Is it a good company at a reasonable price? This is a Canadian mining company. I once had a roommate that was a geologist and any time, I suggested even taking a gamble on a Canadian mining company, she always talked me out of it because apparently Canadian mining companies generally have a bad reputation. However, I realize investing in this company I was gambling. I am fine with that. It has been an interesting adventure following this company. Any money in it is a gamble.
I own this stock of Safi Silver Corp (TSX-SF, OTC-PNTZF). I originally brought this stock in 2000 as Tathacus Resources Ltd. because it was doing interesting things. It was part of a basket of small caps that I was buying at that time. There was a reverse takeover (RTO) of this company on April 28, 2011 by Pan Terra Industries Inc. Symbol PNT. On May 2, 2012 there was a name change from Pan Terra Industries (PNT) to Kombat Copper Inc. (KBT). September 2016 there was a name change to Trigon Metals Inc. Name change in 2026 to Safi Silver Corp. I sold the stock in my Pension fund and bought this stock in my TFSA account.
When I was updating my spreadsheet, I noticed stock price is going down. There is not much information available on this stock on any site. I have spent too much time on this stock that has little value at the present time. They seem to change the name quite a bit.
If you had invested in this company in December 2015, for $1,000.50 you would have bought 667 shares at $1.50 per share. In December 2025, after 10 years you would have received $0 in dividends. The stock would be worth $253.46. Your total return would have been $253.46. This would be a total loss of 12.86% per year with 12.86% from capital loss and 0.00% from dividends.
| Cost | Tot. Cost | Shares | Years | Dividends | Stock Val | Tot Ret |
|---|---|---|---|---|---|---|
| $1.50 | $1,000.50 | 667 | 10 | $0.00 | $253.46 | $253.46 |
There are no dividends so there is no dividend growth or Dividend Payout Ratios (DPR).
Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.04 and currently at 0.05. The Liquidity Ratio for 2025 is good at 1.32 and 1.66 currently. The Debt Ratio for 2025 is good at 1.32 and 1.66 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.50 and 0.50 and currently at 1.51 and 0.51.
| Type | Year End | Ratio Curr |
|---|---|---|
| Lg Term R | 0.04 | 0.05 |
| Intang/GW | 0.00 | 0.00 |
| Liquidity | 1.32 | 1.66 |
| Liq. + CF | 1.33 | 0.29 |
| Debt Ratio | 1.32 | 1.66 |
| Leverage | 1.50 | 1.51 |
| D/E Ratio | 0.50 | 0.51 |
The Total Return per Year is shown below for years of 5 to 14 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below. Chart is from when the company became Kombat Copper Inc. (KBT).
| From | Years | Div. Gth | Tot Ret | Cap Gain | Div. |
|---|---|---|---|---|---|
| 2020 | 5 | 0.00% | -24.99% | -24.99% | 0.00% |
| 2015 | 10 | 0.00% | -12.83% | -12.83% | 0.00% |
| 2012 | 14 | 0.00% | -25.29% | -25.29% | 0.00% |
I cannot do any Price/Earnings testing because of mostly earnings losses over the last 5 and 10 years.
I cannot calculate a Graham Price because of earnings losses. I cannot do any P/GP Ratio testing.
I get a 10-year median Price/Book Value per Share Ratio of 5.04. But I get a median P/B Ratios from a negative 20.11 to a positive 564.70 over the past 10 years. The current P/B Ratio is 1.08 which is 86% below the 10 year median ratio. I doubt this is anywhere close to a good test. However, a P/B Ratio of 1.08 is a low one and a good ratio.
I get a 10-year median Price/Cash Flow per Share Ratio that is negative, so I cannot do any P/CF Ratio test.
There are no dividends, so I cannot do any dividend yield testing.
There is no Revenue, so I cannot do any P/S Ratio test.
Results of stock price testing is that the stock price is that none can be done.
When I look at analysts’ recommendations, I find a Strong Buy (1) from 3 months ago. So, I guess the consensus is a Strong Buy. According to Google there is a target price of $1.50 on Market Watch and that is true. They also say that on Trading View there is a Sell or Strong Sell due to the recent downward price momentum. I when on to the Trading View site on today and under Summary, it says Sell (4), Neutral (9) and Buy (13).
This stock is not on Stock Chase. There is not much to be found online for this company, but there is a Business Wire site talking about positive first drill in Morocco. That is all I can find. There is nothing on Motley Fool. Simply Wall Street has one warning out of does not have a meaningful market cap (CA$20M). Simply Wall Street gives this stock one star out of 5.
Safi Silver Corp is a Canadian exploration company with its core focus on polymetallic silver holdings in southern Morocco. Its project Portfolio includes the Addana Project, the Silver Hill Project, and the Kalahari Copper Project. Its web site is here Safi Silver Corp.
The last stock I wrote about was about was Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more. The next stock I will write about will be Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more on Friday, October 23, 2026 around 5 pm. Tomorrow on my other blog I will write about Bird Construction and Calian Group.... learn more on Thursday, October 22, 2026 around 5 pm.
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