Mr. Jed Richardson reports

SAFI SILVER ANNOUNCES REPRICING OF WARRANTS AND DIRECTOR RESIGNATION

The exercise price of the 12.5 million Safi Silver Corp. common share purchase warrants have been reduced from $1.50 to 50 cents. 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 0.2 Safi Silver common share at a price of 50 cents. The company's press release dated June 6, 2026, incorrectly stated that there were 2.5 million warrants issued and outstanding with each warrant exercisable by the warrantholder to acquire one Safi Silver common share. In aggregate, there are currently 12.5 million warrants exercisable for 2.5 million common shares, which are subject to the warrant repricing.

The company and TSX Trust, the warrant agent, entered into a warrant indenture dated July 12, 2023, providing for the issuance of up to 12.5 million warrants. On June 4, 2024, the company effected a consolidation of all of the issued and outstanding common shares on the basis of every five common shares being consolidated into one common share. As a result of the consolidation, the number of common shares obtainable under the warrants was decreased by a factor of five, and, as such, the number of common shares obtainable under each one warrant from and after June 4, 2024, is 0.2 common share.

The company intends to amend the terms of the warrants to extend the expiry date from July 12, 2026, to Dec. 31, 2026, for which the TSX Venture Exchange's consent has been received. In addition, the company intends to amend the terms of the warrants such that the exercise price is reduced from $1.50 per postconsolidation common share to 50 cents per postconsolidation common share. Pursuant to TSX-V policies, the company is required to amend the terms of the warrants to provide that the exercise period of the warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired term of the warrants, the closing price of the common shares exceeds 62.5 cents per share, and, for greater certainty, the reduced exercise period of 30 days will begin no more than seven calendar days after the 10th such trading day. The warrant repricing is subject to the approval of the TSX-V.

The warrant acceleration was approved by holders of the warrants pursuant to an extraordinary resolution. The company has entered into a supplemental warrant indenture dated July 13, 2026, which reflects the warrant repricing, the warrant acceleration and the extension of the expiry dates of the warrants from July 12, 2026, to Dec. 31, 2026 (please see the company's press releases dated June 30, 2026, and July 6, 2026, for additional information).

Director resignation

Safi Silver announces that Noureddine Mokaddem has resigned as a director of the company. Safi Silver expresses its sincere appreciation for the efforts, leadership and contributions of Mr. Mokaddem.

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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