SILVER BULL PROVIDES UPDATE ON ITS ARBITRATION CASE AGAINST MEXICO

The October 14, 2025, press release announces the completion of the 5-day arbitration hearing against the United Mexican States, which concluded on October 10, 2025. The hearing was held under the auspices of the International Centre for Settlement of Investment Disputes (ICSID).

The next steps in the process involve the submission of Post-Hearing Briefs by November 21, 2025, and submissions on costs by December 5, 2025. Following these submissions, the Tribunal will close the proceedings and render its final award "as soon as practicable." The release reiterates that the arbitration is due to Mexico's alleged failure to protect the company's Sierra Mojada Project from an illegal blockade that has been ongoing since September 2019.

This news is a procedural update and has a non-material, neutral impact on the company. The entire investment case for Silver Bull Resources currently hinges on the outcome of this single arbitration case. The timeline for the hearing in October 2025 was established in prior news releases (e.g., April 30, 2025), and the market has been anticipating this event for months.

The successful completion of the hearing is a minor positive as it confirms the process is moving forward without delays. However, it provides no insight into the potential outcome, which remains the sole determinant of shareholder value. The statement that a final award will be rendered "as soon as practicable" is vague and does not shorten the previously guided timeline of approximately six months post-hearing for a decision.

From a historical perspective, the company has methodically advanced its claim: * March 2023: Initiated the claim for $178 million. * September 2023: Secured crucial non-dilutive litigation financing of up to US$9.5 million, de-risking the company's ability to see the case through. * June 2024: Increased the claim amount to $408 million after engaging a quantum expert. The claim amount was later noted as $374.9 million in an April 2025 release. * October 2025: Successfully completed the hearing as scheduled.

The stock price has already appreciated significantly in 2025, from a low of $0.11 to a high of $0.40, pricing in the expectation of the hearing and a degree of optimism for a positive outcome. This news merely confirms the timeline and meets existing expectations. The binary risk profile of the company—a potentially massive reward from a successful claim versus a near-total loss from an unsuccessful one—is unchanged by this update.

Silver Bull Resources, Inc. is a mineral exploration company whose sole material asset is the Sierra Mojada Project in Coahuila, Mexico. The project hosts a large, NI 43-101 compliant silver and zinc deposit. However, since September 2019, the company has been denied access to the project due to an illegal blockade. As a result, the company has ceased all exploration activities and is now functionally a special-purpose litigation vehicle seeking damages from the government of Mexico via international arbitration for failing to protect its investment.