Safi Silver Receives Third Quarterly Payment of US $3 Million from Horizon Under Kombat Mine Transaction
Safi uses $3 million from Horizon’s Kombat payment to fund its silver drill campaign in Morocco.
Safi Silver Corp. has received the third scheduled quarterly payment of US $3 million from Horizon Corporation Limited. This payment stems from the previously announced sale of Safi's interest in the Kombat Mine in Namibia. The proceeds are designated to fund non-dilutive exploration at the company's flagship Addana Silver Project in Morocco.
Drilling is actively advancing at two targets: Addana Southwest and Antenna Hill. The announcement follows positive initial drill results released on October 14, 2026, which highlighted high-grade silver intercepts at Addana SW. Management states that the payment strengthens the financial position, allowing continued exploration without shareholder dilution while retaining long-term upside via a retained royalty and contingent consideration.
Safi Silver Corp. (SF) received the third $3 million installment from the Kombat Mine sale, a transaction originally announced in December 2025. This payment aligns with previous expectations and confirms Horizon’s continued commitment to the agreed-upon schedule. The funds provide predictable, non-dilutive capital that directly supports the ongoing maiden drill program at Addana.
While accompanying drill results released on October 14 were encouraging, they represent early-stage exploration data. The market had already priced in the transaction structure and payment schedule, meaning the impact of this receipt is incremental and expected.
Safi Silver Corp. (SF) is shifting its strategic focus toward exploration following the sale of the Kombat Mine. The company’s flagship asset is the Addana Silver Project in Morocco, which encompasses 112 km² across seven exclusive prospecting licences. Historical workings at the site date back 600 years, and the geological model indicates a structurally controlled hydrothermal system featuring vertical zonation, with silver-lead deposits at the surface and potential silver-copper mineralization at depth.
In addition to Addana, Safi Silver holds the Silver Hill project in Morocco, which targets copper-silver-cobalt, and the Kalahari Copper Project in Namibia, which focuses on copper-silver. All of the company’s projects remain in the exploration stage, and no mineral resources or reserves have been disclosed.