Safi Silver (SF) investor relations material

Strategic focus and growth initiatives

• Fully focused on exploration in Morocco and Namibia after divesting the Kombat Mine for $24M plus potential bonuses and royalties.

• Initial drill program at Addana aims to de-risk the project while maintaining capital discipline.

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

• All decisions are guided by exploration results and a commitment to 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.

• Addana's initial drill program includes 12 holes (2,160m) with a $345,600 budget; field preparations and rigs are in place.

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

• Silver Hill project (16 km²) is near Aya's Boumadine mine, with drilling confirming high copper and silver grades.

• Silver Hill drill highlights: 8m @ 121 g/t Ag & 1.77% Cu; trenching returned 13m @ 2.7% Cu, 34.5 g/t Ag, and 82 ppm Co.

Namibia Kalahari Copper Project

• Holds 765,498 hectares in the Kalahari Copper Belt, with $1M exploration commitment by March 2026.

• Selected for the €5M EU-funded UNDERCOVER research initiative.

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

• Region hosts major copper deposits and recent significant drill results by peers.