Safi Silver (SF) Q3 2025 earnings summary

Executive summary

• Sold 2.19 million lbs of copper and produced 32,949 oz of silver in Q3 2024, maintaining output despite operational setbacks.

• Net loss of $14.24M ($0.34/share) due to impairment charges and mine flooding; adjusted EBITDA negative $968K.

• Mining operations suspended in January 2025 after pump failures, with expected downtime of 6–9 months and workforce reductions.

• Progressing $24M sale of Kombat Mine to Horizon, with near-term capital injections and future upside tied to copper prices and mine expansion.

• Strategic shift to focus on Kalahari Copper and Safi Silver projects for future growth.

Financial highlights

• Q3 2024 revenue: $7.49M, up from $7.16M in Q2; gross loss widened to $12.12M from $2.20M.

• EBITDA: negative $10.96M; adjusted EBITDA: negative $968K; C1 cash cost: $3.21/lb, improved from $3.46/lb sequentially.

• Realized copper price: $2.93/lb, down from $3.25/lb in Q2, impacted by penalties and pricing formula.

• Net loss increased from $7.07M in Q2 to $14.24M in Q3, mainly due to impairments and operational disruptions.

Outlook and guidance

• All production, capex, and exploration guidance withdrawn following mining suspension in January 2025.

• Management focused on finalizing Kombat Mine sale and advancing core projects.