Silver Bull Resources, Inc.

Overview

• Industry: Mineral exploration focused on evaluating and developing mineral properties. The company is at the exploration stage and has no mining operations or revenues.
• Core asset: Sierra Mojada Property, Sierra Mojada District, Coahuila, Mexico.
• Primary activities: Exploration, concession ownership management, and arbitration related to the Sierra Mojada Property.
• Corporate status: Incorporated in Nevada (originally Cadgie Company on Nov 8, 1993; subsequently Metalline Mining Company; renamed Silver Bull Resources, Inc. on Apr 21, 2011). The company has completed multiple reorganizations and restructurings. As of 2025, core activities are centered on arbitration against Mexico under USMCA/NAFTA (ICSID) concerning the Sierra Mojada Property.

Operations and projects

Sierra Mojada Project (Mexico)

• Location: Sierra Mojada District, west-central Coahuila near the Chihuahua border, approximately 200 km south of the Big Bend region of the Rio Grande.
• Concessions: 19 concessions totaling ~6,482 hectares (about 16,011 acres).
• Access and infrastructure: Accessible by paved road from Torreon; nearby rail service. Power is supplied by Comisión Federal de Electricidad and water by the municipality of Sierra Mojada. On-site facilities include offices, employee accommodations, workshops, and storage.
• Geology: Two mineralization zones along the Sierra Mojada Fault — a Silver Zone (silver-rich) and a Zinc Zone (zinc-rich). Historical mining focused on direct ship ore; there is potential for mill-grade mineralization and high-volume mechanized mining in the future.
• Mineral resources (2023 Technical Report, effective Oct 31, 2023):
  • Measured: 52.0 million tonnes at 39.2 g/t Ag and 4.0% Zn — 65.5 Moz Ag and 4,589.3 Mlb Zn.
  • Indicated: 18.4 million tonnes at 37.0 g/t Ag and 1.9% Zn — 21.9 Moz Ag and 764.6 Mlb Zn.
  • Measured + Indicated: 70.4 million tonnes at 38.6 g/t Ag and 3.4% Zn (with copper ~0.04% and lead ~0.3%).
  • Inferred: 0.1 million tonnes at 8.8 g/t Ag and 6.4% Zn.
  • Notes: Resources are not mineral reserves. Reported within a conceptual NSR-based pit shell using a $13.50/tonne NSR cut-off and commodity price assumptions from Oct 31, 2023 (Silver $18.00/oz; Zinc $1.20/lb).
• Exploration status: No mineral reserves established; the project remains exploratory and its advancement depends on economics, permitting, and funding.
• 2025 activities: Drilling and exploration halted as a result of an ongoing blockade by Mineros Norteños; no drilling conducted in 2025.

Corporate structure and history

• Mexican subsidiaries:
  • Minera Metalin S.A. de C.V.
  • Minas de Coahuila SBR S.A. de C.V.
• Other entities and transactions:
  • Metalline Mining Delaware, Inc. merged into Dome Ventures Corporation in 2010; Dome became a Silver Bull subsidiary.
  • Dome Asia Inc. is a Dome subsidiary registered in the British Virgin Islands.
  • Arras Minerals Corp. was distributed to Silver Bull stockholders in Sept 2021; Silver Bull retained an approximate stake at distribution and subsequently disposed of remaining holdings.
  • Nomad Minerals Ltd. and Nomad Metals Limited (both April 2023) are subsidiaries related to activities in Kazakhstan.

Arbitration

• Proceedings: ICSID arbitration against Mexico under USMCA/NAFTA commenced June 28, 2023. The proceedings seek remedies for losses related to the Sierra Mojada Property. Hearings were scheduled for October 2025 with a final award to follow.

People and facilities

• Employees: Three full-time employees as of Oct 31, 2025 (two at the parent company and one at Minera Metalin).
• Corporate office: 777 Dunsmuir Street, Suite 1605, Vancouver, British Columbia, Canada V7Y 1K4.

Financial snapshot (as of Oct 31, 2025)

• Revenues: None (exploration stage).
• Net income (loss):
  • 2025: Net loss of $13,103,000
  • 2024: Net loss of $169,000
• Cash and equivalents: $1,135,565
• Working capital deficit: $6,202,263 (excluding warrant derivative liability)
• Stockholders’ deficiency: $6,906,000
• Funding and liquidity: Ongoing arbitration financing and prior private placements. Substantial capital will be required for potential exploration, development, or continued arbitration costs.

Operational and legal context

• The company has not realized operating revenues and remains in the exploration stage.
• Surface rights and land access are material considerations for any future development of Sierra Mojada.
• The Sierra Mojada property has been subject to a blockade since September 2019; the company is pursuing international arbitration to recover losses.
• A royalty arrangement on certain concessions (capped at $6.875 million) is disputed with a local cooperative.
• The company continues to emphasize the arbitration process and the need for exploration financing. Production advancement depends on arbitration outcomes, financing, permitting, and other project approvals.