Safi Silver Receives Second Quarterly Payment of US $3 Million from Horizon Under Kombat Mine Transaction
Safi advances its maiden drill program at Kombat while a scheduled payment keeps the exploration narrative on track.
Safi Silver Corp. received the second scheduled quarterly payment of US $3 million from Horizon Corporation, marking the second of eight total payments for the sale of its Kombat Mine interest. Management highlighted that these non-dilutive payments strengthen the financial position, allowing continued exploration execution without shareholder dilution.
Drilling is underway on the fourth hole of the maiden program at the Addana Silver Project in Morocco, with core from the first two holes submitted for assay. Additionally, the TSX Venture Exchange approved the extension of expiry for 2,500,000 common share purchase warrants from July 12, 2026, to December 31, 2026.
Safi Silver Corp. (SF) released a routine execution of a previously disclosed transaction alongside a standard exploration progress update. The company confirmed that the $3M payment is scheduled and expected, noting that this does not alter the company's financial trajectory or valuation.
The drill update confirms operational momentum but provides no assay results, grade, or tonnage implications. Additionally, the warrant extension is a minor administrative action to avoid expiration, a move common for junior explorers. Overall, the news confirms business plan execution without introducing new catalysts, guide changes, or material risks.
Safi Silver Corp. is a Toronto-based exploration company focused on polymetallic silver and base metals in Morocco and Namibia. The firm’s flagship asset is the Addana Silver Project, which comprises 112 km² of seven prospecting licences. This property targets structurally controlled silver-lead veins characterized by high-grade historical grab samples.
Safi Silver also holds secondary assets, including the Silver Hill Project, a 16 km² property located near Aya Gold & Silver's Boumadine, and the Kalahari Copper Project, which covers 765,498 hectares in Namibia. The company has transitioned from a producer to a pure exploration entity following the sale of its Kombat Mine to Horizon Corporation for US$24 million, plus expansion bonuses and a 1% copper net smelter return.