Silver Bullet ships first gold/silver concentrates

Executive Summary

• Silver Bullet Mines Corp. has shipped its first commercial quantity of gold and silver concentrate from the KT mine in Arizona, marking a significant milestone in revenue generation.
• The company has fully converted convertible debentures issued in October 2024, significantly reducing its debt burden, and exercised warrants to raise additional working capital.
• The company plans to increase mill processing capacity and frequency of shipments, while also issuing shares to a long-term consultant as part of an existing agreement.

Key Details

• Concentrate Shipment: First commercial shipment of high-grade gold/silver concentrate from the KT mine in Arizona was picked up on Thursday, Oct. 23, 2025.
• Payment Terms: The company invoiced the client based on internal assay results; payment is due upon receipt of final assays from the client’s facility. Discrepancies will be resolved via umpire assay, though no significant changes are anticipated.
• Operational Expansion: Silver Bullet intends to increase daily material processing through its 100%-owned mill in Globe, Ariz., by expanding working hours and improving process efficiencies.
• Mill Upgrades: The company is working with its engineering group to expand mill capacity and construct a flotation circuit to recover additional metals, including sulphide gold and silver.
• Debt Conversion: Convertible debentures issued in October 2024 have been fully converted to shares. This is the second debenture conversion in 2025, following a conversion of debentures issued in May 2024.
• Warrant Exercise: 2.83 million warrants (issued with the Oct 2024 debentures) and 254,000 warrants (issued with private placements) were exercised.
• Warrant Terms: All exercised warrants had a strike price of 16 cents.
• Consultant Share Issuance: Pursuant to a 36-month consulting agreement dated Dec. 1, 2023 ($10,000/month payable in shares), the company issued 33,333 common shares at 30 cents on Oct. 15, 2025.

Notable Quotes

• "We have always said that SBMI is not in the business of making holes in the ground. We are in the business of selling silver and gold. And we are there." — A. John Carter, CEO