Canadian exploration company Safi Silver Corporation has received a third quarterly payment of US$3 million from Horizon Corporation Limited under an agreement involving the sale of its interest in Namibia’s Kombat copper mine.
The latest payment brings the amount received under the three scheduled quarterly instalments to US$9 million, providing Safi with funding for its exploration activities while allowing the company to retain a financial interest in Kombat’s future performance.
In a statement, Safi said the payment forms part of a transaction announced on 23 December 2025, under which it agreed to sell its interest in the Namibian mine to Horizon.
Although Safi has disposed of its interest in Kombat, the agreement allows the company to retain potential financial benefits through a royalty and contingent consideration linked to the mine.
The company said the arrangement provides a predictable source of funding without requiring it to issue additional shares to raise capital.
Safi president and chief executive officer Jed Richardson said the latest payment had strengthened the company’s financial position as it continued implementing its exploration strategy.
“Receiving this third payment further strengthens Safi’s financial position,” Richardson said.
“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.”
The proceeds from the Kombat transaction are supporting Safi’s exploration activities at its flagship Addana Silver Project in Morocco, where the company is advancing drilling programmes targeting silver mineralisation.
Safi said it was currently drilling two targets simultaneously at Addana Southwest and Antenna Hill, following an exploration update released on 16 October 2026.
The company described the Horizon transaction as a continuing source of funding for these activities, allowing it to pursue exploration while retaining exposure to future returns from Kombat.
Under the arrangement, Safi expects to continue receiving payments from Horizon in accordance with the transaction terms.
The company said it would provide further updates as additional payments were received and exploration milestones were achieved at Addana.
