Safi Silver Issues Final Tranche of Shares for the Silver Hill Project

TORONTO — Safi Silver Corp. (TSX-V: SF, OTCPK: PNTZF) (“ Safi Silver ” or the “ Company ”) announces that it has issued an aggregate number of 625,000 common shares at a deemed value of $0.40 per Safi Silver share (the “ Second Share Issuance ”) to the vendors of the Silver Hill project in Morocco (“ Silver Hill ” or the “ Project ”) pursuant to the share purchase agreement dated May 25, 2020 between the Company and the vendors (please see the Company’s press release dated September 24, 2020 for further details) (the “ Silver Hill Transaction ”). 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.

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The Second Share Issuance is an expedited transaction pursuant to TSX Venture Exchange (“TSXV”) Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final TSXV acceptance. The Second Share Issuance is at arms-length.

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.