RICHARDS CHRISTOPHER 4

What Happened
Christopher Richards, CFO of Silver Bull Resources, exercised stock options (transaction code M) to acquire 8,000 shares at an exercise price of $0.59 per share, paying $4,720. The same filing also reports 8,000 derivative shares as disposed at $0.00 (reported as a derivative disposition).

Key Details

• Transaction date: 2025-09-09
• Exercise: 8,000 shares acquired at $0.59/share — total cost $4,720 (code M: option exercise)
• Disposition: 8,000 derivative shares reported disposed at $0.00 (also coded M)
• Shares owned after the transaction: not specified in the summary provided (check the full Form 4 for holdings)
• Filing timeliness: Report filed 2026-04-14 for a 2025-09-09 transaction — marked late (L); late filings can delay public transparency and may draw regulatory attention

Context
The primary action was an options exercise. The matching disposal at $0.00 commonly appears when shares are surrendered or net-settled (for example, to cover exercise costs or tax withholding) rather than sold on the open market; the filing does not show any market sale proceeds. This activity is routine executive equity mechanics and, by itself, is not a directional buy/sell signal. For full details and exact post-transaction holdings, consult the complete Form 4 filing (Accession 0001079973-26-000465).