Safi Silver (SF) Q4 2025 earnings summary

Executive summary

• Q4 marked by operational suspension at Kombat Mine due to flooding, leading to care and maintenance status and retrenchment of most onsite employees.

• Signed definitive agreement to sell Kombat Mine interest for $24 million, payable over eight quarters, with contingent payments tied to copper prices and mill expansion.

• Strategic shift underway to focus on exploration projects in Morocco and Namibia.

Financial highlights

• Q4 copper production: 310,190 lbs; silver: 6,878 oz, both significantly down year-over-year.

• Revenue for the quarter: $1.92 million; net income: $18.1 million, driven by reversal of impairments and stream restructuring gains.

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

• C1 cash cost: $7.50/lb, elevated due to low production and plant recovery.

• Completed $2.53 million private placement to fund corporate expenses and site maintenance.

Outlook and guidance

• All production, capex, and exploration guidance withdrawn following operational pause.

• Focus shifting to exploration at Silver Hill and Addana in Morocco and Kalahari Copperbelt in Namibia.