Safi Silver (SF) Q4 2025 earnings summary

Executive summary

• Q4 saw copper production of 310,190 lbs and silver production of 6,878 oz at Kombat Mine before operations were suspended due to flooding in January 2025.

• Net income for the quarter was $18.1 million, driven by reversal of impairments and stream restructuring gains.

• Adjusted EBITDA was ($906,952), reflecting reduced output and ongoing care and maintenance costs.

• Management withdrew all production, capex, and exploration guidance following the operational pause.

Financial highlights

• Revenue for Q4 was $1.92 million, with gross profit of $3.85 million.

• Net income reached $18.1 million, or $0.38 per share (basic and diluted), mainly due to non-recurring items.

• Adjusted EBITDA was negative at ($907,000), reflecting operational suspension.

• C1 cash cost per pound of copper was $7.50, significantly higher due to low production and recovery rates.

Outlook and guidance

• All production, capex, and exploration guidance has been withdrawn following the Kombat Mine suspension.

• Strategic focus is shifting to exploration projects in Morocco and Namibia.