Investigator Resources (ASX: IVR) has announced a maiden ore reserve of **33 million ounces **for its **Paris Silver Project **in South Australia, showcasing strong economics with an **A$1.15 billion **pre-tax net present value (NPV8).
The Definitive Feasibility Study (DFS) for the project outlines 12 million tonnes at an average grade of 88 grams per tonne silver.
Under spot pricing of US$80 per ounce silver, the project also offers an internal rate of return (IRR) of **93%, **an 11-year mine life with a throughput of 1.5 million tonnes per annum, and a payback period of 11 months from first production.
The DFS highlights an All-in Sustaining Cost (AISC) of A$39.70 per ounce and a net operating cash flow margin of 64% under spot pricing.
Investigator also notes the district-scale growth potential within a 15-kilometre corridor around Paris.
Significant Funding Requirement Looms
Despite the compelling economics, the Paris Silver Project faces a substantial development funding requirement of approximately A$260 million.
The company's analysis shows the NPV8 to funding multiple at 4.4 times under spot pricing and 2.4 times under consensus pricing (US$60.18 per ounce).
A notable aspect highlighted in the DFS is the reliance on 14% inferred resources within the production target, which will require further de-risking through staged mining and pre-Final Investment Decision drilling.
Stockpiles are projected to provide operational flexibility and lender comfort, with an estimated net realisable value of approximately A$120 million by the end of Year 1.
Trading Halt for Material Announcements
Investigator Resources (IVR) requested a trading halt on 27 February 2026.
The halt was sought pending the release of material announcements, specifically related to the Paris Silver Project DFS and Ore Reserve results, alongside a material capital raising.
The company expects the trading halt to remain in place until the early commencement of normal trading on 3 March 2026, or until the capital raising announcement is made.
This signals the company's imminent need to secure significant funding to advance the Paris project.
Past Progress and Strategic Focus
The company has been actively advancing the Paris Silver Project through a reset of its DFS.
This strategic move was designed to leverage a higher silver price environment and secure a sustainable water source, enabling a lower-risk wet tailings design.
To concentrate capital on its flagship precious metals focus, Investigator has strategically divested non-core assets, including the Molyhil tungsten-molybdenum project.
In June 2025, Investigator completed a A$4.3 million capital raise, primarily to fund exploration activities within the Paris corridor and the completion of the DFS.
