Safi Silver (SF) investor relations material

Strategic focus and growth initiatives

• Transitioned to a pure exploration company after selling the Kombat Mine, now focusing on Moroccan and Namibian projects.

• Exploration is ongoing at Addana and Silver Hill in Morocco, with Kalahari Copper Project in Namibia providing additional exposure.

• Capital returns such as buybacks or dividends are under evaluation, pending board and regulatory approval.

• All decisions are guided by exploration results, capital discipline, and maximizing long-term shareholder value.

Moroccan exploration projects

• Addana Project covers 112 km² with seven prospecting licenses, featuring a 40km trend of silver-lead veins and significant upside.

• Initial drilling at Addana includes 12 holes (2,160m) with a $345,600 budget, targeting extensive quartzite sandstone zones.

• Historic grab samples at Addana returned up to 564 g/t silver, 24.8% lead, and 5.3% zinc.

• Silver Hill Project, 16 km² in the Anti-Atlas, is near Aya’s Boumadine mine and has delivered high copper and silver grades in drilling.

• Silver Hill drill highlights: 14m @ 74 g/t Ag & 1.08% Cu; 8m @ 121 g/t Ag & 1.77% Cu; trenching returned 13m @ 2.7% Cu & 34.5 g/t Ag.

Namibian copper-silver project

• Kalahari Copper Project spans 765,498 hectares in Namibia’s Kalahari Copper Belt, acquired in 2023.

• Project selected for the €5M EU-funded UNDERCOVER research initiative; $1M exploration commitment by March 2026.

• Drone aeromagnetic survey and 3D inversion identified high-priority drill targets, with maiden drilling planned.