Rising Costs Force Investigator to Delay Paris Silver DFS, Raising Project Viability Questions

Paris Silver Project DFS Delay

Investigator Resources Limited (ASX: IVR) has announced a delay in the release of the Definitive Feasibility Study (DFS) for its flagship Paris Silver Project, now scheduled for mid-2025. The postponement reflects the company’s decision to undertake further optimisation work, particularly focusing on power generation options, tailings management, and owner-operated mining costs.

This strategic pause comes amid rising mining and processing costs since the 2021 Pre-Feasibility Study (PFS), which have negatively impacted preliminary financial metrics. However, Investigator remains optimistic that higher silver prices, recently averaging above AUD$48 per ounce, combined with operational efficiencies, will enhance project economics.

Exploration Momentum Continues

During the December quarter, Investigator completed a 27-hole, 3,800-metre reverse circulation drilling program targeting the Perseus and Manto prospects near Paris. These follow-up holes aim to extend previously identified high-grade silver and lead mineralisation, including standout intercepts such as 1m at 71g/t silver and 0.6% lead at Perseus, and 3m at 31g/t silver at Manto. Assay results are expected in early 2025 and will be critical for refining resource models and mine planning.

Beyond Paris, the company advanced exploration across its Curnamona tenements in South Australia. A comprehensive gravity survey identified three high-priority copper targets at the Treloars Prospect, complemented by induced polarisation (IP) geophysical surveys and soil sampling. A heritage clearance survey with the Wilyakali Traditional Owners was completed, paving the way for planned drilling in the first half of 2025.

Asset Sales and Financial Position

Investigator strengthened its balance sheet through asset sales during the quarter, including the divestment of approximately 30% of the Molyhil Mount Sainthill tenement for $875,000 and the sale of its Stuart Shelf Joint Venture interest and adjacent tenements for $1 million in cash plus royalties. These transactions contributed to a cash balance of $2.7 million at the end of December 2024.

The company continues to manage its expenditures prudently, with ongoing investments in exploration and DFS optimisation balanced against cash inflows from asset sales. The Board’s focus remains on delivering a robust and economically viable silver mining operation at Paris, supported by detailed technical studies and cost reduction initiatives.

Looking Ahead

Investigator plans to maintain momentum in the coming quarter with continued DFS optimisation, including pit design refinements and cost reduction strategies. The market will be watching closely for assay results from the Perseus and Manto drilling programs, which could materially influence project development plans. Additionally, the commencement of drilling at Curnamona’s high-priority targets will be a key milestone in expanding the company’s exploration footprint.

While the delay in the DFS may temper near-term expectations, the company’s methodical approach to addressing cost pressures and leveraging higher silver prices signals a commitment to unlocking value for shareholders.