SILVER BULL PROVIDES UPDATE ON SIERRA MOJADA

Silver Bull Resources, Inc. (SVB) issued a legal and project-status update regarding its Sierra Mojada Project in Mexico, clarifying that the release does not constitute an earnings report, technical announcement, or financing disclosure. The company restated news previously disclosed on June 1, 2026, confirming that its international arbitration claim against Mexico for US$374.9 million, including interest, was dismissed on jurisdictional and time-limitation grounds.

During the three-and-a-half-year arbitration process, a local individual third party pursued proceedings in lower Mexican courts seeking control of the Sierra Mojada Project. This resulted in an adverse ruling against the company and a lien over the project's mineral licenses. Silver Bull states that the licenses are now subject to this "disputed encumbrance," though it remains the registered owner and is pursuing legal remedies, explicitly warning that these actions "involve risk and may not succeed."

The update reaffirmed the company's NI 43-101 Measured and Indicated global resource of 70.4 million tonnes at 3.4% zinc and 38.6 grams per tonne silver, containing 5.35 billion pounds of zinc and 87.4 million ounces of silver. The high-grade zinc zone comprises 13.5 million tonnes at 11.2% zinc (6% cutoff) for 3.336 billion pounds of zinc, while the high-grade silver zone consists of 15.2 million tonnes at 114.9 grams per tonne silver (50 g/t cutoff) for 56.3 million ounces of silver. Mineralization remains open to the east, west, and north.

Silver Bull noted that more than US$80 million has been incurred over years of exploration. The company stated its immediate priority is to restore clear title and access, with the subsequent objective of evaluating a path toward feasibility and development, potentially with a strong industry partner.

The release contained no new resource estimate, PEA, feasibility study, drill results, named partner, financing terms, or timeline for resolving title issues. It also omitted reference to the annulment process, which the June 1, 2026 release indicated the company had 120 days to evaluate. Additionally, the forward-looking-statements boilerplate in the release referenced "final approval of the Private Placement by the Exchange" and terms for investors, despite no private placement being described in the document.

Silver Bull Resources, Inc. (SVB) has disclosed a second legal encumbrance affecting its sole asset, following a series of developments that have significantly impacted the company’s financial and operational standing. The most recent disclosure, released on 2026-10-05, confirms the dismissal of all claims from a prior arbitration but introduces an adverse lower-court ruling and a lien over the company’s mineral licences. This new development occurs more than four months after the initial dismissal on 2026-06-01, during which time the company had a 120-day window to evaluate an annulment—a period that would have concluded in late September 2026. No annulment, compensation, or resolution of the title blockade was announced during this interval.

The legal history began with a hearing completed on 2025-10-14, with a final award pending and up to US$9.5M in litigation funding secured from Bench Walk Advisors. By 2026-04-16, the award was guided for "late May 2026," and the stock had risen from US$0.29 on 2026-04-08 to US$0.33–0.34 by mid-April in anticipation of the outcome. However, the total dismissal of all claims on 2026-06-01 resulted in a cost award of approximately US$998,000 against the Company. The stock collapsed from US$0.81 on 2026-05-29 to US$0.13, representing an approximately 84% single-session destruction of value.

In the latest release, CEO Mr. Barry stated that the resource was "valued two years ago at greater than US$374.9 million" and is "now valued substantially higher due to the rise in silver and zinc prices." The US$374.9M figure refers to the quantum of damages claimed in arbitration, including interest, rather than a valuation supported by a current economic study. There is no Preliminary Economic Assessment (PEA), feasibility study, net present value (NPV), or independent valuation in the provided materials, and the claim of being "substantially higher" remains unquantified. The market capitalisation of roughly US$5.9M suggests the market assigns close to zero probability-weighted value to the equity.

The disclosure of the lien over the mineral licences is materially value-relevant given that it affects the company's only asset. This legal update sits on top of a balance sheet reported in the MD&A for the nine months ended 2026-07-31, which included a net loss of US$1.36M, cash of US$926,000, a working capital deficiency of approximately US$8.33M, and a negative book value of US$8.26M. The MD&A also noted explicit substantial doubt about going concern and the termination of the Bench Walk litigation funding agreement, including a US$192,000 receivable write-off.

Silver Bull Resources, Inc. is a Vancouver, British Columbia-based exploration company listed on the TSX (SVB) and quoted on the OTCQB (SVBL). It has no revenue and no producing assets.

Its sole asset is the Sierra Mojada silver-zinc deposit in Coahuila, Mexico — an open-pittable oxide deposit with a NI 43-101 compliant Measured and Indicated global resource of 70.4 million tonnes grading 3.4% zinc and 38.6 g/t silver, containing 5.35 billion pounds of zinc and 87.4 million ounces of silver. Within that, a high-grade zinc zone of 13.5 million tonnes at 11.2% zinc (6% cutoff) for 3.336 billion pounds of zinc, and a high-grade silver zone of 15.2 million tonnes at 114.9 g/t silver (50 g/t cutoff) for 56.3 million ounces of silver. Mineralisation is open in the east, west and northerly directions. More than US$80 million has been spent historically on exploration.

Development status: stalled. The project has been subject to a miner blockade since September 2019, arbitration has now failed, the licences carry a disputed lien from an adverse lower-court ruling, and no feasibility study, PEA or mining permit pathway is described. There is no royalty disclosure in the provided materials — royalty status is not addressed and cannot be confirmed from the sources supplied.