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Investigator Silver Ltd ASX:IVR

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Dec 2025 to today

Commentary 2 comments

DateManagerActionSummary

31 Mar 2026Cromwell Funds ManagementHeldCromwell Funds Management continues to hold Investigator Silver Ltd because the company's Definitive Feasibility Study for the Paris Silver Project confirmed highly attractive economics — including a pre-tax NPV of A$1.15 billion at 8% discount, a 93% IRR, and 11-month payback — and the company completed a A$55 million placement to fund early construction, long-lead items, and permitting, positioning it to reach a Final Investment Decision without further equity dilution. Cromwell Funds Management notes the share price fell 57.2% over the quarter primarily due to extreme silver price volatility and the dilutive impact of the large capital raising, but views the current enterprise value of approximately A$108 million as offering an attractive risk-reward proposition sized at 2.3% of Fund assets.

Quarterly Report, price recorded $0.07

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31 Dec 2025Cromwell Funds ManagementHeldThe fund manager continues to hold Investigator Silver because the developer advancing the Paris Silver Project on the Central Eyre Peninsula in South Australia rallied 195% over the quarter, with project economics changing materially given the strength in silver prices over the last year. They note the project has been held for an extended period with development progress historically constrained by lower silver prices and limited funding, but unlike most domestic peers with material base-metal credits, Paris is a pure silver project. The manager believes the limited number of listed silver exposures supports scope for a scarcity premium over time, with the recently appointed managing director's communication to the market and articulation of the investment case being exceptional.

Quarterly Report, price recorded $0.14

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on IVR.

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About Investigator Silver Ltd

Materials, Metals and Mining

Investigator Silver (ASX:IVR), a silver explorer in South Australia, rallied with the silver price. In December 2025, Cromwell Funds Management reported Investigator Silver was among its largest contributors among pre-production holdings, rallying strongly alongside rising silver prices. In March 2026, Cromwell noted silver has historically been more volatile than gold due to its smaller market and industrial demand exposure. Investigator Silver operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 2 comments from 1 fund manager, Cromwell Funds Management. Founded in 2005 and headquartered in Norwood, Adelaide, Investigator Silver explores for silver, copper and gold, with its flagship Paris silver project in South Australia's Gawler Craton, one of Australia's highest-grade undeveloped silver deposits, and is progressing studies toward development as silver prices rise on industrial demand from solar panels and electronics.

Market cap: $106m
Price to earnings: Loss-making
Return on equity: -4.2%
Dividend yield: 0.0%
Price to book: 2.27x
Net margin: -118.0%
52-week range: $0.04 to $0.17

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Investigator Silver Ltd (ASX:IVR)?

Fund managers including Cromwell Funds Management have invested in Investigator Silver Ltd (ASX:IVR).

What opportunities or catalysts do fund managers highlight for Investigator Silver Ltd?

Cromwell highlights Investigator Silver's strong rally with silver prices and the potential of its high-grade Paris silver project.

What are the key risks to the Investigator Silver Ltd investment thesis, according to fund managers?

Cromwell notes silver is historically more volatile than gold, and Investigator remains a pre-production company with development risk.

What does Investigator Silver Ltd (ASX:IVR) do?

Investigator Silver Ltd. is an Australian mineral exploration company founded in 2005, headquartered in Norwood. The firm focuses on identifying silver, copper, and gold deposits within the southern Gawler Craton, South Australia. Its key exploration assets include the Paris Silver project, Eyre Peninsula holdings, Peterlumbo, and Maslins IOCG. The company targets precious and base metal resource development throughout the region.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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