Safi Silver (SF) Q4 2024 earnings summary

Executive summary

• Achieved profit from continuing operations of $13.4M for Q4 2024, with a full-year net loss of $1.47M, influenced by a positive revaluation of the Sprott Streaming liability.

• Operational improvements driven by the start of underground mining and higher ore tonnage contributed to lower costs.

Financial highlights

• Q4 2024 C1 cash costs fell to $3.35/lb on 1,255,652 lbs copper, down from $3.96/lb in Q3 2024.

• 97,525 tonnes of ore mined in Q4, exceeding the 90,000-tonne plan, with an average grade of 1.15% copper.

• Q4 results benefited from a weaker Namibian dollar versus the US dollar.

Outlook and guidance

• Anticipates continued progress and profitability at Kombat Mine, aiming to build into a mid-tier copper producer.

• Q1 2025 results, covering the period ending June 30, 2024, expected to be reported soon.