Investigator Silver (ASX:IVR) is conducting a $55 million placement to fund an acceleration of activities at the Paris Silver Project in South Australia.
The company will issue 484.5 million shares at $0.086 each to raise the first $41.7 million in tranche one, followed by the issuance of 155.1 million shares to raise the remaining $13.3 million in tranche two.
Tranche one is expected to settle on 9 March 2026, while tranche two is subject to shareholder approval at a general meeting in April 2026.
Barrenjoey Markets, Canaccord Genuity, and MA Moelis Australia Advisory are acting as joint lead managers in this placement, with Alpine Capital as co-manager.
The offer price represents a 28.3% discount to the last closing price of $0.12 on 27 February 2026, as well as a 24.2% discount to the 15-day volume weighted average price.
Investigator’s largest shareholder Jupiter Asset Management has agreed to participate in this placement.
Funds raised in this placement will be used to advance the Paris Project through the next stage of development, such as engineering and design activities, progressing approvals and permitting workstreams, engaging contractors, strategy development, as well as infill and definition drilling.
The acceleration of this project follows a Definitive Feasibility Study (DFS), released last week (27 February), which Investigator says identified “high-margin economics and a clear development pathway”.
The DFS returned a pre-tax net present value of $1.154 billion and an internal rate of return of 93%, with payback 11 months from production and an operating margin of 64% using a silver price of US$80 ($112.60) per ounce.
Managing Director Lachlan Wallace says Investigator will keep momentum flowing at Paris after securing funds to move into execution.
“The DFS confirmed Paris as a financeable and buildable silver project, supported by high margins, impressive economics, a rapid payback period of less than 12 months, and strong leverage to the silver price,” Wallace says.
“We will now focus on accelerating early execution activities, strengthen our delivery team, and progress long-lead procurement planning to keep schedule momentum and bring forward first silver production.
“We will also focus on commencing schedule-critical activities and targeted high-density drilling in the initial mining areas to strengthen lender confidence through the debt repayment period and support more attractive financing terms.”
Trading Economics reports the price of silver at US$90.11 per ounce as of 3 March 2026, representing a 182.14% increase for the year over year.
Investigator Resources is a silver-focused explorer discovering and developing assets primarily on the Gawler Craton of South Australia.
Write to Maddison Elliott at Mining.com.au
Images: Investigator Resources
