Safi Silver Corp.
Safi Silver Corp. (TSXV: SF, OTCPK: PNTZF) is a Toronto-based grassroots explorer targeting silver in southern Morocco. It is the former Trigon Metals Inc., renamed following a short-form vertical amalgamation with its own subsidiary effective 1 April 2026 -- 'safi' translates from Arabic as clear, pure or unblemished. The rebrand followed the December 2025 closing of the sale of its interest in the producing Kombat copper mine in Namibia to Horizon Corporation Limited, which converted the company from a small producer into a funded explorer: roughly US$24 million from the sale plus up to a further US$13 million in bonuses and ongoing royalties, received in scheduled quarterly instalments of US$3 million. Its flagship is the Addana Project, a 112 km2 permit in Tata Province hosting a silver- and lead-bearing polymetallic vein system with mineralisation traced across some 40 kilometres of strike; an inaugural 12-hole, 2,100-metre drill programme began in 2026. The second Moroccan asset, Silver Hill, is a 16 km2 early-stage sedimentary copper-silver prospect where historical drilling returned high-grade intercepts that remain open at depth and along strike. A Kalahari Copper licence in Botswana is also held. No mineral resource estimate has been published on any of the current projects.
Notable vs. Peers
- Financials score of 2.9/10 is weaker than the peer average of 5.9/10.
Lifecycle Milestones
Jurisdiction (40%)6/10
Both active projects are in Morocco -- Addana in Tata Province in the south, Silver Hill in the Anti-Atlas. Morocco is an established North African mining jurisdiction with a long-running domestic mining industry, but carries meaningfully more permitting, fiscal and political risk than a Tier-1 jurisdiction. A legacy Kalahari Copper licence in Botswana remains in the portfolio. The company's former producing asset, the Kombat Mine in Namibia, was sold in December 2025 and is no longer part of its risk profile.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Addana Silver Project, Anti-Atlas Belt, Southern Morocco (checked Sep 30, 2026; recheck due Mar 29, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:6/10
Morocco: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Safi Silver Corp.
Chief Exploration Officer of Safi Silver Corp. Holds an M.Sc. from Goethe University Frankfurt and a PhD in Structural Geology from the University of the Witwatersrand, Johannesburg; a registered Professional Natural Scientist (Pr.Sci.Nat.) and a Fellow of the South African Institute of Mining and Metallurgy (FSAIMM), and a Qualified Person under NI 43-101. Over three decades of exploration and mining experience; began his career in 1988 with Anglo American on South Africa's deep-level gold mines, rising through Shaft Geologist, Senior Geologist and Divisional/Chief Geologist to Head of the Geophysical Services department, and served as Technical Director on the board of Spectrem.
Vice President, Corporate Development of Safi Silver Corp.
Country Manager of Safi Silver Corp., overseeing the company's Moroccan operations.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Larisa Sprott, President of Sprott Money and part of the well-known Sprott resource-investing network, sits on Safi Silver's board of directors -- confirmed directly from the company's own website -- and insider-trading records show she has also personally bought shares on the open market, though the aggregator data on her exact current position is internally inconsistent and no clean structured figure could be confirmed. Eric Sprott's personal holding vehicle (2176423 Ontario Ltd.) is a confirmed shareholder, not an unconfirmed one as previously described here: his last early warning filing (October 24, 2025, then under the company's prior name, Trigon Metals) showed 6,509,666 shares, approximately 11.9% non-diluted -- down substantially from a 16.4% (33,048,332-share) position reported in January 2024, a real decline rather than a data error, though the cause of the reduction was not established. No filing more recent than October 2025 was found despite the company's subsequent rename to Safi Silver.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Safi Silver, formerly Trigon Metals and renamed on 1 April 2026, is a Toronto-based explorer focused on silver in southern Morocco. It became a funded explorer after selling its interest in the producing Kombat copper mine in Namibia to Horizon Corporation in December 2025 for about US$24 million plus up to US$13 million in bonuses and royalties, paid in quarterly instalments of US$3 million, the second of which it received in July 2026. Its flagship Addana project, a 112 km2 permit in Tata Province, hosts a silver- and lead-bearing vein system traced over about 40 kilometres of strike, where an inaugural 12-hole, 2,100-metre drill program began in 2026. It also holds the early-stage Silver Hill copper-silver prospect in Morocco and a Kalahari Copper licence in Botswana, and no resource has been estimated on any of its current projects.
No reports or presentations linked yet.