Safi Silver Corp. Reports Positive First Drill Results from the Addana Project in Morocco

Safi Silver Corp. (SF) has released initial assay results from its maiden drill program at the Addana project in Morocco, focusing on the Addana SW zone. The company reported data from holes SW2026-01, -02, and -07, with results from SW2026-06 pending and SW2026-05 currently in progress.

In hole SW2026-02, the highest reported interval is 657 g/t Ag over 1.0 m (6.0–7.0 m, sample 93209). This result is explicitly unconfirmed, derived from broken core within a fault zone, and is subject to re-assay. The next-best interval in the same hole was 11 g/t Ag over 1.0 m (17–18 m).

Hole SW2026-07 returned 35.52 g/t Ag over 1.0 m (147.0–148.0 m), accompanied by 472 ppm Pb and 33 ppm Sb. Additional 1.0 m intervals in this hole included 9.15, 8.91, 8.41, and 7.63 g/t Ag. In SW2026-01, the highest silver intercept was 5 g/t Ag over 1.5 m (176.5–178 m).

Sample hit rates for silver grades of 1 g/t or higher were recorded at 45 out of 162 samples in SW2026-01, 23 out of 157 in SW2026-02, and 44 out of 174 in SW2026-07. This indicates that approximately 73% of core samples fell below the 1 g/t detection limit. Maximum lead and zinc values reached 2,167 ppm and 2,287 ppm, respectively. Copper concentrations were generally less than or equal to 165 ppm, with the exception of 713 ppm in sample 93209.

The mineralization consists of centimetre- to decimetre-scale quartz–iron oxide veins. All reported intervals represent core lengths; true widths have not been determined and are expected to be narrower. The veins are interpreted as vertical, and because sample intervals of 1.0–1.5 m exceed the vein intersections, the reported grades include wall rock material.

Safi Silver Corp. (SF) is a grassroots, pre-resource explorer with single-digit millions in cash, no established resource, and no metallurgical data. The company’s equity story now centers on Moroccan silver assets, specifically Addana and Silver Hill, alongside the Kalahari copper project, with funding provided by installments from the Kombat sale.

The company released its first-ever assay data from Addana, marking the debut of drilling results for the property. Prior to this release, the market had priced in a promotional narrative based on grab samples ranging from 300 to 560 g/t Ag and claims of a "district-scale" deposit. The maiden drilling results did not deliver a confirmed economic-grade intercept, and the company has not stood behind one headline number.

The results partially confirm the vein style, a technical positive, but provide no continuity, true width, or grade that projects into tonnes. The primary target, Antenna Hill, remains untested. While the thesis is not dead, the hoped-for early discovery did not materialize.

The stock has drifted from C$0.58 in January 2026 to C$0.32, placing it near the lower-middle of its 52-week range. The share price was not priced for a discovery, a factor that caps the downside impact of the results.

Safi Silver Corp. is a Canadian junior explorer focused on copper and silver projects in African jurisdictions. Its flagship asset is the Addana polymetallic vein project in Morocco, which targets silver with associated lead and copper. The project spans approximately 112 square kilometers across seven exclusive prospecting licenses, located roughly 300 kilometers south of Agadir, and a maiden drill program is currently underway.

The company also holds the Silver Hill sedimentary copper-silver prospect in the Anti-Atlas region of Morocco, adjacent to Aya Gold & Silver’s Boumadine project. Historical programs reported by the company include intercepts of 8 meters at 121 grams per tonne silver plus 1.77% copper, and 32 meters at 28 grams per tonne silver plus 0.77% copper. These figures are based on presentation data and do not represent QA/QC-verified results from the current release.

In Namibia, Safi Silver holds 765,498 hectares of licenses in the Kalahari Copperbelt, with a 25% earn-in completed and maiden drilling planned. The company previously sold the Kombat Mine to Horizon Corp. for a total consideration of US$24 million, structured as eight US$3 million quarterly installments, plus contingent payments and royalties upon restart. Two installments have been received to date.

As of September 10, 2026, Safi Silver’s capital structure consisted of 55.1 million shares, 2.7 million warrants priced between $0.25 and $0.50, and 4.4 million options priced between $0.25 and $1.70, resulting in a fully diluted share count of approximately 62.2 million.