Safi Silver (SF) Q1 2025 earnings summary

Executive summary

• Kombat mine achieved first full quarter of underground production, marking a key milestone for Trigon Metals.

• Q1 copper production reached 2.3 million lbs at C1 cash costs of $3.23/lb; silver output was 33,399 oz.

• Commercial production from the underground mine declared on April 30, 2024, with performance exceeding feasibility study targets.

• Adjusted EBITDA was $1.8 million; net loss attributable to shareholders was $2.1 million ($0.05/share), improved from $2.95 million loss in Q1 2023.

• Full-year 2025 production and cost guidance reaffirmed following strong operating performance.

Financial highlights

• Q1 revenues totaled $10.0 million; gross profit was $1.9 million.

• Adjusted EBITDA reached $1.8 million; cash flow from operations was $3.9 million.

• Net loss for the quarter was $2.1 million, or $0.05 per share (basic and diluted).

• Cash, cash equivalents, and short-term investments stood at $1.2 million at quarter-end.

Outlook and guidance

• FY2025 copper production guidance maintained at 12.1–13.4 million lbs; cash cost guidance at $2.80–$3.15/lb.

• Mined and processed copper grades expected to remain in line with guidance.