SILVER BULL PROVIDES UPDATE ON ITS ARBITRATION CASE AGAINST MEXICO

Executive Summary

• Silver Bull Resources announces that the arbitration hearing against Mexico will commence on October 6, 2025 in Washington, D.C. and is expected to conclude by October 11, 2025.
• The case concerns Mexico’s alleged illegal blockade of the Sierra Mojada project, which began in September 2019.
• Litigation funding of up to US$9.5 million has been secured from Bench Walk Advisors LLC to finance the arbitration.

Key Details

• Hearing Schedule: October 6‑11, 2025, Washington, D.C.; tribunal’s findings typically issued within ~6 months after the hearing.
• Arbitration Basis: Initiated under USMCA/NAFTA claims via the Convention on the Settlement of Investment Disputes (ICSID).
• Legal Representation: Boies Schiller Flexner LLP (BSF) acting for Silver Bull.
• Funding Agreement: Bench Walk Advisors LLC provides up to US$9.5 million to cover case costs and ongoing expenses.
• Background of Claim:
• March 2, 2023 – Formal notice to Mexico of intent to arbitrate over alleged expropriation, denial of fair‑and‑equitable treatment, and breach of national‑treatment standards under NAFTA.
• May 30, 2023 – Meeting with Mexican officials in Mexico City; amicable settlement period expired June 2, 2023 without resolution.
• Sierra Mojada Deposit (only asset):
• Measured & Indicated “global” resource: 70.4 Mt at 3.4 % Zn and 38.6 g/t Ag → 5.35 bn lb Zn, 87.4 M oz Ag.
• High‑grade zones:
  • Zinc zone – 13.5 Mt @ 11.2 % Zn (3.336 bn lb Zn).
  • Silver zone – 15.2 Mt @ 114.9 g/t Ag (56.3 M oz Ag).
• Mineralization remains open to the east, west, and north.

Notable Quotes

• “The Management of Silver Bull is confident in its legal position and looks forward to presenting its case at the upcoming hearing in Washington, D.C.” – Tim Barry, President & CEO.