FY2022
Portfolio impairment concentrated the carrying value in Paris
Management impaired exploration and evaluation assets other than Paris; the remaining A$23.1m carrying value was described as entirely attributable to the 100%-owned Paris project.
ASX: IVR · Five-year financial review
(ASX: IVR) Investigator Silver Limited Financial Review - FY2022~26
Investigator Silver Limited’s FY2022–FY2026 record is that of a development-stage explorer: operating and investing cash use persisted, while FY2026 liquidity and equity expanded after reported equity raising. The FY2025 profit was driven by tenement-sale income, and exploration-accounting movements are kept distinct from cash flow.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2026 closing cash
A$58.760m
Consolidated cash and cash equivalents at 30 June 2026.
FY2026 share-issue cash
A$63.000m
Reported financing cash-flow proceeds before A$2.956m capital-raising costs.
FY2026 operating cash use
(A$0.998m)
Reported net cash used in operating activities.
FY2026 E&E carrying value
A$39.623m
Closing exploration and evaluation asset; not cash or revenue.
Five years in context
All selected years end on 30 June. The stored annual records describe a development-stage portfolio centred on Paris Silver, with Molyhil activity and later divestment. The report focuses on funding, cash use, earnings composition and exploration accounting rather than asserting unselected revenue or production trends.
Values are displayed in A$ million because selected statutory rows are AUD-labelled or consolidated $ rows from the Australian issuer’s financial statements. Where a stored row does not repeat a currency code, no conversion has been performed.
Events behind the numbers
FY2023
Equity funding and the Molyhil earn-in
A December 2022 A$4.2m capital raising supported activity. At 30 June 2023 the reported Molyhil earn-in Stage 1 spend was about A$0.38m on a pathway to a 25% interest.
FY2024
Molyhil milestone; Paris DFS timing moved
The company reported meeting the A$1m first Molyhil earn-in milestone, forming the joint venture and obtaining a 25% interest; it also said Paris DFS release had moved for further mining and processing optimisation.
FY2025
Tenement sales underpinned the reported profit
The A$0.228m consolidated profit included A$1.462m other income from tenement sales. A$1.0m Stuart Shelf/Lake McFarlane cash was received in December 2024, while FY2025 cash flow records A$1.525m sale-of-tenements proceeds.
FY2026
Placements and Molyhil completion reshaped the period
The report records a A$10m October placement and a two-tranche A$53m March placement, alongside A$63m statutory share-issue cash. Molyhil sale completed 19 January 2026 with A$0.875m upfront cash; the first A$0.438m deferred payment arrived after year-end on 11 September 2026.
FINANCIAL REVIEW / 01
A funding-led step-up in consolidated liquidity and equity
Closing cash declined through FY2023, stabilised in FY2024–FY2025, then increased to A$58.760m in FY2026. The step-up occurred alongside reported share-issue cash of A$63.000m and is not presented as operating cash generation.
Group assets and equity also expanded in FY2026. Capitalised exploration assets and a missing standalone borrowing balance are not treated as liquid cash or evidence of no debt.
Closing cash and total equity
A$ million
Cash and cash equivalentsTotal equity / net assets
AI-generated presentation · values from Consolidated financial position at each 30 June; no missing values plotted as zero.
Consolidated financial position at each 30 June
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 6.222 | 4.497 | 4.529 | 5.066 | 58.760 |
| Total assets | 29.937 | 31.758 | 35.570 | 39.530 | 101.050 |
| Total liabilities | 1.526 | 1.048 | 1.603 | 0.736 | 2.883 |
| Total equity / net assets | 28.412 | 30.710 | 33.967 | 38.795 | 98.167 |
A$ million. Consolidated statutory measures. FY2025 total assets are the explicitly identified FY2026 consolidated comparative; FY2025 cash, liabilities and equity are FY2025 consolidated records.
FY2026 uses consolidated statement rows, not the separately extracted parent-entity rows. No debt balance is presented as zero: the FY2025 packet says interest-bearing borrowings/loans were not separately disclosed and FY2026 separately identifies A$0.315m total lease liabilities.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Operating and investing cash use remained separate from equity funding
Operating cash flow was negative in every displayed year, as was investing cash flow despite sale proceeds in FY2025 and FY2026. Exploration cash spending is retained separately because it is not a substitute for the investing subtotal.
Equity financing was the reported counterweight to those outflows. The FY2026 cash-flow statement remains as reported; the placement-default disclosure qualifies the event but does not override the annual cash-flow line.
Operating, investing and financing cash flow
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash from financing activities
AI-generated presentation · values from Cash flow, exploration spending and equity funding; no missing values plotted as zero.
Exploration cash spending and share-issue proceeds
A$ million
Cash payments for exploration expenditureProceeds from issue of shares
AI-generated presentation · values from Cash flow, exploration spending and equity funding; no missing values plotted as zero.
Cash flow, exploration spending and equity funding
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (1.058) | (1.404) | (1.168) | (1.541) | (0.998) |
| Net cash used in investing activities | (4.499) | (4.636) | (4.087) | (2.232) | (5.554) |
| Net cash from financing activities | 0.192 | 4.316 | 5.287 | 4.311 | 60.246 |
| Cash payments for exploration expenditure | (4.249) | (4.501) | (4.147) | (3.757) | (6.068) |
| Proceeds from issue of shares | 0.192 | 4.200 | 5.722 | 4.300 | 63.000 |
| Capital-raising costs | 0.000 | (0.212) | (0.435) | (0.371) | (2.956) |
A$ million; brackets denote reported cash outflows. Exploration cash payments are an investing cash-flow line, not an exploration-and-evaluation carrying-value movement.
FY2025 investing cash use was reduced by A$1.525m tenement-sale proceeds and FY2026 by A$0.875m. Neither investing subtotal is replaced with exploration cash spending.
FY2026 reported A$63.000m share-issue proceeds and A$60.246m net financing cash. A source claim also describes a A$2m subscription default; this review retains the statutory full-year cash-flow amounts and does not reconstruct placement cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Reported profit was sale-driven; FY2026 expenses included distinct non-cash lines
FY2025 was the only displayed profit year. It coincided with other income from tenement sales while operating and investing cash still flowed out, so it is not presented as a recurring operating-cash result.
FY2026 interest income rose alongside enlarged cash, while administrative and share-based-payment expense also rose. Separate P&L E&E expense and Molyhil impairment are not treated as the E&E asset-note movement or cash-flow reconciliation.
Reported profit / loss after tax
A$ million
Profit / (loss) after tax
AI-generated presentation · values from Reported result and selected income/expense lines; no missing values plotted as zero.
FY2025–FY2026 unique P&L drivers
A$ million
Share-based payment expenseImpairment of exploration and evaluation assetsUnwinding of discount on deferred consideration receivable
AI-generated presentation · values from FY2025–FY2026 earnings drivers: reported P&L lines; no missing values plotted as zero.
Reported result and selected income/expense lines
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (4.134) | (2.641) | (1.983) | 0.228 | (2.485) |
| Other income | 0.234 | 0.015 | 0.014 | 1.462 | 0.000 |
| Interest income | 0.041 | 0.113 | 0.162 | 0.072 | 0.798 |
| Employee benefit expenses — as reported; FY2026 excludes separately shown share-based payment | (0.608) | (1.305) | (0.774) | (0.387) | (0.519) |
| Administrative expenses | (0.831) | (0.818) | (0.702) | (0.834) | (1.410) |
| Exploration and evaluation expense / write-off | (2.970) | (0.646) | (0.683) | (0.085) | (0.002) |
A$ million. Expense rows keep their reported negative sign; they are not positive cost-magnitude series. No synthetic operating-profit measure is calculated.
FY2025 other income was the A$1.462m profit on sale of tenements. The FY2026 packet identifies the stated components as Stuart Shelf/JV and tenements (A$0.948m), NT fluorite (A$0.450m) and White Spur (A$0.063m): a FY2025 driver, not FY2026 income.
The employee-benefit line is not a uniform underlying-cost series: FY2025’s primary P&L amount is A$0.387m, whereas FY2026 presents A$0.353m employee benefits plus a separately shown A$0.034m share-based payment. FY2026 likewise shows A$0.519m employee benefits plus A$1.215m share-based payment. The basis break is retained rather than silently combining or restating the row.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025–FY2026 earnings drivers: reported P&L lines
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Employee benefits (excludes separately shown share-based payment) | (0.353) | (0.519) |
| Share-based payment expense | (0.034) | (1.215) |
| Impairment of exploration and evaluation assets | 0.000 | (0.185) |
| Unwinding of discount on deferred consideration receivable | 0.000 | 0.048 |
A$ million. This short table retains only P&L categories that add context beyond the five-year table. A P&L expense, a non-cash reconciliation add-back and a cash payment are distinct measures.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Capitalised E&E additions, asset reductions and cash expenditure have different meanings
E&E carrying value increased from A$23.117m in FY2022 to A$39.623m in FY2026 after annual capitalised additions and disclosed reductions. These accounting carrying-value movements are not equated with investing cash-flow exploration payments.
FY2026 includes an E&E transfer to non-current assets held for sale and a Molyhil-related impairment. January 2026 Molyhil-sale upfront cash is distinct from deferred consideration received after year-end.
Exploration carrying value and capitalised additions
A$ million
Closing carrying valueCapitalised exploration expenditure
AI-generated presentation · values from Exploration and evaluation asset movement; no missing values plotted as zero.
Exploration and evaluation asset movement
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Closing carrying value | 23.117 | 26.601 | 30.556 | 33.999 | 39.623 |
| Capitalised exploration expenditure | 4.873 | 4.130 | 4.638 | 2.682 | 7.768 |
| Impaired / written off in E&E asset movement | (2.970) | (0.646) | (0.683) | (0.085) | (0.187) |
A$ million. Additions and impairments/write-offs are accounting carrying-value movements and are not equated with the cash-flow exploration-spending line; their accrual and cash timing need not match.
FY2026 separately reports a A$0.185m P&L Molyhil impairment and a A$0.002m P&L exploration-and-evaluation expense. Neither is equated with the A$0.187m Note 14 movement or a cash-flow-reconciliation add-back.
The FY2026 E&E movement also includes a A$1.957m transfer to non-current assets held for sale, excluded here because it is neither addition nor impairment/write-off.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025–FY2026 E&E movement detail
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Opening carrying value | 31.152 | 33.999 |
| Transfer to non-current assets held for sale | 0.000 | (1.957) |
A$ million. This short table retains only the additional opening-balance and held-for-sale boundary; the full five-year additions, write-offs and closings appear once in the five-year table above. The FY2025 opening amount here (A$31.152m) differs from the FY2024 closing carrying value (A$30.556m) in the older annual record. The packet does not establish the basis of that difference, so no automatic bridge or restatement is inferred.
The FY2025 “shares issued on formation of Joint Venture” comparative has ambiguous unit/metadata and is not forced into this monetary movement bridge.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Prepared only from the existing annual extraction packet. No PDF, raw parsed body, database query, web financial lookup, new extraction or MiniMax call was used.
- FY2025 total assets and FY2025 E&E carrying value/additions/write-off use FY2026’s explicitly identified consolidated comparative values, because they provide same-scope values where the FY2025 packet is narrower.
- FY2025 employee-benefit expense differs between the FY2025 primary P&L record (A$0.387m expense) and FY2026 comparative P&L record (A$0.353m expense); the primary value is retained without resolving the discrepancy.
- The report does not claim a complete debt series: FY2025 says borrowings/loans were not separately disclosed, while FY2026 separately reports lease liabilities. Missing a standalone record is not no debt.
- Post-30 June 2026 deferred consideration from Tivan is a dated subsequent event, not backfilled into FY2026 annual cash flow.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Investigator Silver Limited - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Investigator Silver Limited - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Investigator Silver Limited - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Investigator Silver Limited - 2025 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Investigator Silver Limited - 2026 Annual ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.