Investigator Resources Limited reported initial assay results from the partially completed 4,800m drill program on its 100% owned Paris Silver Project in South Australia. The Paris Silver Project, with a JORC 2012 resource of 18.8Mt @ 88g/t silver and 0.52% lead for 53.1Mozs silver and 97.6kt lead, is a shallow high-grade silver deposit amenable to open pit mining, providing outstanding exposure to a metal with strong com- modity, renewable energy and manufacturing demand. Paris South Resource Extension Drill Program: In October 2022 Investigator announced that an area previously excluded from exploration activities at the southern end of the Paris deposit had been reviewed by the Gawler Ranges Aboriginal Corporation (GRAC), the Traditional Owners of the land on which Paris is located.

Following additional field surveys and consideration, the GRAC board resolved that the area had no heritage importance and lifted access restrictions to enable drilling. A Reverse Circulation (RC) drill program of approximately 4,800m in 29 holes commenced in late November aimed at testing this cleared area for potential to extend the known silver and lead mineralisation, and ultimately allowing a revised resource estimate for the Paris Silver Project. Assay results for the first 5 holes of the Paris South exploration program have been received and reported in this release.

Two holes reported still have intervals awaiting return of assays. These are related to samples that were moist at the time of drilling. In order to ensure robust Quality Assurance/Quality Control (QA/QC) for any resource estimation, Investigator have followed procedures established at Paris, which involves the drying of moist samples prior to preparation and laboratory analysis.

Whilst time consuming and laborious, the benefit of this procedure is that all samples are processed in a similar fashion, with lower potential for contamination and uniform whole bag weights enabling qualitative analysis of results. Intersections are quoted using a 10g/t silver cutoff with 1m of internal dilution allowance. Where assays are yet to be returned and are required to fully constrain (close-off) an intersection, that intersection has not been reported in this release, and will be updated in future announcements.

Intersections quoted and tabulated in this release are where all samples for the interval have been returned and the intersection closed-off. Hole PPRC850 in Line -2.25 was drilled perpendicular to other planned holes and was designed to provide information on the outcropping silica altered volcanic dyke that runs sub parallel to the standard East-West (local grid) Paris drill line orientations. This hole intersected a broad zone of approximately 113m (down hole width) of intensely silica altered volcanics at the core of the dyke before appearing to change to weakly argillic altered possible ignimbritic volcanics, matching interpretations on prior lines.

This hole (PPRC850) returned an intersection of 72m @ 25g/t silver from a shallow 12m, which included 4m @ 71g/t silver from 62m. Results have been partially returned for holes PPRC851, PPRC852 and finalised for PPRC853. All holes are located to the immediate south of the outcropping silica altered volcanic dyke and intersected variably siliceous and sericite altered volcanic ignimbrite interpreted to be analogous with that at Paris.

Holes were noted to become progressively more argillic altered with depth. Due to difficult ground conditions all three holes failed to intersect the target dolomite basement and are interpreted to remain in altered volcanics. Best intersections to date include 8m @64g/t silver from 94m, including 6m @ 79g/t silver from 96m in Hole PPRC851; 16m @ 100g/t silver from 33m, including 4m @ 333g/t silver from 44m in Hole PPRC852; and 18m @ 27g/t silver from 39m, including 2m @ 72g/t silver at 54m in Hole PPRC853.

As with other holes drilled previously in the southern portion of the Paris deposit, initial results have indicated that broad lead mineralised intervals can be expected, evidenced by Hole PPRC853 which returned 60m @ 1.13% lead from the shallow depth of 4m. Given the initial success from the early results in this program, additional drillholes have been planned and approved on Line -3.0 - a further 50m south of current drilling. Additional drilling will continue attempts to test for dolomite basement given its established association with silver mineralisation within the Paris deposit.

A total of 2,400 samples are currently receipted into the analytical laboratory and progressing through the sample preparation and assay process, with results from these expected to be received in early February. Drilling of approximately 1,500m across the remaining original 8 RC holes will commence in late January, immediately followed by the additional 8 holes to expand coverage further south for approximately 1,500m of drilling. Making a total remaining program of 16 holes for 3,000m at Paris South.

Conclusions: These encouraging initial results from the Paris South exploration program highlight the potential to extend the current Silver-Lead resource estimate more than 200m to the south of the currently known Paris deposit, potentially adding significant value to the project.