Safi Silver Receives Second Quarterly Payment
In a significant development for the mining sector, Canadian mining firm Safi Silver has announced that it has successfully obtained the second scheduled quarterly payment of $3 million from Horizon Corporation Limited. This payment is part of a larger agreement consisting of eight quarterly installments, established in late 2025, aimed at bolstering the company's exploration activities in Morocco. This strategic financial arrangement is designed to provide a consistent source of non-dilutive funding while ensuring that Safi Silver maintains long-term exposure to the Kombat Mine through royalty and contingent consideration frameworks.
Jed Richardson, the President and CEO of Safi Silver, expressed optimism regarding the timely receipt of this payment, highlighting it as a testament to Horizon's commitment to the ongoing transaction. He stated, "Receiving this second payment on schedule demonstrates Horizon’s continued commitment to the transaction and further strengthens Safi’s financial position." The influx of funds is expected to empower the company to advance its growth strategy without the need to issue additional shares, while still retaining exposure to the promising future performance of the Namibian mining asset.
Progress at Addana Silver Project
In conjunction with this financial boost, Safi Silver has confirmed that exploration activities are progressing well at its flagship Addana Silver Project in Morocco, which remains the company’s primary operational focus. According to Andreas Rompel, the Chief Exploration Officer, drilling at the Addana site is moving forward as planned. He stated, "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." Core samples from the initial two drill holes have already been submitted for laboratory analysis, and drilling is currently underway on the fourth hole of the company's inaugural drilling campaign at this promising Moroccan project. The company anticipates releasing assay results as they become available.
Located near Akka in Morocco’s Tata province, approximately 300 kilometers southeast of Agadir, the Addana Silver Project spans around 112 square kilometers. This area is steeped in history, situated within a renowned lead and silver mining district where extraction activities have been conducted for centuries. Safi Silver has indicated that numerous mineralized veins have been identified along more than 40 kilometers of strike length, supported by historical mining records that suggest high silver and lead grades in the ore extracted from the region. Additionally, initial grab samples collected from historic mine waste have yielded encouraging results, further underscoring the project's potential.
As reported by moroccoworldnews.com.
