Investigator resets the Paris playbook with fresh water, new MD Lachlan Wallace, and silver momentum building ahead of a big second-half DFS push

With a bold reframe of its flagship project and a new managing director en route, Investigator Resources is drawing a sharper line under its development credentials. At this year’s RIU Sydney Resources Round-up, acting managing director Andrew Shearer laid out a clear and technically driven update on the Paris Silver Project — and for METS professionals, there’s plenty in the pipeline.

Feasibility Rewind: Not Just a Pause — a Redesign

In a frank address, Shearer explained why Investigator hit the brakes on its Definitive Feasibility Study (DFS) late last year. “We felt the team wasn’t getting full value out of the silver we’ve got in the ground,” he said. “There were assumptions — like water scarcity — that were driving design decisions like dry stack tailings. We now know we’ve got decades-worth of process water, and that changes everything.”

With hydrological and metallurgical studies now integrated, the revised DFS will focus on cost-optimised mine planning and improved recoveries — not just for silver, but for the project’s 99kt lead credit, which was left out of the original 2021 PFS.

Shearer was also blunt about the company’s market trajectory: “We were priced like a developer and now we’re priced like an explorer, but nothing about the resource has changed. That’s the opportunity.”

Incoming MD Brings Operational Firepower

Taking the reins on 1 July is Lachlan Wallace, known for reviving Hillgrove’s Kanmantoo Copper Mine. “He started there as a mining engineer, ended up MD, and turned a shutdown scenario into a producing asset,” Shearer said.

Paris: Shovel-Ready Story, Recalibrated

Located on South Australia’s Eyre Peninsula, Paris is a shallow, open-pittable deposit with strong logistics, a supportive jurisdiction, and traditional owner agreements already in place. More than 70 percent of the orebody is free-dig, and energy inputs are slated for a hybrid diesel-solar system.

Key DFS inclusions now advancing:

• Hydrological security: New groundwater modelling supports conventional tailings options.

• Lead recovery circuit: Testwork is expanding to capture economic co-product value.

• Mine design & power integration: Revisiting capex/opex assumptions under updated parameters.

• Environmental and geotech baselines: Already locked in, giving the DFS a clear runway.

Silver Corridor: From Pit to Potential

What’s unfolding around Paris is just as interesting. Recent hits at Apollo (8m @ 1,262g/t Ag), Perseus (1m @ 79g/t Ag), and Manto (3m @ 86g/t Ag) suggest the main deposit is just one part of a larger system. And with the April-announced JV over the Sunday Iron prospect, the company now controls 15km of high-potential silver terrain.

“The Sunday Iron drillholes were never properly assayed — they were targeting iron. But we’ve seen up to 5m @ 498g/t Ag in the old logs,” said Shearer. “We’ve structured the JV so all the money goes into the ground — no fat.”

Pipeline Projects: Regional and Critical

Investigator’s work doesn’t stop at silver. In the NT, the company is advancing the Molyhil tungsten-molybdenum JV with Thor Energy. A revised resource has been completed, and a scoping study is due mid-year. Though NT collaborative funding lapsed due to land access delays, re-application is underway.

Back in South Australia, regional work at Uno and Morgans is uncovering multi-metal mineralisation: 12m @ 240g/t Ag at Twelve Mile and 123m @ 0.48% Zn at Uno North. Meanwhile, at Curnamona, the company has just secured access to a prime copper-gold zone near the SA/NT border. Drill rig procurement is underway.

What This Means for METS Providers

With the Paris DFS set for release in the second half of 2025, a wave of activity is coming. Likely procurement needs include:

• Crushing, grinding and flotation circuits

• Tailings and water infrastructure

• Modular plant solutions

• Remote camp builds

• Mine access and earthworks

• Environmental monitoring and compliance systems

• Drilling services for exploration and in-fill campaigns

“We’re a silver company, yes — but we’re also a growing operator. The DFS will define not just a project, but a platform,” Shearer said.