Silver Bull Resources, Inc.

What they do

Silver Bull is a Nevada-incorporated exploration-stage company whose stated objective is to define enough mineral reserves at the Sierra Mojada Property in Mexico to justify a mechanized mining operation. Exploration in Mexico is conducted through wholly owned subsidiaries Minera Metalin and Minas. The company has not established any reserves and states it may never enter the development or production stage.

Revenue drivers

• Mineral exploration (Sierra Mojada) — The company's only business line is exploring the Sierra Mojada Property for silver, zinc, lead and copper; it has earned no revenues and reported accumulated net losses of $151,917,277.
• ICSD arbitration damages claim — Silver Bull seeks $315 million plus pre-award interest from Mexico under USMCA/NAFTA for expropriation and the illegal blockade; the company filed its Memorial on June 17, 2024, held a hearing in October 2025, and the tribunal is expected to rule.
• Litigation funding agreement with Bench Walk — Bench Walk agreed to fund up to $9.5 million of legal, tribunal and expert costs plus defined corporate operating expenses; Silver Bull received an $800,000 reimbursement of corporate operating costs in fiscal 2025 and Bench Walk paid $3,753,721 of legal and arbitration costs during the year.

Recent performance

For fiscal year ended October 31, 2025, Silver Bull reported a consolidated net loss of $13,103,000, or about $0.28 per share, versus a net loss of $169,000 in fiscal 2024. The $12,934,000 increase was driven by a $5,079,000 rise in exploration and property holding costs, including a $5,004,000 full impairment of the Sierra Mojada concessions, plus a $7,861,000 increase in other expenses. General and administrative expenses were roughly flat, decreasing $5,000 to $53,000. At July 31, 2026 the company reported total assets of $1.1 million, total liabilities of $9.4 million, shareholder equity of negative $8.3 million and cash of $925,524.

Strategy

Management's near-term focus is the ICSID arbitration against Mexico, including post-hearing briefing filed November 21, 2025 and costs submitted December 5, 2025, while Bench Walk funds the associated costs. The company continues to hold the Sierra Mojada concessions despite recording a full $5,004,000 impairment during fiscal 2025 due to inability to access the property and court rulings potentially affecting title. Forward-looking statements reference planned 2026 activities at Sierra Mojada, possible acquisition of additional mineral properties or concessions, and possible financings or strategic transactions, but no revenue-generating operations are described. The company states continuation as a going concern depends on continued Bench Walk payments and future financing or a strategic transaction.

Risks

• Going concern — At October 31, 2025 the company had cash of $1,135,565 and a working capital deficit of $6,202,263, and management states there is substantial doubt about continuing as a going concern for the next 12 months.
• Arbitration outcome uncertainty — The $315 million claim against Mexico depends on the ICSID tribunal's ruling, which has not been issued; the company notes the Funding Agreement could be terminated and the outcome of the claim cannot be assured.
• Sierra Mojada impairment and blockade — Silver Bull recorded a full $5,004,000 impairment of the Sierra Mojada concessions in fiscal 2025 citing continued inability to access the property and court rulings potentially impacting title to certain concessions.
• Financing and resource constraints — The company has no revenues, accumulated net losses of $151,917,277, and states that without additional financial resources or profitable operations it may have to liquidate its business interests.

Outlook

Silver Bull states the ICSID tribunal is expected to render its final ruling as soon as practicable following the October 2025 hearing and the post-hearing briefing. Management continues to describe planned 2026 activities at the Sierra Mojada Project and possible additional property acquisitions, but all depend on funding and access. The company reiterates that its ability to continue operations for the next 12 months depends on Bench Walk's continued payments under the Funding Agreement and on obtaining future financing or a strategic transaction.