Investigator Silver Ltd (ASX:IVR) has declared a maiden ore reserve and confirmed strong economics for its 100%-owned Paris Silver Project in South Australia, following completion of a definitive feasibility study (DFS).
The DFS outlines an 11-year open-pit silver operation producing silver doré via a conventional crush–grind–leach and Merrill–Crowe recovery circuit, positioning Paris as a finance-ready development.
At a spot silver price of US$80 per ounce (A$115.94/oz), Investigator says the project delivers a pre-tax net present value (NPV8) of A$1.15 billion and an internal rate of return (IRR) of 93%, with payback in 11 months from first production.
Under a consensus silver price of US$60.18/oz, Paris still generates a pre-tax NPV8 of A$618 million and IRR of 61%, with payback in 13 months.
All-in sustaining costs are forecast at A$39.70/oz, supporting a net operating cash flow margin of 64% at spot prices and 52% under the consensus case.
Paris is located close to large mining centres; Whyalla and Port Augusta
Maiden ore reserve declared
The DFS underpins a maiden ore reserve of 12 million tonnes at 88 g/t silver for 33 million ounces of contained silver, all in the Probable category.
This sits within a broader mineral resource of 57 million ounces, comprising Indicated and Inferred material. The production target is weighted toward higher-confidence material, with more than 99% of ore in the 11-month payback window sourced from Indicated resources.
Modest capital, rapid payback
The development funding requirement — defined as maximum negative cash through construction and ramp-up — is estimated at A$260 million, including contingency and working capital.
Over life of mine, the project is forecast to generate A$1.87 billion in pre-tax net cash flow at spot prices, or A$1.04 billion under the consensus case.
“The Feasibility Study confirms Paris as a tier-one, high-margin, finance-ready silver development project with strong leverage to the silver price and a practical near-term pathway to silver production. The project is a conventional low-risk development — shallow open-pit, contract mining, and whole-ore leach to produce silver doré; prioritising operability, schedule certainty and a reliable ramp-up,” Investigator managing director Lachlan Wallace said.
“Our objective is clear — move rapidly and methodically from study into development, tighten execution certainty, position Paris to be construction-ready and then look to hit the go-button on building our world-class asset into Australia’s leading, pure silver mine.”
Conventional, staged development
Paris is designed as a shallow open pit using contract mining, with higher-grade ore brought forward in the early years to accelerate cash flow. A staged mining strategy builds stockpiles that are forecast to contain about 1.3 million ounces of recoverable silver by the end of the first year of processing, providing operational flexibility and downside protection.
Located on South Australia’s Eyre Peninsula, about 70 kilometres north of Kimba, the project sits within a supportive Tier-1 mining jurisdiction and within a broader 15-kilometre mineralised corridor offering exploration upside.
With the DFS complete, Investigator will now focus on detailed engineering, permitting progression and funding readiness as it advances Paris towards a final investment decision.