Investigator Resources (IVR) Conference Transcript

Summary of Investigator Resources (IVR) Conference Call - July 23, 2025 Industry Overview - Precious Metals Market Dynamics: Investors tend to favor gold during global uncertainty, but silver historically outperforms gold in bull markets. In the 1970s, gold increased from $35 to $850, a 24 times return, while silver rose 35% during the same period [1][2]. - Demand Drivers for Silver: Silver serves dual purposes as a store of wealth and an industrial commodity, utilized in electronics, electric vehicles (EVs), and green energy technologies. The ongoing decarbonization trend is expected to drive demand for silver significantly [3][4]. - Supply Constraints: Approximately 75% of silver production comes from Latin America, Russia, and China, regions known for geopolitical instability. The Silver Institute reports deficits of 100 to 250 million ounces, which is about one-fourth of global production [5][6]. Company Overview: Investigator Resources - Paris Silver Project: Investigator Resources owns the Paris Silver Project, which contains 57 million ounces of high-grade silver. The project is positioned in a stable jurisdiction and has district-scale exploration potential [9][10]. - Financial Position: The company has a market cap of approximately $48 million and $5 million in cash, indicating strong funding for ongoing projects [11]. - Definitive Feasibility Study (DFS): The DFS is underway, with previous studies indicating $480 million in free cash. The silver price has increased by 70% since the last study, suggesting potential upside of an additional $650 million [12][13]. Investment Opportunity - Cost Optimization: The company is focusing on reducing operational expenditures (OpEx) to lower cutoff grades, which would allow for more silver to be included in the mine plan. This includes transitioning to alternative power sources and optimizing tailings management [14][15]. - Exploration Potential: The Paris project is part of a 15-kilometer silver corridor with confirmed widespread mineralization. Recent acquisitions, such as the Athena project, present additional exploration opportunities [16][18]. - Upcoming Drilling Programs: Drilling is set to commence in September in a separate area near Broken Hill, which has historical gold and copper mines, highlighting further potential for discovery [19][20]. Market Context - Macro Factors: The current economic environment, characterized by massive money printing, rising U.S. debt, and declining confidence in fiat currencies, is driving investors towards precious metals as a hedge against inflation. The gold to silver ratio is currently at 86:1, significantly above the historical average of 65:1, indicating potential for silver price appreciation [6][7][8]. Conclusion - Strategic Positioning: Investigator Resources is well-positioned to capitalize on the rising demand for silver, with a low-cost, high-grade project and significant exploration potential. The current market conditions present a compelling investment opportunity in the silver sector [21].