U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED ~~July~~January 31, ~~2024~~2025.

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _________.

Commission File Number: 001-33125

SILVER BULL RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Nevada	91-1766677
State or other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)

777 Dunsmuir Street, Suite 1605

Vancouver, B.C., Canada V7Y 1K4

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (604)-687-5800

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of ~~September~~March 1213, ~~2024~~2025, there were 47,365,652 shares of the registrant’s $0.01 par value common stock outstanding, the registrant’s only outstanding class of voting securities.

SILVER BULL RESOURCES, INC.

(AN EXPLORATION STAGE COMPANY)

TABLE OF CONTENTS

Page

PART I – FINANCIAL INFORMATION 3 ITEM 1. FINANCIAL STATEMENTS. 3 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 22 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 2928 ITEM 4. CONTROLS AND PROCEDURES. 2928 PART II – OTHER INFORMATION 2928 ITEM 1. LEGAL PROCEEDINGS. 2928 ITEM 1A. RISK FACTORS. 2928 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 2928 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 3028 ITEM 4. MINE SAFETY DISCLOSURES. 3028 ITEM 5. OTHER INFORMATION. 3028 ITEM 6. EXHIBITS. 3129 SIGNATURES 3230

[The balance of this page has been intentionally left blank.]

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SILVER BULL RESOURCES, INC.

(AN EXPLORATION STAGE COMPANY)

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

	July 31, 2024			October 31, 2023
	January 31, 2025			October 31, 2024
	(Unaudited)	~~(Unaudited)~~		(Audited)	~~(Audited)~~
ASSETS
CURRENT ASSETS
Cash and cash equivalents (Note 15)	$	303,561		$	1,008,507
Cash and cash equivalents (Note 14)	$	592,091		$	545,961
Other receivables		32,~~470~~374			51,~~685~~678
Accounts receivable (Note 5)		~~392~~160,~~487~~926			~~140~~181,~~097~~213
Prepaid expenses and deposits		3933,~~649~~165			44,~~637~~113
Due from related party (Note 7)		1722,~~884~~175			5722,~~853~~095
Total Current Assets		~~757~~810,~~051~~731			1795,~~256,779~~060
Value-added tax receivable, net of allowance for uncollectible taxes of $509,448 and $536,010, respectively (Note 8)		94,342			100,613
Value-added tax receivable, net of allowance for uncollectible taxes of $464,215 and $475,908, respectively (Note 8)		86,780			88,814
Office and mining equipment, net (Note 9)		~~124~~120,~~826~~011			~~130~~122,~~937~~453
Property concessions (Note 10)		5,004,386			5,004,386
TOTAL ASSETS	$	56,~~980~~021,~~605~~908		$	6,~~492~~010,~~715~~713
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
LIABILITIES
Accounts payable	$	5298,~~969~~054		$	~~517~~68,~~489~~087
Accrued liabilities and expenses		~~316~~374,~~288~~452			~~258~~308,~~590~~749
Income tax payable		1,500			31,~~000~~500
Loan payable (Note 11)		—			43,256
Warrant derivative liability (Note 13)		92,770			89,580
Total Current Liabilities		370,757			822,335
TOTAL LIABILITIES	$	566,776		$	467,916
Warrant derivative liability (Note 14)		107,615			78,088
COMMITMENTS AND CONTINGENCIES (Note 15)
TOTAL LIABILITIES		478,372			900,423
STOCKHOLDERS’ EQUITY (Notes 11, 12 and 13)
COMMITMENTS AND CONTINGENCIES (Note 16)
STOCKHOLDERS’ EQUITY (Notes 6, 12, 13 and 14)
Common stock, $0.01 par value; 150,000,000 shares authorized, 47,365,652 shares issued and outstanding		2,541,515			2,541,515
Additional paid-in capital		141,~~704~~738,~~694~~026			141,~~604~~723,~~015~~305
Accumulated deficit		(138,~~836~~916,~~224~~657	)		(138,~~645~~814,~~486~~271	)
Other comprehensive income		92,248			92,248
Total Stockholders’ Equity		5,~~502~~455,~~233~~132			5,~~592~~542,~~292~~797
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	56,~~980~~021,~~605~~908		$	6,~~492~~010,~~715~~713

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

SILVER BULL RESOURCES, INC.

(AN EXPLORATION STAGE COMPANY)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE ~~INCOME (~~LOSS) (Unaudited)

	Three Months Ended July 31,							Nine Months Ended July 31,
	Three Months Ended January 31,
	2024			2023				2024			2023
	2025			2024
REVENUES	$	—		$	—	—		$	—		$	—
EXPLORATION AND PROPERTY HOLDING COSTS
Exploration and property holding costs		~~119~~106,~~271~~240			~~122,490~~	131,890			~~305,677~~			~~277,955~~
Depreciation (Note 9)		2,~~292~~442			~~2,850~~	2,442			~~7,127~~			~~10,188~~
Funding Agreement reimbursement (contra expense) (Note 5)		(3536,~~336~~314	)		—	(75,084	)		~~(141,890~~	)		—
Concession impairment (Note 10)		—			—				—			15,541
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS		72,368				59,248
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS		86,227			125,340				170,914			303,684
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel		65,964				98,944
Personnel		(17,915	)		47,114				158,734			242,794
Office and administrative		36,177				62,917
Office and administrative		63,718			61,903				188,914			162,334
Professional services (Note 4)		42,870				69,590
Professional services (Note 4)		20,549			178,662				141,614			444,909
Directors’ fees		28,150				46,664
Directors’ fees		28,997			26,495				105,368			86,645
Provision for uncollectible value-added taxes (Note 8)		1,350				6,208
(Recovery of) provision for uncollectible value-added taxes (Note 8)		(6,352	)		39,098				(9,998	)		49,532
Funding Agreement reimbursement (contra expense) (Note 5)		(143,399	)			(194,501	)
Funding Agreement reimbursement (contra expense) (Note 5)		(134,795	)		—				(510,500	)		—
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES		31,112				89,822
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES		(45,798	)		353,272				74,132			986,214
LOSS FROM OPERATIONS		(103,480	)			(149,070	)
LOSS FROM OPERATIONS		(40,429	)		(478,612	)			(245,046	)		(1,289,898	)
OTHER INCOME (EXPENSES)
OTHER INCOME (EXPENSES)
Interest income		3,719				2,998
Interest income		20,995			3,229				41,693			16,320
Foreign currency transaction gain		7,071				6,376
Foreign currency transaction loss		2,787			(95	)			11,502			(5,491	)
Change in fair value of warrants derivative liability (Note 13)		(6,836	)			(66,698	)
Change in fair value of warrants derivative liability (Note 14)		37,356			—				(28,685	)		—
Miscellaneous income		—				14,719
Miscellaneous income (Notes 9 and 11)		—			—				30,853			—
TOTAL OTHER INCOME (EXPENSES)		3,954				(42,605	)
Other costs		—			—				—			(19,355	)
LOSS BEFORE INCOME TAXES		(99,526	)			(191,675	)
TOTAL OTHER INCOME (EXPENSES)		61,138			3,134				55,363			(8,526	)
INCOME TAX EXPENSE		(2,860	)			(1,000	)
INCOME (LOSS) BEFORE INCOME TAXES		20,709			(475,478	)			(189,683	)		(1,298,424	)
NET AND COMPREHENSIVE LOSS		(102,386	)			(192,675	)
INCOME TAX RECOVERY (EXPENSE)		425			(1,000	)			(1,055	)		(1,717	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Note 6)	$	(0.00	)	$		(0.00	)
NET AND COMPREHENSIVE INCOME (LOSS)		21,134			(476,478	)			(190,738	)		(1,300,141	)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		47,365,652				47,365,652
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (Note 6)	$	0.00		$	(0.01	)		$	(0.00	)	$	(0.04	)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES (Notes 6, 13 and 14)		47,365,652			35,680,652				47,365,652			35,385,322

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

SILVER BULL RESOURCES, INC.

(AN EXPLORATION STAGE COMPANY)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

	~~Common Stock~~	Common Stock
	~~Number of Shares~~	Number of Shares	~~Amount~~	Amount	~~Additional Paid-in Capital~~	Additional Paid-in Capital	~~Accumulated Deficit~~	Accumulated Deficit		~~Other Comprehensive Income~~	Other Comprehensive Income	~~Total Stockholders’ Equity~~	Total Stockholders’ Equity
Nine months ended July 31, 2024
Three months ended January 31, 2025
Balance, October 31, 2023		47,365,652	$	2,541,515	$	141,604,015	$	(138,645,486	)	$	92,248	$	5,592,292
Balance, October 31, 2024		47,365,652	$	2,541,515	$	141,723,305	$	(138,814,271	)	$	92,248	$	5,542,797
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 13)		—		—		100,679		—			—		100,679
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 12)		—		—		14,721		—			—		14,721
Net loss for the nine-month period ended July 31, 2024		—		—		—		(190,738	)		—		(190,738	)
Net loss for the three-month period ended January 31, 2025		—		—		—		(102,386	)		—		(102,386	)
Balance, July 31, 2024		47,365,652	$	2,541,515	$	141,704,694	$	(138,836,224	)	$	92,248	$	5,502,233
Balance, January 31, 2025		47,365,652	$	2,541,515	$	141,738,026	$	(138,916,657	)	$	92,248	$	5,455,132

	~~Common Stock~~	Common Stock
	~~Number of Shares~~	Number of Shares	~~Amount~~	Amount	~~Additional Paid-in Capital~~	Additional Paid-in Capital	~~Accumulated Deficit~~	Accumulated Deficit		~~Other Comprehensive Income~~	Other Comprehensive Income	~~Total Stockholders’ Equity~~	Total Stockholders’ Equity
Three months ended July 31, 2024
Three months ended January 31, 2024
Balance, April 30, 2024		47,365,652	$	2,541,515	$	141,686,083	$	(138,857,358	)	$	92,248	$	5,462,488
Balance, October 31, 2023		47,365,652	$	2,541,515	$	141,604,015	$	(138,645,486	)	$	92,248	$	5,592,292
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 13)		—		—		18,611		—			—		18,611
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 12)		—		—		62,837		—			—		62,837
Net income for the three-month period ended July 31, 2024		—		—		—		21,134			—		21,134
Net loss for the three-month period ended January 31, 2024		—		—		—		(192,675	)		—		(192,675	)
Balance, July 31, 2024		47,365,652	$	2,541,515	$	141,704,694	$	(138,836,224	)	$	92,248	$	5,502,233
Balance, January 31, 2024		47,365,652	$	2,541,515	$	141,666,852	$	(138,838,161	)	$	92,248	$	5,462,454

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

SILVER BULL RESOURCES, INC.

(AN EXPLORATION STAGE COMPANY)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH ~~STOCKHOLDERS’~~FLOWS ~~EQUITY~~ (Unaudited)

	Common Stock
	Three Months Ended January 31,
	Number of Shares			Amount			Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive Income		Total Stockholders’ Equity
	2025			2024
Nine months ended July 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Balance, October 31, 2022		35,055,652		$	2,418,415		$	140,750,310	$	(137,394,298	)	$	92,248	$	5,866,675
Net loss	$	(102,386	)	$	(192,675	)
Issuance of common stock as follows:
Adjustments to reconcile net loss to net cash used by operating activities:
- For compensation at $0.14 per share (Note 12)		625,000			6,250			82,161		—			—		88,411
Depreciation (Note 9)		2,442			2,442
Stock option activity as follows:
Provision for uncollectible value-added taxes (Note 8)		1,350			6,208
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 13)		—			—			66,053		—			—		66,053
Foreign currency transaction (gain) loss		(11,056	)		9,345
Net loss for the nine-month period ended July 31, 2023		—			—			—		(1,300,141	)		—		(1,300,141	)
Stock options issued for compensation (Note 12)		14,721			62,837
Balance, July 31, 2023		35,680,652		$	2,424,665		$	140,898,524	$	(138,694,439	)	$	92,248	$	4,720,998
Change in fair value of warrant derivative liability (Note 13)		6,836			66,698
Miscellaneous income		—			(14,719	)
Changes in operating assets and liabilities:
Other receivables		(699	)		1,391
Accounts receivable		20,287			(69,585	)
Prepaid expenses and deposits		10,828			10,835
Due from related party (Note 7)		(80	)		(4,987	)
Accounts payable		31,037			(434,734	)
Accrued liabilities and expenses		74,619			73,136
Value-added tax receivable (Note 8)		(1,769	)		(6,759	)
Income tax payable		—			1,000
Net cash provided by (used in) operating activities		46,130			(489,567	)
CASH FLOWS FROM FINANCING ACTIVITY:
Loan repayment		—			(29,438	)
Net cash used in financing activity		—			(29,438	)
Net increase (decrease) in cash and cash equivalents		46,130			(519,005	)
Cash and cash equivalents beginning of period		545,961			1,008,507
Cash and cash equivalents end of period	$	592,091		$	489,502

	Common Stock
	Number of Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive Income		Total Stockholders’ Equity
Three months ended July 31, 2023
Balance, April 30, 2023		35,680,652	$	2,424,665	$	140,883,647	$	(138,217,961	)	$	92,248	$	5,182,599
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 13)		—		—		14,877		—			—		14,877
Net loss for the three-month period ended July 31, 2023		—		—		—		(476,478	)		—		(476,478	)
Balance, July 31, 2023		35,680,652	$	2,424,665	$	140,898,524	$	(138,694,439	)	$	92,248	$	4,720,998

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

~~The accompanying notes are an integral part of these interim condensed consolidated financial statements.~~6

6SILVER BULL RESOURCES, INC.

~~SILVER~~(AN ~~BULL~~EXPLORATION ~~RESOURCES,~~STAGE ~~INC.~~COMPANY)

~~(AN~~CONDENSED ~~EXPLORATION~~INTERIM ~~STAGE~~CONSOLIDATED ~~COMPANY~~STATEMENTS OF CASH FLOWS (CONTINUED)

~~CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS~~ (Unaudited)

	Nine Months Ended July 31,
		Three Months Ended January 31,
	2024			2023
		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Net loss	$	(190,738	)	$	(1,300,141	)
Income taxes paid	$	—		$	—
Adjustments to reconcile net loss to net cash used by operating activities:
Interest paid	$	—		$	—
Depreciation (Note 9)		7,127			10,188
(Recovery of) provision for uncollectible value-added taxes (Note 8)		(9,998	)		49,532
Foreign currency transaction income		(13,503	)		(204	)
Stock options issued for compensation (Note 13)		100,679			66,053
Miscellaneous income (Notes 9 and 11)		(30,853	)		—
Change in fair value of warrant derivative liability (Note 14)		28,685			—
Shares of common stock issued for services (Note 12)		—			88,411
Concessions impairment (Note 10)		—			15,541
Changes in operating assets and liabilities:
Value-added tax receivable (Note 8)		13,401			(9,954	)
Other receivables		2,212			(2,298	)
Accounts receivables (Note 5)		(252,390	)		—
Prepaid expenses and deposits		4,816			26,873
Due from related party (Note 7)		39,969			20,406
Accounts payable		(464,081	)		168,773
Accrued liabilities and expenses		75,600			221,805
Income tax payable		(1,500	)		(500	)
Net cash used in operating activities		(690,574	)		(645,515	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment (Note 9)		(1,068	)
Proceeds from sale of equipment (Note 9)		16,134			—
Net cash provided by investing activities		15,066			—
CASH FLOWS FROM FINANCING ACTIVITY:
Loan repayment (Note 11)		(29,438	)		—
Net cash provided by financing activity		(29,438	)		—
Net decrease in cash and cash equivalents		(704,946	)		(645,515	)
Cash and cash equivalents beginning of period		1,008,507			886,728
Cash and cash equivalents end of period	$	303,561		$	241,213

~~The accompanying notes are an integral part of these interim condensed consolidated financial statements.~~7

7NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN

~~SILVER~~Silver ~~BULL~~Bull ~~RESOURCES~~Resources, ~~INC~~Inc. (the “Company”) was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company’s name was changed to Metalline Mining Company. On April 21, 2011, the Company’s name was changed to Silver Bull Resources, Inc. The Company’s fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and is not expected to enter into the development stage with respect to any of its projects.

The Company owns a number of property concessions located in Coahuila, Mexico (ANcollectively ~~EXPLORATION~~known ~~STAGE~~as ~~COMPANY~~the “Sierra Mojada Property”). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. (“Minera Metalin”) and Minas de Coahuila SBR S.A. de C.V. (“Minas”).

~~CONDENSED~~On ~~CONSOLIDATED~~April 16, ~~STATEMENTS~~2010, OFMetalline ~~CASH~~Mining ~~FLOWS~~Delaware, Inc., a wholly-owned subsidiary of the Company incorporated in the State of Delaware, was merged with and into Dome Ventures Corporation (~~CONTINUED~~“Dome”), a Delaware corporation. As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc., incorporated in the British Virgin Islands.

On April 23, 2023, Nomad Minerals Ltd. (~~Unaudited~~“Nomad Minerals"), a wholly-owned subsidiary of the Company, was incorporated in British Columbia, Canada. On April 28, 2023, Nomad Metals Limited was incorporated at Astana International Financial Centre in Astana, Republic of Kazakhstan, as a wholly-owned subsidiary of Nomad Minerals.

	Nine Months Ended July 31,
	2024		2023
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid	$	2,555	$	2,249
Interest paid		—		—

The Company’s efforts and expenditures have been concentrated on the exploration of properties, principally in the Sierra Mojada Property located in Coahuila, Mexico (the “Sierra Mojada Project”). The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company’s investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities. The ultimate realization of the Company’s investment in exploration properties cannot be determined at this time.

The ~~accompanying~~Company ~~notes~~is ~~are~~presently pursuing an ~~integral~~Arbitration Claim ~~part~~(the “Arbitration” or the “Claim”) against the United Mexican States (“Mexico”). The Arbitration arises from Mexico’s unlawful expropriation and other unlawful treatment of ~~these~~Silver Bull and its investments resulting from ~~interim~~the ~~condensed~~illegal ~~consolidated~~blockade ~~financial~~of ~~statements~~Silver Bull’s Sierra Mojada Property. The Company is continuing to seek out other exploration projects for potential development and investment.

8Exploration Stage

~~NOTE~~The Company 1has –established ~~ORGANIZATION~~the existence of mineral resources for the Sierra Mojada Project. The Company has not established proven or probable reserves, ~~DESCRIPTION~~as defined by the United States Securities and the U.S. Securities and Exchange Commission (the “SEC”) subpart OF1300 ~~BUSINESS~~of ~~AND~~Regulation ~~GOING~~S-K ~~CONCERN~~(“S-K 1300”), through the completion of a “final” or “bankable” feasibility study for Sierra Mojada Project. Furthermore, the Company has no plans to establish proven or probable reserves for Sierra Mojada Project. As a result, the Company remains an exploration stage company, as defined by the SEC.

~~Silver~~Beginning ~~Bull~~with ~~Resources, Inc. (~~the “Company~~”) was~~’s ~~incorporated~~annual inreport ~~the State of Nevada~~ on ~~November~~Form 8,10-K ~~1993 as the Cadgie Company~~ for the ~~purpose~~year ~~of acquiring and developing mineral~~ended ~~properties.~~October ~~The Cadgie Company was a spin-off from its predecessor~~31, ~~Precious Metal Mines~~2022, ~~Inc. On June 28, 1996,~~ the Company’s ~~name was~~reports changed to Metalline Mining Company. On April 21, 2011, the Company’s name was changed to Silver Bull Resources, Inc. The Company’s fiscal year-end is October 31. The Company has not realized any revenues from its ~~planned~~mineral ~~operations~~resources ~~and~~in isaccordance ~~considered an exploration stage company. The Company has not established any reserves~~ with ~~respect~~S-K ~~to its exploration projects and is not expected to enter into the development stage with respect to any of its projects~~1300.

The Company owns a number of property concessions located in Coahuila, Mexico (collectively known as the “Sierra Mojada Property”). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. (“Minera Metalin”) and Minas de Coahuila SBR S.A. de C.V. (“Minas”).8

OnGoing April 16, 2010, Metalline Mining Delaware, Inc., a wholly-owned subsidiary of the Company incorporated in the State of Delaware, was merged with and into Dome Ventures Corporation (“Dome”), a Delaware corporation. As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc., incorporated in the British Virgin Islands.Concern

OnSince ~~April~~its ~~23,~~inception ~~2023~~in November 1993, ~~Nomad~~the ~~Minerals~~Company has ~~Ltd~~yet to generate revenue and has incurred an accumulated deficit of $138,917,000. ~~(“Nomad~~Accordingly, the Company has not generated cash ~~Minerals")~~flows from operations. Since inception, athe ~~wholly-owned~~Company ~~subsidiary~~has relied primarily upon proceeds from private placements and registered direct offerings of the Company’s equity securities, ~~was~~sales ~~incorporated~~of ininvestments ~~British~~and ~~Columbia~~warrant exercises as the primary sources of financing to fund the Company’s operations. As of January 31, ~~Canada~~2025, the Company had cash and cash equivalents of approximately $592,000. OnWith respect ~~April~~to 28the anticipated costs associated with the aforementioned arbitration, as of September 5, 2023, ~~Nomad~~the ~~Metals~~Company has secured third-party ~~Limited~~arbitration ~~was~~finance ~~incorporated~~from atBench ~~Astana~~Walk ~~International~~Advisors ~~Financial~~LLC ~~Centre~~(“Bench Walk” or the “Funder”) in ~~Astana,~~an ~~Republic~~amount of ~~Kazakhstan,~~up to $9.5 million (Note 5). The funding has been completed as purchase of a ~~wholly-owned~~contingent ~~subsidiary~~entitlement ofto ~~Nomad~~damages in the event that a damages award ~~Minerals~~is recovered from Mexico (Note 5).

~~The~~Despite the arbitration finance in place, based on the Company’s ~~efforts~~constrained cash and ~~expenditures have~~cash ~~been~~equivalents, ~~concentrated~~and onhistory ~~the exploration~~ of ~~properties~~losses, ~~principally~~there inexists a certain level of uncertainty regarding the ~~Sierra~~Company’s ~~Mojada~~ability ~~Property~~to ~~located~~sustain inits ~~Coahuila,~~operation ~~Mexico~~over (the ~~“Sierra Mojada~~next ~~Project”)~~12 months as a going concern. ~~The~~While the Company ~~has~~entered ~~not~~into ~~determined~~a ~~whether~~Funding Agreement ~~its~~aimed ~~exploration~~at ~~properties~~covering ~~contain~~arbitration ~~ore~~legal ~~reserves~~costs ~~that~~and ~~are~~certain ~~economically~~other ~~recoverable. The~~costs, ~~ultimate~~supplemental ~~realization~~fundraising ofwill ~~the~~be ~~Company’s~~essential ~~investment~~to inmeet ~~exploration~~more ~~properties~~extensive operational isdemands. ~~dependent~~Management ~~upon~~plans ~~the~~to ~~success~~pursue ofpossible ~~future~~financing ~~property sales~~and strategic options, ~~the~~including, ~~existence~~but ofnot ~~economically~~limited ~~recoverable~~to, ~~reserves~~obtaining additional equity financing, and the ~~ability~~exercising of ~~the~~warrants ~~Company~~by towarrantholders. ~~obtain~~Management ~~financing~~has orsuccessfully ~~make~~pursued ~~other~~these ~~arrangements~~options previously and believes ~~for~~that ~~exploration,~~they ~~development,~~alleviate ~~and~~the ~~future~~substantial ~~profitable~~doubt ~~production~~that ~~activities.~~the ~~The~~Company ~~ultimate~~can ~~realization~~continue ofits operations for the ~~Company’s~~next ~~investment~~12 months as a going concern. However, inthere ~~exploration~~is ~~properties~~no ~~cannot~~assurance that the Company will be ~~determined~~successful atin ~~this~~pursuing ~~time~~these plans.

~~The~~These ~~Company~~interim iscondensed ~~presently~~consolidated ~~pursuing~~financial ~~an Arbitration~~statements ~~Claim~~have ~~(the~~been ~~“Arbitration”~~prepared oron ~~the~~a ~~“Claim”)~~going ~~against~~concern ~~the~~basis ~~United~~and ~~Mexican~~do ~~States~~not ~~(“Mexico”).~~include ~~The~~any ~~Arbitration arises~~adjustments ~~from Mexico’s~~to ~~unlawful~~the ~~expropriation~~amounts and ~~other~~classification ~~unlawful treatment~~ of ~~Silver~~assets ~~Bull~~ and ~~its investments resulting from~~liabilities ~~the~~that ~~illegal~~may ~~blockade~~be ofnecessary ~~Silver~~in ~~Bull’s~~the ~~Sierra~~event ~~Mojada~~the ~~Property. The~~ Company iscan ~~continuing~~no tolonger ~~seek~~continue ~~out~~as ~~other~~a ~~exploration~~going ~~projects~~concern. ~~for potential~~Such ~~development~~adjustments ~~and~~could ~~investment~~be material.

~~Exploration~~NOTE ~~Stage~~2 – BASIS OF PRESENTATION

The Company’s ~~has~~interim ~~established~~condensed ~~the~~consolidated financial ~~existence~~statements ofhave ~~mineral~~been ~~resources~~prepared ~~for~~in ~~the~~accordance ~~Sierra~~with ~~Mojada~~generally ~~Project.~~accepted ~~The~~accounting ~~Company~~principles ~~has~~in ~~not~~the ~~established~~United ~~proven~~States orof ~~probable~~America (“GAAP”) ~~reserves,~~and asapplicable ~~defined~~rules byof the ~~United~~SEC ~~States~~regarding ~~Securities~~interim ~~and~~reporting. ~~the~~All ~~U.S.~~intercompany ~~Securities~~transactions and ~~Exchange~~balances ~~Commission~~have ~~(the~~been ~~“SEC”)~~eliminated ~~subpart~~during consolidation. ~~1300~~Certain ofinformation ~~Regulation~~and ~~S-K~~note ~~(“S-K~~disclosures ~~1300”),~~typically ~~through~~included ~~the~~in ~~completion~~financial ofstatements aprepared ~~“final”~~in oraccordance ~~“bankable”~~with ~~feasibility~~GAAP have been condensed ~~study~~or ~~for~~omitted ~~Sierra~~pursuant ~~Mojada~~to ~~Project~~such rules and regulations. ~~Furthermore~~The consolidated balance sheet at October 31, 2024, was derived from the ~~Company~~audited ~~has~~consolidated financial nostatements. ~~plans~~Accordingly, tothese ~~establish~~interim ~~proven~~condensed orconsolidated ~~probable~~financial ~~reserves~~statements ~~for~~should ~~Sierra~~be ~~Mojada~~read ~~Project.~~in conjunction with the condensed Asconsolidated afinancial ~~result,~~statements and notes thereto contained in the Company’s ~~remains~~Annual anReport ~~exploration~~on ~~stage~~Form ~~company,~~10-K asfor ~~defined~~the byyear ~~the~~ended ~~SEC~~October 31, 2024.

~~Beginning~~All ~~with~~figures ~~the~~are ~~Company’s~~in ~~annual~~United ~~report~~States ondollars ~~Form 10-K for the year ended~~unless ~~October~~otherwise ~~31, 2022, the Company reports its mineral resources in accordance with S-K 1300~~noted.

9The interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a routine recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company’s interim condensed consolidated financial statements. Accordingly, operating results for the three months ended January 31, 2025, are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2025, or any future period.

~~Going Concern~~9

~~Since~~NOTE ~~its~~3 ~~inception~~– inSIGNIFICANT ~~November~~ACCOUNTING ~~1993, the Company~~POLICIES has yet to generate revenue and has incurred an accumulated deficit of $138,836,000. Accordingly, the Company has not generated cash flows from operations. Since inception, the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company’s equity securities, sales of investments and warrant exercises as the primary sources of financing to fund the Company’s operations. As of July 31, 2024, the Company had cash and cash equivalents of approximately $304,000. With respect to the anticipated costs associated with the aforementioned arbitration, as of September 5, 2023, the Company has secured third-party arbitration finance from Bench Walk Advisors LLC (“Bench Walk” or the “Funder”) in an amount of up to $9.5 million. The funding has been completed as purchase of a contingent entitlement to damages in the event that a damages award is recovered from Mexico (Note 5).

~~Despite~~The ~~the~~significant ~~arbitration~~accounting ~~finance~~policies inare ~~place, based on~~defined ~~the~~in ~~Company’s constrained cash and cash equivalents, and history of losses, there exists a certain level of uncertainty regarding~~ the Company’s ~~ability~~Annual toReport ~~sustain~~on ~~its~~Form ~~operation~~10-K ~~over~~for the ~~next~~year 12ended ~~months~~October ~~as a going concern. While the Company entered into a Funding Agreement aimed at covering arbitration legal costs and certain other costs~~31, ~~supplemental~~2024 ~~fundraising~~filed ~~will~~with ~~be essential to meet more extensive operational demands. Management plans to pursue possible financing and strategic options, including, but not limited to, obtaining additional equity financing, and~~ the ~~exercising~~SEC ofon ~~warrants~~January by warrantholders. Management has successfully pursued these options previously and believes that they alleviate the substantial doubt that the Company can continue its operations for the next 12 months as a going concern. However28, ~~there~~ ~~is no assurance that the Company will be successful in pursuing these plans~~2025.

~~These~~Recent ~~interim~~Accounting ~~condensed~~Pronouncements ~~consolidated~~Not ~~financial~~Yet statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern. Such adjustments could be material.Adopted

~~NOTE~~In 2December –2023, Financial ~~BASIS~~Accounting OFStandards ~~PRESENTATION~~Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU expands public entities’ income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU will be effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

~~The Company’s interim condensed consolidated~~In ~~financial~~November ~~statements~~2024, ~~have~~the ~~been~~FASB ~~prepared~~issued inASU ~~accordance~~2024-03, ~~with~~Income ~~generally~~Statement-Reporting ~~accepted~~Comprehensive ~~accounting~~Income-Expense ~~principles~~Disaggregation inDisclosures ~~the United States of America~~ (~~“GAAP”)~~Subtopic ~~and~~220-40): ~~applicable~~Disaggregation ~~rules~~ of ~~the~~Income ~~SEC~~Statement ~~regarding interim reporting~~Expenses. ~~All~~This ~~intercompany~~ASU ~~transactions~~requires ~~and~~public ~~balances~~entities ~~have~~to ~~been~~disclose ~~eliminated~~specified ~~during~~information ~~consolidation.~~about certain ~~Certain~~costs ~~information~~ and ~~note~~expenses ~~disclosures~~at ~~typically~~each ~~included~~interim inand ~~financial~~annual ~~statements~~reporting ~~prepared~~period, inwhich ~~accordance~~includes ~~with~~amounts ~~GAAP~~for ~~have~~inventory ~~been~~purchases, ~~condensed~~employee compensation, ordepreciation, ~~omitted~~intangible ~~pursuant~~asset toamortization, ~~such rules~~ and ~~regulations.~~expenses ~~The~~related ~~consolidated~~to ~~balance~~oil ~~sheet~~and atgas ~~October~~activities. ~~31,~~This ~~2023,~~ASU ~~was~~will ~~derived~~be ~~from~~effective ~~the~~for ~~audited~~fiscal ~~consolidated~~years ~~financial~~beginning ~~statements.~~after ~~Accordingly~~December 15, ~~these~~2026 and interim ~~condensed~~periods ~~consolidated~~beginning ~~financial~~after ~~statements~~December ~~should~~15, be2027, ~~read~~with inearly ~~conjunction~~adoption ~~with~~permitted. ~~the~~The ~~condensed~~Company ~~consolidated~~is ~~financial~~currently ~~statements~~evaluating ~~and~~the ~~notes~~impact ~~thereto~~of ~~contained~~adopting inthis ~~the~~ASU ~~Company’s Annual Report~~ on ~~Form~~its ~~10-K~~consolidated ~~for~~financial ~~the~~statements ~~year~~and ~~ended October 31, 2023~~disclosures.

~~All~~Other ~~figures~~recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are innot ~~United~~expected ~~States~~to ~~dollars~~have ~~unless~~a significant ~~otherwise~~impact ~~noted~~on the Company’s present or future consolidated financial statements.

~~The~~NOTE ~~interim~~4 ~~condensed~~– ~~consolidated~~ILLEGAL ~~financial statements~~BLOCKADE ~~have~~OF ~~been~~SIERRA ~~prepared~~MOJADA onPROPERTY ~~the same basis as the audited consolidated financial statements. In the opinion of management, the interim~~AND ~~condensed~~ICSID consolidated financial statements furnished herein include all adjustments, all of which are of a routine recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company’s interim condensed consolidated financial statements. Accordingly, operating results for the nine months ended July 31, 2024, are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2024, or any future period.ARBITRATION

~~NOTE~~The 3Company’s –efforts ~~SIGNIFICANT~~and ~~ACCOUNTING POLICIES~~expenditures have been concentrated on the exploration of properties, principally with respect to the Sierra Mojada Property located in Coahuila, Mexico.

~~The~~On ~~significant~~June 1, ~~accounting~~2018, ~~policies~~the ~~are~~Company ~~defined~~and its subsidiaries inMinera ~~the~~Metalin ~~Company’s~~and ~~Annual~~Contratistas ~~Report~~de onSierra ~~Form~~Mojada 10S.A. de C.V. entered into an earn-Kin ~~for~~option agreement (the ~~year~~“South32 ~~ended~~Option ~~October~~Agreement”) with 31South32 International Investment Holdings Pty Ltd (“South32”), ~~2023~~a ~~filed~~wholly-owned ~~with~~subsidiary of South32 Limited (ASX/JSE/LSE: S32), whereby South32 was able to obtain an option to purchase 70% of the ~~SEC~~shares onof ~~January~~Minera ~~26,~~Metalin ~~2024~~(the “South32 Option”).

~~Recent~~On ~~Accounting~~October 11, ~~Pronouncements~~2019, ~~Not~~the ~~Yet~~Company ~~Adopted~~and its subsidiary Minera Metalin issued a notice of force majeure to South32 pursuant to the South32 Option Agreement. Due to an illegal blockade by a cooperative of local miners called Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (“Mineros Norteños”), the Company halted all work on the Sierra Mojada Property. The notice of force majeure was issued because the Company and its subsidiary Minera Metalin were unable to perform their obligations under the South32 Option Agreement due to the blockade. Pursuant to the South32 Option Agreement, any time period provided for in the South32 Option Agreement was to be generally extended by a period equal to the period of delay caused by the event of force majeure.

~~In November~~On ~~2023~~August 31, ~~the~~ ~~Financial Accounting Standards Board (“FASB”) issued ASU 2023-07~~2022, ~~Segment~~ ~~Reporting~~due ~~(Topic 280): Improvements~~ to ~~Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to~~ the ~~chief~~ongoing ~~operating decision maker and included within each reported measure of segment profit~~blockade ~~or loss, an amount and description~~ of ~~its~~the ~~composition for other segment items~~site, ~~and~~the ~~interim~~South32 ~~disclosures~~Option ofAgreement awas ~~reportable~~mutually ~~segment’s profit~~terminated orby ~~loss~~South32 and ~~assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for~~ the Company~~’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, with early adoption permitted~~. ~~The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.~~

~~Other~~No ~~recent~~portion ~~accounting pronouncements~~of ~~issued~~the byequity ~~the~~value ~~FASB~~of ~~(including~~the ~~its~~Company was ~~Emerging~~classified ~~Issues~~as ~~Task~~temporary ~~Force)~~equity ~~and~~as the ~~SEC~~South32 ~~did~~Option ~~not~~had orno ~~are~~intrinsic ~~not~~value. ~~expected~~South32 paid $518,000 to ~~have~~the Company as a ~~significant~~final payment ~~impact~~for onthe exploration costs incurred by the Company’s ~~present~~during orthe ~~future~~blockade, ~~consolidated~~and ~~financial~~the ~~statements~~Company released South32 from all of claims as of the date of termination.

10As of March 13, 2025, the blockade by Mineros Norteños at, on and around the Sierra Mojada Property is ongoing, and the Company remains unable to access the Sierra Mojada Property.

~~NOTE 4 – ILLEGAL BLOCKADE OF SIERRA MOJADA PROPERTY AND ICSID ARBITRATION~~10

~~The~~On March 2, 2023, the Company’s ~~efforts~~filed ~~and~~the ~~expenditures~~NAFTA ~~have~~Notice of Intent. The Company has been ~~concentrated~~unable onto access the ~~exploration~~project ofsince ~~properties,~~the ~~principally~~illegal ~~with~~blockade ~~respect~~commenced toin September 2019. Despite numerous demands and requests for action by the ~~Sierra~~Company, ~~Mojada~~Mexican ~~Property~~governmental ~~located~~agencies inhave ~~Coahuila~~allowed this unlawful conduct to continue and, ~~Mexico~~as such, failed to protect the Company’s investment.

OnThe ~~June 1,~~Company ~~2018,~~held ~~the~~a ~~Company~~meeting ~~and~~with ~~its~~Mexican ~~subsidiaries~~government ~~Minera~~officials ~~Metalin~~in ~~and~~Mexico ~~Contratistas~~City deon ~~Sierra~~May ~~Mojada~~30, ~~S.A.~~2023, dein ~~C.V. entered into~~ an ~~earn-in~~attempt ~~option~~to ~~agreement~~explore ~~(the~~amicable ~~“South32~~settlement ~~Option~~options ~~Agreement”) with~~and ~~South32~~avoid ~~International~~arbitration. ~~Investment Holdings Pty Ltd (“South32”)~~However, athe ~~wholly~~90-~~owned subsidiary of South32 Limited (ASX/JSE/LSE:~~day ~~S32),~~period ~~whereby~~for ~~South32~~amicable ~~was~~settlement ~~able~~under toNAFTA ~~obtain~~expired anon ~~option~~June to2, ~~purchase~~2023, ~~70%~~without ofa ~~the shares of Minera Metalin (the “South32 Option”)~~resolution.

On ~~October 11~~June 28, ~~2019~~2023, the Company ~~and~~commenced ~~its~~international ~~subsidiary~~arbitration ~~Minera~~proceedings ~~Metalin~~against ~~issued~~Mexico aunder ~~notice of force majeure to South32 pursuant to~~ the ~~South32~~United ~~Option~~States-Mexico-Canada Agreement. ~~Due to an illegal blockade by a cooperative of local miners called Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L.~~ (“~~Mineros Norteños~~USMCA”), ~~the~~and ~~Company~~NAFTA ~~halted all work on~~ (the ~~Sierra Mojada Property~~“Arbitration”). The ~~notice~~Arbitration ~~of force majeure~~ was ~~issued~~initiated ~~because~~under the ~~Company~~ ~~and~~Convention ~~its~~on ~~subsidiary~~the ~~Minera~~Settlement ~~Metalin~~of ~~were~~Investment ~~unable~~Disputes tobetween ~~perform~~States ~~their~~and ~~obligations~~Nationals ~~under~~of ~~the~~Other ~~South32~~States process, ~~Option~~which ~~Agreement~~falls ~~due~~under to the ~~blockade. Pursuant~~auspices toof the ~~South32~~World ~~Option~~Bank’s ~~Agreement,~~International ~~any~~Centre ~~time period provided~~ for inSettlement ~~the~~of ~~South32~~Investment ~~Option~~Disputes ~~Agreement was~~ (“ICSID”), to bewhich ~~generally~~Mexico ~~extended~~is by a ~~period equal to the period of delay caused by the event of force majeure~~signatory.

On ~~August~~June 3117, ~~2022~~2024, ~~due to~~ the ~~ongoing~~Company ~~blockade~~filed its ofMemorial submission with ICSID detailing the ~~site,~~claim against Mexico as well as damages for the ~~South32~~sum ~~Option~~of ~~Agreement~~$408 ~~was~~million. ~~mutually~~The ~~terminated~~Arbitration byhearing is ~~South32~~set ~~and~~to ~~the~~commence ~~Company~~in October 2025.

NoThe ~~portion~~Company ofhas ~~the~~engaged ~~equity~~Boies ~~value~~Schiller ~~of the Company~~Flexner ~~was~~(UK) ~~classified~~LLP as ~~temporary~~its ~~equity~~legal asadvisers ~~the~~on ~~South32 Option had no intrinsic value. South32 paid $518,000 to~~ the ~~Company~~legacy asNAFTA ~~a final payment for the exploration costs incurred by the Company during the blockade, and the Company released South32 from all of claims as of the date of termination~~claim.

AsNOTE of5 ~~September~~– ~~12,~~ARBITRATION ~~2024, the blockade by Mineros Norteños at, on and around the Sierra Mojada Property is ongoing, and the Company remains unable to access the Sierra Mojada Property.~~FINANCING

On ~~March~~September 25, 2023, the Company ~~filed~~entered ~~the NAFTA~~into ~~Notice~~a oflitigation ~~Intent.~~funding ~~The~~agreement ~~Company~~(“Funding ~~has~~Agreement” ~~been~~or ~~unable~~the to“LFA”) ~~access~~with ~~the~~Bench ~~project~~Walk, ~~since~~a ~~the~~third ~~illegal~~party, ~~blockade~~which ~~commenced~~ specializes in ~~September~~funding ~~2019.~~litigation ~~Despite~~and ~~numerous demands~~arbitration ~~and~~claims. ~~requests~~Under ~~for~~the ~~action~~terms byof the ~~Company~~LFA, ~~Mexican~~Bench ~~governmental~~Walk ~~agencies~~has ~~have~~agreed ~~allowed~~to ~~this~~fund ~~unlawful~~the ~~conduct~~Company towith ~~continue~~up ~~and,~~to as$9.5 ~~such,~~million ~~failed~~ to ~~protect~~cover the Company’s ~~investment~~legal, tribunal and external expert costs and defined corporate operating expenses associated with the Arbitration proceedings as a purchase of a contingent entitlement to damages.

~~The~~During the three months ended January 31, 2025, pursuant to the terms of the LFA, the Company ~~held~~received a ~~meeting~~reimbursement ~~with~~of ~~Mexican~~corporate ~~government officials~~operating costs in ~~Mexico~~the ~~City~~amount onof ~~May~~$200,000 30from Bench Walk (January 31, ~~2023~~2024: $200,000). inAdditionally, anBench ~~attempt~~Walk tohas ~~explore~~made ~~amicable~~payments ~~settlement~~on ~~options~~the Company’s behalf for legal and ~~avoid~~arbitration costs totaling $851,905 during the three months ended January 31, 2025 and accumulated legal and arbitration costs of $2,631,289 since September 2023. The ~~However~~Company continues to have complete control over the conduct of the international arbitration proceedings, insofar as the ~~90-day~~proceedings ~~period~~relate ~~for~~to ~~amicable~~the ~~settlement~~Company’s ~~under~~claims, ~~NAFTA~~and ~~expired~~continues onto ~~June~~have 2the right to settle with Mexico, ~~2023~~discontinue proceedings, ~~without~~pursue the proceedings to a ~~resolution~~merits hearing and take any action the Company considers appropriate to enforce the resulting arbitral award.

OnThe ~~June~~Company ~~28,~~agreed ~~2023,~~that ~~the~~Bench ~~Company~~Walk ~~commenced~~shall ~~international~~be entitled ~~arbitration~~to ~~proceedings~~receive ~~against~~a ~~Mexico~~share ~~under~~of ~~the~~any ~~United~~proceeds ~~States-Mexico-Canada~~arising ~~Agreement~~from ~~(“USMCA”)~~the ~~and~~Claim ~~NAFTA~~ (the “~~Arbitration~~Claim Proceeds”)~~. The~~ ~~Arbitration~~of ~~was~~up ~~initiated~~to ~~under~~3.5x ~~the~~Bench ~~Convention~~Walk’s oncapital outlay ~~the~~(or, ~~Settlement~~if greater, a return of ~~Investment~~1.0x ~~Disputes~~Bench ~~between~~Walk’s ~~States~~capital ~~and~~outlay ~~Nationals~~plus 30% of ~~Other~~Claim ~~States process,~~Proceeds). ~~which~~The ~~falls~~actual ~~under~~return ~~the~~to ~~auspices~~Bench ofWalk may ~~the~~be ~~World~~lower ~~Bank’s~~than ~~International~~the ~~Centre~~foregoing ~~for~~amounts ~~Settlement~~depending ofon ~~Investment~~how ~~Disputes~~quickly ~~(“ICSID”), to~~the ~~which~~Claim ~~Mexico~~ is ~~a signatory~~resolved.

OnAs ~~June~~security ~~17,~~for ~~2024~~Bench Walk’s entitlement to receive a share of the Claim Proceeds under the LFA, the Company ~~filed~~granted ~~its Memorial~~to ~~submission~~Bench ~~with~~Walk ~~ICSID~~a ~~detailing~~security interest in the ~~claim~~Claim ~~against~~Proceeds, ~~Mexico~~the Claim, asall ~~well~~documents asof ~~damages~~title ~~for~~pertaining to the ~~sum~~Claim, ofrights ~~$408~~under ~~million.~~any ~~The~~appeal ~~Arbitration~~bond ~~hearing is~~or ~~set~~similar toinstrument ~~commence~~posted by any of the defendants in ~~October~~the ~~2025~~Claim, and all proceeds of any of the foregoing.

~~The Company has engaged Boies Schiller Flexner (UK) LLP as its legal advisers on the legacy NAFTA claim.~~11

11During the three months ended January 31, 2025 and 2024, the following is a summary of the Company’s expenditures that have been incurred and reimbursed or are expected to be reimbursed from Bench Walk.

NOTE 5 – ARBITRATION FINANCING


	January 31, 2025			January 31, 2024

Exploration and property holding costs	$	36,314		$	75,084
Personnel		57,371			57,575
Office and administrative		23,084			53,689
Professional services		38,906			60,841
Directors’ fees		21,931			22,396
Income taxes		2,107			—
		179,713			269,585
Changes for the period		(18,787	)		(59,903	)
Accounts receivable	$	160,926		$	209,682

On September 5, 2023, the Company entered into a litigation funding agreement (“Funding Agreement” or the “LFA”) with Bench Walk, a third party, which specializes in funding litigation and arbitration claims. Under the terms of the LFA, Bench Walk has agreed to fund the Company with up to $9.5 million to cover the Company’s legal, tribunal and external expert costs and defined corporate operating expenses associated with the Arbitration proceedings as a purchase of a contingent entitlement to damages.



Accounts receivable – October 31, 2024	$	181,213
Expenditure incurred during the three months ended January 31, 2025		179,713
Funding received		(200,000	)
Accounts receivable – January 31, 2025	$	160,926

~~During the nine months~~NOTE ~~ended~~6 ~~July~~– ~~31,~~NET ~~2024,~~LOSS ~~pursuant~~PER to the terms of the LFA, the Company received a reimbursement of corporate operating costs in the amount of $400,000 from Bench Walk (year ended October 31, 2023: $96,740). Additionally, Bench Walk has made payments on the Company’s behalf for legal and arbitration costs totaling $843,325 during the nine months ended July 31, 2024 and accumulated legal and arbitration costs of $1,802,550 since September 2023. The Company continues to have complete control over the conduct of the international arbitration proceedings, insofar as the proceedings relate to the Company’s claims, and continues to have the right to settle with Mexico, discontinue proceedings, pursue the proceedings to a merits hearing and take any action the Company considers appropriate to enforce the resulting arbitral award.SHARE

The Company ~~agreed~~had ~~that~~stock ~~Bench~~options ~~Walk~~and ~~shall be entitled~~warrants tooutstanding ~~receive~~at aJanuary ~~share~~31, of2025 ~~any~~and ~~proceeds~~2024 ~~arising~~that ~~from~~upon ~~the~~exercise ~~Claim~~were ~~(the~~issuable ~~“Claim~~into ~~Proceeds”)~~12,538,788 ofand up12,538,788 toshares ~~3.5x~~of ~~Bench~~the ~~Walk~~Company’s ~~capital~~ ~~outlay~~common ~~(or~~stock, ~~if greater, a return of 1~~respectively.0x ~~Bench~~They ~~Walk’s~~were ~~capital~~not ~~outlay~~included ~~plus~~in ~~30%~~the calculation of ~~Claim~~loss ~~Proceeds).~~per ~~The~~share ~~actual~~because ~~return~~the toaverage ~~Bench~~market ~~Walk may~~prices beare ~~lower~~below ~~than~~ the exercise ~~foregoing~~price ~~amounts~~and ~~depending~~they onwould ~~how~~have ~~quickly~~been ~~the Claim is resolved~~anti-dilutive.

AsNOTE ~~security~~7 ~~for~~– ~~Bench~~DUE ~~Walk’s~~FROM ~~entitlement to~~RELATED receive a share of the Claim Proceeds under the LFA, the Company granted to Bench Walk a security interest in the Claim Proceeds, the Claim, all documents of title pertaining to the Claim, rights under any appeal bond or similar instrument posted by any of the defendants in the Claim, and all proceeds of any of the foregoing.PARTY

~~During~~As ~~the~~of ~~three~~January ~~and~~31, ~~nine~~2025, ~~months~~due ~~ended~~from ~~July~~related party consists of $22,175 (October 31, 2024 ~~and~~- ~~2023~~$22,095) ~~the~~due ~~following~~from isArras aMinerals ~~summary~~Corp. of(“Arras”) ~~the~~for ~~Company~~shared employees’s ~~expenditures~~salaries and ~~that~~office expenses. The Company and Arras have ~~been~~common ~~incurred~~directors and ~~reimbursed~~officers. orThis ~~are~~amount ~~expected~~ is non-interest bearing and is to be ~~reimbursed~~repaid on ~~from~~demand. ~~Bench~~During ~~Walk~~the three months ended January 31, 2025 and 2024, expenses totaling $63,171 and $66,794 were incurred by the Company on behalf of Arras.

	For the Three Months Ended				For the Nine Months Ended
	July 31,				July 31,
	2024		2023		2024			2023
Exploration and property holding costs		35,336	$	—	$	141,890		$	—
Personnel		57,665		—		176,892			—
Office and administrative		35,366		—		132,849			—
Professional services		20,549		—		132,866			—
Directors’ fees		21,215		—		64,913			—
Income Taxes		—		—		2,980			—
		170,131		—		652,390			—
Changes for the period		222,356		—		(259,903	)		—
Accounts receivable		392,487	$	—	$	392,487		$	—

NOTE 8 – VALUE-ADDED TAX RECEIVABLE

Accounts receivable – October 31, 2023	$	140,097
Expenditure incurred during the nine months ended July 31, 2024		652,390
Funding received		(400,000	)
Accounts receivable – July 31, 2024	$	392,487

Value-added tax (“VAT”) receivable relates to VAT paid in Mexico. The Company estimates a net VAT of $86,780 (October 31, 2024 - $88,814) will be received and believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts. While the Company continues to pursue recovery from the Mexican government, the outcomes and process for recovering VAT can be lengthy and unpredictable. The allowance for uncollectible VAT was estimated by management based upon several factors, including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico

12A summary of the changes in the allowance for uncollectible VAT for the three months ended January 31, 2025, is as follows:

NOTE 6 – NET INCOME (LOSS) PER SHARE

Allowance for uncollectible VAT – October 31, 2024	$	475,908
Provision of VAT receivable allowance		1,350
Foreign currency translation adjustment		(13,043	)
Allowance for uncollectible VAT – January 31, 2025	$	464,215

~~The Company had stock options and warrants outstanding at July 31, 2024 and 2023 that upon exercise were issuable into~~ 12,538,788 and 4,371,289 shares of the Company’s common stock, respectively. They were not included in the calculation of income (loss) per share because the average market prices are below the exercise price and they would have been anti-dilutive.

NOTE 79 – ~~DUE~~OFFICE ~~FROM~~AND ~~RELATED~~MINING ~~PARTY~~EQUIPMENT

AsThe offollowing ~~July~~is ~~31,~~a ~~2024,~~summary ~~due from related party consists~~ of ~~$17,884~~the ~~(October 31, 2023 - $57,853) due from Arras Minerals Corp. (“Arras”) for shared employees~~Company’ ~~salaries and~~ s office ~~expenses. The Company~~ and ~~Arras~~mining ~~have~~equipment ~~overlapping~~at ~~directors~~January ~~and~~31, ~~officers.~~2025 ~~This amount is non-interest bearing~~ and isOctober ~~to be repaid on demand. During the nine months ended July~~ 31, 2024 ~~and 2023~~, ~~expenses totaling $231,082 and $280,428 were incurred by the Company on behalf of Arras.~~respectively:

NOTE 8 – VALUE-ADDED TAX RECEIVABLE

	January 31,			October 31,
	2025			2024

Mining equipment	$	396,153		$	396,153
Vehicles		73,036			73,036
Buildings and structures		185,724			185,724
Computer equipment and software		75,304			75,304
Well equipment		39,637			39,637
Office equipment		47,597			47,597
		817,451			817,451
Less: Accumulated depreciation		(697,440	)		(694,998	)
Office and mining equipment, net	$	120,011		$	122,453

~~Value-added~~NOTE ~~tax~~10 ~~(“VAT”)~~– ~~receivable~~PROPERTY ~~relates to~~CONCESSIONS VAT paid in Mexico. The Company estimates a net VAT of $94,342 (October 31, 2023 - $100,613) will be received and believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts. While the Company continues to pursue recovery from the Mexican government, the outcomes and process for recovering VAT can be lengthy and unpredictable based on the continued failure to recover the VAT receivable and a recent preliminary unfavorable ruling from the Mexican tax authority, which the Company is in the process of challenging. The allowance for uncollectible VAT was estimated by management based upon several factors, including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions.

AThe ~~summary~~following ofis ~~the~~a ~~changes~~summary inof the ~~allowance for~~Company’s ~~uncollectible~~property ~~VAT~~concessions for the ~~nine~~Sierra ~~months~~Mojada ~~ended~~Property ~~July~~as at January 31, ~~2024,~~2025 isand asOctober ~~follows~~31, 2024:

Allowance for uncollectible VAT – October 31, 2023	$	536,010
Recovery of VAT receivable allowance		(9,998	)
Foreign currency translation adjustment		(16,564	)
Allowance for uncollectible VAT – July 31, 2024	$	509,448

Property concessions – January 31, 2025 and October 31, 2024

5,004,386

~~NOTE~~If 9the –blockade ~~OFFICE~~at ~~AND~~Sierra ~~MINING~~Mojada ~~EQUIPMENT~~Property continues, further impairment of property concessions is possible.

~~The~~NOTE ~~following~~11 is– aCOMMON ~~summary of the Company’s office and mining equipment at July 31, 2024 and October 31, 2023, respectively:~~STOCK

	July 31,			October 31,
	2024			2023
Mining equipment	$	396,153		$	396,153
Vehicles		73,036			92,873
Buildings and structures		185,724			185,724
Computer equipment and software		75,304			74,236
Well equipment		39,637			39,637
Office equipment		47,597			47,597
		817,451			836,220
Less: Accumulated depreciation		(692,625	)		(705,283	)
Office and mining equipment, net	$	124,826		$	130,937

No shares of common share stock were issued during the three months ended January 31, 2025 and 2024.

~~During~~NOTE ~~the~~12 ~~nine~~– ~~months~~STOCK ended July 31, 2024 and 2023, the Company recorded a gain on sale of a vehicle of $16,134 and $nil, respectively, which is included in miscellaneous income in the condensed consolidated statements of operations and comprehensive loss.OPTIONS

13The Company has one stock option plan under which equity securities are authorized for issuance to officers, directors, employees and advisors: the 2019 Stock Option and Stock Bonus Plan (the “2019 Plan”). The 2019 Plan was amended on April 19, 2022 (the “Amended 2019 Plan”). Under the Amended 2019 Plan, 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses, to a maximum of 15,000,000 shares.

~~NOTE~~Options 10are –typically ~~PROPERTY~~granted ~~CONCESSIONS~~with an exercise price equal to the closing market price of the Company’s stock at the date of grant, have a graded vesting schedule over two years and have a contractual term of five years.

~~The~~No ~~following~~options iswere agranted ~~summary~~or ofexercised ~~the Company’s~~during ~~property concessions for~~ the ~~Sierra~~three ~~Mojada~~months ~~Property~~ended asJanuary ~~at July~~ 31, ~~2024 and October 31, 2023:~~2025.

Property concessions – October 31, 2022	$	5,019,927
Impairment		(15,541	)
Property concessions – October 31, 2023		5,004,386
Property concessions – July 31, 2024	$	5,004,386

On January 26, 2024, the Company granted options to acquire 2,425,000 shares of common stock with a weighted-average grant-date fair value of $0.06 per share.

~~During~~No ~~the nine~~options ~~months~~were ~~ended~~exercised ~~July~~during ~~31, 2023,~~ the ~~Company~~three ~~decided to withdraw certain concessions’ applications in Sierra Mojada, Mexico. As~~months aended ~~result,~~January ~~the Company has written off the capitalized property concession balance related to these concessions of $15~~31,~~541~~ ~~in accordance with level 3 of the fair value hierarchy~~2024.

~~If the blockade at Sierra Mojada Property continues, further impairment of property concessions is possible.~~13

~~NOTE~~A 11summary –of ~~LOAN~~the ~~PAYABLE~~range of assumptions used to value stock options granted for the three months ended January 31, 2025 and 2024 are as follows:

In June 2020, the Company received $29,531 (Canadian dollar (“C$”) 40,000) in the form of a Canada Emergency Business Account (“CEBA”) loan. CEBA is part of the economic assistance program launched by the Government of Canada to ensure that businesses had access to capital during the COVID-19 pandemic. The CEBA loan program was increased, and in January 2021, the Company applied and qualified for an additional $15,615 (C$ 20,000) CEBA loan.

	Three Months Ended January 31,
Options	2025	2024

Expected volatility	—	74% – 78%
Risk-free interest rate	—	4.12% – 4.25%
Dividend yield	—	—
Expected term (in years)	—	2.50 – 3.50

AsThe atexpected ~~October~~volatility ~~31,~~assumption ~~2023,~~is ~~the~~based ~~total~~on ~~CEBA loan~~the ~~amount~~historical ~~stood~~of atcommon C$stock ~~60,000~~price. The risk-free interest rate assumption is based on yield curves on government zero-coupon bonds with a C$remaining ~~20,000~~term ~~forgivable~~equal ifto ~~repaid~~the bystock ~~December~~options’ ~~31,~~expected ~~2023~~life. ~~Additionally,~~The ~~the~~Company ~~CEBA~~has ~~loan~~not ~~accrued~~paid noand ~~interest~~does not anticipate paying dividends on its common stock. Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. ~~December~~Based ~~31,~~on ~~2023~~the best estimate, ~~and~~the ~~only~~Company ~~thereafter~~applied ~~would~~the ~~have~~estimated ~~converted~~forfeiture torate aof ~~three-year~~0% ~~term~~in ~~loan~~determining ~~with~~the aexpense 5%recorded ~~annual~~in ~~interest~~the ~~rate~~accompanying condensed interim consolidated statements of operations and comprehensive loss.

OnThe ~~December~~following 8,is ~~2023,~~a ~~the~~summary ~~Company~~of ~~repaid~~stock ~~$29,438~~option activity ~~(C$~~for ~~40,000) of~~ the ~~CEBA~~three ~~loan,~~months ~~and~~ended ~~pursuant~~January ~~to its terms~~31, ~~recognized $14,719 (C$ 20,000) in miscellaneous income as forgiveness of the remaining portion of the CEBA loan.~~2025:

Loan payable – October 31, 2023		$	43,256
Options				Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Repayment			(29,438	)
	Outstanding at October 31, 2024				4,725,000	$	0.16		3.16	$	—
Foreign currency translation adjustment			901
	Outstanding at January 31, 2025				4,725,000		0.16		2.91		—
Miscellaneous income			(14,719	)
	Exercisable at January 31, 2025				3,866,666	$	0.17		2.75	$	—
Loan payable – July 31, 2024		$	—

~~NOTE~~The 12Company –recognized ~~COMMON~~stock-based ~~STOCK~~compensation costs for stock options of $14,721 and $62,837 for the three months ended January 31, 2025 and 2024, respectively. As of January 31, 2025, there was $23,780 of total unrecognized compensation expense.

NoSummarized ~~shares~~information ofabout ~~common share~~ stock ~~were~~options ~~issued~~outstanding ~~during~~and ~~the~~exercisable ~~nine~~at ~~months~~January ~~ended July~~ 31, ~~2024.~~2025 is as follows:

On March 9, 2023, the Company issued 625,000 shares of common stock at an average of $0.14 per share of common stock as payment of accrued management bonuses in the amount of $88,411 (C$121,875).

	Options Outstanding					Options Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price	Number Exercisable		Weighted Average Exercise Price
$	0.22	2,150,000	2.05	$	0.22	2,150,000	$	0.22
	0.13	150,000	3.11		0.13	100,000		0.13
	0.12	2,425,000	3.65		0.11	1,616,666		0.11
$	0.16	4,725,000	2.91	$	0.16	3,866,666	$	0.17

~~NOTE 13 – STOCK OPTIONS~~14

~~The~~NOTE ~~Company~~13 ~~has one stock option plan under which~~– equity securities are authorized for issuance to officers, directors, employees and advisors: the 2019 Stock Option and Stock Bonus Plan (the “2019 Plan”). The 2019 Plan was amended on April 19, 2022 (the “Amended 2019 Plan”). Under the Amended 2019 Plan, 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses, to a maximum of 15,000,000 shares.WARRANTS

14A summary of warrant activity for the three months ended January 31, 2025 is as follows:

Options are typically granted with an exercise price equal to the closing market price of the Company’s stock at the date of grant, have a graded vesting schedule over two years and have a contractual term of five years.

Warrants	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value

Outstanding and exercisable at October 31, 2024		7,813,788	$	0.23		3.24	$	—
Outstanding and exercisable at January 31, 2025*		7,813,788		0.23		2.99		—

~~During~~* Pursuant to the ~~nine~~distribution ~~months~~Agreement ~~period~~(the ~~ended~~“Distribution”), dated ~~July~~as of August 31, ~~2024~~2021, ~~the~~ ~~Company~~between ~~granted~~Silver ~~options~~Bull toand ~~acquire~~Arras 2entered into in connection with the Distribution,~~425~~ 1,~~000~~971,289 ~~shares~~warrants with a weighted average exercise price of $0.59 are exercisable into one share of common stock ~~with~~of athe ~~weighted-average~~Company ~~grant-date~~and ~~fair~~one ~~value~~common share of Arras. The Company will receive $0.0634 ~~per~~of ~~share~~the proceeds from the exercise of each of these warrants and the remaining proceeds will be paid to Arras.

~~During~~No ~~the~~warrants ~~nine~~were ~~months~~issued ~~period~~or ~~ended~~exercised ~~July~~during ~~31,~~the ~~2023,~~three ~~the~~months ~~Company~~ended ~~granted~~January ~~options to acquire 150~~31,~~000~~ ~~shares~~2025 ofor ~~common stock with a weighted-average grant-date fair value of $0~~2024.~~07 per share.~~

NoSummarized ~~options~~information ~~were~~about ~~exercised~~warrants ~~during~~outstanding and ~~the~~exercisable ~~nine~~at ~~months~~January ~~ended July~~ 31, ~~2024~~2025 ~~and~~is ~~2023.~~as follows:

A summary of the range of assumptions used to value stock options granted for the nine months ended July 31, 2024 and 2023 are as follows:

	Warrants Outstanding and Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$	0.59*	1,971,289	0.74	$	0.59
	0.10**	5,842,499	3.75		0.10
$	0.23	7,813,788	2.99	$	0.23

	Nine Months Ended July 31,
Options	2024	2023
Expected volatility	74% – 78%	74% – 81%
Risk-free interest rate	4.12% – 4.25%	3.83% – 3.96%
Dividend yield	—	—
Expected term (in years)	2.50 – 3.50	2.50 – 3.50

** During the year ended October 31, 2023, the Company issued 5,842,499 warrants with an exercise price of C$ 0.13 in connection with the C$ 0.11 Unit private placement. The Company’s C$ warrants have been recognized as a derivative liability as the currency denomination of the exercise price is different from the functional currency of the Company. The following is a summary of the Company’s warrant derivative liability at January 31, 2025:

The expected volatility assumption is based on the historical of common stock price. The risk-free interest rate assumption is based on yield curves on government zero-coupon bonds with a remaining term equal to the stock options’ expected life. The Company has not paid and does not anticipate paying dividends on its common stock. Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. Based on the best estimate, the Company applied the estimated forfeiture rate of 0% in determining the expense recorded in the accompanying statements of comprehensive loss.

Warrant derivative liability at October 31, 2024	$	89,580
Foreign currency translation adjustment		(3,646	)
Change in fair value of warrant derivative liability		6,836
Warrant derivative liability at January 31, 2025	$	92,770

The ~~following~~fair isvalue of the warrants issued in the C$ 0.11 Unit private placement was revalued to be $92,770 based on the Black-Scholes pricing model using a ~~summary~~risk-free interest rate of 4.32%, ~~stock~~expected ~~option~~volatility ~~activity~~ of 39.25%, dividend yield of 0%, and a contractual term of 3.75 years adjusted for the ~~nine~~liquidity ~~months~~of ~~ended~~the ~~July~~Company’s common stock to be received on exercise of the warrants as of January 31, ~~2024:~~2025.

Options		Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	Outstanding at October 31, 2023		2,300,000	$	0.22		3.37	$	—
	Granted		2,425,000		0.12
	Outstanding at July 31, 2024		4,725,000		0.17		3.41		—
	Exercisable at July 31, 2024		3,058,334	$	0.20		3.01	$	—

NOTE 14 – FINANCIAL INSTRUMENTS

~~The~~Fair ~~Company~~Value recognized stock-based compensation costs for stock options of $100,679 and $66,053 for the nine months ended July 31, 2024 and 2023, respectively. As of July 31, 2024, there was $57,112 of total unrecognized compensation expense.Measurements

15All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount.

~~Summarized information about stock options outstanding and exercisable at July 31, 2024 is as follows:~~15

	Options Outstanding					Options Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price	Number Exercisable		Weighted Average Exercise Price
$	0.23	2,150,000	2.55	$	0.23	2,150,000	$	0.23
	0.14	150,000	3.62		0.14	100,000		0.14
	0.12	2,425,000	4.16		0.12	808,334		0.12
$	0.17	4,725,000	3.41	$	0.17	3,058,334	$	0.20

The three levels of the fair value hierarchy are as follows:

NOTE 14 – WARRANTS

	Level 1	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

AUnder ~~summary~~fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of ~~warrant~~input ~~activity~~that ~~for~~is significant to the ~~nine~~fair ~~months~~value measurement. The Company’s ~~ended~~financial ~~July~~instruments 31consist of cash and cash equivalents, ~~2024~~accounts isreceivable, asdue ~~follows:~~from related party, accounts payable and warrant derivative liability.

Warrants	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding and exercisable at October 31, 2023		7,813,788	$	0.23		4.24	$	—
Outstanding and exercisable at July 31, 2024*		7,813,788		0.23		3.49		—

The carrying amounts of cash and cash equivalents, accounts receivable, due from related party and accounts payable approximate fair value at January 31, 2025 and October 31, 2024 due to the short maturities of these financial instruments. There were not transfers between levels 1, 2 and 3 during the three months ended January 31, 2025 and 2024.

*Warrant ~~Pursuant~~Derivative to the terms of the Separation and Distribution Agreement (the “Distribution”), dated as of August 31, 2021, between Silver Bull and Arras entered into in connection with the Distribution, 1,971,289 warrants with a weighted average exercise price of $0.59 are exercisable into one share of common stock of the Company and one common share of Arras. The Company will receive $0.34 of the proceeds from the exercise of each of these warrants and the remaining proceeds will be paid to Arras.liability

NoThe Company accounts for its warrants ~~were~~as ~~issued~~either equity or ~~exercised~~liabilities ~~during~~based upon the ~~nine~~characteristics and provisions of each instrument. Warrants classified as derivative liabilities ~~months~~require ~~ended~~separate ~~July~~accounting 31as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, ~~2024~~with any changes in the fair value between reporting periods recorded as other income or ~~2023~~expense. The Company has used the Black-Scholes pricing model to fair value the warrants (Note 13). Determining the appropriate fair-value model and calculating the fair value of warrants requires considerable judgment. Any change in the estimates used may cause the value to be higher or lower than that reported. The estimated volatility of the Company’s common stock at the date of issuance, and at each subsequent reporting period, is based on the historical volatility adjusted to reflect the implicit discount to historical volatilities observed in the prices of traded warrants. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the warrants at the valuation date. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield is expected to be none as the Company has not paid dividends nor does the Company does not anticipate paying any dividend in the foreseeable future.

~~Summarized~~The ~~information~~derivative ~~about~~is ~~warrants~~not ~~outstanding~~traded in an active market, and ~~exercisable~~the atfair ~~July~~value ~~31,~~is ~~2024~~determined using valuation techniques. The estimates may be significantly different from those recorded in the consolidated financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market. All changes in the fair value are recorded in the consolidated statement of operations and comprehensive loss each reporting period. This is asconsidered ~~follows:~~to be a Level 3 financial instrument.

	Warrants Outstanding and Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$	0.59	1,971,289	1.24	$	0.59
	0.11*	5,842,499	4.25		0.11
$	0.23	7,813,788	3.49	$	0.23

Credit Risk

16Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to ensure the liquidity of funds and ensure that counterparties demonstrate acceptable levels of creditworthiness.

* During the year ended October 31, 2023, the Company issued 5,842,499 warrants with an exercise price of C$ 0.13 in connection with the C$ 0.11 Unit private placement. The Company’s C$ warrants have been recognized as a derivative liability as the currency denomination of the exercise price is different from the functional currency of the Company. The following is a summary of the Company’s warrant derivative liability at July 31, 2024:16

Warrant derivative liability at October 31, 2023	$	78,088
Foreign currency translation adjustment		842
Change in fair value of warrant derivative liability		28,685
Warrant derivative liability at July 31, 2024	$	107,615

The Company maintains its U.S. dollar and Canadian dollar (“$CDN”) cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings. Cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) for up to $CDN 100,000. Certain Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they relate to U.S. dollar deposits held in Canadian financial institutions. As of January 31, 2025, and October 31, 2024, the Company’s cash and cash equivalent balances held in Canadian financial institutions included $471,871 and $413,780, respectively, which was not insured by the CDIC. The Company has not experienced any losses on such accounts, and management believes that using major financial institutions with high credit ratings mitigates the credit risk to cash and cash equivalents.

~~The~~As ~~fair~~at ~~value~~January ~~of the warrants issued in the C$ 0.11 Unit private placement was revalued to be $107~~31,~~615~~ ~~based~~2025 onand ~~the~~October ~~Black-Scholes pricing model using a risk-free interest rate of 4.02%~~31, ~~expected volatility of 39.85%~~2024, cash ~~dividend yield of 0%,~~ and acash ~~contractual~~equivalents ~~term~~consist of ~~4.25~~guaranteed ~~years~~investment ~~adjusted~~certificates ~~for the liquidity~~ of ~~the~~$16,708 ~~Company’s common~~and ~~stock~~$17,390, torespectively, beheld ~~received~~in onbank ~~exercise of the warrants as of July 31, 2024~~accounts.

~~NOTE~~The 15Company –also ~~FINANCIAL~~maintains ~~INSTRUMENTS~~cash in bank accounts in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of January 31, 2025 and 2024, the U.S. dollar equivalent balance for these accounts was $67,329 and $69,093, respectively. As of January 31, 2025, a cash balance of $67,200 (the Mexican peso (“$MXN”) 1,389,737) was subject to seizure by the Mexican government due to a dispute over certain years’ VAT and corporate tax.

~~Fair~~Other ~~Value~~receivables, ~~Measurements~~accounts receivable and due from related party comprise receivable from GST refunds, Bench Walk and a related party respectively. Receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to impairment is not significant. At January 31, 2025 and October 31, 2024, none of the Company’s receivables are impaired. All receivables are normally settled between 30 to 90 days.

~~All~~Liquidity financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount.Risk

~~The~~Liquidity ~~three~~risk ~~levels~~is ofthe risk that the ~~fair~~Company will ~~value~~be ~~hierarchy~~unable ~~are~~to meet its financial obligations as ~~follows:~~they fall due. The Company’s approach to managing its liquidity risk is to ensure, as far as possible, that it will have sufficient liquid funds to meet its liabilities when due.

	Level 1	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At January 31, 2025, the Company has $592,091 (October 31, 2024 - $545,961) of cash and cash equivalents to settle current liabilities of $474,006, excluding warrant derivative liability (October 31, 2024 - $378,336). All payables classified as current liabilities are due within one year.

~~Under~~Interest ~~fair~~Rate value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, due from related party, accounts payable, loan payable and warrant derivative liability.Risk

The ~~carrying~~Company ~~amounts~~holds substantially all of its cash and cash equivalents, in bank and demand deposit accounts ~~receivable,~~with ~~due~~major ~~from~~financial ~~related~~institutions. ~~party~~The ~~and~~interest ~~accounts~~rates ~~payable~~received ~~approximate~~on ~~fair~~these balances ~~value~~may atfluctuate ~~July~~with ~~31,~~changes ~~2024~~in economic conditions. Based on the average cash and ~~October~~cash equivalent balances during the three months ended January 31, ~~2023~~2025, ~~due~~a to1% ~~the short~~decrease ~~maturities~~in ofinterest ~~these~~rates ~~financial~~would ~~instruments.~~have ~~Loan~~resulted ~~payable~~in isa ~~classified~~reduction asof ~~Level~~approximately 2$1,000 in ~~the~~interest ~~fair~~income for ~~value~~the ~~hierarchy~~period.

~~Derivative~~Foreign ~~liability~~Currency Exchange Risk

~~The~~Certain ~~Company~~purchases ~~classifies~~of ~~warrants on its consolidated balance sheets as a derivative liability which is fair valued at each reporting period subsequent to the initial issuance~~labor, asoperating ~~the~~supplies ~~functional~~and ~~currency~~capital ofassets ~~Silver~~are ~~Bull~~denominated isin ~~the U.S. dollar and the exercise price of the warrants is the~~ $CDN., ~~The~~$MXN ~~Company~~or ~~has~~other ~~used the Black-Scholes pricing model to fair value the warrants (Note 14)~~currencies. ~~Determining~~As ~~the~~a ~~appropriate~~result, ~~fair-value~~currency ~~model~~exchange ~~and~~fluctuations ~~calculating the fair value of warrants requires considerable judgment. Any change in the estimates used~~ may ~~cause~~impact the ~~value~~costs ~~to be higher or lower than that reported. The estimated volatility~~ of the Company’s ~~common~~operations. ~~stock~~Specifically, at the ~~date~~appreciation of ~~issuance, and at each subsequent reporting period, is based on~~ the ~~historical volatility~~$MXN ~~adjusted~~or to$CDN ~~reflect~~against the ~~implicit~~U.S. ~~discount~~dollar tomay ~~historical~~result ~~volatilities observed~~ in ~~the~~an ~~prices~~increase ~~of traded warrants. The risk-free~~in ~~interest~~operating ~~rate~~expenses isand ~~based~~capital oncosts ~~rates~~in ~~published by the government for bonds with a maturity similar to the expected remaining life of the warrants at the valuation date~~U.S. ~~The~~dollar ~~expected life of the warrants is assumed to be equivalent to their remaining contractual term~~terms. The ~~dividend yield is expected to be none as the~~ Company ~~has~~currently ~~not paid dividends nor~~ does ~~the Company does~~ not ~~anticipate~~engage ~~paying~~in any ~~dividend~~currency inhedging ~~the foreseeable future~~activities.

17Based on the net exposures as at January 31, 2025, a 5% depreciation or appreciation of the $CDN and $MXN against the US dollar would result in an increase and decrease, respectively, of approximately $29,000 in the Company’s net income.

The derivative is not traded in an active market, and the fair value is determined using valuation techniques. The estimates may be significantly different from those recorded in the consolidated financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market. All changes in the fair value are recorded in the consolidated statement of operations and comprehensive loss each reporting period. This is considered to be a Level 3 financial instrument.17

~~Credit~~NOTE ~~Risk~~15 – COMMITMENTS AND CONTINGENCIES

~~Credit~~Compliance ~~risk~~with isEnvironmental the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to ensure the liquidity of funds and ensure that counterparties demonstrate acceptable levels of creditworthiness.Regulations

The Company’s ~~maintains~~exploration ~~its~~activities are ~~U.S.~~subject ~~dollar~~to laws and ~~Canadian dollar~~regulations ~~cash~~controlling ~~and~~not ~~cash~~only ~~equivalents~~the inexploration ~~bank~~ and ~~demand~~mining ~~deposit~~of ~~accounts~~mineral ~~with~~properties ~~major~~but ~~financial~~also ~~institutions~~the ~~with~~effect ~~high~~of ~~credit standings. Cash~~such ~~deposits~~activities ~~held~~on ~~in Canada are insured by~~ the ~~Canada Deposit Insurance Corporation (“CDIC”) for up to $CDN 100,000~~environment. ~~Certain~~Compliance ~~Canadian bank~~with ~~accounts~~such ~~held~~laws byand ~~the~~regulations ~~Company~~may ~~exceed~~necessitate ~~these~~additional ~~federally~~capital ~~insured~~outlays ~~limits~~ or ~~are~~affect ~~uninsured~~the ~~as they relate to U.S. dollar deposits held in~~economics ~~Canadian financial institutions. As~~ of ~~July~~a 31project, ~~2024,~~ and ~~October~~cause ~~31,~~changes ~~2023,~~or ~~the~~delays ~~Company’s cash and cash equivalent balances held~~ in ~~Canadian financial institutions included $176,764 and $913,397, respectively, which was not insured by~~ the ~~CDIC. The~~ Company’s ~~has not experienced any losses on such accounts, and management believes that using major financial institutions with high credit ratings mitigates the credit risk to cash and cash equivalents~~activities.

AsProperty atConcessions ~~July 31, 2024 and 2023, cash and cash equivalents consist of guaranteed investment certificates of $17,524 and $165,144, respectively, held~~ in ~~bank accounts.~~Mexico

~~The~~To ~~Company~~properly ~~also~~maintain ~~maintains~~property ~~cash~~concessions in ~~bank accounts~~ in Mexico., ~~These accounts are denominated in~~ the ~~local~~Company ~~currency~~is ~~and~~required ~~are~~to ~~considered~~pay ~~uninsured.~~a Assemi-annual offee ~~July~~to ~~31, 2024 and 2023,~~ the ~~U.S.~~Mexican ~~dollar equivalent~~government ~~balance~~and ~~for~~complete ~~these~~annual ~~accounts~~assessment ~~was $74,400 and $nil, respectively~~work.

Other receivables, accounts receivable and due from related party comprise receivable from GST refunds, Bench Walk and a related party. Receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to impairment is not significant. At July 31, 2024 and 2023, none of the Company’s receivables are impaired. All receivables are normally settled between 30 to 90 days.Royalty

~~Liquidity~~The ~~Risk~~Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on the revenue generated from production. Total payments under this royalty are limited to $6.875 million (the “Royalty”). To date, no royalties have been paid.

~~Liquidity~~Litigation ~~risk~~and is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company’s approach to managing its liquidity risk is to ensure, as far as possible, that it will have sufficient liquid funds to meet its liabilities when due.Claims

AtMineros ~~July~~Norteños 31, 2024, the Company has $303,561 (October 31, 2023 - $1,008,507) of cash and cash equivalents to settle current liabilities of $370,757 (October 31, 2023 - $822,335). All payables classified as current liabilities are due within one year.Case

~~Interest~~On May 20, ~~Rate~~2014, ~~Risk~~Mineros Norteños filed an action in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company’s subsidiary, Minera Metalin, claiming that Minera Metalin breached an agreement regarding the development of the Sierra Mojada Property. Mineros Norteños sought payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, even though no revenue has been produced from the applicable mining concessions. It also sought payment of wages to the cooperative’s members since August 30, 2004, even though none of the individuals were hired or performed work for Minera Metalin under this agreement and Minera Metalin did not commit to hiring them. On January 19, 2015, the case was moved to the Third District Court (of federal jurisdiction). On October 4, 2017, the court ruled that Mineros Norteños was time barred from bringing the case. On October 19, 2017, Mineros Norteños appealed this ruling. On July 31, 2019, the Federal Appeals Court upheld the original ruling. This ruling was subsequently challenged by Mineros Norteños and on January 24, 2020, the Federal Circuit Court ruled that the Federal Appeals Court must consider additional factors in its ruling. In March 2020, the Federal Appeals Court upheld the original ruling after considering these additional factors. In August 2020, Mineros Norteños appealed this ruling, which appeal the Company timely responded and objected to on October 5, 2020. On March 26, 2021, the Federal Circuit Court issued a final and conclusive resolution, affirming the Federal Appeals Court decision. Despite the judgments in favour of the Company, Mineros Norteños has continued to block access to the facilities at Sierra Mojada since September 2019. The Company has filed criminal complaints with the State of Coahuila, federal and state authorities have been contacted to intervene and terminate the blockade, and the Company has attempted to negotiate with Mineros Norteños, without resolution to date. The Company has not accrued any amounts in its interim condensed consolidated financial statements with respect to this claim.

~~The Company holds substantially all of its~~ICSID cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the nine months ended July 31, 2024, a 1% decrease in interest rates would have resulted in a reduction of approximately $2,000 in interest income for the period.Arbitration

~~Foreign~~On March ~~Currency~~2, ~~Exchange~~2023, ~~Risk~~the Company filed the NAFTA Notice of Intent (Note 4). As is required by Article 1118 of NAFTA, the Company sought to settle this dispute with Mexico through consultations. On May 30, 2023, the Company attended a meeting with Mexican government officials in Mexico City, but, notwithstanding the Company’s good faith efforts to resolve the dispute amicably, no settlement was reached. Accordingly, the Company filed a request for arbitration with the ICSID on June 28, 2023. On July 20, 2023, ICSID registered the request. On June 17, 2024, the Company filed its Memorial submission with ICSID detailing the claim against Mexico as well as damages for the sum of $408 million. The Arbitration hearing is set to commence in October 2025.

~~Certain~~To ~~purchases~~support ofthe ~~labor,~~legacy ~~operating~~NAFTA ~~supplies~~claim, ~~and~~the ~~capital~~Company ~~assets~~engaged ~~are~~an ~~denominated~~arbitration inconsultant, C$who, ~~$MXN~~upon ora ~~other~~successful ~~currencies.~~arbitration ~~As a result~~ruling, ~~currency~~is ~~exchange~~to ~~fluctuations~~receive ~~may~~an ~~impact~~arbitration ~~the~~fee ~~costs~~amounting ofto ~~the~~6% ~~Company’s operations. Specifically, the appreciation~~ of the ~~$MXN~~net oramount C$of ~~against~~ the ~~U.S.~~award ~~dollar~~by ~~may~~ICSID ~~result~~less inall anassociated ~~increase~~direct ~~in operating expenses and capital~~ costs inincurred ~~U.S.~~by ~~dollar~~the ~~terms. The~~ Company ~~currently does not engage in any currency hedging activities~~.

18As Arbitration proceedings are in early stages, the Company cannot determine the likelihood of succeeding in collecting any amount, as such has not accrued any amounts in the interim condensed consolidated financial statements with respect to this claim.

Based on the net exposures as at July 31, 2024, a 5% depreciation or appreciation of the C$ and $MXN against the US dollar would result in an increase and decrease, respectively, of approximately $22,000 in the Company’s net income.18

~~NOTE~~Valdez ~~16 – COMMITMENTS AND CONTINGENCIES~~Case

~~Compliance~~On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, “Valdez”) filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company’s subsidiary, Minera Metalin, claiming that Minera Metalin had breached an agreement regarding the development of the Sierra Mojada Property. Valdez sought payment in the amount of $5.9 million for the alleged breach of the agreement. On April 28, 2016, Minera Metalin filed its response to the complaint, asserting various defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez. The Company and the Company’s Mexican legal counsel asserted all applicable defenses. In May 2017, a final judgment was entered finding for the Company, the defendant, acquitting the Company of all of the plaintiff’s claims and demands. However, due to a technicality in an early procedural act, Valdez was allowed to, and did, challenge the judgment before a local Appeals Court. On October 1, 2020, the Appeals Court entered a resolution overturning the previous judgment and entering a resolution in favor of Valdez in the amount of $5 million, plus court costs. In November 2020, the judgment of the Appeals Court was timely challenged by the Company by means of an “Amparo” lawsuit (Constitutional protection) before a Federal Circuit Court. In June 2021, the Federal Circuit Court ruled in favour of the plaintiff. The Company believes these judgments are contrary to applicable law. The plaintiff initiated proceedings to enforce the Appeals Court resolution, and the Company has offered a mining concession as payment in full to terminate this controversy definitively. The Company believes the likelihood of the plaintiff succeeding in collecting any amount on this claim is remote, as such the Company has not accrued any amounts in its condensed interim consolidated financial statements with ~~Environmental~~respect ~~Regulations~~to this claim.

~~The~~From ~~Company’s~~time ~~exploration~~to ~~activities~~time, ~~are~~the ~~subject~~Company tois ~~laws~~involved in other disputes, claims, proceedings and ~~regulations~~legal ~~controlling~~actions ~~not~~arising ~~only~~in the ~~exploration~~ordinary ~~and~~course ~~mining~~ of ~~mineral~~business. ~~properties~~The ~~but~~Company intends ~~also~~to vigorously defend all claims against the ~~effect~~Company ofand ~~such activities~~pursue onits full legal rights in cases where the ~~environment.~~Company ~~Compliance~~has ~~with~~been ~~such~~harmed. Although ~~laws~~the ~~and~~ultimate ~~regulations~~outcome ~~may~~of ~~necessitate~~these ~~additional~~proceedings ~~capital~~cannot ~~outlays~~be oraccurately ~~affect~~predicted due to the ~~economics~~inherent uncertainty of litigation, in the opinion of amanagement, ~~project~~based upon current information, ~~and~~no ~~cause~~other ~~changes~~currently pending or ~~delays~~overtly inthreatened proceeding is expected to have a material adverse effect on the Company’s ~~activities~~business, financial condition or results of operations.

~~Property~~Arbitration ~~Concessions in Mexico~~Financing

ToOn ~~properly~~September ~~maintain~~5, ~~property~~2023, ~~concessions~~the inCompany entered into the ~~Mexico~~LFA with Bench Walk (Note 5). Under the terms of the LFA, Bench Walk has agreed to fund the Company iswith ~~required~~up to ~~pay~~$9.5 million to cover the Company’s legal, tribunal and external expert costs and defined corporate operating expenses associated with the Claim in relation to the international arbitration proceedings as a ~~semi-annual~~purchase ~~fee~~of a contingent entitlement to damages. The Company continues to have complete control over the ~~Mexican~~conduct ~~government~~of the international arbitration proceedings, insofar as the proceedings relate to the Company’s claims, and ~~complete~~continues ~~annual~~to ~~assessment~~have ~~work~~the right to settle with the respondent, discontinue proceedings, pursue the proceedings to trial and take any action the Company considers appropriate to enforce judgment.

~~Royalty~~The Company agreed that Bench Walk shall be entitled to receive a share of any proceeds arising from the Claim Proceeds of up to 3.5x Bench Walk’s capital outlay (or, if greater, a return of 1.0x Bench Walk’s capital outlay plus 30% of Claim Proceeds). The actual return to Bench Walk may be lower than the foregoing amounts depending on how quickly the Claim is resolved.

~~The~~As ~~Company~~security ~~has~~for ~~agreed~~Bench toWalk’s ~~pay~~entitlement to receive a 2%share ~~net~~of ~~smelter return~~the ~~royalty~~Claim onProceeds ~~certain~~under ~~property~~the ~~concessions~~LFA, ~~within~~ the ~~Sierra~~Company ~~Mojada~~granted ~~Property~~to ~~based~~Bench onWalk ~~the~~a ~~revenue~~security ~~generated~~interest ~~from~~in ~~production.~~the ~~Total~~Claim Proceeds, the ~~payments~~Claim, ~~under~~all ~~this~~documents ~~royalty~~of ~~are~~title ~~limited~~pertaining to ~~$6.875~~the ~~million~~Claim, (rights under any appeal bond or similar instrument posted by any of the ~~“Royalty”).~~defendants in Tothe ~~date~~Claim, noand ~~royalties~~all ~~have~~proceeds ~~been~~of ~~paid~~any of the foregoing.

~~Litigation and Claims~~19

~~Mineros~~Management ~~Norteños~~Retention ~~Case~~Agreement and Salaries

~~On May 20,~~The ~~2014, Mineros Norteños filed an action in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the~~ Company’s ~~subsidiary,~~has ~~Minera~~established ~~Metalin,~~a ~~claiming~~Management ~~that Minera Metalin breached an agreement regarding the development~~Retention ofAgreement (the ~~Sierra Mojada Property. Mineros Norteños sought payment of the Royalty~~“MRA”), ~~including~~which ~~interest~~is at a ~~rate~~long-term ofincentive 6%program ~~per annum since August 30, 2004, even though no revenue has been produced from the applicable mining concessions. It also sought payment of wages~~ to ~~the~~retain ~~cooperative’s~~key ~~members~~personnel ~~since August 30, 2004, even though none~~ of the ~~individuals~~Company ~~were~~who ~~hired~~have orimportant ~~performed work for Minera~~historical ~~Metalin~~information ~~under this agreement~~ and ~~Minera~~knowledge ~~Metalin did not commit~~ to ~~hiring~~contribute ~~them.~~with Onrespect ~~January 19, 2015, the case was moved~~ to the ~~Third District Court (of federal jurisdiction)~~Arbitration. OnThe ~~October 4,~~MRA ~~2017,~~provides ~~the court ruled~~ that ~~Mineros~~if ~~Norteños~~the ~~was~~Company ~~time~~is ~~barred~~successful ~~from~~and ~~bringing~~ the ~~case.~~Company receives Ondamages ~~October 19~~proceeds, ~~2017,~~12% ~~Mineros~~of ~~Norteños appealed this ruling. On July 31, 2019,~~ the ~~Federal~~net ~~Appeals~~proceeds ~~Court~~will ~~upheld the~~be ~~original~~directed ~~ruling.~~to ~~This ruling was subsequently challenged by Mineros Norteños and on January 24, 2020,~~ the ~~Federal~~MRA ~~Circuit Court~~for ~~ruled~~distribution ~~that~~to ~~the Federal Appeals Court must consider additional factors in~~ its ~~ruling~~participants. InEach ~~March 2020, the Federal Appeals Court upheld~~participant ~~the~~must ~~original~~satisfy ~~ruling~~specific ~~after~~Arbitration ~~considering~~related ~~these~~duties ~~additional~~and ~~factors.~~if Inthey ~~August~~do ~~2020~~so, ~~Mineros~~each ~~Norteños~~participant ~~appealed~~may ~~this~~be ~~ruling,~~entitled ~~which appeal the Company timely responded and objected~~ to ona ~~October 5,~~pre-defined ~~2020.~~percentage Onof ~~March 26, 2021,~~ the ~~Federal Circuit Court issued a final and~~ ~~conclusive~~proceeds ~~resolution,~~received ~~affirming~~by the ~~Federal Appeals Court decision~~MRA. ~~Despite~~The ~~the~~Toronto ~~judgments~~Stock inExchange ~~favour of~~ (the ~~Company,~~“TSX”) ~~Mineros~~and ~~Norteños has continued to block access to~~ the ~~facilities at Sierra Mojada since September 2019. The~~ Company’s ~~has~~disinterested ~~filed~~shareholders ~~criminal complaints~~have ~~with~~approved ~~the State~~ of ~~Coahuila,~~the ~~federal~~MRA ~~and~~as ~~state~~of ~~authorities have been contacted to intervene and terminate~~ the ~~blockade, and the Company has attempted to negotiate with Mineros Norteños, without resolution to~~ date. ~~The~~of ~~Company~~Silver ~~has~~Bull’s ~~not~~2024 ~~accrued~~annual ~~any~~meeting ~~amounts~~of shareholders in ~~its~~April ~~interim condensed consolidated financial statements with respect to this claim~~2024.

~~ICSID~~Additionally, management of the Company has agreed to defer a portion of its salaries, as well as an annual bonuses granted, with the deferred amounts only being paid in the event that the Company is successful in its Arbitration proceedings and the Company having sufficient funds to pay the deferred amounts after discharging amounts owed to priority creditors, such as Bench Walk. Deferred amounts owed to management will accrue interest at a rate of 6% per annum, compounded annually. As of January 31, 2025, the deferred salary and bonus amounts, with accrued interest is approximately $463,000.

~~On March~~As ~~2, 2023,~~ the ~~Company~~outcome ~~filed~~of the ~~NAFTA~~Arbitration ~~Notice of Intent (Note 4). As~~ is ~~required~~not bydeterminable ~~Article~~as ~~1118~~at ofJanuary ~~NAFTA~~31, ~~the Company sought to settle this dispute with Mexico through consultations. On May 30~~2025, ~~2023,~~no ~~the~~expense ~~Company~~has ~~attended a~~been ~~meeting~~recorded ~~with Mexican government officials~~ in ~~Mexico~~relation ~~City, but, notwithstanding the Company’s good faith efforts~~ to ~~resolve~~ the ~~dispute~~ ~~amicably, no settlement was reached~~above. Accordingly, the Company filed a request for arbitration with the ICSID on June 28, 2023. On July 20, 2023, ICSID registered the request. On June 17, 2024, the Company filed its Memorial submission with ICSID detailing the claim against Mexico as well as damages for the sum of $408 million. The Arbitration hearing is set to commence in October 2025.

19NOTE 16 – SEGMENT INFORMATION

~~As Arbitration~~The ~~proceedings~~Company ~~are~~operates in ~~early~~a ~~stages,~~single ~~the~~reportable segment: ~~Company cannot determine~~ the ~~likelihood~~exploration of ~~succeeding~~mineral inproperty ~~collecting~~interests. ~~any~~The ~~amount,~~Company ~~as such~~ has ~~not~~mineral ~~accrued~~property ~~any~~interests ~~amounts~~ in ~~the~~Sierra ~~interim~~Mojada, ~~condensed consolidated financial statements with respect to this claim~~Mexico.

~~Valdez~~Geographic information ~~Case~~is approximately as follows:

On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, “Valdez”) filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company’s subsidiary, Minera Metalin, claiming that Minera Metalin had breached an agreement regarding the development of the Sierra Mojada Property. Valdez sought payment in the amount of $5.9 million for the alleged breach of the agreement. On April 28, 2016, Minera Metalin filed its response to the complaint, asserting various defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez. The Company and the Company’s Mexican legal counsel asserted all applicable defenses. In May 2017, a final judgment was entered finding for the Company, the defendant, acquitting the Company of all of the plaintiff’s claims and demands. However, due to a technicality in an early procedural act, Valdez was allowed to, and did, challenge the judgment before a local Appeals Court. On October 1, 2020, the Appeals Court entered a resolution overturning the previous judgment and entering a resolution in favor of Valdez in the amount of $5 million, plus court costs. In November 2020, the judgment of the Appeals Court was timely challenged by the Company by means of an “Amparo” lawsuit (Constitutional protection) before a Federal Circuit Court. In June 2021, the Federal Circuit Court ruled in favour of the plaintiff. The Company believes these judgments are contrary to applicable law. The plaintiff initiated proceedings to enforce the Appeals Court resolution, and the Company has offered a mining concession as payment in full to terminate this controversy definitively. The Company believes the likelihood of the plaintiff succeeding in collecting any amount on this claim is remote, as such the Company has not accrued any amounts in its condensed interim consolidated financial statements with respect to this claim.

	For the Three Months Ended
	January 31,
	2025			2024
Net loss
Mexico	$	(68,000	)	$	(130,000	)
Canada		(33,000	)		(63,000	)
Kazakhstan		(1,000	)		—
Net Loss	$	(102,000	)	$	(193,000	)

~~From~~The ~~time~~following totable ~~time, the~~details ~~Company is involved in other disputes, claims, proceedings and legal actions arising in~~ the ~~ordinary~~allocation ~~course~~ of ~~business.~~assets ~~The~~included ~~Company intends to vigorously defend all claims against the Company and pursue its full legal rights~~ in ~~cases where the Company has been harmed.~~ ~~Although~~ the ~~ultimate~~accompanying ~~outcome~~balance ofsheet ~~these~~at ~~proceedings~~January ~~cannot be accurately predicted due to the inherent uncertainty of litigation~~31, in the opinion of management, based upon current information, no other currently pending or overtly threatened proceeding is expected to have a material adverse effect on the Company’s business, financial condition or results of operations.2025:

Arbitration Financing

	Canada		Mexico		Total
Cash and cash equivalents	$	525,000	$	67,000	$	592,000
Other receivables		2,000		—		2,000
Accounts receivables		161,000		—		161,000
Prepaid expenses and deposits		29,000		4,000		33,000
Due from related party		22,000		—		22,000
Value-added tax receivable, net		—		87,000		87,000
Office and mining equipment, net		—		120,000		120,000
Property concessions		—		5,004,000		5,004,000
	$	739,000	$	5,282,000	$	6,021,000

On September 5, 2023, the Company entered into the LFA with Bench Walk (Note 5). Under the terms of the LFA, Bench Walk has agreed to fund the Company with up to $9.5 million to cover the Company’s legal, tribunal and external expert costs and defined corporate operating expenses associated with the Claim in relation to the international arbitration proceedings as a purchase of a contingent entitlement to damages. The Company continues to have complete control over the conduct of the international arbitration proceedings, insofar as the proceedings relate to the Company’s claims, and continues to have the right to settle with the respondent, discontinue proceedings, pursue the proceedings to trial and take any action the Company considers appropriate to enforce judgment.20

The ~~Company~~following ~~agreed~~table ~~that~~details ~~Bench Walk shall be entitled to receive a share of any proceeds arising from~~ the ~~Claim~~allocation ~~Proceeds~~ of upassets toincluded ~~3.5x Bench Walk’s capital outlay (or, if greater, a~~in ~~return of 1.0x Bench Walk’s capital outlay plus 30% of Claim Proceeds). The actual return to Bench Walk may be lower than~~ the ~~foregoing amounts~~accompanying ~~depending~~balance onsheet ~~how~~at ~~quickly~~October ~~the~~31, ~~Claim is resolved.~~2024:

As security for Bench Walk’s entitlement to receive a share of the Claim Proceeds under the LFA, the Company granted to Bench Walk a security interest in the Claim Proceeds, the Claim, all documents of title pertaining to the Claim, rights under any appeal bond or similar instrument posted by any of the defendants in the Claim, and all proceeds of any of the foregoing.

	Canada		Mexico		Total
Cash and cash equivalents	$	477,000	$	69,000	$	546,000
Other receivables		2,000		—		2,000
Accounts receivables		181,000		—		181,000
Prepaid expenses and deposits		40,000		5,000		45,000
Due from related party		22,000		—		22,000
Value-added tax receivable, net		—		89,000		89,000
Office and mining equipment, net		—		122,000		122,000
Property concessions		—		5,004,000		5,004,000
	$	722,000	$	5,289,000	$	6,011,000

20The Company has significant assets in Coahuila, Mexico. Although Mexico is generally considered economically stable, unanticipated events in Mexico, such as the blockade, can, and may in the future, disrupt the Company’s operations. The Mexican government does not require foreign entities to maintain cash reserves in Mexico.

~~Management~~The ~~Retention~~following ~~Agreement~~table details the allocation of exploration and ~~Salaries~~property holding costs for the exploration properties:

The Company has established a Management Retention Agreement (the “MRA”), which is a long-term incentive program to retain key personnel of the Company who have important historical information and knowledge to contribute with respect to the Arbitration. The MRA provides that if the Company is successful and the Company receives damages proceeds, 12% of the net proceeds will be directed to the MRA for distribution to its participants. Each participant must satisfy specific Arbitration related duties and if they do so, each participant may be entitled to a pre-defined percentage of the proceeds received by the MRA. The Toronto Stock Exchange (the “TSX”) and the Company’s disinterested shareholders have approved of the MRA as of the date of Silver Bull’s 2024 annual meeting of shareholders in April 2024.

	For the Three Months Ended
	January 31,
	2025			2024
Exploration and property holding costs for the period
Mexico	$	(71,000	)	$	(59,000	)
Kazakhstan		(1,000	)		—
	$	(72,000	)	$	(59,000	)

Additionally, management of the Company has agreed to defer a portion of its salaries, as well as an annual bonuses granted, with the deferred amounts only being paid in the event that the Company is successful in its Arbitration proceedings and the Company having sufficient funds to pay the deferred amounts after discharging amounts owed to priority creditors, such as Bench Walk. Deferred amounts owed to management will accrue interest at a rate of 6% per annum, compounded annually. As of July 31, 2024, the deferred salary and bonus amounts, with accrued interest is approximately $272,000.21

AsITEM ~~the~~2. ~~outcome~~MANAGEMENT’S ofDISCUSSION ~~the~~AND ~~Arbitration~~ANALYSIS isOF ~~not~~FINANCIAL ~~determinable as~~CONDITION atAND ~~July~~RESULTS ~~31,~~OF ~~2024, no expense has been recorded in relation to the above~~OPERATIONS.

~~NOTE~~When 17using –the ~~SEGMENT~~terms ~~INFORMATION~~“Silver Bull,” or the “Company,” management is referring to Silver Bull Resources, Inc. and its subsidiaries, unless the context otherwise requires. Management has included technical terms important to an understanding of the Company’s business under “Glossary of Common Terms” in its Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

~~The~~Cautionary ~~Company~~Statement ~~operates~~Regarding ~~in a single reportable~~Forward-Looking ~~segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico.~~Statements

~~Geographic~~This Quarterly Report on Form 10-Q includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the U.S. Private Securities Litigation Reform Act of 1995, and “forward-looking information” iswithin ~~approximately~~the meaning of applicable Canadian securities legislation. Management uses words such as ~~follows~~“anticipate,” “continue,” “likely,” “estimate,” “expect,” “may,” “will,” “projection,” “should,” “believe,” “potential,” “could,” or similar words suggesting future outcomes (including negative and grammatical variations) to identify forward-looking statements. Forward-looking statements include statements the Company makes regarding:

	For the Three Months Ended						For the Nine Months Ended
	July 31,						July 31,
	2024			2023			2024			2023
Mexico	$	(54,000	)	$	(161,000	)	$	(109,000	)	$	(372,000	)
Kazakhstan		—			(3,000	)		(2,000	)		(3,000	)
Canada		75,000			(313,000	)		(80,000	)		(925,000	)
Net Loss	$	21,000		$	(477,000	)	$	(191,000	)	$	(1,300,000	)

The sufficiency of existing cash resources to enable the Company to continue operations for the next 12 months as a going concern;
The ~~following~~prospects ~~table~~of ~~details~~ the ~~allocation~~claim ofprocess, ~~assets~~or ~~included~~award, in under the ~~accompanying~~North ~~balance~~American ~~sheet~~Free atTrade ~~July 31, 2024:~~Agreement (“NAFTA”);

	Canada		Mexico		Total
Cash and cash equivalents	$	229,000	$	75,000	$	304,000
Other receivables		3,000		—		3,000
Accounts receivables		392,000		—		392,000
Prepaid expenses and deposits		35,000		5,000		40,000
Due from related party		18,000		—		18,000
Value-added tax receivable, net		—		94,000		94,000
Office and mining equipment, net		—		125,000		125,000
Property concessions		—		5,004,000		5,004,000
	$	677,000	$	5,303,000	$	5,980,000

The Funding Agreement (as defined in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section), and continued payment of legal, tribunal and external expert costs, and reimbursement of corporate operating expenses, under its terms;
~~The~~Prospects ~~following~~of ~~table~~entering ~~details~~ the ~~allocation~~development ofor ~~assets~~production ~~included~~stage ~~in the~~with ~~accompanying~~respect ~~balance~~to ~~sheet~~any atof ~~October~~the Company’s ~~31, 2023:~~projects;

	Canada		Mexico		Total
Cash and cash equivalents	$	985,000	$	23,000	$	1,008,000
Other receivables		6,000		—		6,000
Accounts receivables		140,000		—		140,000
Prepaid expenses and deposits		40,000		5,000		45,000
Due from related party		58,000		—		58,000
Value-added tax receivable, net		—		101,000		101,000
Office and mining equipment, net		—		131,000		131,000
Property concessions		—		5,004,000		5,004,000
	$	1,229,000	$	5,264,000	$	6,493,000

The planned activities at the Sierra Mojada Project in 2025 and beyond;
~~The~~Whether ~~Company~~any ~~has~~part ~~significant~~of ~~assets~~the inSierra ~~Coahuila, Mexico.~~Mojada ~~Although~~Project ~~Mexico~~will isever ~~generally~~be ~~considered~~confirmed ~~economically~~or ~~stable,~~converted ~~unanticipated events in Mexico, such as the blockade, can, and may~~into inSEC ~~the~~S-K ~~future,~~1300-compliant ~~disrupt~~mineral ~~the Company’s operations. The Mexican government does not require foreign entities to maintain cash~~ reserves ~~in Mexico.~~;
21The requirement of additional power supplies for the Sierra Mojada Project if a mining operation is determined to be feasible;
~~ITEM~~The 2.ability ~~MANAGEMENT’S~~to ~~DISCUSSION~~obtain ~~AND~~and ~~ANALYSIS~~hold OFadditional ~~FINANCIAL~~concessions ~~CONDITION~~in ~~AND~~the ~~RESULTS~~Sierra OFMojada ~~OPERATIONS.~~Project area;
~~When~~Whether ~~using~~ the ~~terms “Silver Bull,” or the “~~Company,” ~~management~~will isbe ~~referring~~required to ~~Silver~~obtain ~~Bull~~additional ~~Resources,~~surface ~~Inc.~~rights ~~and~~if ~~its~~a ~~subsidiaries, unless the context otherwise~~mining ~~requires. Management~~operation ~~has~~is ~~included~~determined ~~technical terms important~~ to anbe ~~understanding of the Company’s business under “Glossary of Common Terms” in its Annual Report on Form 10-K for the fiscal year ended October 31, 2023.~~feasible;
~~Cautionary~~The ~~Statement~~possible ~~Regarding~~impact ~~Forward-Looking~~on the Company’s operations of the blockade by a cooperative ~~Statements~~of miners on the Sierra Mojada property;
~~This~~The ~~Quarterly~~potential ~~Report~~acquisition ~~on Form 10-Q includes certain statements that may be deemed to be “forward-looking statements” within the meaning~~ of ~~the~~additional ~~Securities~~mineral ~~Act~~properties of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the U.S. Private Securities Litigation Reform Act of 1995, and “forward-looking information” within the meaning of applicable Canadian securities legislation. Management uses words such as “anticipate,” “continue,” “likely,” “estimate,” “expect,” “may,” “will,” “projection,” “should,” “believe,” “potential,” “could,” or ~~similar~~property ~~words suggesting future outcomes (including negative and grammatical variations) to identify forward-looking statements. Forward-looking statements include statements the Company makes regarding:~~concessions;
~~The~~Testing ~~sufficiency~~ of the ~~Company’s~~impact ~~existing~~of ~~cash~~the ~~resources~~fine tobubble ~~enable~~flotation ittest towork ~~continue operations~~on ~~for~~ the ~~next~~recovery 12of ~~months~~minerals and asinitial arough ~~going~~concentrate ~~concern~~grade;
The ~~prospects~~impact of ~~the~~recent ~~claim~~accounting ~~process,~~pronouncements oron ~~award~~the Company’s financial position, results ~~under~~of ~~the~~operations ~~North~~or ~~American~~cash ~~Free~~flows ~~Trade~~and ~~Agreement (“NAFTA”)~~disclosures;
The ~~Funding~~impact ~~Agreement~~of ~~(as~~changes ~~defined~~to incurrent ~~the~~state ~~“Management’s~~or ~~Discussion~~federal ~~and~~laws ~~Analysis of Financial Condition~~ and ~~Results~~regulations ofon ~~Operations”~~estimated capital ~~section)~~expenditures, ~~and~~the ~~continued~~economics ~~payment~~ of ~~legal,~~a ~~tribunal~~particular ~~and~~project ~~external expert costs,~~ and/or ~~reimbursement~~the ofCompany’s ~~corporate operating expenses, under its terms~~activities;

~~Prospects of entering the development or production stage with respect to any of the Company’s projects;~~22

~~Plans~~The atCompany’s ability to raise additional capital and/or pursue additional strategic options, and the ~~Sierra~~potential ~~Mojada~~impact ~~Project~~on inits ~~2024~~business, financial condition and ~~beyond~~results of operations of doing so or not;
~~Whether~~The ~~any~~impact ~~part~~ of ~~the~~changing ~~Sierra~~foreign ~~Mojada~~currency ~~Project~~exchange ~~will~~rates ~~ever~~on bethe ~~confirmed~~Company’s ~~or converted into~~financial ~~“proven or probable mineral reserves” as defined under Item 1300 of Regulation S-K~~condition;
The ~~requirement~~impairment of ~~additional~~concession ~~power~~and ~~supplies~~likelihood ~~for~~of ~~the~~further ~~Sierra~~impairment ~~Mojada~~of ~~Project~~other ~~if a mining~~long-lived ~~operation is determined to be feasible~~assets;
~~The~~Whether ~~Company’s~~using ~~ability~~major tofinancial ~~obtain~~institutions ~~and~~with ~~hold~~high ~~additional~~credit ~~concessions~~ratings inmitigates ~~the Sierra~~credit ~~Mojada Project areas~~risk;
~~Whether~~The ~~the~~impact ~~Company~~of ~~will~~changing beeconomic ~~required~~conditions toon ~~obtain~~interest ~~additional surface rights if a mining operation is determined to be feasible~~rates;
~~The~~Expectations ~~possible~~regarding ~~impact~~future onrecovery ~~the Company’s operations~~ of ~~the~~value-added ~~blockade~~taxes by(“VAT”) ~~a cooperative~~paid ofin ~~miners on the Sierra Mojada Property~~Mexico; and
The ~~potential~~merits ~~acquisition~~ of ~~additional~~any ~~mineral~~claims ~~properties~~in orconnection ~~property~~with, ~~concessions;~~and the expected timing of any, ongoing legal proceedings.

~~Testing~~These statements are based on certain assumptions and analyses made by us in light of ~~the~~management’s ~~impact~~experience and perception of ~~the~~historical ~~fine~~trends, ~~bubble~~current ~~flotation~~conditions, ~~test~~expected ~~work~~future developments onand other factors it believes are appropriate in the ~~recovery~~circumstances. Such statements are subject to a number of ~~minerals~~assumptions, risks and ~~initial~~uncertainties, ~~rough~~and ~~concentrate~~the ~~grade;~~actual results could differ from those expressed or implied in these forward-looking statements as a result of the factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, including without limitation, risks associated with the following:

The ~~impact~~ability of ~~recent~~the ~~accounting~~Company ~~pronouncements~~to onobtain additional financial ~~position,~~resources ~~results~~on ofacceptable ~~operations~~terms orto ~~cash~~(i) ~~flows~~maintain its property concessions in Mexico and ~~disclosures~~(ii) maintain general and administrative expenditures at acceptable levels;
The ~~impact~~Company’s ofability ~~changes~~ to ~~current~~acquire ~~state~~additional ormineral ~~federal~~properties ~~laws and regulations on estimated capital expenditures, the economics of a particular project and/~~or ~~activities~~property concessions;
The ~~Company’s~~ ability toof ~~raise~~the ~~additional~~Company ~~capital~~to ~~and/or~~maintain ~~pursue~~its ~~additional~~assets ~~strategic options,~~in ~~and~~Mexico ~~the~~given ~~potential impact on~~ the ~~business,~~performance ~~financial condition and results~~ of the ~~operations~~Mexican ofgovernment ~~doing~~at sovarious ~~or not~~levels;
~~The~~Worldwide ~~impact~~economic ofand ~~changing~~political ~~foreign~~events ~~currency~~affecting ~~exchange~~(i) ~~rates~~the market prices for silver, zinc, lead, copper and other minerals that may be found on the Company’s ~~financial~~exploration properties (ii) interest rates and (iii) foreign ~~condition~~currency exchange rates;
The ~~impairment~~amount ~~of concessions~~ and ~~likelihood~~nature of ~~further~~future ~~impairment~~capital ofand ~~other~~exploration ~~long-lived assets~~expenditures;
22Volatility in the Company’s stock price;
~~Whether~~The ~~using~~Company’s ~~major~~inability ~~financial~~to ~~institutions~~obtain ~~with~~required ~~high credit ratings mitigates credit risk~~permits;
~~The~~Competitive ~~impact~~factors, ofincluding ~~changing~~exploration-related ~~economic conditions on interest rates~~competition;
~~Expectations~~Timing ~~regarding future recovery~~ of ~~value-added~~receipt ~~taxes~~and ~~(“VAT”)~~maintenance ~~paid in~~of ~~Mexico;~~government ~~and~~approvals;
~~The~~Unanticipated ~~merits~~title ~~of any claims in connection with, and the expected timing of any, ongoing legal proceedings.~~issues;
~~These~~Changes ~~statements are based on certain assumptions and analyses made by us~~ in ~~light~~tax of management’s experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, and the actual results could differ from those expressed or implied in these forward-looking statements as a result of the factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023, including without limitation, risks associated with the following:laws;
~~The~~Changes ~~ability to obtain additional financial resources on acceptable terms to (i) maintain its property concessions~~ in ~~Mexico~~regulatory ~~and~~frameworks ~~(ii)~~or ~~maintain~~regulations ~~general~~affecting ~~and~~the ~~administrative~~Company’s ~~expenditures at acceptable levels~~activities;
The ability to ~~acquire~~obtain additional ~~mineral~~financial ~~properties~~resources oron acceptable terms to (i) maintain its property concessions in Mexico and (ii) maintain general and administrative expenditures at acceptable levels;
The ~~ability of the~~ Company’s ability to ~~maintain~~retain ~~its~~key ~~assets~~management, inconsultants ~~Mexico~~and ~~given~~experts ~~the performance of~~necessary ~~the~~to ~~Mexican~~successfully ~~government~~operate atand ~~various~~grow ~~levels,~~its ~~including those described in PART II, ITEM 1A RISK FACTORS~~business; and
~~Worldwide~~Political and economic ~~and~~instability ~~political~~in ~~events~~Mexico ~~affecting~~and ~~(i)~~other ~~the~~countries ~~market~~in ~~prices~~which ~~for~~the ~~silver,~~Company ~~zinc,~~conducts ~~lead~~its business, ~~copper~~ and ~~other~~future ~~minerals~~potential ~~that~~actions ~~may~~of bethe ~~found~~governments onin ~~the~~such ~~Company’s~~countries ~~exploration~~with ~~properties~~respect ~~(ii)~~to ~~interest~~nationalization ~~rates~~of ~~and~~natural ~~(iii) foreign~~resources ~~currency~~or ~~exchange~~other ~~rates;~~changes in mining or taxation policies.

~~The~~These ~~amount~~factors ~~and~~are ~~nature~~not intended to represent a complete list of ~~future~~the ~~capital~~general or ~~and~~specific ~~exploration~~factors ~~expenditures;~~that could affect the Company.

~~Volatility~~All inforward-looking statements speak only as of the date made. All subsequent written and oral forward-looking statements attributable to the Company’s, ~~stock~~or ~~price;~~persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements. Except as required by law, management undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should not place undue reliance on these forward-looking statements.

~~The Company’s inability to obtain required permits;~~23

~~Competitive~~Cautionary ~~factors,~~Note ~~including~~Regarding ~~exploration-related~~Exploration Stage ~~competition;~~Companies

~~Timing~~Silver ofBull ~~receipt~~is an exploration stage company and ~~maintenance~~does ofnot ~~government~~currently ~~approvals;~~have any known reserves and cannot be expected to have reserves unless and until a feasibility study is completed for the Sierra Mojada concessions that shows proven and probable reserves. There can be no assurance that these concessions contain proven and probable reserves, and investors may lose their entire investment. See the sections titled “Risk Factors” in this Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

~~Unanticipated~~Business ~~title issues;~~Overview

~~Changes~~Silver Bull, incorporated in ~~tax~~Nevada, ~~laws;~~is an exploration stage company, engaged in the business of mineral exploration, and its primary objective is to define sufficient mineral reserves on the Sierra Mojada Property to justify the development of a mechanized mining operation. The Company conducts its operations in Mexico through its wholly-owned Mexican subsidiaries, Minera Metalin S.A. de C.V. (“Minera Metalin”) and Minas de Coahuila SBR S.A. de C.V. On August 26, 2021, the wholly-owned Mexican subsidiary, Contratistas de Sierra Mojada S.A. de C.V. merged with and into Minera Metalin. As noted above, the Company has not established any reserves at the Sierra Mojada Property, and it is in the exploration stage, and may never enter the development or production stage.

~~Changes~~On April 23, 2023, Nomad Minerals Ltd. (“Nomad Minerals"), a wholly-owned subsidiary of the Company, was incorporated in ~~regulatory~~British ~~frameworks~~Columbia, orCanada. ~~regulations~~On ~~affecting~~April ~~our~~28, ~~activities;~~2023, Nomad Metals Limited was incorporated at Astana International Financial Centre in Astana, Republic of Kazakhstan, as a wholly-owned subsidiary of Nomad Minerals.

~~The~~On June 28, 2023, the Company filed a request for arbitration (the “Arbitration”) before the World Bank’s ~~ability~~International toCentre ~~retain~~for ~~key~~Settlement ~~management~~of Investment Disputes (“ICSID”) against the United Mexican States (“Mexico”) under the United States-Mexico-Canada Agreement (the “USMCA”) and NAFTA, ~~consultants~~(together with the USMCA, the “Treaties”). Since the arbitration request, the Arbitration has become the Company’s core focus. The Arbitration seeks compensation for the losses resulting from the Mexican State’s wrongful conduct and ~~experts~~its ~~necessary~~breaches toof ~~successfully~~the ~~operate~~Treaties’ protections, including expropriation, breach of the fair and ~~grow~~equitable treatment standard, discrimination, and other unlawful treatment in respect of the ~~business;~~Sierra Mojada Property. On June 17, 2024, the Company filed its Memorial submission with ICSID detailing the claim against Mexico as well as damages for the sum of $408 million. The Arbitration hearing is set to commence in October 2025. If successful in the Arbitration, the Company will take appropriate steps to enforce and recover such an arbitral award (“Award”). The execution and enforcement of an Award may present material challenges and take a number of years.

~~Political~~Silver Bull’s ~~and~~principal ~~economic~~office ~~instability~~is inlocated ~~Mexico~~at ~~and~~777 ~~other~~Dunsmuir ~~countries~~Street, inSuite ~~which~~1605 ~~the~~Vancouver, ~~Company conducts~~BC, ~~its~~Canada ~~business~~V7Y 1K4, and ~~future potential actions of~~ the ~~governments~~telephone innumber ~~such countries with respect to nationalization of natural resources~~is ~~or other changes in mining or taxation policies~~604-687-5800.

2324

~~These~~Properties ~~factors~~Concessions ~~are~~and ~~not intended to represent a complete list of the general or specific factors that could affect the Company.~~Outlook

~~All forward-looking statements speak only~~Sierra asMojada of the date made. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements. Except as required by law, management undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should not place undue reliance on these forward-looking statements.Property

~~Cautionary~~The ~~Note~~focus ~~Regarding~~of ~~Exploration~~the Company for the 2025 calendar ~~Stage~~year ~~Companies~~will be to continue with the Arbitration process. If the blockade and the Arbitration proceedings are resolved, any continued exploration of the Sierra Mojada Property ultimately may require the Company to raise additional capital, identify other sources of funding or identify a strategic partner, or other strategic alternatives. The Company is also continuing to seek out other exploration projects for potential development and investment.

~~Silver Bull is an exploration stage company~~Results ~~and~~of does not currently have any known reserves and cannot be expected to have reserves unless and until a feasibility study is completed for the Sierra Mojada concessions that shows proven and probable reserves. There can be no assurance that these concessions contain proven and probable reserves, and investors may lose their entire investment. See the sections titled “Risk Factors” in this Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023.Operations

~~Business~~Three ~~Overview~~Months Ended January 31, 2025 and January 31, 2024

~~Silver~~For ~~Bull,~~the ~~incorporated~~three inmonths ~~Nevada,~~ended isJanuary ~~an exploration~~31, ~~stage company~~2025, the ~~engaged~~Company inrecorded ~~the~~a ~~business~~net loss of ~~mineral exploration~~$102,000, ~~and~~or ~~its~~approximately ~~primary~~$nil ~~objective~~per isshare, compared to ~~define~~a ~~sufficient~~net ~~mineral~~loss ~~reserves on~~of ~~the~~$193,000, ~~Sierra~~or ~~Mojada~~approximately ~~Property~~$nil per toshare, ~~justify~~during the ~~development~~comparable ofperiod alast ~~mechanized mining operation~~year. The ~~Company~~$91,000 ~~conducts~~decrease ~~its operations~~ in ~~Mexico through~~net ~~its~~loss ~~wholly-owned~~was ~~Mexican~~primarily ~~subsidiaries,~~due ~~Minera~~to ~~Metalin~~a ~~S.A.~~$59,000 dedecrease ~~C.V.~~in ~~(“Minera~~administrative expenses ~~Metalin”)~~ and ~~Minas~~$4,000 dein ~~Coahuila~~other ~~SBR~~income ~~S.A. de~~compared ~~C.V.~~to Ona ~~August 26~~$43,000 ~~2021,~~in ~~the~~other ~~wholly-owned~~expense ~~Mexican~~in ~~subsidiary,~~the ~~Contratistas~~same deperiod ~~Sierra~~last ~~Mojada~~year, ~~S.A.~~which dewas ~~C.V.~~partially ~~merged~~offset ~~with and into Minera~~by ~~Metalin.~~a ~~As noted above~~$13,000 ~~the~~increase ~~Company has not established any reserves at the Sierra Mojada Property, and it is~~ in ~~the~~ exploration ~~stage,~~ and ~~may~~property ~~never~~holding ~~enter~~costs ~~the~~as ~~development~~described ~~or production stage~~below.

OnExploration ~~April~~and ~~23,~~Property ~~2023,~~Holding Nomad Minerals Ltd. (“Nomad Minerals"), a wholly-owned subsidiary of the Company, was incorporated in British Columbia, Canada. On April 28, 2023, Nomad Metals Limited was incorporated at Astana International Financial Centre in Astana, Republic of Kazakhstan, as a wholly-owned subsidiary of Nomad Minerals.Costs

OnExploration ~~June~~and ~~28,~~property ~~2023,~~holding ~~the~~costs ~~Company~~increased $13,000 ~~filed~~to a$72,000 ~~request~~ for ~~arbitration (~~the ~~“Arbitration”)~~three ~~before~~months ~~the~~ended ~~World~~January ~~Bank’s~~31, ~~International~~2025, ~~Centre~~compared ~~for~~to ~~Settlement~~$59,000 offor ~~Investment Disputes (“ICSID”) against~~ the ~~United~~comparable ~~Mexican~~period ~~States~~last ~~(“Mexico”)~~year. ~~under~~This ~~the United States-Mexico-Canada Agreement (the “USMCA”)~~increase ~~and~~was ~~NAFTA,~~mainly ~~(together~~due ~~with~~to ~~the~~a ~~USMCA~~$36,000 ~~the~~reimbursement ~~“Treaties”).~~from ~~Since~~Bench ~~the~~Walk ~~arbitration~~pursuant ~~request,~~to the ~~Arbitration~~litigation ~~has~~Funding ~~become~~Agreement ~~the~~in ~~Company’s core focus. The Arbitration seeks compensation for~~ the ~~losses~~three ~~resulting~~months ~~from~~ended ~~the Mexican State’s wrongful conduct and its breaches~~January ~~of the Treaties’ protections~~31, ~~including~~2025 ~~expropriation,~~compared ~~breach~~to ofa ~~the fair and equitable treatment standard~~$75,000 ~~discrimination,~~reimbursement ~~and other unlawful treatment~~ in ~~respect of~~ the ~~Sierra~~comparable ~~Mojada~~period ~~Property.~~last ~~On June 17~~year, ~~2024,~~which ~~the~~was ~~Company filed its Memorial submission with ICSID~~offset ~~detailing~~by ~~the~~a ~~claim against Mexico as well as damages for the sum of~~ $~~408~~26,000 ~~million.~~decrease ~~The~~in ~~Arbitration~~exploration ~~hearing~~and isproperty ~~set~~holding tocosts ~~commence~~ in ~~October 2025.~~the Ifthree ~~successful~~months inended ~~the~~January ~~Arbitration~~31, ~~the Company will take appropriate steps to enforce and recover such an arbitral award (“Award”)~~2025. ~~The execution and enforcement of an Award may present material challenges and take a number of years.~~

~~Silver Bull’s~~General ~~principal office is located at 777 Dunsmuir Street, Suite 1605 Vancouver, BC, Canada V7Y 1K4,~~ and ~~the~~Administrative ~~telephone number is 604-687-5800.~~ Expenses

~~Properties~~The Company recorded $31,000 general and administrative ~~Concessions~~recovery in the three months ended January 31, 2025 compared $90,000 general and ~~Outlook~~administrative expenses in the same period last year as described below.

~~Sierra~~Stock-based compensation was a factor in the ~~Mojada~~fluctuations ~~Property~~in general and administrative expenses. The Company recorded $14,000 in stock-based compensation included in general and administrative expense for the three months ended January 31, 2025 compared to $60,000 in stock-based compensation for the comparable period last year as a result of stock options were granted and vested to employees, directors and consultants. There were no options granted during the three months ended January 31, 2025.

~~The~~Personnel ~~focus~~costs ofdecreased ~~the~~$33,000 ~~Company~~to $66,000 for the ~~2024~~three ~~calendar year~~months isended ~~continuing~~January ~~with~~31, ~~the~~2025 ~~Arbitration~~as ~~process.~~compared Ifto ~~the blockade and the Arbitration proceedings are resolved~~$99,000 ~~any~~for ~~continued exploration of~~ the ~~Sierra~~comparable ~~Mojada~~period ~~Property~~last ~~ultimately~~year. ~~may~~This ~~require~~decrease ~~the~~was ~~Company~~mainly todue ~~raise additional capital, identify other sources of funding or identify~~to a ~~strategic partner~~$28,000 ordecrease ~~other~~in ~~strategic~~stock-based ~~alternatives.~~compensation ~~The~~compared ~~Company is also continuing~~ to ~~seek~~the ~~out~~same ~~other~~period ~~exploration~~last ~~projects for potential development and investment~~year.

24Office and administrative expenses decreased by $27,000 to $36,000 for the three months ended January 31, 2025 compared to $63,000 for the comparable period last year. This decrease was primarily due to decreased travel costs.

~~Results~~Professional fees decreased $27,000 to $43,000 for the three months ended January 31, 2025 compared to $70,000 for the comparable period last year. This decrease was mainly due to decreases in accounting fees, legal fees and other professional fees related to the Company’s 2024 annual meeting of ~~Operations~~shareholders.

~~Three~~Directors’ fees ~~Months~~decreased ~~Ended~~$19,000 ~~July~~to $28,000 for the three months ended January 31, ~~2024~~2025 ~~and~~as compared to $47,000 for the comparable period last year. ~~July~~This 31decrease was primarily due to a $18,000 ~~2023~~decrease in stock-based compensation compared to the same period last year.

~~For~~The ~~the~~Company ~~three~~recorded ~~months~~a ~~ended July 31~~$1,000 ~~2024,~~provision ~~the~~for ~~Company~~uncollectible ~~recorded~~VAT afor ~~net~~the ~~income~~three ofmonths ~~$21,000,~~ended orJanuary ~~approximately~~31, ~~$nil~~2025 ~~per~~as ~~share,~~ compared to a ~~net loss of~~ $~~477~~6,000, orprovision ~~approximately~~for ~~$0.01 per~~uncollectible ~~share,~~VAT ~~during~~in the comparable period last year. The ~~$498,000~~allowance ~~decrease~~for inuncollectible ~~net~~VAT ~~loss~~ was ~~primarily~~estimated ~~due~~by tomanagement based upon a ~~$17~~number of factors,~~000~~ ~~decrease~~including inthe ~~exploration~~length ~~and~~of ~~property~~time ~~holding~~the ~~costs,~~returns ahave ~~$391~~been outstanding,~~000~~ ~~decrease~~responses inreceived ~~administrative~~from ~~expenses~~tax ~~and~~authorities, ageneral ~~$58,000~~economic ~~increase~~conditions in ~~other~~Mexico ~~income~~and ~~compared to the same~~estimated ~~period~~net ~~last~~recovery ~~year~~after ~~as described below~~commissions.

~~Exploration and Property Holding Costs~~25

~~Exploration~~During ~~and~~the ~~property~~three ~~holding~~months ~~costs~~ended ~~decreased $39~~January 31,~~000~~ ~~to $86~~2025,~~000~~ the ~~for~~Company ~~the~~recorded ~~three~~a ~~months~~contra ~~ended~~expense ~~July~~of 31$143,000 ~~2024,~~in general and administrative expenses compared to $~~125~~195,000 ~~for~~in the ~~comparable~~same period last year., ~~This~~which ~~decrease~~is ~~was mainly~~comprised ~~due~~of tofunds afrom ~~$35,000~~the ~~reimbursement~~Funding ~~from~~Agreement. Bench Walk ~~pursuant~~is tofunding the ~~litigation~~Company’s ~~Funding~~legal, ~~Agreement~~tribunal inand ~~the~~external ~~three~~expert costs ~~months~~and ~~ended~~defined ~~July~~corporate 31operating expenses. This is a nonrecourse agreement, and the Company has no obligation to repay any funds ~~2024.~~received Asunder the ~~Funding~~agreement. ~~Agreement~~In ~~was~~the ~~entered~~event ~~into~~of ina ~~September~~favorable ~~2023~~outcome, ~~there~~Bench isWalk nowould ~~comparable amount~~recover indisbursed ~~the~~funding ~~same~~as ~~period~~part ~~last~~of ~~year~~their investment return.

~~General~~During ~~and~~the ~~Administrative~~three ~~Expenses~~months ended January 31, 2025, the Arbitration lawyers incurred $852,000 in legal costs compared to $205,300 in the same period last year. All of which was paid by Bench Walk directly.

~~The~~Other ~~Company~~Income ~~recorded~~(Expenses) ~~$46,000 general and administrative recovery in the three months ended July 31, 2024 compared $353,000 general and administrative expenses in the same period last year as described below.~~

~~Stock-based~~The ~~compensation~~Company ~~was~~recorded aother ~~factor~~income inof $4,000 for the three months ended January 31, 2025 as compared to other expense of $43,000 for the comparable period last year. The significant ~~fluctuations~~factor contributing to other income in ~~general~~the three months ended January 31, 2025 was $4,000 of interest income and ~~administrative~~a ~~expenses.~~$7,000 foreign ~~The~~currency ~~Company~~transaction ~~recorded~~income, which was offset by a $197,000 expense from change in ~~stock-based~~fair value ~~compensation~~of ~~included~~the warrant derivative liability was due to a decrease in ~~general~~the ~~and~~fair value of warrants with a $CDN exercise price from October ~~administrative~~31, ~~expense~~2024 ~~for~~to January 31, 2025. The significant factor contributing to other expenses in the three months ended ~~July~~January 31, 2024 ~~compared~~was toa $1567,000 expense from change in ~~stock-based~~fair ~~compensation~~value ~~for~~of the ~~comparable~~warrant ~~period~~derivative liability, which was offset by $3,000 interest income, a $6,000 ~~last~~foreign ~~year~~currency astransaction income and a ~~result~~$15,000 in other income on partial forgiveness of ~~stock~~the ~~options~~Company’s ~~were~~Canada ~~granted~~Emergency Business ~~and~~Account ~~vested~~(“CEBA”) loan. The $67,000 expense from change in fair value of the warrant derivative liability was due to ~~employees~~an increase in the fair value of warrants with a $CDN exercise price from October 31, ~~directors~~2023 ~~and~~to ~~consultants~~January 31, 2024.

~~Personnel~~Material ~~costs~~Changes ~~decreased $65,000 to $18,000 recovery for the three months ended July 31, 2024 as compared to $47,000 for the comparable period last year. This decrease was mainly due to $86,000 reduction~~ in ~~the~~Financial ~~accrued vacation liability in the three months ended July 31, 2024. The decrease was offset by a $20,000~~Condition; ~~increase~~Liquidity inand ~~salaries~~Capital ~~due to revised agreements with the Company’s management in September 2023.~~Resources

~~Office~~Litigation ~~and~~Funding ~~administrative expenses of $64,000 for the three months ended July 31, 2024 was similar to the $62,000 in such costs for the comparable period last year.~~Agreement

~~Professional~~As ~~fees~~noted ~~decreased $158~~above,~~000~~ pursuant to ~~$21,000 for~~ the ~~three~~Funding ~~months~~Agreement, ~~ended~~Bench ~~July~~Walk ~~31,~~is ~~2024~~paying ~~compared~~up to an aggregate of $~~179,000~~9.5 million ~~for~~to ~~the~~fund ~~comparable~~legal ~~period~~costs ~~last~~and ~~year.~~other expenses incurred ~~This~~by ~~decrease~~the ~~was~~Company ~~mainly~~in ~~due~~connection towith ~~arbitration~~the ~~related~~Claim, ~~costs~~including ~~incurred~~an inamount ~~relation~~for reasonably incurred day-to-day operating expenses of the ~~legacy~~Company. During ~~NAFTA~~the ~~claim~~three ~~(as~~months ~~described~~ended inJanuary 31, 2025, the ~~“Recent Developments”~~Company ~~section)~~received infunding ~~the~~of ~~same~~$200,000 ~~period~~as ~~last~~reimbursement ~~year~~of corporate operating costs incurred.

~~Directors’~~The ~~fees~~Company agreed that Bench Walk shall be entitled to receive a share of ~~$29,000~~any ~~for~~proceeds arising from the ~~three~~Claim (the “Claim Proceeds”) ~~months~~of ~~ended~~up ~~July~~to 313.5x Bench Walk’s capital outlay (or, ~~2024~~if ~~was~~greater, ~~similar~~a toreturn of 1.0x Bench Walk’s capital outlay plus 30% of the ~~$26,000~~Claim Proceeds). inThe ~~such~~actual ~~costs~~return ~~for~~to Bench Walk may be lower than the ~~comparable~~foregoing ~~period~~amounts ~~last~~depending ~~year~~on how quickly the Claim is resolved.

~~The~~Cash Company recorded a $6,000 recovery of uncollectible VAT for the three months ended July 31, 2024 as compared to a $39,000 provision for uncollectible VAT in the comparable period last year. The allowance for uncollectible VAT was estimated by management based upon a number of factors, including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions.Flows

During the three months ended ~~July~~January 31, ~~2024~~2025, cash ~~the~~and ~~Company recorded~~cash aequivalents ~~contra~~were ~~expense~~primarily ofutilized ~~$135,000~~to infund general and administrative expenses ~~which is comprised of funds from the Litigation Funding Agreement~~. In ~~Bench~~addition, ~~Walk is funding~~ the Company’s ~~legal~~received $200,000 ~~tribunal~~from ~~and~~Bench ~~external expert costs and defined corporate operating expenses~~Walk. ~~This~~As is a ~~nonrecourse~~result ~~agreement,~~of ~~and~~ the ~~Company~~arbitration ~~has~~funding nofrom ~~obligation to repay any funds received under the agreement. In the event of a favorable outcome,~~ Bench Walk, ~~would~~which ~~recover~~was ~~disbursed~~partially ~~funding~~offset by asexploration ~~part~~activities ofand ~~their~~general ~~investment~~and ~~return.~~administrative Asexpenses, ~~the~~cash ~~Funding~~and ~~Agreement~~cash ~~was~~equivalents ~~entered~~increased ~~into~~from ~~in September 2023~~$546,000 ~~there~~at isOctober no31, ~~comparable~~2024 to ~~amount~~$592,000 inat ~~the~~January ~~same~~31, ~~period last year~~2025.

~~During~~Cash flows provided by operating activities for the three months ended ~~July~~January 31, ~~2024~~2025 were $46, 000. Cash flows used in operating activities for the ~~Arbitration~~three ~~lawyers~~months ~~incurred~~ended January 31, 2024 were $~~843~~490,000. This decrease in ~~legal~~cash ~~costs,~~used ~~all~~was mainly due to the timing of ~~which~~certain ~~were~~payments and ~~paid~~the bytiming ~~Bench~~of ~~Walk~~the ~~directly~~accounts receivable collection.

25Cash flows used by investing activities for the three months ended January 31, 2025 and 2024 were $nil.

~~Other~~Cash ~~Income~~flows used by financing activities for the nine months ended January 31, 2025 were $nil compared to $29,000 as the Company repaid the payable portion of the CEBA loan.

The Company recorded other income of $61,000 for the three months ended July 31, 2024 as compared to other income of $3,000 for the comparable period last year. The significant factor contributing to other income in the three months ended July 31, 2024 was $21,000 of interest income and $37,000 from change in fair value of the warrant derivative liability was due to a decrease in the fair value of warrants with a $CDN exercise price from April 30, 2023 to July 31, 2024. The significant factor contributing to other income in the three months ended July 31, 2023 was $3,000 of interest income.26

~~Nine~~Capital ~~Months Ended July 31, 2024 and July 31, 2023~~Resources

~~For~~As ~~the~~of January ~~nine months ended July~~ 31, ~~2024~~2025, the Company had acash ~~net~~and ~~loss~~cash equivalents of $~~191~~592,000, oras ~~approximately $nil per share,~~ compared to acash ~~net~~and ~~loss~~cash equivalents of $1546,~~300,~~000, oras ~~approximately~~of ~~$0.04 per~~October ~~share~~31, ~~during~~2024. ~~the~~The ~~comparable~~increase ~~period~~in ~~last~~liquidity ~~year.~~and ~~The~~working ~~$1,109,000~~capital ~~decrease~~were inprimarily ~~net~~the ~~loss~~result ~~was~~of ~~primarily~~the ~~due~~Arbitration tofunding aduring ~~$133,000~~the ~~decrease~~three inmonths ~~exploration~~ended ~~and~~January ~~property~~31, ~~holding costs~~2025, aincreased ~~$912,000~~accounts ~~decrease~~payable inand ~~administrative~~accrued ~~expenses~~liabilities and ~~a $55~~expenses,~~000~~ indecreased ~~other~~the ~~income~~accounts ~~compared~~receivable toand ageneral ~~$9,000~~and ~~in other~~administrative expenses asand ~~described~~payments ~~below~~during the three months ended January 31, 2025.

~~Exploration~~Since the Company’s inception in November 1993, it has not generated revenue and ~~Property~~has ~~Holding~~incurred ~~Costs~~an accumulated deficit of $138,917,000. Accordingly, the Company has not generated cash flows from operations, and since inception has relied primarily upon proceeds from private placements and registered direct offerings of its equity securities, warrant exercises, the sale of investments and funding from Bench Walk and South32 as the primary sources of financing to fund operations

~~Exploration~~Despite ~~and~~the ~~property~~arbitration finance in place, based on ~~holding~~the ~~costs~~Company’s ~~decreased~~constrained ~~$133~~cash and cash equivalents,~~000~~ toand ~~$171~~history of losses,~~000~~ ~~for~~there ~~the~~exists ~~nine~~a ~~months~~certain ~~ended~~level ~~July~~of ~~31,~~uncertainty ~~2024,~~regarding the ~~compared~~company’s ability to ~~$304,000~~sustain ~~for~~its operation over the ~~comparable~~next ~~period~~12 ~~last year.~~months ~~This~~as ~~decrease~~a ~~was~~going ~~mainly~~concern. ~~due~~While tothe Company entered into a ~~$142,000~~Funding Agreement ~~reimbursement~~aimed ~~from~~at ~~Bench~~covering ~~Walk~~arbitration ~~pursuant~~legal tocosts ~~the~~and ~~litigation~~certain ~~Funding~~other ~~Agreement~~costs, insupplemental ~~the~~fundraising ~~nine~~will be essential to meet more extensive ~~months~~operational ~~ended~~demands. ~~July~~Management 31plans ~~2024~~to pursue possible financing and astrategic ~~$16~~options,~~000~~ ~~concessions’~~including, ~~impairment~~but innot ~~the~~limited ~~same~~to, ~~period~~obtaining ~~last~~additional equity ~~year~~financing, of ~~which~~and ~~was~~the ~~offset~~exercising of warrants by awarrantholders. ~~$28,000~~Management ~~increase~~has insuccessfully ~~exploration~~pursued these options previously and ~~property~~believes that ~~holding~~they ~~costs.~~alleviate Asthe substantial doubt that the ~~Funding~~Company ~~Agreement~~can ~~was~~continue ~~entered~~its ~~into in~~operations ~~September~~for ~~2023,~~the next 12 months as a going concern. However, there is no ~~comparable~~assurance ~~amount~~that in the ~~same~~Company ~~period~~will ~~last~~be ~~year~~successful in pursuing these plans.

~~General~~Any future additional financing in the near term will likely be in the form of the issuance of equity securities, which will result in dilution to Silver Bull’s existing shareholders. Moreover, the Company may incur significant fees and ~~Administrative~~expenses ~~Expenses~~in the pursuit of a financing or other strategic transaction, which will increase the rate at which its cash and cash equivalents are depleted.

~~General~~Capital Requirements and ~~administrative~~Liquidity; ~~expenses decreased~~Need byfor ~~$912,000~~Additional ~~to $74,000 in the nine months ended July 31, 2024 from $986,000 in the same period last year as described below.~~Funding

~~Stock-based~~The ~~compensation was a factor in the~~Company’s ~~fluctuations~~management ~~in general~~ and ~~administrative~~board ~~expenses.~~of ~~The~~directors ~~Company~~monitor ~~recorded~~overall ~~$97~~costs,~~000~~ inexpenses, ~~stock-based~~and ~~compensation~~financial ~~included~~resources ~~in general~~ and ~~administrative~~, ~~expense~~if ~~for~~necessary, ~~the~~will ~~nine~~adjust ~~months~~planned ~~ended~~operational expenditures ~~July~~in ~~31,~~an ~~2024~~attempt ~~compared~~ to ~~$63,000~~ensure ~~for~~that the ~~comparable~~Company ~~period~~has ~~last~~sufficient ~~year~~operating ascapital. aManagement ~~result~~continues ~~of stock~~to ~~options~~evaluate ~~were~~the ~~granted~~Company’s costs and ~~vested~~planned ~~to employees~~expenditures, ~~directors~~including ~~and~~for ~~consultants in~~ the ~~nine~~Sierra ~~months~~Mojada ~~ended~~Property, ~~July~~as ~~31,~~discussed ~~2024~~below.

~~Personnel~~The ~~costs~~aforementioned ~~decreased~~Arbitration ~~$84,000~~process ~~to $159,000~~will ~~for~~require the ~~nine~~Company ~~months ended July 31, 2024 as compared~~ to ~~$243,000~~incur ~~for~~significant ~~the~~expense ~~comparable~~and ~~period~~devote ~~last~~significant ~~year~~resources. ~~This~~The ~~decrease~~outcome ~~was~~of ~~mainly due to a $81,000 reduction in~~ the ~~accrued~~Arbitration ~~vacation~~claim ~~liability in the nine months ended July 31, 2024~~ and ~~a $nil bonus recorded in~~ the ~~nine months~~process ~~ended~~for ~~July~~recovering 31funds, ~~2024~~even ~~compared~~if tothere ~~$68,000~~is ~~bonus in the same period last year. The decrease was offset by~~ a ~~$46~~successful outcome,~~000~~ ~~increase~~can inbe ~~salaries due~~lengthy ~~to revised agreements with the Company’s management in September 2023~~ and ~~a $14,000 increase in stock-based compensation compared to the same period last year~~unpredictable.

~~Office~~If ~~and~~the ~~administrative~~blockade ~~costs~~is ~~increased $27~~resolved,~~000 to~~ ~~$189,000~~and ~~for~~exploration of the ~~nine~~Sierra ~~months~~Mojada ~~ended~~project ~~July~~is 31restarted, ~~2024~~the asCompany ~~compared~~will torequire ~~$162~~significant amounts of additional capital. As of February 28,~~000~~ ~~for~~2025, the ~~comparable~~Company ~~period~~had ~~last~~approximately ~~year~~$0.5 ~~This~~million ~~increase~~in ~~was~~cash ~~primarily~~and cash equivalents. The continued exploration of the Sierra ~~due~~Mojada Property ultimately would require the Company to ~~increased~~raise ~~travel~~additional ~~costs~~capital, identify other sources of funding, identify a strategic partner or other strategic alternatives.

~~Professional~~The Company ~~fees~~will ~~decreased~~continue ~~$303,000~~to evaluate its ability to ~~$142~~obtain additional financial resources,~~000~~ and will attempt to reduce or limit expenditures ~~for~~on the ~~nine~~Sierra ~~months~~Mojada ~~ended~~Property ~~July~~as 31well as general and administrative costs if it is determined that additional financial resources are unavailable or available on terms that it determines are unacceptable. However, ~~2024~~it ~~compared~~may not be possible to ~~$445~~reduce costs,~~000~~ and even if the Company is successful in reducing costs, it still may not be able to continue operations for the ~~comparable~~next ~~period~~12 ~~last~~months ~~year~~as a going concern. Debt ~~This~~or ~~decrease~~equity ~~was~~financing ~~mainly~~may ~~due~~not tobe ~~arbitration~~available ~~related~~on ~~costs~~acceptable ~~incurred~~terms, inif ~~relation~~at toall. ~~the~~Equity ~~legacy~~financing, ~~NAFTA~~if ~~claim~~available, ~~(as~~may ~~described~~result in ~~the~~substantial ~~“Recent~~dilution ~~Developments”~~to ~~section)~~existing instockholders. If the ~~same~~Company ~~period~~is ~~last~~unable ~~year,~~to offund ~~which~~future ~~was~~operations ~~offset~~ by away ~~$18~~of financings,~~000~~ ~~increase~~including public or private offerings inof ~~legal~~equity ~~costs~~or ~~and~~debt asecurities, $5its business,~~000~~ ~~increase~~financial incondition ~~accounting~~and ~~costs~~results of operations will be adversely impacted.

Directors’ fees increased $18,000 to $105,000 for the nine months ended July 31, 2024 as compared to $87,000 for the comparable period last year. This increase was primarily due to a $19,000 increase in stock-based compensation compared to the same period last year.27

26Critical Accounting Policies

The ~~Company~~critical ~~recorded~~accounting apolicies ~~$10,000~~are ~~recovery of~~defined ~~uncollectible~~in ~~VAT for~~ the ~~nine~~Company’s ~~months~~Annual ~~ended~~Report ~~July~~on ~~31,~~Form ~~2024~~10-K ~~as compared to a $50,000 provision~~ for ~~uncollectible VAT in~~ the ~~comparable period last~~ year. ~~The~~ended ~~allowance~~October ~~for uncollectible taxes was estimated by management based upon a number of factors~~31, ~~including~~2024 ~~the~~filed ~~length~~with ~~of time~~ the ~~returns~~SEC ~~have~~on ~~been~~January ~~outstanding~~28, ~~responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions~~2025.

~~During the nine months ended July 31, 2024, the Company~~Other ~~recorded~~recent aaccounting ~~contra~~pronouncements ~~expense~~issued ofby ~~$511,000 in general and administrative expenses which is comprised of funds from~~ the ~~Litigation~~Financial ~~Funding~~Accounting ~~Agreement. Bench~~Standards ~~Walk~~Board is(including ~~funding~~its ~~the~~Emerging ~~Company’s~~Issues ~~legal,~~Task ~~tribunal~~Force) and ~~external expert costs and defined corporate operating expenses. This is~~the aSEC ~~nonrecourse~~did ~~agreement,~~not ~~and~~or ~~the~~are ~~Company~~not ~~has~~expected ~~no obligation~~ to ~~repay~~have ~~any funds received under the agreement. In the event of~~ a ~~favorable outcome,~~material ~~Bench~~impact ~~Walk~~on ~~would recover disbursed funding as part of their investment return. As~~ the ~~Funding~~Company’s ~~Agreement~~present ~~was~~or ~~entered~~future ~~into~~consolidated infinancial ~~September 2023, there is no comparable amount in the same period last year~~statements.

~~During~~ITEM ~~the~~3. ~~nine~~QUANTITATIVE ~~months~~AND ~~ended~~QUALITATIVE ~~July~~DISCLOSURES ~~31,~~ABOUT ~~2024, the~~MARKET ~~Arbitration lawyers incurred $1,240,040 in legal costs, all of which were paid by Bench Walk directly~~RISK.

~~Other~~Not ~~Income (Expenses)~~applicable.

~~The~~ITEM ~~Company recorded other income of $55,000 for the nine months ended July 31, 2024 as compared to other expenses of $9,000 for the comparable period last year~~4. ~~The~~CONTROLS ~~significant~~AND factor contributing to other income in the nine months ended July 31, 2024 was $42,000 of interest income, $12,000 in foreign currency transaction income and $31,000 in miscellaneous income on partial forgiveness of the Company’s Canada Emergency Business Account (“CEBA”) loan and a gain from sale of equipment, respectively, which was offset by a $27,000 expense from change in fair value of the warrant derivative liability was due to an increase in the fair value of warrants with a $CDN exercise price from October 31, 2023 to July 31, 2024PROCEDURES. The significant factor contributing to other expenses for the comparable period last year was a $19,000 other costs related to the certain years’ VAT and corporate taxes disputes with Mexican tax authorities and a $5,000 foreign currency transaction loss, which was offset by a $16,000 interest income.

~~Material~~(a) ~~Changes~~Evaluation inof ~~Financial~~Disclosure ~~Condition;~~Controls ~~Liquidity~~ and ~~Capital Resources~~Procedures.

~~Cash~~Under ~~Flows~~the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, management has carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of January 31, 2025. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective as of January 31, 2025.

~~During~~The ~~the~~Company’s ~~nine~~disclosure ~~months~~controls ~~ended~~and procedures ~~July~~are 31designed to ensure that information required to be disclosed in its reports filed or submitted under the Exchange Act is recorded, ~~2024~~processed, ~~cash~~ summarized and ~~cash~~reported ~~equivalents~~within ~~were~~the ~~primarily~~time ~~utilized~~periods tospecified ~~fund~~in ~~general~~the SEC’s rules and ~~administrative~~forms. ~~expenses~~Disclosure controls and procedures include, without limitation, controls and procedures designed to ~~reduce~~ensure ~~accounts~~that ~~payable~~information ~~and~~required ~~accrued~~to be disclosed in its ~~liabilities~~reports ~~balances.~~filed Asor asubmitted ~~result,~~under ~~cash~~the ~~and~~Exchange ~~cash~~Act ~~equivalents~~is ~~decreased~~accumulated ~~from~~and $1communicated to management,~~009,000~~ atincluding the principal executive officer ~~October~~and 31principal financial officer, ~~2023~~as appropriate, to ~~$304,000~~allow attimely ~~July~~decisions ~~31,~~regarding ~~2024~~required disclosure.

~~Cash~~(b) ~~flows~~Changes ~~used~~ in ~~operating~~Internal ~~activities~~Control ~~for the~~over ~~nine~~Financial months ended July 31, 2024 were $691,000, as compared to $646,000 for the comparable period in 2023. This increase was mainly due to the timing of certain payments and the timing of the accounts receivable collection.Reporting

~~Cash~~During ~~flows provided by investing activities for~~ the ~~nine~~quarter ~~months~~ ended ~~July~~January 31, ~~2024~~2025, there ~~were~~have ~~proceeds~~not ofbeen ~~$16,000~~any ~~from~~changes in the ~~sale~~Company’s ofinternal ~~equipment,~~control ~~which~~over ~~was~~financial ~~offset~~reporting bythat ~~$1,000~~have ~~purchase~~materially ofaffected, ~~equipment.~~or are ~~Cash~~reasonably ~~flows~~likely ~~provided~~to bymaterially ~~investing~~affect, ~~activities for~~ the ~~nine~~Company’s ~~months~~internal ~~ended~~control ~~July~~over ~~31,~~financial ~~2023 were $nil~~reporting.

~~Cash~~PART ~~flows~~II ~~used~~– byOTHER financing activities for the nine months ended July 31, 2024 were $29,000 as the Company repaid the payable portion of the CEBA loan. Cash flows used by financing activities for the nine months ended July 31, 2023 were $nil.INFORMATION

~~Capital~~ITEM ~~Resources~~1. LEGAL PROCEEDINGS.

AsSee ~~of July~~Note ~~31,~~15 ~~2024,~~– ~~the~~Commitments ~~Company had cash~~ and ~~cash equivalents of $304,000, as compared~~ Contingencies to ~~cash~~the ~~and~~Company’s ~~cash~~financial ~~equivalents~~statements of(Part $1I,~~009,000~~ asItem 1 of ~~October 31,~~this ~~2023.~~Quarterly ~~The~~Report ~~decrease~~on inForm ~~liquidity~~10-Q) ~~and~~for ~~working~~information ~~capital~~regarding ~~were primarily the result of the net repayment of accounts payable of $464,000,~~legal ~~increased~~proceedings ~~the~~in ~~accounts receivable and due from related party, general and administrative expenses and payments,~~ which ~~were~~it ~~partially~~is ~~offset by the Arbitration funding during the nine months ended July 31, 2024~~involved.

27ITEM 1A. RISK FACTORS.

~~Since the~~There ~~Company’s~~have ~~inception~~been inno ~~November~~material ~~1993,~~changes ~~it has not generated revenue and has incurred an accumulated deficit of $138,836,000. Accordingly, the Company has not generated cash flows~~ from ~~operations, and since inception has relied primarily upon proceeds from private~~the ~~placements~~risk ~~and~~factors ~~registered~~included ~~direct~~in ~~offerings of its equity securities, warrant exercises,~~ the ~~sale~~Company’s ofAnnual ~~investments~~Report ~~and funding~~on ~~from~~Form 10-K ~~Bench~~for ~~Walk and South32 as~~ the ~~primary~~year ~~sources~~ended ofOctober 31, ~~financing to fund operations~~2024.

~~Despite~~ITEM the arbitration finance in place, based on the Company’s constrained cash and cash equivalents, and history of losses, there exists a certain level of uncertainty regarding the company’s ability to sustain its operation over the next 12 months as a going concern2. ~~While~~UNREGISTERED ~~the~~SALES ~~Company~~OF ~~entered~~EQUITY ~~into~~SECURITIES aAND ~~Funding Agreement~~USE ~~aimed~~OF ~~at covering arbitration legal costs and certain other costs, supplemental fundraising will be essential to meet more extensive operational demands~~PROCEEDS. Management plans to pursue possible financing and strategic options, including, but not limited to, obtaining additional equity financing, and the exercising of warrants by warrantholders. Management has successfully pursued these options previously and believes that they alleviate the substantial doubt that the Company can continue its operations for the next 12 months as a going concern. However, there is no assurance that the Company will be successful in pursuing these plans.

~~Any future~~Recent ~~additional~~Sales ~~financing in the near term will likely be in the form~~ of ~~the~~Unregistered issuance of equity securities, which will result in dilution to Silver Bull’s existing shareholders. Moreover, the Company may incur significant fees and expenses in the pursuit of a financing or other strategic transaction, which will increase the rate at which its cash and cash equivalents are depleted.Securities

~~Capital~~No ~~Requirements~~sales ~~and~~of ~~Liquidity;~~unregistered ~~Need~~equity securities ~~for~~occurred ~~Additional~~during ~~Funding~~the period covered by this report.

~~The~~Purchases ~~Company’s management and board~~ of ~~directors~~Equity ~~monitor~~Securities ~~overall~~by ~~costs, expenses, and financial resources and, if necessary, will adjust planned operational expenditures in an attempt to ensure that~~ the Company ~~has sufficient operating capital. Management continues to evaluate the Company’s~~and ~~costs~~Affiliated ~~and planned expenditures, including for the Sierra Mojada Property, as discussed below.~~Purchasers

~~The~~No ~~aforementioned~~purchases ~~Arbitration~~of ~~process~~equity ~~will require~~securities ~~the~~were ~~Company~~made toby ~~incur~~or on ~~significant~~behalf ~~expense~~of ~~and~~Silver ~~devote~~Bull ~~significant~~or ~~resources.~~any ~~The~~“affiliated ~~outcome~~purchaser” ofwithin the ~~Arbitration~~meaning ~~claim~~of ~~and~~Rule ~~the~~10b-18 ~~process for~~under ~~recovering~~the ~~funds,~~Exchange ~~even~~Act ifduring ~~there~~the period iscovered aby ~~successful~~this ~~outcome, can be lengthy and unpredictable~~report.

IfITEM ~~the blockade is resolved, and exploration of the Sierra Mojada project is restarted, the Company will require significant amounts of additional capital~~3. ~~As of~~DEFAULTS ~~August~~UPON ~~31,~~SENIOR ~~2024, the Company had approximately $0~~SECURITIES.4 million in cash and cash equivalents. The continued exploration of the Sierra Mojada Property ultimately would require the Company to raise additional capital, identify other sources of funding, identify a strategic partner or other strategic alternatives.

The Company will continue to evaluate its ability to obtain additional financial resources, and will attempt to reduce or limit expenditures on the Sierra Mojada Property as well as general and administrative costs if it is determined that additional financial resources are unavailable or available on terms that it determines are unacceptableNone. However, it may not be possible to reduce costs, and even if the Company is successful in reducing costs, it still may not be able to continue operations for the next 12 months as a going concern. Debt or equity financing may not be available on acceptable terms, if at all. Equity financing, if available, may result in substantial dilution to existing stockholders. If the Company is unable to fund future operations by way of financings, including public or private offerings of equity or debt securities, its business, financial condition and results of operations will be adversely impacted.

~~Critical Accounting~~ITEM ~~Policies~~4. MINE SAFETY DISCLOSURES.

~~The~~Not ~~critical accounting policies are defined in the Company’s Annual Report on Form 10-K for the year ended October 31, 2023 filed with the SEC on January 26, 2024~~applicable.

~~Other recent~~ITEM ~~accounting~~5. ~~pronouncements~~OTHER issued by the Financial Accounting Standards Board (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a material impact on the Company’s present or future consolidated financial statementsINFORMATION.

28Insider Trading Arrangements and Policies

~~ITEM~~During 3.the ~~QUANTITATIVE~~fiscal ~~AND~~quarter ~~QUALITATIVE~~ended ~~DISCLOSURES~~January ~~ABOUT~~31, ~~MARKET~~2025, ~~RISK~~none of the Company’s directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as those terms are defined in Item 408 of Regulation S-K).

~~Not applicable.~~28

ITEM 46. ~~CONTROLS AND PROCEDURES~~EXHIBITS.

(a) Evaluation of Disclosure Controls and Procedures.

Incorporated by Reference

Exhibit Number

Exhibit Description

Form

Date

Exhibit

Filed/ Furnished Herewith

10.1

Consulting Agreement, dated January 24, 2024, by and between Silver Bull Resources, Inc. and Potai FZ LLC

31.1

Certification of CEO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of CFO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*

XBRL Instance Document

101.SCH*

XBRL Schema Document

101.CAL*

XBRL Calculation Linkbase Document

101.DEF*

XBRL Definition Linkbase Document

101.LAB*

XBRL Labels Linkbase Document

104

The Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101).

~~Under~~X ~~the~~Filed ~~supervision~~herewith ~~and~~XX ~~with~~Furnished ~~the~~herewith ~~participation of~~+ ~~the~~Indicates ~~Company’s~~a ~~Chief Executive Officer and Chief Financial Officer,~~ management ~~has~~contract ~~carried~~or ~~out~~compensatory ~~an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of July 31~~plan, ~~2024.~~contract ~~Based~~or on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective as of July 31, 2024arrangement.

* The ~~Company’s~~following ~~disclosure~~financial ~~controls and procedures are designed to ensure that~~ information ~~required~~from toSilver beBull ~~disclosed in its reports filed or submitted under the Exchange Act is recorded~~Resources, ~~processed,~~Inc.’s ~~summarized~~Quarterly ~~and~~Report ~~reported~~on ~~within~~Form ~~the~~10-Q ~~time~~for ~~periods specified in~~ the ~~SEC’s~~three ~~rules~~months ~~and~~ended ~~forms.~~January ~~Disclosure controls and procedures include~~31, ~~without limitation~~2025, ~~controls~~is ~~and~~formatted ~~procedures~~in ~~designed~~XBRL to(Extensible ~~ensure~~Business ~~that~~Reporting ~~information~~Language): ~~required~~Interim toCondensed beConsolidated ~~disclosed~~Balance inSheets, ~~its reports~~Interim ~~filed~~Condensed orConsolidated ~~submitted~~Statements ~~under~~of ~~the~~Operations ~~Exchange Act is accumulated~~ and ~~communicated~~Comprehensive ~~to management~~Loss, ~~including~~Interim ~~the~~Condensed ~~principal~~Consolidated ~~executive~~Statements ~~officer and~~of ~~principal~~Stockholders’ ~~financial officer~~Equity, asInterim ~~appropriate,~~Condensed toConsolidated ~~allow~~Statements ~~timely~~of ~~decisions~~Cash ~~regarding required disclosure~~Flows.

~~(b) Changes in Internal Control over Financial Reporting~~29

During the quarter ended July 31, 2024, there have not been any changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.SIGNATURES

~~PART~~Pursuant IIto –the ~~OTHER~~requirements ~~INFORMATION~~of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

~~ITEM~~SILVER 1.BULL ~~LEGAL~~RESOURCES, ~~PROCEEDINGS~~INC.

See Note 16 – Commitments and Contingencies to the Company’s financial statements (Part I, Item 1 of this Quarterly Report on Form 10-Q) for information regarding legal proceedings in which it is involved.

Dated: March 13, 2025	By:	/s/ Timothy Barry
		Timothy Barry
		President and Chief Executive Officer
		(Principal Executive Officer)
Dated: March 13, 2025	By:	/s/ Christopher Richards
		Christopher Richards
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

~~ITEM 1A. RISK FACTORS.~~30

~~There have been no material changes from the~~ ~~risk factors included in the Company’s Annual Report on Form~~ 1 0001031093 false Q1 --10-~~K for the year ended October~~ 31, true NONE 0001031093 2024-11-01 2025-01-31 0001031093 2025-03-13 0001031093 2025-01-31 0001031093 2024-10-31 0001031093 us-gaap:RelatedPartyMember 2025-01-31 0001031093 us-gaap:RelatedPartyMember 2024-10-31 0001031093 2023.-11-01 2024-01-31 0001031093 us-gaap:CommonStockMember 2024-10-31 0001031093 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0001031093 us-gaap:RetainedEarningsMember 2024-10-31 0001031093 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0001031093 us-gaap:CommonStockMember 2024-11-01 2025-01-31 0001031093 us-gaap:AdditionalPaidInCapitalMember 2024-11-01 2025-01-31 0001031093 us-gaap:RetainedEarningsMember 2024-11-01 2025-01-31 0001031093 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-11-01 2025-01-31 0001031093 us-gaap:CommonStockMember 2025-01-31 0001031093 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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Recent Sales of Unregistered Securities

No sales of unregistered equity securities occurred during the period covered by this report.

Purchases of Equity Securities by the Company and Affiliated Purchasers

No purchases of equity securities were made by or on behalf of Silver Bull or any “affiliated purchaser” within the meaning of Rule 10b-18 under the Exchange Act during the period covered by this report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS.

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Date	Exhibit	Filed/ Furnished Herewith
3.2	Amended Bylaws	8-K	01/26/2024	3.1.2
31.1	Certification of CEO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X
31.2	Certification of CFO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X
32.1	Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				XX
32.2	Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				XX
101.INS*	XBRL Instance Document				X
101.SCH*	XBRL Schema Document				X
101.CAL*	XBRL Calculation Linkbase Document				X
101.DEF*	XBRL Definition Linkbase Document				X
101.LAB*	XBRL Labels Linkbase Document				X
104	The Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101).				X
X	Filed herewith
XX	Furnished herewith
+	Indicates a management contract or compensatory plan, contract or arrangement.
*	The following financial information from Silver Bull Resources, Inc.’s Quarterly Report on Form 10-Q for the nine months ended July 31, 2024, is formatted in XBRL (Extensible Business Reporting Language): Interim Condensed Consolidated Balance Sheets, Interim Condensed Consolidated Statements of Operations and Comprehensive Loss, Interim Condensed Consolidated Statements of Stockholders’ Equity, Interim Condensed Consolidated Statements of Cash Flows.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SILVER BULL RESOURCES, INC.
Dated: September 12, 2024	By:	/s/ Timothy Barry
		Timothy Barry
		President and Chief Executive Officer
		(Principal Executive Officer)
Dated: September 12, 2024	By:	/s/ Christopher Richards
		Christopher Richards
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

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