Investigator Resources : Quarterly Activities and Cash Flow Report

QUARTERLY ACTIVITIES REPORT

31 MARCH 2022

HIGHLIGHTS

OPERATIONAL

•  Drilling program across the Uno Range and Morgans tenements completed.

•  A total of 27 holes for 3,330m drilled targeting 7 prospects for gold, silver, base metals and copper

•  Commenced drilling program on Peterlumbo tenement with planned 51 holes, for approximately 6,750m, at six prospects proximal to the Paris Silver Resource, following up on positive results from programs conducted in 2020 and 2021, including:

  • - Ares Prospect, where 15 holes will be drilled assessing geophysical features

  • - Apollo Prospect, where 21 holes are planned to test geochemical and geophysical features.

  • - Helen Prospect, where models from drilling in 2020 and 2021 will be tested.

•  Field work programs were delayed due to extensive regional flooding event.

•  Assay results for all samples from the Uno Range, Morgans and Peterlumbo drill programs are anticipated to be reported within the June Quarter.

•  Metallurgical and geotechnical testwork programs for the Definitive Feasibility Study planned to commence in the June Quarter.

CORPORATE

•  Cash at 31 March 2022 $7.64M

OPERATIONS Paris Silver Project

The Paris Silver Project is located approximately 70kms north of the rural township of Kimba on South Australia's Eyre Peninsula. Access to the project site is predominantly via highways and sealed roads and is approximately 7 hours by road from Adelaide, as seen in Figure 1, below. Major regional centres with industrial capacity, support services and airports are Whyalla (212km) and Port Augusta (227km).

Paris is a shallow, high-grade silver deposit amenable to open pit mining, providing outstanding exposure to a metal with strong commodity, renewable energy and manufacturing demand. Following an extensive infill drilling campaign in late 2020, an updated Mineral Resource estimate of 18.8Mt @ 88g/t silver and 0.52% lead for 53.1Mozs silver and 97.6kt lead was reported in June 20211.

In conjunction with the new resource estimate, metallurgical testwork, process plant design, mine design and optimisation and financial evaluation saw the Pre-Feasibility Study results announced to the market in November 20212.

Figure 1: Location of Investigator's 100% owned Paris Silver Project and other SA exploration tenements.

A detailed program of work has been prepared to complete the Definitive Feasibility Study ("DFS") for the Paris Silver Project. The tasks associated with further metallurgical testwork targeting improved silver recoveries has commenced. In parallel, as described in the Pre-Feasibility Study, the opportunity to recover lead, adding to project revenue is being pursued. Open pit geotechnical drilling will be undertaken in the June Quarter, in addition to the investigation of sustainable water sources for process plant operation.

The June Quarter will also see further resource opportunity and definition drilling within the Paris resource, aimed at further improving confidence and conversion of the resource towards declaration of a reserve as a component of the DFS workplan.

• 1 - As announced to the ASX on 28 June 2021

• 2 - As announced to the ASX on 30 November 2021

ABN 90 115 338 979 | ASX: IVR | Page 2 of 17 PO Box 3235, Norwood SA 5067 [phone] |[e-mail]

Drilling at Uno Range and Morgans

In February 2022, Investigator commenced drilling on its 100% owned Uno Range and Morgans tenements. The Uno Range, Morgans and Harris Bluff package of tenements are located approximately 60km due east of Investigator's Paris Silver Project in South Australia. The tenements have similar geological setting to the Paris/Peterlumbo project area and are regarded as prospective for gold, silver, base metals and copper in a number of settings.

Prior to 2015, Investigator explored a number of these targets with some encouraging results, however focus shifted appropriately to the Paris Silver Project. A comprehensive review was undertaken in 2021, incorporating prior work, more recent field mapping, reprocessing and interpretation of a regional seismic line as well as the additional soil sampling undertaken and analysed using the recently developed CSIRO "Ultra-Fine Fraction+" method.

Uno Range and Morgans Drill Program

Historical drilling, geophysics and soil sampling data were utilised to plan a 26 hole program, with particular focus on the Uno North and 12 Mile prospects. All targets are interpreted as prospective for silver and base metals, with opportunity for gold and copper potential at a number of targets. These prospects are shown in Figure 2 below.

The geological setting of the Uno and Morgans tenements have similarity to that of the Peterlumbo tenement which hosts the Paris Silver deposit and offer potential for discovery of deposits of similar style and setting.

Exploration success at these prospects has the potential to add value to nearby Paris Silver Project.

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Figure 2: Plan showing the 2021 soil sample survey locations (yellow dots), Geoscience Australia's seismic line (yellow) and generated targets (red ellipses) across the Uno Range, Harris Bluff and Morgans tenements.

Interrogation of available historical data by Investigator, with the assistance of consultant Dr Justin Gum, in addition to further interpretation of key intersections of regional NE and NW structures along southern margin of the Gawler Range Volcanics ("GRV"), at the Uno Fault, have focussed drilling in this program.

Reprocessing of Geoscience Australia's regional seismic profile, optimised on shallow features also provided insight into the of structural complexity of the area. The profile, shown in Figure 2 above, traverses the tenement package from east to west and has identified a number of key differences from earlier interpretations of this data.

In the last ASX release that reported on previous drilling at Uno Range and Morgans (8 October 2014), Investigator announced shallow intersections at a number of prospects including Hurricane (UMAC009 3m@26g/t Ag and 3.9% Zn from 93m) and Higher Ground (UMAC014 12m@15g/t Ag from 24m). The majority of holes from the 2014 program encountered lead and/or zinc mineralisation indicating broad prospectivity. Gold anomalism from the program was generally low level, however it is noted that prior tenement holders had undertaken gold exploration in a number of areas within the tenement package.

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The Bevington prospect, located in the western portion of the Uno Range tenement, is a distinct early-stage target that was drill tested in this program. It comprises a magnetic anomaly situated proximal to the Uno Fault, and within an area identified from recent reprocessing of Geoscience Australia's regional seismic program as having significant structural complexity and interpreted to represent a north easterly strike slip, wrench fault zone or "Flower Structure". The location of the holes drilled in the program completed in the March Quarter are shown in Figure 3, below.

Figure 3: Plan showing the location of the 27 RC holes (3,300m) to be drilled at Bevington, Bevington South, Uno North, Harvest, Higher Ground, Hurricane and 12 Mile targets. Background shows regional magnetic image. Historic aircore and RC drilling shown as black dots. Geoscience Australia's seismic line through tenements shown in yellow.

Whilst the rain delayed the planned start of 2022 field work, the 27 hole RC drill program across the Uno-Morgans tenements was completed in March, with the drill rig moving to commence the drilling on targets proximal to Paris.

All samples have been submitted to the laboratory for analysis. As is common across the industry, laboratory demand has increased significantly with substantive delays in receipt of assays. Uno and Morgans assay results are anticipated to be reported in the June Quarter.

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