TORONTO, ONTARIO, October 20, 2026 – Safi Silver Corp. (TSX-V: SF, OTCPK: PNTZF) (“Safi Silver” or the “Company”) has received the third scheduled quarterly payment of US$3 million from Horizon Corporation Limited (“Horizon”) pursuant to the previously announced sale of the Company’s interest in the Kombat Mine in Namibia (the “Transaction”) (please see the Company’s press release dated December 23, 2025 for further details regarding the Transaction).
The Transaction is expected to provide Safi with a predictable source of non-dilutive capital while preserving meaningful long-term upside through the retained royalty and contingent consideration associated with the Kombat Mine.
“Receiving this third payment further strengthens Safi’s financial position,” commented Jed Richardson, President and Chief Executive Officer of Safi Silver Corp. “The proceeds allow us to continue advancing our strategy without shareholder dilution while maintaining exposure to the future success of Kombat. As we continue to execute our exploration plans in Morocco, we believe Safi is well positioned to create long-term value for shareholders.”
The Horizon transaction remains a consistent source of funding as the Company’s exploration activities continue to advance at its flagship Addana Silver Project in Morocco. Safi Silver is currently drilling two targets simultaneously: Addana Southwest and Antenna Hill (see press release issued October 16, 2026).
The Company will continue to provide updates as additional Horizon payments are received and exploration milestones are achieved at Addana
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Dr. Andreas Rompel, (Pr.Sci.Nat., FSAIMM), Chief Exploration Officer of Safi Silver, who is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Rompel is not considered independent of the Company
About Safi Silver
Safi Silver Corp. is a publicly traded Canadian exploration and development company with a core focus on copper and silver holdings in mining-friendly African jurisdictions. In Morocco, the Company is advancing two exploration projects: Addana, which hosts silver-bearing polymetallic veins, and Silver Hill, a sedimentary copper prospect undergoing ongoing evaluation. In Namibia, Safi Silver holds the Kalahari Copperbelt Project.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding future payments under the Horizon Transaction, the timing of assay results, the progress of the Addana drill program, and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact Tom Panoulias, VP Corporate Development: +1 (647) 276-6002 x 1127 IR@safisilver.com Website: www.safisilver.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jed Richardson President & CEO