Horizon Corporation has paid Safi Silver the second scheduled quarterly payment of US$3 million for Kombat Mine, bringing total payments received to US$6 million.
The payment, announced on 6 July, was made in accordance with the terms of the acquisition agreement concluded in late 2025 and represents the second of eight quarterly instalments Horizon is required to pay. Once completed, the scheduled payments will total US$24 million, excluding any future royalty income and contingent consideration that Safi Silver retained as part of the transaction.
The transaction was structured to provide Safi Silver with a predictable source of non-dilutive capital while allowing the company to maintain long-term exposure to the future performance of the Kombat Mine. Rather than returning to the equity market to raise capital, the company is using proceeds from the sale to finance exploration activities across its African portfolio.
Safi Silver president and chief executive officer Jed Richardson said receiving the second payment on schedule demonstrated Horizon’s continued commitment to the transaction while further strengthening the company’s financial position.
“The proceeds allow us to continue advancing our strategy without shareholder dilution while maintaining exposure to the future success of Kombat. As we continue to execute our exploration plans in Morocco, we believe Safi is well positioned to create long-term value for shareholders,” Richardson said.
Although the Kombat transaction remains an important source of funding, Safi Silver’s immediate operational focus is on its flagship Addana Silver Project in Morocco, where the company is carrying out its maiden drilling programme.
Chief exploration officer Dr Andreas Rompel said drilling continued to make good progress, with core from the first two drill holes already submitted for laboratory analysis. Drilling is currently underway on the fourth hole, while the first assay results are expected in the coming weeks.
“The Addana exploration programme 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.
The latest payment demonstrates that the company continues to meet its obligations under the Kombat acquisition agreement. The mine, one of Namibia’s best-known copper operations, remains an important asset in the country’s base metals sector as Horizon advances plans for its redevelopment following completion of the acquisition.
In addition to announcing the payment, Safi Silver confirmed that the TSX Venture Exchange has approved an extension of the expiry date for 2.5 million outstanding share purchase warrants from 12 July 2026 to 31 December 2026.
The company said it will continue updating the market as further quarterly payments are received from Horizon and as exploration milestones are achieved at its projects in Morocco and Namibia.
