Interview with Lachlan Wallace, Managing Director of Investigator Silver

Our previous interview: https://www.cruxinvestor.com/posts/investigator-resources-asxivr-paris-silver-project-advancing-towards-dfs-4726

Recording date: 19th March 2026

Investigator Resources (ASX:IVR) is advancing the Paris Silver Project in South Australia, positioning itself as Australia's only pure play silver mining operation at a time when global silver markets face persistent supply deficits. The company's recently completed definitive feasibility study demonstrates compelling project economics with a pre-tax net present value of $1.2 billion at $80 per ounce silver, a 93% internal rate of return, and an 11-month payback period.

Managing Director Lachlan Wallace, who previously delivered the Kanmantoo underground mine on-time and on-budget during his tenure at Hillgrove Resources, brings proven mine-building credentials to the project. Under his leadership, Investigator has deliberately designed Paris for financeability rather than maximizing headline economics, using conservative silver price assumptions of $48 US per ounce—materially below current spot levels—to ensure the project remains robust under various stress scenarios.

The Paris deposit offers significant geological advantages for low-cost production. The shallow, flat, tabular ore body starts just 10 meters below surface and measures 400 meters wide by one kilometer long, ideal for efficient bulk open pit mining. The company's mining strategy front-loads higher-grade zones in the first two years, delivering average head grades of 130 grams per ton compared to the 90 grams per ton life-of-mine average, driving rapid cash generation and early debt repayment.

With $65 million recently raised and a total capital requirement of approximately $260 million Australian, Investigator is well-funded to advance detailed engineering, infill drilling, and permitting activities. The company is targeting debt financing for the remaining capital, with Wallace reporting positive reception from US-based institutional funds and debt providers.

At a current market capitalization of approximately $170 million, Investigator trades at a significant discount to its project value. As Australia's only pure play silver producer, the company offers direct leverage to silver price movements, with every $1 US movement translating to $42 million in life-of-mine project value—positioning shareholders to benefit from structurally supported silver markets facing ongoing supply-demand imbalances.

View Investigator Resources' company profile: https://www.cruxinvestor.com/companies/investigator-resources