Safi Silver (SF) Corporate Presentation summary

Corporate overview and strategy

• Focused on building a mid-tier African copper producer, leveraging the Kombat Mine in Namibia and exploration in the Kalahari Copper Belt.

• Recently spun out Moroccan assets (Silver Hill and Addana) into Safi Silver Corp. to maximize shareholder value and focus on core Namibian operations.

• Management and board bring deep mining, finance, and African resource sector experience.

• Strong copper market fundamentals driven by global electrification and supply constraints support growth ambitions.

Capital structure and financials

• Market cap of C$36.2M, share price C$0.84, with 43.6M common shares and no debt as of August 2024.

• Working cash of US$5M and options/warrants outstanding; major shareholder Eric Sprott holds 16.2%.

• Sprott streaming deal provided US$37.5M upfront for 100% of Kombat's silver, with buyback options and phased copper streaming.

• Q4 2024 profit from continuing operations was USD $13.4M, with 97,525 tonnes of ore mined, exceeding plan.

Kombat Mine operations and growth

• Kombat Mine has a 15+ year life, with historical production of 12.5Mt ore at 2.6% Cu, 1.55% Pb, and 18g/t Ag.

• Current operations include open pit and Asis West underground mining, with mill processing both ore sources.

• Life of mine C1 cash cost averages $2.19/lb Cu, AISC $2.59/lb; NPV10% (after-tax) is $77.8M, IRR 235%.

• Production ramping up to 69.8M lbs Cu by 2027, with declining costs as underground mining expands.

• FY2025 guidance: 5,500–6,100 tonnes Cu, cash cost $2.80–$3.15/lb, with costs expected to fall as production stabilizes.