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Agadir – Canadian mining company Safi Silver announced today that it has received the second scheduled quarterly payment of $3 million from Horizon Corporation Limited to continue its exploration in Morocco.
The payment is the second of eight quarterly installments agreed under the transaction completed in late 2025. According to the company, the deal is designed to provide a steady source of non-dilutive funding while allowing Safi Silver to retain long-term exposure to the Kombat Mine through royalty and contingent consideration arrangements.
“Receiving this second payment on schedule demonstrates Horizon’s continued commitment to the transaction and further strengthens Safi’s financial position,” said Jed Richardson, President and CEO of Safi Silver.
Richardson said the proceeds will enable the company to continue executing its growth strategy without issuing additional shares, while maintaining exposure to the future performance of the Namibian mining asset.
The company also confirmed that exploration work is progressing at its flagship Addana Silver Project in Morocco, which remains its primary operational focus.
“As we continue to execute our exploration plans in Morocco, we believe Safi is well positioned to create long-term value for shareholders,” Richardson added.
According to Andreas Rompel, Chief Exploration Officer, drilling at the Addana project continues to advance as planned.
“The Addana exploration program continues to progress well. We are encouraged by the pace of drilling and look forward to sharing the first analytical results with the market in the coming weeks,” Rompel said.
Safi Silver said core samples from the first two drill holes have been submitted for laboratory analysis, while drilling is currently underway on the fourth hole of the company’s maiden drilling campaign at the Moroccan project. Assay results will be released once they become available.
The Addana Silver Project is located near Akka in Morocco’s Tata province, about 300 kilometers southeast of Agadir, and covers approximately 112 square kilometers.
The project lies within a historic lead and silver mining district where mining has taken place for centuries. According to Safi Silver, numerous mineralized veins have been identified across more than 40 kilometers of strike length.
The company has also cited historical mining records indicating high silver and lead grades in ore extracted from the area and reported encouraging results from initial grab samples collected from historic mine waste.
