structures, may intersect the Uno fault beneath a cap of volcanics, thereby trapping fluids, and depositing silver and base metal mineralisation. The holes in the program passed through a younger horizon of barren weathered clays before intersecting a saprolitic clay above fresh GRV, enriched in a number of key rare earth elements. Routine assaying of drill samples includes cerium and lanthanum which were elevated within these holes. Investigator subsequently requested that its contracted laboratory re-assay the pulps from this program for the full suite of rare earth elements. Apollo Rare Earths: Apollo sits approximately 4km northwest of the Paris Silver Deposit, within a prospective structural corridor identified by gravity and magnetic features. Holes were generally drilled to approximately 120 ­ 150m and intersected variable depths of clay cover material (depleted in rare earth elements) prior to intersecting a lower unit of saprolitic clays marked by a distinct increase in REEs content. At a cutoff of 1,000ppm TREO, the TREO intersections are well defined, and closely aligned with the saprolitic clays immediately above fresh upper GRV. The intersected fresh upper GRV exhibit a consistent background of approximately 500ppm TREO, suggesting weathering or alteration- related enrichment of REEs originating from the GRV within the saprolite horizon. Samples of
bedrock have been sent for petrological analysis to understand the host mineralogy of the REEs mineralisation and relative importance of weathering and alteration processes. Investigator has chosen to report intersections at a cutoff of 1,000ppm TREO. This 1,000ppm TREO cutoff, which is at least double the general industry cutoff noted in other recent ASX releases, was chosen for this initial release to demonstrate the close affinity between significant grade and its relationship to geological setting, indicating a robust early stage REEs discovery. It is significant to note that re-assay of fresh rock GRV samples were consistently greater than the generally accepted industry reporting cutoff of 500ppm TREO. Further assessment of REEs content is planned in both fresh GRV and the saprolitc zone, with targeted resampling and analysis on 1m intervals. Investigator's initial interpretation of the development of REEs concentrations at Apollo (and as a broader initial model for the region) is that enriched REE compositions within select parts of the upper GRV sequence have been exposed to weathering/alteration and resulted in subsequent concentration of TREO and MREO within the saprolite clays immediately above fresh GRV. Significant TREO1 and MREO 2 intersections include: 15m @ 3,221ppm TREO and 1,099ppm MREO from 66m in hole PPRC836. Includes 9m @ 4,700ppm TREO and 1,772ppm MREO from 72m.