Mr. Jed Richardson reports

SAFI SILVER ISSUES FINAL TRANCHE OF SHARES FOR THE SILVER HILL PROJECT

Safi Silver Corp. has issued an aggregate number of 625,000 common shares at a deemed value of 40 cents per Safi Silver share to the vendors of the Silver Hill project in Morocco pursuant to the share purchase agreement dated May 25, 2020, between the company and the vendors (please see the company's press release dated Sept. 24, 2020, for further details). The second share issuance is the final issuance of Safi shares pursuant to the Silver Hill transaction.

In addition, the company has issued 31,250 common shares to Majilias Inc. for its role as an arm's-length finder with respect to the Silver Hill transaction.

The second share issuance is an expedited transaction pursuant to TSX Venture Exchange Policy 5.3 (Acquisitions and Dispositions of Non-Cash Assets) and remains subject to final TSX-V acceptance. The second share issuance is at arm's length.

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.

We seek Safe Harbor.