Mr. Jed Richardson reports

SAFI SILVER ANNOUNCES PROPOSED EXTENSION OF WARRANTS

Safi Silver Corp. has applied to the TSX Venture Exchange to extend the expiry date of 2.5 million common share purchase warrants from July 12, 2026, to Dec. 31, 2026. The warrants were issued pursuant to the company's private placement of units that closed on July 12, 2023 (please see the company's July 12, 2023, press release for further details regarding the issuance of the warrants). Each warrant entitles the holder to acquire one Safi common share at a price of $1.50 (please see the warrant repricing below). The warrant extension is subject to the approval of the TSX-V. The 2.5 million warrants and the $1.50 exercise price referenced herein reflect the Safi share consolidation on a one-for-five basis completed on June 4, 2024.

On Jan. 22, 2026, the company announced its application to the TSX-V to reduce the exercise price of the warrants from $1.50 to 50 cents. In accordance with TSX-V policies, the warrant repricing is conditional on the inclusion of an acceleration clause, which provides that, in the event that the closing price of the Safi common shares is at or above 63 cents per share for a period of 10 consecutive trading days, the exercise period of the amended warrants will be reduced to 30 days. For greater certainty, the reduced exercise period of 30 days will begin no more than seven calendar days after the 10th premium trading day. Pursuant to the warrant indenture between the company and TSX Trust Company, as warrant agent, dated July 12, 2023, the holders of the warrants must approve the warrant acceleration. The company is working with the holders of the warrants to obtain the requisite approval and will provide a further update regarding the approval of the warrant repricing in due course. The warrant repricing is subject to the approval of the TSX-V. The warrant extension and warrant repricing are not contingent on each other being approved by the TSX-V.

About Safi Silver Corp.

Safi Silver is a publicly traded Canadian exploration and development company with a core focus on copper and silver holdings in mining-friendly African jurisdictions. In Morocco, the company is advancing two exploration projects: Addana, which hosts silver-bearing polymetallic veins, and Silver Hill, a sedimentary copper prospect undergoing continuing evaluation. In Namibia, Safi Silver holds the Kalahari copperbelt project.

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