Safi Silver Provides Update on Addana Drilling Program in Morocco

• Company: Safi Silver Corp. is providing an operational update regarding its diamond drilling campaign at the Addana Project in Morocco.
• Status: Drilling Hole #1 is complete; Hole #2 is underway and expected to finish before May 23, 2026.
• Strategic Context: The company is transitioning toward a strategic focus on Moroccan polymetallic silver exploration following the sale of its ownership interest in the Kombat Mine.
• Operations: Core recovery and geological logging are meeting expectations. Samples will be analyzed by Afrilab in Marrakech using fire assay, AAS, and ICP-MS.
• Transcript Discrepancy: The provided transcript context is for Stifel Financial Corp (Q1 2026 Earnings), not Safi Silver. This data is irrelevant to Safi Silver's operational verification or financial projections and cannot be used to validate management statements regarding Safi.
• Management Sentiment: CEO Jed Richardson and CCO Dr. Andreas Rompel express encouragement regarding progress and professionalism of local teams, framing the drilling as an "important milestone" in the strategic transition.

• Immediate Financial Impact: None. The news is a status update on drilling activity without assay results or resource estimates. No capital raised or debt incurred mentioned in this release.
• Strategic Validation: Positive confirmation that the company is executing its stated pivot from Kombat to Addana. This reduces execution risk regarding the post-Kombat strategy but does not alter valuation until mineralization data is released.
• Market Expectations: The market likely anticipated drilling activity given the previous strategic announcement of the Kombat sale and focus shift. Therefore, this falls under routine operational progress rather than a surprise catalyst.
• Risk Mitigation: Confirms that core processing facilities in Igdi are functional and analytical pathways (Afrilab) are established, reducing logistical risk for future results.

• Flagship Project: Addana Project located in Morocco.
• Project Type: Polymetallic silver exploration targeting structurally controlled mineralization within quartz-carbonate veins.
• Development Stage: Exploration/Drilling Phase.
• Operational Base: Core processing facilities established in Igdi, Morocco; Laboratory analysis via Afrilab in Marrakech.
• Strategic Shift: Transitioning from a diversified portfolio (including Kombat Mine) to a focused Moroccan polymetallic silver exploration company following the sale of Kombat interest.