Investigator Resources : Quarterly Activities and Cash Flow Report

21 July 2022

only	QUARTERLY
ACTIVITIES REPORT
use	30 JUNE 2022
HIGHLIGHTS
personal	OPERATIONAL
∙ Significant high-grade silver intersections outside the Paris Silver Project footprint at
the Apollo Prospect:
	- 7m at 700g/t silver, including 4m @ 1,170g/t silver from 150m (PPRC826)
	∙ Exciting results from the 3,300m of RC drilling across Uno Morgans tenements, includ-
	ing*:
	- 12m @ 240g/t silver from 78m, including 6m @ 383g/t silver from 81m at
	Twelve Mile [UMHRC021].
	- 123m @ 0.48% zinc from 15m, including 24m @ 1.52% zinc from 102m
	[UMHRC011] and 63m @ 0.60% zinc from surface, including 9m @ 1.07%
	zinc from 18m at Uno North [UMHRC010].
For	∙ Follow up diamond drilling completed for structural information on high-grade silver min-
eralisation in the Apollo Prospect.
	∙ The intersection at the Apollo Prospect is the most significant silver intersection identi-
	fied outside of Paris silver deposit.
	∙ Assays from the 7,600m of RC drilling across Peterlumbo tenement expected in July

CORPORATE

• Cash at 30 June 2022 $6.22 million.

*Uno Morgans results released post end of June Quarter

An updated JORC 2012 Mineral Resource esti- mate of 18.8Mt @ 88g/t silver and 0.52% lead for 53.1Mozs silver and 97.6kt lead1 supported Pre- Feasibility Study financial results of: Pre-TaxNPV8 A$202M, Pre-taxIRR 54.1% with capital costs of A$131M2. Work towards completion of the Definitive Feasibility Study is underway.

Exploration initiatives across the significant ground holding in South Australia are progress- ing, with recent success at the Uno Morgans pro- ject - approximately 80km east of the Paris Silver Project3.

Paris is a shallow high-gradesilver deposit ame- nable to open pit mining, providing outstanding exposure to silver - a metal with strong commod- ity, renewable energy and manufacturing de- mand.

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 onlyindustrial capacity, support services and airports are Whyalla (212km) and Port Augusta (227km).

usepersonalFigure 1: Investigator's South Australian tenements

Apollo Prospect

Apollo was initially targeted on a northeast oriented structure interpreted through multiple geophysical datasets in 2020, with a single RC hole (PPRC735) returning a 1m assay at 96g/t silver from 66m4. Follow- up drilling in 2021 intersected broader and higher grade silver intersections and improved knowledge of the structural orientation associated with mineralisation. Following an infill soil sampling program in 2021,

Fora larger drill program was undertaken in early 2022 assessing the broader Apollo prospect.

With field observations identifying potential high grade silver mineralisation, samples from 2 holes were selected for rapid laboratory turn-around. As announced on 23 May 2022, assays from hole PPRC826 returned the highest grade silver intersection ever reported outside the Paris deposit resource footprint, with 7m at 700g/t silver from 150m, including 4m @ 1,170g/t silver.

1 - As reported to the ASX on 28 June 2021.

2 - As reported to the ASX on 30 November 2021.

3 - As reported to the ASX on 7 July 2022.

4 - As reported to the ASX on 10 May 2021.

ABN 90 115 338 979 | ASX: IVR | Page 2 of 13 PO Box 3235, Norwood SA 5067

[phone] | [e-mail] www.investres.com.au

ASX Release - InvestigatorQuarterly Activities Report30 June 2022

Petrology samples taken from within hole PPRC826 have confirmed that the volcanic lithologies in addition to mineralisation and alteration styles are observed to be identical to those at Paris. Additionally, the presence of low-level gold (3m @ 0.13g/t from 150m) within the same interval supports the theory that miner-

onlyalising fluids are of similar origin to that at Paris, which also exhibits a similar low level gold association. Low level gold is not a common feature in the areas drilled proximal to the Paris deposit.

With these highly encouraging early results, a diamond drill hole was completed parallel to hole PPRC826. This diamond twin hole was designed to provide enhanced geological information and structural detail which will assist in interpretation of the controls and structural orientation of mineralisation and allow targeting of the next drilling program within the Apollo Prospect to be planned with greater knowledge of the

usestructural setting. The next drilling program over the Apollo Prospect is anticipated to be undertaken later this year.

The 2022 Exploration Drill Program across the targets proximal to the Paris Silver Project can be seen in Figure 2 below. The eagerly awaited remaining assay results from the 7,600m, 52 hole RC drill program

personalcompleted across six high priority targets are anticipated to be returned from the laboratory in July and will be reported as soon as possible.

For

Figure 2: Plan showing location of the regional 2022 drilling proximal to Paris silver deposit. (holes labelled yellow reported in the Quarter, holes labelled in red are yet to have assays returned from laboratory and will be reported in next Quarter.)

ABN 90 115 338 979 | ASX: IVR | Page 3 of 13 PO Box 3235, Norwood SA 5067

[phone] | [e-mail] www.investres.com.au

ASX Release - Investigator

Quarterly Activities Report

30 June 2022

onlyuse

personalFigure 3: Apollo section showing significant intersections for first two holes drilled. Third hole (PPRC843) awaiting r sults, Diamond twin hole completed at PPRC826.

Mineralisation in hole PPRC826 was interpreted to have stronger association with the quartz veining observed both within the high-grade interval and the broader low grade silver halo of this hole and adjacent

Forhole PPRC825.

A photo micrograph of the thin section of mineralisation within PPRC826 in the petrological review is shown in Figure 4 below.

ABN 90 115 338 979 | ASX: IVR | Page 4 of 13 PO Box 3235, Norwood SA 5067

[phone] | [e-mail] www.investres.com.au

ASX Release - Investigator

Quarterly Activities Report

30 June 2022

onlyuse personalFigure 4: Photo-micrographof PPRC826 152-153msample illustrating multi-stagecharacter of the mineralised

hydrothermal vein with early quartz+pyrite vein (bottom left below red line) cross cut by a later vein (upper side of red line) composed of large angular pyrite fragments (dark yellow) containing small native silver grains within a fine grained dark cement composed of quartz, pyrite and hematite/?goethite (scale - top to bottom of image approximately 3mm) (Photo-micrograph courtesy of Mason Geoscience).

Paris Silver Project - Definitive Feasibility Study

Work programs undertaken to advance the Definitive Feasibility Study (DFS) for the 100% owned Paris Silver Project during the quarter included:

	∙ Paris Open Pit geotechnical drilling.
For	A program of 14 diamond drill holes were completed across the Paris Conceptual Open Pit bound-
aries to improve confidence in the geotechnical assumptions and parameters used in design work.
	Additionally, where holes intersected mineralisation, sampling for assay analysis is being under-
	taken in order to maximise additional information in any future updated resource estimation studies
	in addition to potential additional metallurgical study work. The additional core can be used to
	further support density estimates for the project and a program to generate this additional valuable
	information is underway.

ABN 90 115 338 979 | ASX: IVR | Page 5 of 13 PO Box 3235, Norwood SA 5067

[phone] | [e-mail] www.investres.com.au