Safi Silver Announces Repricing of Warrants and Director Resignation
FOR IMMEDIATE RELEASE
Safi Silver Announces Repricing of Warrants and Director
Resignation
TORONTO, ONTARIO, July 14, 2026 – Safi Silver Corp. (TSX-V: SF, OTCPK: PNTZF) (“Safi
Silver” or the “Company”) is pleased to announce that the exercise price of the 12,500,000 Safi
Silver common share purchase warrants (the “Warrants”) have been reduced from $1.50 to $0.50
(the “ Warrant Repricing”). 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 shares at a price of $0.50. The Company’s press release
dated June 6, 2026 incorrectly stated that there were 2,500,000 Warrants issued and outstanding
with each Warrant exercisable by the Warrant holder to acquire one Safi Silver c ommon share
(each a “Common Share”). In aggregate, there are currently 12,500,000 Warrants exercisable
for 2,500,000 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 (the “ Original Indenture”), providing for the issuance of up to 12,500,000 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 (5) Common Shares being consolidated into one (1) Common
Share (the “ Consolidation”). As a result of the Consolidation, the number of Common Shares
obtainable under the Warrants was decreased by a factor of five (5) and as such the number o f
Common Shares obtainable under each one (1) Warrant from and after June 4, 2024 is 0.2
Common Shares.
The Company intends to amend the terms of the Warrants to extend the expiry date from July 12,
2026, to December 31, 2026, for which the TSX Venture Exchange’s (“TSXV”) 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 post -Consolidation Common Share to $0.50 per post -
Consolidation Common Share. Pursuant to TSXV 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 ten consecutive trading days during the unexpired term of the Warrants, the
closing price of the Common Shares exceeds $0.625 per share, and for greater certainty, the
reduced exercise period of 30 days will begin no more than 7 calendar days after the tenth such
trading day (the “Warrant Acceleration). The Warrant Repricing is subject to the approval of
the TSXV.
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 December 31, 2026 (Please see the Company’s press
releases dated June 30, 2026 and July 6, 2026 for additional information).
Director Resignation
Safi Silver Corp. announces that Mr . 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 Corp. 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 ongoing evaluation. In Namibia,
Safi Silver holds the Kalahari Copperbelt Project.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements
regarding the Warrant Acceleration, the Warrant Repricing, change to the Board of Directors of
the Company and the Company’s future plans and objectives. These statements are based on
current expectations and assumptions that are subject to risks and uncertainties. Actual results
could differ materially because of factors discussed in the management discussion and analysis
section of our interim and most recent annual financial statements or other reports and filings with
the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume
any obligation to update any forward-looking statements, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, contact Tom Panoulias, VP Corporate Development:
+1 (647) 276-6002 x 1127
Website: www.safisilver.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jed Richardson
President & CEO