Mr. Jed Richardson reports

SAFI SILVER CORP. REPORTS POSITIVE FIRST DRILL RESULTS FROM THE ADDANA PROJECT IN MOROCCO

Safi Silver Corp. has released the first assay results from its inaugural drill program at the Addana project, Morocco, comprising holes SW2026-01, SW2026-02 and SW2026-07 at Addana SW.

Four holes (SW2026-01, 02, 06 and 07) have been completed at Addana SW. Hole SW2026-05 is in progress commencing at approximately 50 metres with approximately 770 metres drilled. Drilling resumed in late September after the summer break, and two rigs are operating, one at Addana SW and one at Safi Silver's primary target, Antenna Hill. Results for hole SW2026-06 are pending.

Highlights:

• 657 grams per tonne silver over 1.0 metre (six to seven m, sample 93209) in SW2026-02, unconfirmed; reassay pending to definitively establish such a high grade;
• 35.52 g/t silver over 1.0 metre (147 to 148 m, sample SW7-0176), with 472 parts per million lead and 33 ppm antimony, in SW2026-07.

Results:

• SW2026-02 returned an unconfirmed silver assay of 657 grams per tonne over 1.0 metre, from 6.0 to 7.0 metres (sample 93209), in broken core from a fault zone. This result is substantially higher than all other silver assays and has not yet been verified. The sample is being reassayed, and the company will report the reassay result alongside the original assay.
• SW2026-07 returned 35.52 g/t silver over 1.0 metre, from 147.0 to 148.0 metres, within the first quartzite unit intersected beneath the schist. This interval also returned 472 ppm lead and 33 ppm antimony. Additional individual 1.0-metre intervals in this hole returned silver grades of 9.15, 8.91, 8.41 and 7.63 g/t. Excluding the unconfirmed result from sample 93209, the highest silver grades in SW2026-01 and SW2026-02 were five g/t and 11 g/t, respectively.
• Silver grades of one g/t or greater were reported in 45 of 162 core samples from SW2026-01, 23 of 157 samples from SW2026-02 and 44 of 174 samples from SW2026-07. Maximum lead and zinc values were 2,167 ppm and 2,287 ppm, respectively (table). Copper values did not exceed 165 ppm, except in sample 93209, which returned 713 ppm.
• The drill holes intersected centimetre- to decimetre-scale quartz iron oxide veins consistent with the vein style documented in the Jbel Addana district and whose demonstration was a technical goal Safi Silver wanted to confirm.
• All reported intervals are core lengths. True widths have not been determined and are expected to be less than the reported core lengths. The district's mineralized structures are interpreted to be vertical. Sample intervals of 1.0 and 1.5 metres are longer than the vein intersections. Consequently, the reported grades include both vein material and adjacent wall rock.

Jed Richardson, president and chief executive officer of Safi Silver, said: "These first few results from our first drill campaign in Morocco exceed our expectations for several reasons. Firstly, they do not represent our top targets. What makes this particularly exciting is that this secondary target, selected initially for its accessibility, lies nearly 40 kilometres from the expected core of the system. Encountering this style of mineralization so far from the anticipated centre reinforces our enthusiasm for the broader-scale potential of Addana and the opportunity to explore a much larger mineralized system. Secondly, the results are shallow. This initial drilling program has effectively taken a trenching approach, designed to sample the near-surface geology in an area where surface disturbance makes reliable assessment difficult. Even at this early stage, the results are suggestive and provide encouraging indications of what may lie at depth. Morocco, in the last few years, has demonstrated itself to be an exciting silver jurisdiction. We believe that we have a large, strategic and prospective land package. Further results from Addana, both the southwest zone and initial results from our primary target, Antenna Hill, are forthcoming."

Interpretation and next steps

Published work on the district by El Ouad et al. (2025, Journal of African Earth Sciences, Volume 232, 105801) describes mineralization at Antenna Hill as discrete, vertically dipping veins approximately 20 to 30 centimetres thick, preferentially hosted in competent sandstone and quartzite.

At Addana SW, the drilling intersected a sandstone-dominated sequence with a graphitic schist interval of approximately 50 metres. The upper sandstone hosts the historic workings on the SW hill. The highest silver value other than sample 93209, 35.52 g/t in SW2026-07, occurs in quartzite immediately beneath the schist, but the competent sandstone intersected elsewhere returned only low silver values. Whether the Addana SW veins share the host rock and structural controls described at Antenna Hill has therefore not yet been established.

The drilling has immensely improved the understanding of the local stratigraphy. The contact of the graphitic unit is interpreted to be essentially flat-lying within the area drilled, providing a stratigraphic datum to guide the positioning of subsequent drill holes.

The company is reassaying sample 93209 and submitting 52 core samples for gold analysis by fire assay. Drilling is also advancing to the primary Addana target, where access has been restored following clearance of landslide debris at Antenna Hill. Planned holes will test mapped vein structures within the competent host units. Remaining assay results, including the reassay of sample 93209 and the gold analyses, will be reported as they become available.

Dr. Andreas Rompel, chief exploration officer, commented: "We are encouraged by the initial high-grade silver result and the presence of base metal mineralization in the SW project area. The high-grade silver result is undergoing confirmatory reassaying, and we are looking forward to completing the remaining three holes to further evaluate the mineralized system. With drilling at Antenna Hill expected to commence shortly, we are excited to test additional prospective targets and advance our understanding of the project's potential."

Sampling, analyses and security

Core was sampled at nominal 1.0-metre (HQ) and 1.5-metre (NQ) intervals, adjusted to geological contacts, sawn in half, with one-half sent for analysis and the other retained on site. Sampling was supervised by the company's geological consultant, and samples remained in company custody until dispatch to the laboratory.

Samples were prepared and analyzed by Afrilab (African Laboratory for Mining & Environment), Marrakesh, Morocco, which is independent of the company and holds CALA ISO/IEC 17025 accreditation No. 1005059. Samples were crushed and pulverized (PM-PRE,MO/ANA/015) and analyzed by four-acid digestion with ICP finish (PRE.MO/ANA/038; 39 elements; silver detection limit one gram per tonne) under certificates R-8321-26 to R-8328-26, R-10326-26 to R-10329-26, R-10331-26 to R-10334-26, R-10878-26 to R-10885-26 and R-10892-26. Gold was not included, and 15 grab samples assayed separately by fire assay (R-10330-26) all returned less than 0.05 g/t gold.

Quality control

Blanks, certified reference materials and duplicates (approximately 15 per cent of samples) were inserted. Results are acceptable at this stage, with some coarse-reject duplicate rechecks continuing with the laboratory.

Core recovery averaged approximately 94 per cent in SW2026-01 and was higher in SW2026-02 and SW2026-07. The company is not aware of any other drilling, sampling, recovery or other factor that could materially affect the accuracy or reliability of the results reported.

Data verification

Data verification was carried out by Alexandr Beloborodov, PGeo (OGQ No. 1637), president of ABG Exploration Inc., a geological consultant to the company, who supervised core logging and sampling and the insertion of control samples, reviewed the company and laboratory quality control results, and compared the assay database with the laboratory certificates.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Dr. Rompel, PrSciNat, FSAIMM, chief exploration officer of Safi Silver, a qualified person as defined by National Instrument 43-101. Dr. Rompel is not independent of the company.

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.

Cautionary statements

There has been insufficient exploration to define a mineral resource at Addana, and it is uncertain whether further exploration will result in any target being delineated as a mineral resource. Published descriptions of the district and results from historic workings are not indications of results that may be obtained at the company's properties.

We seek Safe Harbor.