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 ~~April~~July 3031, 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 ~~June~~September 1211, 2025, there were 47,~~497~~651,~~652~~ 952 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.			29
ITEM 4. CONTROLS AND PROCEDURES.			29
PART II – OTHER INFORMATION			30
ITEM 1. LEGAL PROCEEDINGS.			30
ITEM 1A. RISK FACTORS.			30
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.			30
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.			30
ITEM 4. MINE SAFETY DISCLOSURES.			30
ITEM 5. OTHER INFORMATION.			30
ITEM 6. EXHIBITS.			31
SIGNATURES			32

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. 29 ITEM 4. CONTROLS AND PROCEDURES. 29 PART II – OTHER INFORMATION 29 ITEM 1. LEGAL PROCEEDINGS. 29 ITEM 1A. RISK FACTORS. 29 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 30 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 30 ITEM 4. MINE SAFETY DISCLOSURES. 30 ITEM 5. OTHER INFORMATION. 30 ITEM 6. EXHIBITS. 31 SIGNATURES 32

[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

	April 30, 2025			October 31, 2024
	July 31, 2025			October 31, 2024
		(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents (Note 14)	$	~~375~~705,~~363~~835		$	545,961
Other receivables		~~3,223~~677			1,678
Accounts receivable (Note 5)		~~357~~129,~~624~~142			181,213
Prepaid expenses and deposits		3016,~~308~~926			44,113
Due from related party (Note 7)		20,~~528~~315			22,095
Total Current Assets		~~787~~872,~~046~~895			795,060
Value-added tax receivable, net of allowance for uncollectible taxes of $492,540 and $475,908, respectively (Note 8)		92,669			88,814
Value-added tax receivable, net of allowance for uncollectible taxes of $513,127 and $475,908, respectively (Note 8)		96,671			88,814
Office and mining equipment, net (Note 9)		~~117~~115,~~709~~336			122,453
Property concessions (Note 10)		54,~~004~~940,~~386~~979			5,004,386
TOTAL ASSETS	$	6,~~001~~025,~~810~~881		$	6,010,713
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
Accounts payable	$	7388,~~713~~609		$	68,087
Accrued liabilities and expenses		~~394~~482,~~054~~356			308,749
Income tax payable		1,500			1,500
Warrant derivative liability (Note 13)		~~135~~378,~~092~~944			89,580
TOTAL LIABILITIES	$	604,359		$	467,916
TOTAL CURRENT LIABILITIES	$	951,409		$	467,916
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS’ EQUITY (Notes 11, 12 and 13)
Common stock, $0.01 par value; 150,000,000 shares authorized, 47,387,152 and 47,365,652 shares issued and outstanding, respectively		2,541,730			2,541,515
Common stock, $0.01 par value; 150,000,000 shares authorized, 47,610,652 and 47,365,652 shares issued and outstanding, respectively		2,543,965			2,541,515
Additional paid-in capital		141,~~750~~830,~~397~~380			141,723,305
Accumulated deficit		(~~138~~139,~~986~~392,~~924~~121	)		(138,814,271	)
Other comprehensive income		92,248			92,248
Total Stockholders’ Equity		5,~~397~~074,~~451~~472			5,542,797
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	6,~~001~~025,~~810~~881		$	6,010,713

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 LOSS (Unaudited)

	Three Months Ended April 30,						Six Months Ended April 30,
	Three Months Ended July 31,						Nine Months Ended July 31,
	2025			2024			2025			2024
REVENUES	$	—		$	—		$	—		$	—
EXPLORATION AND PROPERTY HOLDING COSTS
Exploration and property holding costs		38107,~~933~~582			54119,~~516~~271			~~145~~252,~~173~~755			~~186~~305,~~406~~677
Depreciation (Note 9)		2,302			2,393			4,744			4,835
Depreciation and concessions’ impairment (Notes 9 and 10)		65,780			2,292			70,524			7,127
Funding Agreement reimbursement (contra expense) (Note 5)		(31,~~350~~187	)		(3135,~~470~~336	)		(6798,~~664~~851	)		(~~106~~141,~~554~~890	)
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS		9142,~~885~~175			2586,~~439~~227			82224,~~253~~428			84170,~~687~~914
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel		6560,~~454~~298			77(17,~~705~~915	)		~~131~~191,~~418~~716			~~176~~158,~~649~~734
Office and administrative		6455,~~347~~682			6263,~~279~~718			~~100~~156,~~524~~206			~~125~~188,~~196~~914
Professional services		2015,~~933~~514			5120,~~475~~549			6379,~~803~~317			~~121~~141,~~065~~614
Directors’ fees		24,~~146~~021			2928,~~707~~997			5276,~~296~~317			76105,~~371~~368
Provision for (recovery of) uncollectible value-added taxes (Note 8)		21,~~275~~212			(96,~~854~~352	)		34,~~625~~837			(39,~~646~~998	)
Funding Agreement reimbursement (contra expense) (Note 5)		(~~165~~140,~~348~~331	)		(~~181~~134,~~204~~795	)		(~~308~~449,~~747~~078	)		(~~375~~510,~~705~~500	)
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES		11,807			30,108			42,919			119,930
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES (RECOVERY)		16,396			(45,798	)		59,315			74,132
LOSS FROM OPERATIONS		(21158,~~692~~571	)		(5540,~~547~~429	)		(~~125~~283,~~172~~743	)		(~~204~~245,~~617~~046	)
OTHER (EXPENSES) INCOME
Interest income		3,~~378~~426			1720,~~700~~995			710,~~097~~523			2041,~~698~~693
Foreign currency transaction (loss) income		(15,200	)		2,339			(8,129	)		8,715
Foreign currency transaction (loss) gain		(12,032	)		2,787			(20,161	)		11,502
Change in fair value of warrants derivative liability (Note 13)		(36240,~~753~~533	)		~~657~~37,356			(43284,~~589~~122	)		(6628,~~041~~685	)
Miscellaneous income (Note 9)		—			~~16,134~~—			—			30,853
TOTAL OTHER (EXPENSES) INCOME		(48249,~~575~~139	)		3661,~~830~~138			(44293,~~621~~760	)		(555,~~775~~363	)
LOSS BEFORE INCOME TAXES		(70,267	)		(18,717	)		(169,793	)		(210,392	)
(LOSS) INCOME BEFORE INCOME TAXES		(407,710	)		20,709			(577,503	)		(189,683	)
INCOME TAX EXPENSE		—			(480	)		(2,860	)		(1,480	)
INCOME TAX RECOVERY (EXPENSE)		2,513			425			(347	)		(1,055	)
NET AND COMPREHENSIVE LOSS		(70,267	)		(19,197	)		(172,653	)		(211,872	)
NET AND COMPREHENSIVE (LOSS) INCOME		(405,197	)		21,134			(577,850	)		(190,738	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Note 6)	$	(0.0001	)	$	(0.00	)	$	(0.0001	)	$	(0.00	)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES		47,376,039			47,365,652			47,370,759			47,365,652
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES (Notes 6, 13 and 14)		47,512,880			47,365,652			47,418,654			47,365,652

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~~ EQUITY (Unaudited)

	Common Stock
	Number of Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive Income		Total Stockholders’ Equity
Six months ended April 30, 2025
Nine months ended July 31, 2025
Balance, October 31, 2024	47,365,652	$	2,541,515	$	141,723,305	$	(138,814,271	)	$	92,248	$	5,542,797
Issuance of common stock as follow:
- - Exercise of warrants, net of issuance costs (Note 11)	21,500	$	215	$	5,763		—			—	$	5,978
- Exercise of warrants, net of issuance costs (Note 11)	245,000		2,450		79,306		—			—		81,756
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 12)	—		—		2127,~~329~~769		—			—		2127,~~329~~769
Net loss for the six-month period ended April 30, 2025	—		—		—		(172,653	)		—		(172,653	)
Net loss for the nine-month period ended July 31, 2025	—		—		—		(577,850	)		—		(577,850	)
Balance, April 30, 2025	47,387,152	$	2,541,730	$	141,750,397	$	(138,986,924	)	$	92,248	$	5,397,451
Balance, July 31, 2025	47,610,652	$	2,543,965	$	141,830,380	$	(139,392,121	)	$	92,248	$	5,074,472

	Common Stock
	Number of Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive Income		Total Stockholders’ Equity
Three months ended April 30, 2025
Three months ended July 31, 2025
Balance, January 31, 2025	47,365,652	$	2,541,515	$	141,738,026	$	(138,916,657	)	$	92,248	$	5,455,132
Balance, April 30, 2025	47,387,152	$	2,541,730	$	141,750,397	$	(138,986,924	)	$	92,248	$	5,397,451
Issuance of common stock as follow:
- Exercise of warrants, net of issuance costs (Note 11)	21223,500	$	~~215~~2,235	$	573,~~763~~543		—			—	$	575,~~978~~778
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 12)	—		—		6,~~608~~440		—			—		6,~~608~~440
Net loss for the three-month period ended April 30, 2025	—		—		—		(70,267	)		—		(70,267	)
Net loss for the three-month period ended July 31, 2025	—		—		—		(405,197	)		—		(405,197	)
Balance, April 30, 2025	47,387,152	$	2,541,730	$	141,750,397	$	(138,986,924	)	$	92,248	$	5,397,451
Balance, July 31, 2025	47,610,652	$	2,543,965	$	141,830,380	$	(139,392,121	)	$	92,248	$	5,074,472

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~~ EQUITY (Unaudited)

	Common Stock
	Number of Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive Income		Total Stockholders’ Equity
Six months ended April 30, 2024
Nine months ended July 31, 2024
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 12)	—		—		82,068		—			—		82,068
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 13)	—		—		100,679		—			—		100,679
Net loss for the six-month period ended April 30, 2024	—		—		—		(211,872	)		—		(211,872	)
Net loss for the nine-month period ended July 31, 2024	—		—		—		(190,738	)		—		(190,738	)
Balance, April 30, 2024	47,365,652	$	2,541,515	$	141,686,083	$	(138,857,358	)	$	92,248	$	5,462,488
Balance, July 31, 2024	47,365,652	$	2,541,515	$	141,704,694	$	(138,836,224	)	$	92,248	$	5,502,233

	Common Stock
	Number of Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Other Comprehensive Income		Total Stockholders’ Equity
Three months ended April 30, 2024
Three months ended July 31, 2024
Balance, January 31, 2024	47,365,652	$	2,541,515	$	141,666,852	$	(138,838,161	)	$	92,248	$	5,462,454
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 12)	—		—		19,231		—			—		19,231
Net loss for the three-month period ended April 30, 2024	—		—		—		(19,197	)		—		(19,197	)
Balance, April 30, 2024	47,365,652	$	2,541,515	$	141,686,083	$	(138,857,358	)	$	92,248	$	5,462,488
Stock option activity as follows:
- Stock-based compensation for options issued to directors, officers, employees, and advisors (Note 13)	—		—		18,611		—			—		18,611
Net income for the three-month period ended July 31, 2024	—		—		—		21,134			—		21,134
Balance, July 31, 2024	47,365,652	$	2,541,515	$	141,704,694	$	(138,836,224	)	$	92,248	$	5,502,233

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~~ CASH FLOWS (Unaudited)

	Six Months Ended April 30,
	Nine Months Ended July 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(~~172~~577,~~653~~850	)	$	(~~211~~190,~~872~~738	)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation		4,744			4,835
Depreciation and concessions’ impairment (Notes 9 and 10)		70,524			7,127
Provision for (recovery of) uncollectible value-added taxes		3,625			(3,646	)
Provision for (recovery of) uncollectible value-added taxes (Note 8)		4,837			(9,998	)
Foreign currency transaction loss (income)		1129,~~239~~632			(813,~~120~~503	)
Stock options issued for compensation (Note 12)		2127,~~329~~769			82100,~~068~~679
Change in fair value of warrant derivative liability (Note 13)		43284,~~589~~122			6628,~~041~~685
Miscellaneous income		—			(1430,~~719~~853	)
Changes in operating assets and liabilities:
Value-added tax receivable		(5,008	)		1,590
Value-added tax receivable (Note 8)		(6,591	)		13,401
Other receivables		(1,~~541~~001	)		32,~~075~~212
Accounts receivables (Note 5)		~~(176~~52,~~411~~071	)		(82252,~~259~~390	)
Prepaid expenses and deposits		1327,~~925~~485			214,~~669~~816
Due from related party (Note 7)		1,~~567~~780			~~(77~~39,~~868~~969	)
Accounts payable		417,~~241~~373			(~~402~~464,~~303~~081	)
Accrued liabilities and expenses		74145,~~778~~965			7675,~~452~~600
Income tax payable		—			(1,500	)
Net cash used in operating activities		(176,576	)		(546,557	)
Net cash provided by (used in) operating activities		78,118			(690,574	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment		—			(1,068	)
Proceeds from sale of equipment		—			16,134
Net cash provided by investing activities		—			15,066
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from warrant exercise, net of issuance costs (Notes 11 and 13)		581,~~978~~756			—
Loan repayment		—			(29,438	)
Net cash provided by (used in) financing activities		581,~~978~~756			(29,438	)
Net decrease in cash and cash equivalents		(170,598	)		(560,929	)
Net increase (decrease) in cash and cash equivalents		159,874			(704,946	)
Cash and cash equivalents beginning of period		545,961			1,~~007~~008,507
Cash and cash equivalents end of period	$	~~375~~705,~~363~~835		$	~~447~~303,~~578~~561
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid	$	—		$	2,555
Interest paid	$	—		$	—

SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid	$	—	$	2,199
Interest paid		—		—

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.~~7

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

~~NOTE~~Silver 1Bull –Resources, ~~ORGANIZATION~~Inc. (the “Company”) was incorporated in the State of Nevada on November 8, ~~DESCRIPTION~~1993 as the Cadgie Company for the purpose of acquiring and developing mineral OFproperties. ~~BUSINESS~~The ~~AND~~Cadgie ~~GOING~~Company ~~CONCERN~~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.

~~Silver~~The ~~Bull Resources, Inc. (the “~~Company~~”) was~~ ~~incorporated~~owns ina ~~the~~number ~~State~~ of ~~Nevada~~property onconcessions located ~~November~~in 8Coahuila, ~~1993~~Mexico as(collectively ~~the~~known ~~Cadgie~~as ~~Company for~~ the ~~purpose~~“Sierra ofMojada ~~acquiring and developing mineral properties~~Property”). The ~~Cadgie~~ Company ~~was~~conducts ~~a spin-off from~~ its ~~predecessor,~~operations ~~Precious~~in ~~Metal Mines, Inc. On June 28, 1996, the Company’s name~~Mexico ~~was~~through ~~changed~~its towholly-owned ~~Metalline~~subsidiary ~~Mining Company. On April 21~~corporations, ~~2011,~~Minera ~~the~~Metalin ~~Company’s name was changed to Silver Bull Resources, Inc~~S.A. ~~The~~de ~~Company’s fiscal year-end is October 31~~C.V. ~~The~~(“Minera ~~Company~~Metalin”) ~~has not realized any revenues from its planned operations~~ and isMinas ~~considered~~de anCoahuila ~~exploration~~SBR ~~stage company~~S.A. ~~The~~de ~~Company~~C.V. ~~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~~(“Minas”).

~~The~~On ~~Company~~April 16, ~~owns~~2010, Metalline Mining Delaware, Inc., a ~~number~~wholly-owned subsidiary of ~~property~~the ~~concessions located~~Company incorporated in ~~Coahuila~~the State of Delaware, ~~Mexico~~was ~~(collectively~~merged ~~known~~with asand ~~the~~into ~~“Sierra~~Dome ~~Mojada~~Ventures ~~Property~~Corporation (“Dome”)., ~~The~~a ~~Company~~Delaware ~~conducts~~corporation. ~~its~~As ~~operations~~a inresult, ~~Mexico through~~Dome ~~its~~became a wholly-owned subsidiary ~~corporations,~~of ~~Minera~~the ~~Metalin S~~Company.A. deDome ~~C.V.~~has ~~(“Minera~~a ~~Metalin”)~~wholly-owned subsidiary ~~and~~Dome ~~Minas~~Asia deInc., ~~Coahuila~~incorporated ~~SBR S.A.~~in dethe ~~C.V.~~British ~~(“Minas”)~~Virgin Islands.

On April 16 23, ~~2010~~2023, ~~Metalline~~Nomad ~~Mining~~Minerals ~~Delaware, Inc~~Ltd. (“Nomad Minerals"), a wholly-owned subsidiary of the Company, was incorporated in ~~the~~British ~~State of Delaware~~Columbia, ~~was~~Canada. ~~merged~~On ~~with~~April ~~and~~28, ~~into~~2023, ~~Dome~~Nomad ~~Ventures Corporation~~Metals ~~(“Dome”),~~Limited awas ~~Delaware~~incorporated ~~corporation.~~at AsAstana aInternational ~~result,~~Financial ~~Dome~~Centre ~~became~~in aAstana, ~~wholly-owned~~Republic ~~subsidiary~~ of ~~the~~Kazakhstan, ~~Company.~~as ~~Dome has~~ a wholly-owned subsidiary ~~Dome~~of ~~Asia Inc~~Nomad Minerals.~~, incorporated in the British Virgin Islands.~~

OnThe ~~April~~Company’s ~~23,~~efforts ~~2023~~and expenditures have been concentrated on the exploration of properties, ~~Nomad~~principally ~~Minerals~~in ~~Ltd.~~the Sierra Mojada Property located in Coahuila, Mexico (the “~~Nomad~~Sierra ~~Minerals"~~Mojada Project”),. aThe ~~wholly-owned~~Company ~~subsidiary~~has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company,’s ~~was~~investment ~~incorporated~~ in ~~British~~exploration ~~Columbia,~~properties ~~Canada.~~is Ondependent ~~April~~upon 28the success of future property sales, ~~2023~~the existence of economically recoverable reserves, ~~Nomad~~and ~~Metals Limited~~the ~~was~~ability ~~incorporated~~of atthe ~~Astana~~Company ~~International~~to ~~Financial~~obtain ~~Centre~~financing inor ~~Astana,~~make ~~Republic~~other ofarrangements for ~~Kazakhstan~~exploration, asdevelopment, aand ~~wholly-owned~~future ~~subsidiary~~profitable production activities. The ultimate realization of ~~Nomad~~the Company’s investment ~~Minerals~~in exploration properties cannot be determined at this time.

The Company’s ~~efforts~~is ~~and~~presently ~~expenditures have~~pursuing ~~been~~an ~~concentrated~~Arbitration Claim on (the ~~exploration~~“Arbitration” ofor ~~properties,~~the ~~principally~~“Claim”) inagainst the ~~Sierra~~United ~~Mojada~~Mexican ~~Property~~States ~~located in Coahuila, Mexico~~ (~~the~~ “~~Sierra Mojada Project~~Mexico”). The ~~Company has not determined whether its exploration properties contain ore reserves that are economically recoverable.~~Arbitration ~~The~~arises ~~ultimate realization of the Company~~from Mexico’s ~~investment~~unlawful inexpropriation ~~exploration~~and ~~properties~~other isunlawful ~~dependent~~treatment ~~upon the success~~ of ~~future~~Silver ~~property sales,~~Bull ~~the existence of economically recoverable reserves,~~ and ~~the~~its ~~ability~~investments ofresulting from the ~~Company~~illegal toblockade ~~obtain~~of ~~financing~~Silver orBull’s ~~make~~Sierra ~~other~~Mojada ~~arrangements for exploration, development, and future profitable production activities~~Property. The ~~ultimate~~Company ~~realization~~is ofcontinuing ~~the~~to ~~Company’s~~seek ~~investment in~~out other exploration ~~properties~~projects ~~cannot~~for potential bedevelopment ~~determined~~and ~~at this time~~investment.

~~The~~Exploration Company is presently pursuing an Arbitration Claim (the “Arbitration” or the “Claim”) against the United Mexican States (“Mexico”). The Arbitration arises from Mexico’s unlawful expropriation and other unlawful treatment of Silver Bull and its investments resulting from the illegal blockade of Silver Bull’s Sierra Mojada Property. The Company is continuing to seek out other exploration projects for potential development and investment.Stage

~~Exploration~~The Company ~~Stage~~has established the existence of mineral resources for the Sierra Mojada Project. The Company has not established proven or probable reserves, as defined by the United States Securities and the U.S. Securities and Exchange Commission (the “SEC”) subpart 1300 of Regulation S-K (“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.

~~The Company~~Beginning ~~has~~with ~~established~~ the ~~existence of mineral resources for the Sierra Mojada Project. The~~ Company’s ~~has~~annual ~~not~~report ~~established~~on ~~proven~~Form ~~or probable reserves, as defined by the United States Securities and the U.S. Securities and Exchange Commission (the “SEC”) subpart 1300 of Regulation S~~10-K ~~(“S-K~~for ~~1300”), through~~ the ~~completion of a “final” or “bankable” feasibility~~year ~~study~~ended ~~for~~October ~~Sierra Mojada Project. Furthermore~~31, ~~the Company has no plans to establish proven or probable reserves for Sierra Mojada Project. As a result~~2022, the Company ~~remains~~reports anits ~~exploration~~mineral ~~stage~~resources ~~company,~~in asaccordance ~~defined~~with byS-K ~~the SEC~~1300.

~~Beginning~~Going ~~with the Company’s annual report on Form 10-K for the year ended October 31, 2022, the Company reports its mineral resources in accordance with S-K 1300.~~Concern

8Since its inception in November 1993, the Company has yet to generate revenue and has incurred an accumulated deficit of $139,392,000. 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, 2025, the Company had cash and cash equivalents of approximately $706,000 and working capital of $301,000 (excluding warrant derivative liability). With respect to the anticipated costs associated with the aforementioned arbitration, as of September 5, 2023, the Company has secured third-party arbitration finance (“Funding Agreement” or the “LFA”) from Bench Walk Advisors LLC (“Bench Walk” or the “Funder”) in an amount of up to $9.5 million (Note 5). The funding has been completed as purchase of a contingent entitlement to damages in the event that a damages award is recovered from Mexico.

~~Going Concern~~8

~~Since~~Despite ~~its~~the ~~inception~~arbitration finance in ~~November 1993~~place, based on the Company ~~has~~’s ~~yet~~constrained tocash ~~generate revenue~~ and ~~has~~cash ~~incurred~~equivalents, anand ~~accumulated~~history ~~deficit~~ of ~~$138~~losses,~~987,000.~~ ~~Accordingly,~~there ~~the~~exists ~~Company~~a ~~has~~certain ~~not~~level ~~generated~~of ~~cash flows~~uncertainty ~~from operations. Since inception,~~ regarding the Company’s ~~has~~ability ~~relied~~to ~~primarily~~sustain ~~upon~~its ~~proceeds~~operation ~~from~~over ~~private placements and registered direct offerings of~~ the ~~Company’s~~next ~~equity~~12 ~~securities,~~months ~~sales~~as ofa ~~investments~~going ~~and~~concern. ~~warrant~~While ~~exercises as~~ the ~~primary~~Company ~~sources~~entered ofinto ~~financing~~a toFunding ~~fund~~Agreement ~~the~~aimed ~~Company’s~~at ~~operations.~~covering Asarbitration oflegal ~~April~~costs ~~30,~~and ~~2025~~certain other costs, ~~the~~supplemental ~~Company~~fundraising ~~had~~will ~~cash~~be ~~and~~essential ~~cash~~to ~~equivalents~~meet ofmore ~~approximately~~extensive operational ~~$375,000~~demands. ~~With respect~~Management plans to ~~the~~pursue ~~anticipated~~possible ~~costs~~financing ~~associated~~and ~~with~~strategic ~~the~~options, ~~aforementioned arbitration~~including, asbut ofnot ~~September~~limited 5to, ~~2023,~~obtaining ~~the~~additional equity ~~Company~~financing, ~~has~~and ~~secured~~the ~~third-party arbitration~~exercising ~~finance~~of ~~(“Funding~~warrants ~~Agreement”~~by orwarrantholders. ~~the~~Management ~~“LFA”)~~has ~~from~~successfully ~~Bench~~pursued ~~Walk~~these ~~Advisors~~options ~~LLC~~previously ~~(“Bench~~and ~~Walk”~~believes orthat ~~the~~they ~~“Funder”)~~alleviate inthe ansubstantial ~~amount~~doubt ofthat upthe toCompany ~~$9.5~~can ~~million~~continue ~~(Note~~its ~~5).~~operations ~~The~~for ~~funding~~the ~~has~~next ~~been~~12 ~~completed~~months as ~~purchase~~a ofgoing aconcern. ~~contingent~~However, ~~entitlement~~there tois ~~damages~~no inassurance that the ~~event~~Company ~~that~~will abe ~~damages~~successful ~~award~~in ispursuing ~~recovered~~these ~~from Mexico~~plans.

~~Despite~~These ~~the~~interim ~~arbitration~~condensed ~~finance~~consolidated ~~in place, based on~~financial ~~the~~statements ~~Company’s~~have ~~constrained~~been ~~cash~~prepared ~~and~~on ~~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 concern. ~~While~~basis ~~the Company entered into a Funding Agreement aimed at covering arbitration legal costs~~ and ~~certain~~do ~~other~~not ~~costs,~~include ~~supplemental~~any ~~fundraising~~adjustments ~~will be essential~~ to ~~meet~~the ~~more~~amounts ~~extensive operational demands. Management plans to pursue possible financing~~ and ~~strategic~~classification ~~options,~~of ~~including, but not limited to, obtaining additional~~assets ~~equity financing,~~ and ~~the~~liabilities ~~exercising~~that ofmay ~~warrants~~be bynecessary ~~warrantholders.~~in ~~Management has successfully pursued these options previously and believes that they alleviate~~ the ~~substantial~~event ~~doubt that~~ the Company can ~~continue~~no ~~its~~longer ~~operations~~continue ~~for the next 12 months~~ as a going concern. ~~However, there~~Such isadjustments nocould ~~assurance that the Company will~~ be ~~successful in pursuing these plans~~material.

~~These~~NOTE ~~interim~~2 ~~condensed~~– ~~consolidated~~BASIS ~~financial~~OF 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.PRESENTATION

~~NOTE~~The 2Company’s –interim ~~BASIS~~condensed OFconsolidated financial ~~PRESENTATION~~statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules of the SEC regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures typically included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet at October 31, 2024, was derived from the audited consolidated financial statements. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2024.

~~The~~All ~~Company’s~~figures ~~interim~~are ~~condensed consolidated financial statements have been prepared~~ in ~~accordance with generally accepted accounting principles in the~~ United States ofdollars ~~America (“GAAP”)~~unless ~~and~~otherwise ~~applicable rules of the SEC regarding interim reporting~~noted. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures typically included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet at October 31, 2024, was derived from the audited consolidated financial statements. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2024.

~~All~~The ~~figures~~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 ~~United~~the ~~States~~preparation ~~dollars~~of ~~unless~~the Company’s interim condensed consolidated financial statements. Accordingly, operating results for the ~~otherwise~~nine ~~noted~~months ended July 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.

~~The~~NOTE ~~interim~~3 ~~condensed~~– ~~consolidated~~SIGNIFICANT ~~financial statements~~ACCOUNTING ~~have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the interim~~POLICIES 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 six months ended April 30, 2025, are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2025, or any future period.

9The significant accounting policies are defined in the Company’s Annual Report on Form 10-K for the year ended October 31, 2024 filed with the SEC on January 28, 2025.

~~NOTE~~Recent 3Accounting –Pronouncements ~~SIGNIFICANT~~Not ~~ACCOUNTING~~Yet ~~POLICIES~~Adopted

~~The~~In ~~significant~~December ~~accounting~~2023, ~~policies~~Financial ~~are~~Accounting ~~defined~~Standards inBoard ~~the~~(“FASB”) ~~Company~~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 ~~Annual~~effective ~~Report~~tax rate reconciliation as well as information on ~~Form~~income ~~10-K~~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 ~~the~~fiscal ~~year~~years ~~ended~~beginning ~~October~~after ~~31,~~December 15, 2024. ~~filed~~The guidance will be applied on a prospective basis with the ~~SEC~~option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on ~~January~~its ~~28,~~consolidated ~~2025~~financial statements and disclosures.

~~Recent Accounting Pronouncements Not Yet Adopted~~9

In November ~~December 2023~~2024, ~~Financial Accounting Standards Board (“~~FASB”) issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement-Reporting ~~(Topic~~Comprehensive ~~740~~Income-Expense Disaggregation Disclosures (Subtopic 220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement ~~Disclosures~~Expenses. This ASU ~~expands~~requires public entities’ ~~income~~to ~~tax~~disclose ~~disclosures~~specified ~~by requiring disaggregated~~ information about ~~a reporting entity's effective tax rate reconciliation~~certain ascosts ~~well~~and asexpenses ~~information~~at oneach ~~income~~interim ~~taxes~~and ~~paid.~~annual ~~The~~reporting ~~standard~~period, iswhich ~~intended~~includes toamounts ~~benefit~~for ~~investors~~inventory bypurchases, ~~providing~~employee ~~more~~compensation, depreciation, ~~detailed~~intangible ~~income~~asset ~~tax~~amortization, ~~disclosures that~~and ~~would~~expenses berelated ~~useful~~to inoil ~~making~~and ~~capital~~gas ~~allocation decisions~~activities. This ASU will be effective for fiscal years beginning after December 15, ~~2024.~~ ~~The~~2026 ~~guidance~~and ~~will~~interim beperiods ~~applied~~beginning onafter aDecember ~~prospective~~15, ~~basis~~2027, with ~~the~~early ~~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.

~~In November~~Other ~~2024,~~recent ~~FASB~~accounting pronouncements issued by ~~ASU~~FASB ~~2024-03,~~(including ~~Income~~its ~~Statement-Reporting~~Emerging ~~Comprehensive~~Issues ~~Income-Expense~~Task ~~Disaggregation Disclosures (Subtopic 220-40~~Force): ~~Disaggregation of Income Statement Expenses. This ASU requires public entities to disclose specified information about certain costs~~ and ~~expenses~~the atSEC ~~each~~did ~~interim~~not ~~and~~or ~~annual~~are ~~reporting~~not ~~period,~~expected ~~which includes amounts for inventory purchases, employee compensation, depreciation, intangible asset amortization, and expenses related~~ to ~~oil~~have ~~and~~a ~~gas~~significant ~~activities.~~impact ~~This~~on ~~ASU~~the ~~will be effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The~~ Company’s ispresent ~~currently~~or ~~evaluating~~future ~~the impact of adopting this ASU on its~~ consolidated financial statements ~~and disclosures~~.

~~Other~~NOTE ~~recent~~4 ~~accounting~~– ~~pronouncements~~ILLEGAL ~~issued~~BLOCKADE ~~by FASB~~OF ~~(including~~SIERRA ~~its~~MOJADA ~~Emerging~~PROPERTY ~~Issues~~AND ~~Task Force) and the SEC did not or are not expected to have a significant impact on the Company’s~~ICSID ~~present or future consolidated financial statements.~~ARBITRATION

~~NOTE~~The 4Company’s –efforts ~~ILLEGAL~~and ~~BLOCKADE~~expenditures OFhave been ~~SIERRA~~concentrated ~~MOJADA~~on ~~PROPERTY~~the ~~AND ICSID~~exploration ~~ARBITRATION~~of properties, principally with respect to the Sierra Mojada Property located in Coahuila, Mexico.

~~The~~On ~~Company’s~~June 1, ~~efforts~~2018, the Company and ~~expenditures~~its subsidiaries ~~have~~Minera ~~been~~Metalin ~~concentrated~~and onContratistas de Sierra Mojada S.A. de C.V. entered into an earn-in option agreement (the ~~exploration~~“South32 Option Agreement”) with South32 International Investment Holdings Pty Ltd (“South32”), a wholly-owned subsidiary of ~~properties~~South32 Limited (ASX/JSE/LSE: S32), ~~principally~~whereby ~~with~~South32 ~~respect~~was able to obtain an option to purchase 70% of the ~~Sierra~~shares ~~Mojada~~of ~~Property~~Minera ~~located~~Metalin in(the ~~Coahuila,~~“South32 ~~Mexico~~Option”).

On ~~June~~October 111, ~~2018~~2019, the Company and its ~~subsidiaries~~ subsidiary Minera Metalin ~~and~~issued ~~Contratistas~~a denotice ~~Sierra~~of ~~Mojada~~force ~~S.A.~~majeure deto CSouth32 pursuant to the South32 Option Agreement.V. ~~entered~~Due ~~into~~to an ~~earn-in~~illegal ~~option~~blockade by ~~agreement~~a ~~(the~~cooperative ~~“South32~~of ~~Option~~local ~~Agreement”) with~~miners ~~South32~~called ~~International~~Sociedad ~~Investment~~Cooperativa ~~Holdings~~de ~~Pty~~Exploración ~~Ltd~~Minera Mineros Norteños, S.C.L. (“~~South32~~Mineros Norteños”), athe ~~wholly-owned~~Company ~~subsidiary~~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 ~~Limited~~Option ~~(ASX/JSE/LSE:~~Agreement due to the blockade. ~~S32)~~Pursuant to the South32 Option Agreement, ~~whereby~~any time period provided for in the South32 ~~was~~Option ~~able~~Agreement was to ~~obtain~~be angenerally ~~option~~extended toby a ~~purchase~~period ~~70%~~equal ofto the ~~shares~~period of ~~Minera~~delay ~~Metalin~~caused (by the ~~“South32~~event ~~Option”)~~of force majeure.

On ~~October 11~~August 31, ~~2019~~2022, ~~the~~due ~~Company and its subsidiary Minera Metalin issued a notice of force majeure~~ to ~~South32 pursuant to~~ the ~~South32~~ongoing ~~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 Agreementsite, ~~any time period provided for in~~ the South32 Option Agreement was tomutually beterminated ~~generally extended~~ by a ~~period~~South32 ~~equal~~and to the ~~period of delay caused by the event of force majeure~~Company.

OnNo ~~August~~portion ~~31,~~of ~~2022,~~the ~~due~~equity tovalue of the ~~ongoing blockade~~Company ofwas ~~the~~classified ~~site,~~as temporary equity as the South32 Option ~~Agreement~~had ~~was~~no ~~mutually~~intrinsic ~~terminated~~value. South32 paid $518,000 to the Company as a final payment for the exploration costs incurred by ~~South32~~the Company during the blockade, and the Company released South32 from all of claims as of the date of termination.

NoAs ~~portion~~ of ~~the~~September ~~equity~~11, ~~value of the Company was classified as temporary equity as the South32 Option had no intrinsic value. South32 paid $518~~2025,~~000~~ to the ~~Company~~blockade asby ~~a final payment~~Mineros ~~for~~Norteños ~~the~~at, ~~exploration~~on ~~costs~~and ~~incurred~~around by the ~~Company~~Sierra ~~during~~Mojada ~~the~~Property ~~blockade~~is ongoing, and the Company ~~released~~remains ~~South32~~unable ~~from~~to ~~all~~access ~~of claims as of~~ the ~~date of~~Sierra ~~termination~~Mojada Property.

AsOn ofMarch ~~June 12~~2, ~~2025~~2023, the ~~blockade~~Company byfiled ~~Mineros~~the NAFTA ~~Norteños~~Notice ~~at,~~of onIntent. ~~and~~The ~~around~~Company has been unable to access the ~~Sierra~~project ~~Mojada~~since ~~Property~~the isillegal ~~ongoing,~~blockade commenced in September 2019. Despite numerous demands and requests for action by the Company, ~~remains~~Mexican ~~unable~~governmental agencies have allowed this unlawful conduct to ~~access~~continue ~~the~~and, ~~Sierra~~as ~~Mojada~~such, failed ~~Property~~to protect the Company’s investment.

10The Company held a meeting with Mexican government officials in Mexico City on May 30, 2023, in an attempt to explore amicable settlement options and avoid arbitration. However, the 90-day period for amicable settlement under NAFTA expired on June 2, 2023, without a resolution.

On ~~March~~June 228, 2023, the Company ~~filed~~commenced ~~the NAFTA~~international ~~Notice~~arbitration ofproceedings ~~Intent.~~against ~~The~~Mexico ~~Company~~under ~~has~~the ~~been~~United ~~unable~~States-Mexico-Canada toAgreement ~~access~~(“USMCA”) and NAFTA (the ~~project~~“Arbitration”). The ~~since~~Arbitration was initiated under the ~~illegal~~Convention ~~blockade~~on ~~commenced~~the inSettlement ~~September~~of ~~2019.~~Investment ~~Despite~~Disputes ~~numerous demands~~between States and ~~requests~~Nationals ~~for~~of ~~action~~Other byStates process, ~~the~~which ~~Company,~~falls ~~Mexican~~under ~~governmental~~the ~~agencies~~auspices ~~have~~of ~~allowed~~the ~~this~~World ~~unlawful~~Bank’s ~~conduct~~International toCentre ~~continue~~for ~~and,~~Settlement asof ~~such~~Investment Disputes (“ICSID”), ~~failed~~ to ~~protect~~which ~~the~~Mexico ~~Company’s~~is ~~investment~~a signatory.

The Company held a meeting with Mexican government officials in Mexico City on May 30, 2023, in an attempt to explore amicable settlement options and avoid arbitration. However, the 90-day period for amicable settlement under NAFTA expired on June 2, 2023, without a resolution.10

On June 2817, ~~2023~~2024, the Company ~~commenced~~filed ~~international~~its Memorial ~~arbitration~~submission ~~proceedings~~with ~~against~~ICSID ~~Mexico~~detailing ~~under~~ the ~~United~~claim ~~States-~~against Mexico~~-Canada~~, ~~Agreement (“USMCA”)~~ and ~~NAFTA~~its ~~(the~~Claimant’s ~~“Arbitration”). The~~Reply ~~Arbitration~~ was ~~initiated~~filed ~~under~~on ~~the~~April ~~Convention~~25, on2025. ~~the~~The ~~Settlement~~reply ofresponded to ~~Investment~~Mexico’s ~~Disputes~~Counter ~~between~~Memorial, ~~States~~ and ~~Nationals~~revised ofthe ~~Other~~damages ~~States process,~~estimate ~~which~~to ~~falls under~~ the ~~auspices~~sum of ~~the~~$375 ~~World~~million, ~~Bank’s~~including ~~International~~interest. ~~Centre~~The ~~for~~Arbitration ~~Settlement~~hearing is ofset ~~Investment Disputes (“ICSID”),~~ to ~~which~~commence ~~Mexico~~in isOctober ~~a signatory~~2025.

OnThe ~~June~~Company ~~17,~~has ~~2024,~~engaged ~~the~~Boies ~~Company~~Schiller ~~filed its~~Flexner ~~Memorial~~(UK) ~~submission~~LLP ~~with~~as ~~ICSID detailing the claim against Mexico, and~~ its ~~Claimant’s~~legal ~~Reply~~advisers ~~was filed~~ on ~~April 25, 2025. The reply responded to Mexico’s Counter Memorial, and revised~~ the ~~damages~~legacy ~~estimate~~NAFTA ~~to the sum of $375 million, including interest~~claim. ~~The Arbitration hearing is set to commence in October 2025.~~

~~The~~NOTE ~~Company~~5 ~~has~~– ~~engaged~~ARBITRATION ~~Boies Schiller Flexner (UK) LLP as its legal advisers on the legacy NAFTA claim.~~FINANCING

~~NOTE~~On September 5, –2023, ~~ARBITRATION~~the ~~FINANCING~~Company entered into a litigation Funding Agreement 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.

OnDuring ~~September~~the 5nine months ended July 31, ~~2023~~2025, pursuant to the terms of the LFA, the Company ~~entered~~received ~~into a~~reimbursement ~~litigation~~of ~~Funding~~corporate ~~Agreement~~operating ~~with~~costs in the amount of $600,000 from Bench Walk (July 31, a2024: ~~third~~$400,000). ~~party~~Additionally, ~~which~~Bench ~~specializes~~Walk inhas ~~funding~~made ~~litigation~~payments on the Company’s behalf for legal and arbitration ~~claims.~~costs ~~Under the~~totaling ~~terms~~$2,037,728 ofduring the ~~LFA,~~nine ~~Bench~~months ~~Walk~~ended ~~has~~July ~~agreed~~31, to2025 ~~fund~~and ~~the~~accumulated ~~Company~~legal ~~with~~and uparbitration tocosts of $94,017,112 since September 2023.5 The ~~million~~Company continues to ~~cover~~have complete control over the ~~Company’s~~conduct ~~legal~~of the international arbitration proceedings, ~~tribunal~~insofar ~~and~~as ~~external~~the proceedings ~~expert~~relate ~~costs~~to the Company’s claims, and ~~defined~~continues ~~corporate~~to ~~operating~~have ~~expenses~~the ~~associated~~right to settle with ~~the~~Mexico, ~~Arbitration~~discontinue proceedings, aspursue the proceedings to a ~~purchase~~merits ofhearing aand ~~contingent~~take ~~entitlement~~ any action the Company considers appropriate to ~~damages~~enforce the resulting arbitral award.

~~During~~The ~~the~~Company ~~six~~agreed ~~months~~that ~~ended~~Bench ~~April~~Walk ~~30,~~shall ~~2025,~~be ~~pursuant~~entitled to ~~the~~receive ~~terms~~a ofshare ~~the LFA, the Company received reimbursement~~ of ~~corporate~~any ~~operating~~proceeds ~~costs~~arising infrom the ~~amount~~Claim of(the ~~$200,000~~“Claim ~~from~~Proceeds”) ~~Bench~~of ~~Walk~~up ~~(April 30,~~to ~~2024: $400,000)~~3.5x ~~Additionally,~~ Bench Walk ~~has made payments on the Company~~’s ~~behalf for legal and arbitration costs totaling~~capital $1outlay (or,~~346,835~~ ~~during~~if ~~the six months ended April 30~~greater, ~~2025~~a ~~and~~return ~~accumulated legal and arbitration costs~~ of ~~$2,926,219 since September 2023~~1. ~~The~~0x ~~Company~~Bench ~~continues~~Walk’s tocapital ~~have~~outlay ~~complete~~plus ~~control~~30% ~~over the conduct~~ of ~~the~~Claim ~~international~~Proceeds). ~~arbitration~~The ~~proceedings,~~actual ~~insofar~~return asto ~~the~~Bench ~~proceedings~~Walk ~~relate~~may tobe ~~the~~lower ~~Company’s~~than ~~claims, and continues to have~~ the ~~right~~foregoing toamounts ~~settle~~depending ~~with~~on ~~Mexico,~~how ~~discontinue~~quickly ~~proceedings, pursue~~ the ~~proceedings to~~Claim ais ~~merits hearing and take any action the Company considers appropriate to enforce the resulting arbitral award~~resolved.

~~The~~As ~~Company~~security ~~agreed~~for ~~that~~ Bench Walk’s ~~shall be entitled~~entitlement to receive a share of ~~any~~the ~~proceeds~~Claim ~~arising~~Proceeds ~~from~~under the ~~Claim~~LFA, (the ~~“Claim~~Company ~~Proceeds”)~~granted ~~of up~~ to ~~3.5x~~ Bench Walk’s ~~capital outlay~~a ~~(or,~~security ifinterest ~~greater,~~in athe ~~return~~Claim ofProceeds, ~~1.0x~~the Claim, ~~Bench~~all ~~Walk’s~~documents ~~capital~~of ~~outlay~~title ~~plus~~pertaining ~~30%~~to ofthe Claim, ~~Proceeds).~~rights ~~The~~under ~~actual~~any ~~return~~appeal tobond ~~Bench~~or ~~Walk may~~similar beinstrument ~~lower~~posted ~~than~~by any of the ~~foregoing~~defendants in ~~amounts~~the ~~depending~~Claim, onand ~~how~~all ~~quickly~~proceeds ~~the~~of ~~Claim~~any isof ~~resolved~~the foregoing.

AsDuring ~~security~~the ~~for~~nine ~~Bench~~months ~~Walk’s~~ended ~~entitlement to~~July ~~receive~~31, a2025 ~~share of the Claim Proceeds under the LFA~~and 2024, the ~~Company~~following ~~granted~~is ~~to Bench Walk~~ a ~~security~~summary ~~interest~~of in the ~~Claim~~Company’s ~~Proceeds,~~expenditures ~~the Claim,~~that ~~all~~have ~~documents~~been ofincurred ~~title~~and ~~pertaining~~reimbursed ~~to the Claim, rights under any appeal bond~~ or ~~similar~~are ~~instrument~~expected ~~posted~~to bybe ~~any of the defendants~~reimbursed infrom ~~the~~Bench ~~Claim, and all proceeds of any of the foregoing~~Walk.

During the six months ended April 30, 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.


	For the Three Months Ended					For the nine Months Ended
	July 31,					July 31,
	2025			2024		2025			2024

Exploration and property holding costs	$	31,188		$	35,336	$	98,851		$	141,890
Personnel		58,014			57,665		175,292			176,892
Office and administrative		45,370			35,366		125,394			132,849
Professional services		15,514			20,549		80,525			132,866
Directors’ fees		21,432			21,215		65,760			64,913
Income Taxes		—			—		2,107			2,980
		171,518			170,131		547,929			652,390
Changes for the period		(42,376	)		222,356		(418,787	)		(259,903	)
Accounts receivable	$	129,142		$	392,487	$	129,142		$	392,487

	For the Three Months Ended					For the Six Months Ended
Accounts receivable – October 31, 2024	$	181,213
	April 30,					April 30,
Expenditure incurred during the nine months ended July 31, 2025		547,929
	2025			2024		2025			2024
Funding received		(600,000	)
Exploration and property holding costs	$	31,350		$	31,470	$	67,664		$	106,554
Accounts receivable – July 31, 2025	$	129,142
Personnel		59,908			61,652		117,278			119,226
Office and administrative		56,940			43,793		80,024			97,482
Professional services		26,104			51,475		65,010			112,317
Directors’ fees		22,396			21,304		44,328			43,700
Income Taxes		—			2,980		2,107			2,980
		196,698			212,674		376,411			482,259
Changes for the period		160,926			9,682		(18,787	)		(259,903	)
Accounts receivable	$	357,624			222,356	$	357,624		$	222,356

Accounts receivable – October 31, 2024	$	181,213
Expenditure incurred during the six months ended April 30, 2025		376,411
Funding received		(200,000	)
Accounts receivable – April 30, 2025	$	357,624

NOTE 6 – NET LOSS PER SHARE

~~NOTE~~The Company had stock options and warrants outstanding 6at –July ~~NET~~31, ~~LOSS~~2025 ~~PER~~and ~~SHARE~~2024 that upon exercise were issuable into 12,293,788 and 12,538,788 shares of the Company’s common stock, respectively. They were not included in the calculation of loss per share because the average market prices are below the exercise price and they would have been anti-dilutive.

~~The~~NOTE ~~Company~~7 ~~had~~– ~~stock~~DUE ~~options~~FROM ~~and~~RELATED warrants outstanding at April 30, 2025 and 2024 that upon exercise were issuable into 12,517,288 and 12,538,788 shares of the Company’s common stock, respectively. They were not included in the calculation of loss per share because the average market prices are below the exercise price and they would have been anti-dilutive.PARTY

~~NOTE~~As 7of –July ~~DUE~~31, ~~FROM~~2025, ~~RELATED~~due ~~PARTY~~from related party consists of $20,315 (October 31, 2024 - $22,095) due from Arras Minerals Corp. (“Arras”) for shared employees’ salaries and office expenses. The Company and Arras have common directors and officers. This amount is non-interest bearing and is to be repaid on demand. During the nine months ended July 31, 2025 and 2024, expenses totaling $239,628 and $231,082 were incurred by the Company on behalf of Arras.

AsNOTE of8 ~~April~~– ~~30, 2025, due from related party consists of $20,528 (October 31, 2024~~ VALUE-ADDED ~~$22,095)~~TAX due from Arras Minerals Corp. (“Arras”) for shared employees’ salaries and office expenses. The Company and Arras have common directors and officers. This amount is non-interest bearing and is to be repaid on demand. During the six months ended April 30, 2025 and 2024, expenses totaling $178,659 and $135,721 were incurred by the Company on behalf of Arras.RECEIVABLE

~~NOTE~~Value-added 8tax –(“VAT”) ~~VALUE~~receivable relates to VAT paid in Mexico. The Company estimates a net VAT of $96,671 (October 31, 2024 -~~ADDED~~ ~~TAX~~$88,814) ~~RECEIVABLE~~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.

~~Value-added~~A ~~tax~~summary ~~(“VAT”) receivable relates to VAT paid in Mexico. The Company estimates a net VAT~~ of ~~$92,669 (October 31, 2024 - $88,814) will be received and believes that it remains legally entitled to be refunded~~ the ~~full~~changes ~~amount~~in 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~~for ~~estimated by management based upon several factors, including~~ the ~~length~~nine ofmonths ~~time~~ended ~~the~~July ~~returns have been outstanding~~31, ~~responses received from tax authorities~~2025, ~~general~~is ~~economic~~as ~~conditions in Mexico.~~follows:

A summary of the changes in the allowance for uncollectible VAT for the six months ended April 30, 2025, is as follows:


Allowance for uncollectible VAT – October 31, 2024	$	475,908
Provision of VAT receivable allowance		4,837
Foreign currency translation adjustment		32,382
Allowance for uncollectible VAT – July 31, 2025	$	513,127

Allowance for uncollectible VAT – October 31, 2024	$	475,908
Provision of VAT receivable allowance		3,625
Foreign currency translation adjustment		13,007
Allowance for uncollectible VAT – April 30, 2025	$	492,540

NOTE 9 – OFFICE AND MINING EQUIPMENT

12The following is a summary of the Company’s office and mining equipment at July 31, 2025 and October 31, 2024, respectively:

NOTE 9 – OFFICE AND MINING EQUIPMENT


	July 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		(702,115	)		(694,998	)
Office and mining equipment, net	$	115,336		$	122,453

~~The~~During ~~following~~the isnine amonths ~~summary~~ended ofJuly 31, 2025 and 2024, the Company~~’s office~~ ~~and~~recorded ~~mining~~a ~~equipment~~gain aton ~~April~~sale ~~30,~~of ~~2025~~a ~~and~~vehicle ~~October~~of ~~31,~~$nil ~~2024~~and $16,134, respectively:, which is included in miscellaneous income in the condensed consolidated statements of operations and comprehensive loss.

	April 30,			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		(699,742	)		(694,998	)
Office and mining equipment, net	$	117,709		$	122,453

~~During the six months ended April 30, 2025 and~~NOTE ~~2024,~~10 ~~the~~– ~~Company~~PROPERTY ~~recorded~~CONCESSIONS ~~a gain on sale of a vehicle of $nil and $16,134, respectively, which is included in miscellaneous income in the condensed consolidated statements of operations and comprehensive loss.~~

~~NOTE~~The following is a summary of the Company’s 10property –concessions ~~PROPERTY~~for ~~CONCESSIONS~~the Sierra Mojada Property as at July 31, 2025 and October 31, 2024:

The following is a summary of the Company’s property concessions for the Sierra Mojada Property as at April 30, 2025 and October 31, 2024:


Property concessions – October 31, 2024	$	5,004,386
Impairment		(63,407	)
Property concessions – July 31, 2025	$	4,940,979

~~Property~~During the ~~concessions~~nine –months ~~April~~ended 30July 31, 2025, the exploration license at a certain concession in Sierra Mojada, Mexico lapsed, and ~~October~~the 31Company decided not to renew it considering the status of the Arbitration. As a result, ~~2024~~the $Company 5wrote off the capitalized property concession balance related to this concession of $63,~~004,386~~407.

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

NOTE 11 – COMMON STOCK

OnDuring ~~March~~the 18nine months ended July 31, 2025, 21245,~~500~~ 000 warrants to acquire 21245,~~500~~000 shares of common stock were exercised at an exercise price of $0.59 per share of common stock for aggregate gross proceeds of $12144,~~685~~550, of which $0.25 per share was paid to Arras ($561,~~375~~250) as per the Distribution (described in Note 13).

The Company incurred costs of $1,~~332~~544 related to to warrant exercises in the ~~six~~nine months ended ~~April~~July 3031, 2025.

No shares of common share stock were issued ~~during~~ during the ~~six~~nine months ended ~~April~~July 3031, 2024.

NOTE 12 – STOCK OPTIONS

The 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.

Options are typically granted with an exercise ~~price~~ 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~~ and have a contractual term of five years.

No options were granted or exercised during the nine ~~six~~ months ended ~~April~~July 3031, 2025.

On January 30, 2024, the Company granted options to to acquire 2,425,000 shares of common stock with a weighted-average grant-date fair value of $0.06 per share and an exercise price of $CDN 0.16 per share.

No options were exercised during the ~~six~~nine months ~~ended~~ ~~April~~ended 30July 31, 2024.

A summary of the range of assumptions used to ~~value~~ value stock options granted for the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024 are as follows:

	Six Months Ended April 30,
	Nine Months Ended July 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

The expected volatility assumption is based on ~~the~~ the historical of common stock price. The risk-free interest rate assumption is based on yield curves on government zero-coupon bonds ~~with~~ with a remaining term equal to the stock options’ expected life. The Company has not paid and does not anticipate paying dividends on 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 condensed interim consolidated statements of operations and comprehensive loss.

The following is a summary of stock option activity for the ~~six~~nine months ended ~~April~~July 3031, 2025:

Options		Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	Outstanding at October 31, 2024		4,725,000	$	0.1617		3.16	$	—
	Outstanding at April 30, 2025		4,725,000		0.16		2.66		—
	Outstanding at July 31, 2025		4,725,000		0.17		2.41		235,559
	Exercisable at April 30, 2025		3,916,666	$	0.18		2.51	$	—
	Exercisable at July 31, 2025		3,916,666	$	0.18		2.26	$	160,435

The Company recognized stock-based compensation ~~costs~~ costs for stock options of $2127,~~329~~769 and $82100,~~068~~679 for the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024, respectively. As of ~~April~~July 3031, 2025, there ~~was~~ was $1710,~~172~~733 of total unrecognized compensation expense.

Summarized information about stock options outstanding and exercisable at ~~April~~July 3031, 2025 is as follows:

	Options Outstanding					Options Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price	Number Exercisable		Weighted Average Exercise Price
$	0.2223	2,150,000	1.8155	$	0.2223	2,150,000	$	0.2223
	0.13	150,000	2.87		0.13	150,000		0.13
	0.14	150,000	2.62		0.14	150,000		0.14
	0.12	2,425,000	3.41		0.12	1,616,666		0.12
	0.11	2,425,000	3.16		0.11	1,616,666		0.11
$	0.1617	4,725,000	2.6641		0.1617	3,916,666		0.1718

NOTE 13 – WARRANTS

A summary of warrant activity for the ~~six~~nine months ~~ended~~ ~~April~~ended 30July 31, 2025 is as follows:

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	$	—
Exercised		(21245,~~500~~000	)		0.59
Outstanding and exercisable at April 30, 2025*		7,792,288		$	0.22		2.75	$	99,692
Outstanding and exercisable at July 31, 2025*		7,568,788		$	0.21		2.57	$	625,517

* Pursuant to the 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 retain $0.34 of the proceeds from the exercise of each of these warrants and the remaining $0.25 per share of the proceeds will be paid to Arras to compensate for the issuance of Arras common shares.

OnDuring ~~March~~the 18nine months ended July 31, 2025, the Company received gross proceeds of $12144,~~685~~550 related to a warrant exercise of 21245,~~500~~000 warrants at an exercise price of $0.59 per share of common stock, and paid Arras $561,~~375~~250 for the issuance of Arras shares, for net proceeds of $783,~~310~~300, excluding issuance costs of $1,~~332~~544.

No warrants were issued during the ~~six~~nine months ~~ended~~ ~~April~~ended 30July 31, 2025.

No warrants were issued or exercised during the ~~six~~ nine months ended ~~April~~July 3031, 2024.

Summarized information about warrants outstanding and exercisable at ~~April~~July 3031, 2025 is as follows:

	Warrants Outstanding and Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$	0.59*	1,~~949~~726,~~789~~289	0.5024	$	0.59
	0.09**	5,842,499	3.5025		0.09
$	0.22	7,~~729~~568,~~288~~788	2.7557	$	0.2221

** During the year ended October 31, 2023, the ~~Company~~ Company issued 5,842,499 warrants with an exercise price of Canadian dollar (“"$CDN”") $0.13 in connection with the $CDN 0.11 Unit private placement. The Company’s $CDN 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 ~~April~~July 3031, 2025:

Warrant derivative liability at October 31, 2024	$	89,580
Foreign currency translation adjustment		15,~~923~~242
Change in fair value of warrant derivative liability		43284,~~589~~122
Warrant derivative liability at April 30, 2025	$	135,092
Warrant derivative liability at July 31, 2025	$	378,944

The fair value of the warrants issued in the $CDN 0.11 Unit private placement was revalued to be $~~135~~378,~~092~~944 based on the Black-Scholes pricing model using a risk-free interest rate of 3.6793%, expected volatility of 36.8950%, dividend yield of 0%, and a contractual term of 3.5025 years adjusted for the liquidity of the Company’s common stock to be received on exercise of the warrants as of ~~April~~July 3031, 2025.

The following is a summary of ~~the~~ the Company’s warrant derivative liability at ~~April~~July 3031, 2024:

Warrant derivative liability at October 31, 2023	$	78,088
Foreign currency translation adjustment		~~927~~842
Change in fair value of warrant derivative liability		6628,~~041~~685
Warrant derivative liability at April 30, 2024	$	145,056
Warrant derivative liability at July 31, 2024	$	107,615

The fair value of the warrants issued in the C$ 0.11 Unit private placement was ~~determined~~revalued to be $~~145~~107,~~056~~615 based on the Black-Scholes pricing model using a risk-free interest rate of 4.7802%, expected volatility of 4039.0185%, dividend yield of 0%, and a contractual term of 4.525 years adjusted for the liquidity of the Company’s common stock ~~and resale restrictions on the shares~~ to be received on exercise of the warrants as of ~~April~~July 3031, 2024.

NOTE 14 – FINANCIAL INSTRUMENTS

Fair Value Measurements

All 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.

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

	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).

Under fair 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 and warrant derivative liability.

The carrying amounts of cash and cash equivalents, accounts receivable, due from related party and accounts payable approximate fair value at ~~April~~July 3031, 2025 and October 31, 2024 due to ~~the~~ the short maturities of these financial instruments. There were not transfers between levels 1, 2 and 3 during the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024.

Warrant Derivative liability

The Company accounts for its warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities require separate accounting as 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, with any changes in the fair value between reporting periods recorded as other income or 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.

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.

Credit Risk

Credit 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.

The Company maintains its U.S. dollar and $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 ~~April~~July 3031, 2025, and October 31, 2024, the Company’s cash and cash equivalent balances held in Canadian financial institutions included $~~231~~559,~~864~~682 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.

As at ~~April~~July 3031, 2025 and October 31, 2024, ~~cash~~ cash and cash equivalents consist of guaranteed investment certificates of $17,~~521~~480 and $17,390, respectively, held in bank accounts.

The Company also maintains cash in bank accounts in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of ~~April~~July 3031, 2025 and 2024, the U.S. ~~dollar~~ dollar equivalent balance for these accounts was $7073,~~963~~920 and $69,093, respectively. As of ~~April~~July 3031, 2025, a cash balance of $7073,~~963~~762 (the ~~Mexican~~ Mexican peso (“$MXN”) 1,389,737) was subject to seizure by the Mexican government due to a dispute over certain years’ VAT and corporate tax.

Accounts receivable and due from related party comprise receivable from 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 ~~April~~July 3031, 2025 and October 31, 2024, none of the Company’s receivables are impaired. All receivables are normally settled between 30 to 90 days.

Liquidity Risk

Liquidity risk is the risk that the Company ~~will~~ 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.

At ~~April~~July 3031, 2025, the Company has $~~375~~705,~~363~~ 835 (October 31, 2024 - $545,961) of cash and cash equivalents to settle current liabilities of $~~469~~572,~~267~~465, excluding warrant derivative liability (October 31, 2024 - $378,336). All payables classified as current liabilities are due within one year.

Interest Rate Risk

The Company holds substantially all of its ~~cash~~ cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these ~~balances~~ balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the ~~six~~nine months ended July ~~April 30~~31, 2025, a 1% decrease in interest rates would have resulted in a reduction of approximately $3,000 in interest income for the period.

17Foreign Currency Exchange Risk

~~Foreign~~Certain ~~Currency~~purchases ~~Exchange~~of ~~Risk~~labor, operating supplies and capital assets are denominated in $CDN, $MXN or other currencies. As a result, currency exchange fluctuations may impact the costs of the Company’s operations. Specifically, the appreciation of the $MXN or $CDN against the U.S. dollar may result in an increase in operating expenses and capital costs in U.S. dollar terms. The Company currently does not engage in any currency hedging activities.

~~Certain~~Based ~~purchases~~on ofthe ~~labor,~~net ~~operating~~exposures ~~supplies~~as ~~and capital~~at ~~assets~~July ~~are denominated in $CDN~~31, ~~$MXN or other currencies. As a result~~2025, ~~currency exchange fluctuations may impact the costs of~~ ~~the~~a ~~Company’s~~5% ~~operations.~~depreciation ~~Specifically,~~or ~~the~~ appreciation of the $~~MXN~~CDN orand $~~CDN~~MXN against the ~~U.S.~~US dollar ~~may~~would result in an increase ~~in operating~~and ~~expenses~~decrease, ~~and~~respectively, ~~capital~~of approximately ~~costs~~$39,000 in ~~U.S.~~the ~~dollar terms. The~~ Company’s ~~currently~~net ~~does not engage in any currency hedging activities~~income.

Based on the net exposures as at April 30, 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 $30,000 in the Company’s net income.17

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Compliance with Environmental Regulations

The Company’s exploration activities ~~are~~ are subject to laws and regulations controlling not only the exploration and mining of mineral properties but also the effect of such ~~activities~~ activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a project, and cause changes or delays in the Company’s activities.

Property Concessions in Mexico

To properly maintain property concessions in Mexico, the Company is required to pay a semi-annual fee to the Mexican government and complete annual assessment work.

Royalty

The 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.

Litigation and Claims

Mineros Norteños Case

On May 20, 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, 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.

18ICSID Arbitration

On March 2, 2023, 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 $375 million, including interest. The Arbitration hearing is set to commence in October 2025.

On March 2, 2023, 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 $375 million including interest. The Arbitration hearing is set to commence in October 2025.18

To support the legacy NAFTA claim, the Company engaged an arbitration consultant, who, upon a successful arbitration ruling, is to receive an arbitration fee amounting to 6% of the net amount of the award by ICSID less all associated direct costs incurred by the Company.

As ~~Arbitration~~ 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.

Valdez Case

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~~favor 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.

From time to time, ~~the~~ the Company is involved in other disputes, claims, proceedings and legal actions arising in the ordinary course of business. The Company ~~intends~~ intends to vigorously defend all claims against the Company and pursue its full legal rights in cases where the Company has been harmed. ~~Although~~ Although the ultimate outcome of these proceedings cannot be accurately predicted due to the inherent uncertainty of litigation, in the ~~opinion~~ 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.

Arbitration Financing

On September 5, 2023, the Company entered into ~~the~~ 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~~ 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.

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.

As security for Bench Walk’s entitlement to 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.

Management Retention Agreement and Salaries

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.

Additionally, management of the Company has ~~agreed~~ 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~~ that the Company is successful in its Arbitration proceedings and the Company having sufficient funds to pay the deferred amounts after ~~discharging~~ 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 ~~April~~July 3031, 2025, the deferred salary and bonus amounts, with accrued interest, are approximately $~~519~~554,000.

As the outcome of the Arbitration is not determinable as at ~~April~~July 3031, 2025, no expense has been recorded in relation to the above.

NOTE 16 – SEGMENT INFORMATION

The Company operates in a single reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico.

Geographic information is approximately as follows:

	For the Three Months Ended						For the ~~Six~~Nine Months Ended
	April 30,						April 30,
	July 31,						July 31,
	2025			2024			2025			2024
Mexico	$	(25152,000	)	$	15(54,000	)	$	(94246,000	)	$	(55109,000	)
Canada		(45253,000	)		~~(33~~75,000	)		(78332,000	)		(~~155~~80,000	)
Kazakhstan		—			~~(2,000~~—	)		~~(1,000~~—	)		(2,000	)
Net Loss	$	(70405,000	)	$	~~(20~~21,000	)	$	(~~173~~578,000	)	$	(~~212~~191,000	)

20The following table details the allocation of assets included in the accompanying balance sheet at July 31, 2025:

The following table details the allocation of assets included in the accompanying balance sheet at April 30, 2025:


	Canada		Mexico		Total
Cash and cash equivalents	$	632,000	$	74,000	$	706,000
Other receivables		1,000		—		1,000
Accounts receivables		129,000		—		129,000
Prepaid expenses and deposits		12,000		5,000		17,000
Due from related party		20,000		—		20,000
Value-added tax receivable, net		—		97,000		97,000
Office and mining equipment, net		—		115,000		115,000
Property concessions		—		4,941,000		4,941,000
	$	794,000	$	5,232,000	$	6,026,000

	Canada		Mexico		Total
Cash and cash equivalents	$	304,000	$	71,000	$	375,000
Other receivables		3,000		—		3,000
Accounts receivables		358,000		—		358,000
Prepaid expenses and deposits		25,000		5,000		30,000
Due from related party		21,000		—		21,000
Value-added tax receivable, net		—		93,000		93,000
Office and mining equipment, net		—		118,000		118,000
Property concessions		—		5,004,000		5,004,000
	$	711,000	$	5,291,000	$	6,002,000

The following table details the allocation of assets included in ~~the~~ the accompanying balance sheet at October 31, 2024:

	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

The 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.

The following table details the allocation of exploration and property holding costs for the exploration properties:

	For the Three Months Ended						For the ~~Six~~Nine Months Ended
	April 30,						April 30,
	July 31,						July 31,
	2025			2024			2025			2024
Exploration and property holding costs for the period
Mexico	$	(9142,000	)	$	(2586,000	)	$	(81223,000	)	$	(85171,000	)
Kazakhstan		—			—			(1,000	)		—
	$	(9142,000	)	$	(2586,000	)	$	(82224,000	)	$	(85171,000	)

NOTE 17 – SUBSEQUENT EVENTS

On ~~May~~September 59, 2025, ~~the~~41,300 ~~Company~~warrants ~~received~~to aacquire ~~payment~~41,300 shares of common stock were exercised at an exercise price of $~~200~~0.59 per share of common stock for aggregate proceeds of $24,~~000~~367, ~~from~~of which $0.25 per share ~~Bench~~was ~~Walk~~paid to Arras ($10,325) as per the Distribution.

From May 28 to May 30, 2025, 110,500 warrants to acquire 110,500 shares of common stock were exercised at an exercise price of $0.59 per share of common stock for aggregate proceeds of $65,195, of which $0.25 per share was paid to Arras ($27,625) as per the Distribution.21

21ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

~~ITEM~~When 2using the terms “Silver Bull,” or the “Company,” management is referring to Silver Bull Resources, Inc. ~~MANAGEMENT~~and its subsidiaries, unless the context otherwise requires. Management has included technical terms important to an understanding of the Company’Ss ~~DISCUSSION~~business ~~AND~~under ~~ANALYSIS~~“Glossary of OFCommon ~~FINANCIAL~~Terms” ~~CONDITION~~in ~~AND~~its ~~RESULTS~~Annual OFReport ~~OPERATIONS~~on Form 10-K for the fiscal year ended October 31, 2024.

~~When~~Cautionary ~~using~~Statement ~~the~~Regarding terms “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 10Forward-~~K for the fiscal year ended October 31, 2024.~~Looking Statements

~~Cautionary~~This ~~Statement~~Quarterly ~~Regarding~~Report ~~Forward~~on Form 10-~~Looking~~Q includes certain ~~Statements~~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” 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 words suggesting future outcomes (including negative and grammatical variations) to identify forward-looking statements. Forward-looking statements include statements the Company makes regarding:

~~This~~• ~~Quarterly~~The ~~Report~~sufficiency onof ~~Form~~existing ~~10-Q~~cash ~~includes certain~~resources ~~statements that may be deemed~~ to beenable ~~“forward-looking statements” within~~ the ~~meaning~~Company ofto ~~the~~continue ~~Securities~~operations ~~Act~~for ~~of 1933, as amended (~~the ~~“Securities~~next ~~Act”),~~12 ~~the~~months ~~Securities Exchange Act of 1934,~~ as ~~amended~~a ~~(the~~going “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 words suggesting future outcomes (including negative and grammatical variations) to identify forward-looking statements. Forward-looking statements include statements the Company makes regarding:concern;

• The ~~sufficiency~~prospects of ~~existing cash resources to enable~~ the ~~Company~~claim toprocess, ~~continue~~or ~~operations~~award, ~~for~~under the ~~next~~North 12American ~~months~~Free asTrade aAgreement ~~going concern~~(“NAFTA”);

• The ~~prospects~~Funding ofAgreement (as defined in the ~~claim~~“Management’s ~~process~~Discussion and Analysis of Financial Condition and Results of Operations” section), orand ~~award~~continued payment of legal, ~~under~~tribunal ~~the~~and ~~North~~external ~~American~~expert ~~Free~~costs, ~~Trade~~and ~~Agreement~~reimbursement ~~(“NAFTA”)~~of corporate operating expenses, under its terms;

• ~~The~~Prospects ~~Funding~~of ~~Agreement~~entering ~~(as defined in~~ the ~~“Management’s~~development ~~Discussion~~or ~~and~~production ~~Analysis~~stage ofwith ~~Financial~~respect ~~Condition~~to ~~and~~any ~~Results~~ of ~~Operations”~~the ~~section),~~Company’s ~~and continued payment of legal, tribunal and external expert costs, and reimbursement of corporate operating expenses, under its terms~~projects;

• ~~Prospects~~The ofplanned ~~entering~~activities at the ~~development~~Sierra orMojada ~~production~~Project ~~stage~~in ~~with~~2025 ~~respect~~and ~~to any of the Company’s projects~~beyond;

• ~~The~~Whether ~~planned~~any ~~activities~~part atof the Sierra Mojada Project inwill ~~2025~~ever ~~and~~be ~~beyond~~confirmed or converted into SEC S-K 1300-compliant mineral • reserves;

• ~~Whether~~The ~~any~~requirement ~~part~~ of additional power supplies for the Sierra Mojada Project ~~will~~if ~~ever~~a bemining ~~confirmed~~operation oris ~~converted~~determined ~~into~~to ~~SEC~~be ~~S-K 1300-compliant mineral reserves~~feasible;

• The ~~requirement~~ability ofto ~~additional~~obtain ~~power~~and ~~supplies~~hold ~~for~~additional concessions in the Sierra Mojada Project ~~if a mining operation is determined to be feasible~~area;

• ~~The~~Whether ~~ability~~the Company will be required to obtain ~~and~~additional ~~hold~~surface ~~additional~~rights ~~concessions~~if ina ~~the~~mining ~~Sierra~~operation ~~Mojada~~is ~~Project~~determined ~~area~~to be feasible;

• ~~Whether~~The ~~the~~possible ~~Company~~impact ~~will~~on bethe ~~required~~Company’s tooperations ~~obtain~~of ~~additional~~the ~~surface~~blockade ~~rights~~by if a ~~mining~~cooperative ~~operation~~of isminers ~~determined~~on tothe beSierra ~~feasible~~Mojada property;

• The ~~possible~~potential ~~impact~~acquisition ~~on the Company’s operations~~ of ~~the~~additional ~~blockade~~mineral byproperties aor ~~cooperative of miners on the Sierra Mojada~~ property concessions;

• ~~The~~Testing ~~potential~~of ~~acquisition~~the impact of ~~additional~~the ~~mineral~~fine ~~properties~~bubble orflotation ~~property~~test ~~concessions~~work on the recovery of minerals and initial rough concentrate grade;

• ~~Testing~~The ~~of the~~ impact of ~~the~~recent ~~fine~~accounting ~~bubble~~pronouncements ~~flotation~~on ~~test~~the ~~work~~Company’s onfinancial ~~the~~position, ~~recovery~~results of ~~minerals~~operations ~~and~~or ~~initial~~cash ~~rough~~flows ~~concentrate~~and ~~grade~~disclosures;

• The impact of ~~recent~~changes ~~accounting~~to ~~pronouncements~~current onstate ~~the~~or ~~Company’s~~federal ~~financial~~laws ~~position~~and regulations on estimated capital expenditures, ~~results~~the economics of ~~operations~~a orparticular ~~cash~~project ~~flows~~ and/or ~~disclosures~~the Company’s activities;

~~• The impact of changes to current state or federal laws and regulations on estimated capital expenditures, the economics of a particular project and/or the Company’s activities;~~22

22• The Company’s ability to raise additional capital and/or pursue additional strategic options, and the potential impact on its business, financial condition and results of operations of doing so or not;

• The ~~Company’s~~impact ~~ability~~of tochanging ~~raise~~foreign ~~additional~~currency ~~capital~~exchange ~~and/or~~rates ~~pursue~~on ~~additional strategic options, and~~ the ~~potential~~Company’s ~~impact on its business,~~ financial condition ~~and results of operations of doing so or not~~;

• The ~~impact~~impairment of ~~changing~~concession ~~foreign~~and ~~currency~~likelihood ~~exchange~~of ~~rates~~further onimpairment ~~the~~of ~~Company’s~~other ~~financial~~long-lived ~~condition~~assets;

• ~~The~~Whether ~~impairment~~using ofmajor ~~concession~~financial ~~and~~institutions ~~likelihood~~with ofhigh ~~further~~credit ~~impairment~~ratings ofmitigates ~~other~~credit ~~long-lived assets~~risk;

• ~~Whether~~The ~~using~~impact ~~major~~of ~~financial~~changing ~~institutions~~economic ~~with~~conditions ~~high~~on ~~credit~~interest ~~ratings mitigates credit risk~~rates;

• ~~The~~Expectations ~~impact~~regarding future recovery of ~~changing~~value-added ~~economic~~taxes ~~conditions~~(“VAT”) onpaid ~~interest~~in ~~rates~~Mexico; and

• ~~Expectations~~The ~~regarding~~merits ~~future~~of ~~recovery~~any ofclaims ~~value-added~~in ~~taxes~~connection ~~(“VAT”)~~with, ~~paid~~and inthe ~~Mexico;~~expected ~~and~~timing of any, ongoing legal proceedings.

•These ~~The~~statements ~~merits~~are based on certain assumptions and analyses made by us in light of ~~any~~management’s ~~claims~~experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in ~~connection~~the ~~with~~circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, and the ~~expected~~actual ~~timing~~results could differ from those expressed or implied in these forward-looking statements as a result of ~~any~~the factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, ~~ongoing~~2024, ~~legal~~including ~~proceedings.~~without limitation, risks associated with the following:

~~These~~• ~~statements~~The ~~are~~ability ~~based on certain assumptions and analyses made by us in light~~ of ~~management’s experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in~~ the ~~circumstances.~~Company ~~Such statements are subject~~ to aobtain ~~number~~additional offinancial ~~assumptions, risks~~resources ~~and~~on ~~uncertainties,~~acceptable ~~and~~terms ~~the~~to ~~actual~~(i) ~~results~~maintain ~~could~~its ~~differ~~property ~~from~~concessions ~~those expressed or implied~~ in ~~these~~Mexico ~~forward-looking~~and ~~statements~~(ii) asmaintain ~~a result~~general ofand ~~the~~administrative ~~factors~~expenditures ~~described~~at ~~under~~acceptable ~~“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:~~levels;

• The ~~ability of the~~ Company’s ability to ~~obtain~~acquire additional ~~financial~~mineral ~~resources~~properties onor ~~acceptable terms to (i) maintain its~~ property concessions ~~in Mexico and (ii) maintain general and administrative expenditures at acceptable levels~~;

• The ~~Company’s~~ ability of the Company to ~~acquire~~maintain ~~additional~~its ~~mineral~~assets ~~properties~~in orMexico ~~property~~given ~~concessions~~the performance of the Mexican government at various levels;

• ~~The~~Worldwide ~~ability~~economic ofand political events affecting (i) the ~~Company~~market toprices ~~maintain~~for ~~its~~silver, ~~assets~~zinc, inlead, ~~Mexico~~copper ~~given~~and ~~the~~other ~~performance~~minerals ofthat may be found on the ~~Mexican~~Company’s ~~government~~exploration atproperties ~~various~~(ii) ~~levels~~interest rates and (iii) foreign currency exchange rates;

• ~~Worldwide~~The ~~economic~~amount and ~~political~~nature ~~events~~of ~~affecting~~future ~~(i)~~capital ~~the market prices for silver, zinc, lead, copper~~ and ~~other minerals that may be found on the Company’s~~ exploration ~~properties (ii) interest rates and (iii) foreign currency exchange rates~~expenditures;

• ~~The~~Volatility ~~amount~~in ~~and~~the ~~nature~~Company’s ofstock ~~future capital and exploration expenditures~~price;

• ~~Volatility~~The ~~in the~~ Company’s ~~stock~~inability ~~price~~to obtain required permits;

• ~~The~~Competitive ~~Company’s~~factors, ~~inability~~including toexploration-related ~~obtain required permits~~competition;

• ~~Competitive~~Timing ~~factors,~~of ~~including~~receipt ~~exploration-related~~and ~~competition~~maintenance of government approvals;

• ~~Timing~~Unanticipated oftitle ~~receipt and maintenance of government approvals~~issues;

• ~~Unanticipated~~Changes ~~title~~in ~~issues~~tax laws;

• Changes in ~~tax~~regulatory ~~laws~~frameworks or regulations affecting the Company’s activities;

• ~~Changes~~The ability to obtain additional financial resources on acceptable terms to (i) maintain its property concessions in ~~regulatory~~Mexico ~~frameworks~~and or(ii) ~~regulations~~maintain ~~affecting~~general ~~the~~and ~~Company’s~~administrative ~~activities~~expenditures at acceptable levels;

• The Company’s ability to ~~obtain~~retain ~~additional~~key ~~financial~~management, ~~resources~~consultants onand ~~acceptable~~experts ~~terms~~necessary to ~~(i)~~successfully ~~maintain~~operate ~~its property concessions in Mexico~~ and ~~(ii)~~grow ~~maintain~~its ~~general~~business; and ~~administrative expenditures at acceptable levels;~~

• ~~The~~Political ~~Company’s~~and ~~ability~~economic toinstability ~~retain~~in ~~key~~Mexico ~~management, consultants~~ and ~~experts~~other ~~necessary~~countries toin ~~successfully~~which ~~operate~~the ~~and~~Company ~~grow~~conducts its business;, and future potential actions of the governments in such countries with respect to nationalization of natural resources or other changes in mining or taxation policies.

• Political and economic instability in Mexico and other countries in which the Company conducts its business, and future potential actions of the governments in such countries with respect to nationalization of natural resources or other changes in mining or taxation policies.23

23These factors are not intended to represent a complete list of the general or specific factors that could affect the Company.

~~These~~All ~~factors~~forward-looking ~~are~~statements ~~not~~speak ~~intended~~only as of the date made. All subsequent written and oral forward-looking statements attributable to ~~represent~~the aCompany, ~~complete~~or ~~list~~persons ofacting on its behalf, are expressly qualified in their entirety by the ~~general~~cautionary statements. Except as required by law, management undertakes no obligation to update any forward-looking statement to reflect events or ~~specific~~circumstances ~~factors~~after ~~that~~the ~~could~~date ~~affect~~on which it is made or to reflect the ~~Company~~occurrence of anticipated or unanticipated events or circumstances. Readers should not place undue reliance on these forward-looking statements.

~~All~~Cautionary ~~forward-looking~~Note ~~statements~~Regarding ~~speak~~Exploration ~~only~~Stage as 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.Companies

~~Cautionary~~Silver ~~Note~~Bull ~~Regarding~~is ~~Exploration~~an exploration stage company and ~~Stage~~does ~~Companies~~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, 2024.

~~Silver~~Business Bull is an exploration stage company and 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, 2024.Overview

~~Business~~Silver ~~Overview~~Bull, incorporated in Nevada, 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.

~~Silver~~On ~~Bull,~~April ~~incorporated in Nevada~~23, ~~is an exploration stage company~~2023, ~~engaged~~Nomad inMinerals ~~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~~Ltd. ~~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.~~Nomad ~~de C.V. On August 26~~Minerals"), ~~2021,~~a ~~the~~ wholly-owned ~~Mexican~~ subsidiary, ~~Contratistas~~of dethe ~~Sierra~~Company, ~~Mojada~~was ~~S.A.~~incorporated dein ~~C.V.~~British ~~merged~~Columbia, ~~with and into Minera Metalin~~Canada. AsOn ~~noted~~April ~~above~~28, ~~the~~2023, ~~Company~~Nomad ~~has~~Metals Limited ~~not~~was ~~established~~incorporated ~~any reserves~~ at ~~the~~Astana ~~Sierra~~International ~~Mojada~~Financial ~~Property,~~Centre ~~and it is~~ in ~~the exploration stage~~Astana, ~~and~~ ~~may~~Republic ~~never~~of ~~enter~~Kazakhstan, ~~the~~as ~~development~~a orwholly-owned ~~production~~subsidiary ~~stage~~of Nomad Minerals.

On ~~April~~June 2328, 2023, ~~Nomad~~the ~~Minerals~~Company ~~Ltd.~~filed a request for arbitration (the “~~Nomad~~Arbitration”) before the World Bank’s International Centre for Settlement of Investment Disputes ~~Minerals"~~(“ICSID”), aagainst ~~wholly~~the United Mexican States (“Mexico”) under the United States-~~owned~~Mexico-Canada ~~subsidiary~~Agreement of(the “USMCA”) and NAFTA, (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 its breaches of the Treaties’ protections, ~~was~~including ~~incorporated~~expropriation, inbreach ~~British~~of ~~Columbia~~the fair and equitable treatment standard, ~~Canada~~discrimination, and other unlawful treatment in respect of the Sierra Mojada Property. On ~~April~~June 2817, ~~2023~~2024, ~~Nomad~~the ~~Metals~~Company filed its Memorial submission with ICSID ~~Limited~~detailing the claim against Mexico, and its Claimant’s Reply was ~~incorporated~~filed aton ~~Astana~~April ~~International~~25, ~~Financial~~2025. ~~Centre~~The inreply ~~Astana~~responded to Mexico’s Counter Memorial, ~~Republic~~and revised the damages estimate to the sum of ~~Kazakhstan~~$375 million, asincluding ainterest. ~~wholly-owned~~The ~~subsidiary~~Arbitration ofhearing ~~Nomad~~is set to commence ~~Minerals~~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.

OnSilver ~~June 28, 2023, the Company filed a request for arbitration (the “Arbitration”) before the World Bank~~Bull’s ~~International Centre for Settlement of Investment Disputes~~ ~~(“ICSID”)~~principal ~~against~~office ~~the~~is ~~United~~located ~~Mexican~~at ~~States~~777 ~~(“Mexico”)~~Dunsmuir ~~under the United States-Mexico-Canada Agreement (the “USMCA”) and NAFTA~~Street, ~~(together~~Suite ~~with the USMCA~~1605, ~~the “Treaties”). Since the arbitration request~~Vancouver, 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 its breaches of the Treaties’ protectionsBC, ~~including~~Canada ~~expropriation,~~V7Y ~~breach of the fair and equitable treatment standard~~1K4, ~~discrimination,~~ and ~~other~~ ~~unlawful treatment in respect of~~ the ~~Sierra~~telephone ~~Mojada~~number ~~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~~604-687-5800. 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.

~~Silver Bull’s principal office is located at 777 Dunsmuir Street, Suite 1605, Vancouver, BC, Canada V7Y 1K4, and the telephone number is 604-687-5800.~~ 24

24Properties Concessions and Outlook

~~Properties~~Sierra Mojada ~~Concessions and Outlook~~Property

~~Sierra~~The focus of the Company for the 2025 calendar year is continuing 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.

~~The focus of the Company for the 2025 calendar~~Results ~~year is continuing 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.Operations

~~Results~~Three Months Ended July 31, 2025 and July of31, ~~Operations~~2024

~~Three~~For ~~Months~~the ~~Ended~~three ~~April~~months 30ended July 31, 2025, ~~and~~the ~~April~~Company 30recorded a net loss of $405,000, ~~2024~~or approximately $0.01 per share, compared to a net income of $21,000, or approximately $nil per share, during the comparable period last year. The $426,000 increase in net loss was primarily due to a $56,000 increase in exploration and property holding costs, a $61,000 increase in administrative expenses and $249,000 in other expenses compared to $61,000 in other income in the same period last year as described below.

~~For~~Exploration the three months ended April 30, 2025, the Company recorded a net loss of $70,000, or approximately $nil per share, compared to a net loss of $19,000, or approximately $nil per share, during the comparable period last year. The $51,000 increase in net loss was primarily due to $49,000 in other expenses compared to $37,000 in other income in the same period last year, which was partially offset by a $15,000 decrease in exploration and ~~property holding~~Property ~~costs~~Holding ~~and a $19,000 decrease in general and administrative expenses as described below.~~Costs

Exploration and property holding costs increased by $56,000 to $142,000 for the three months ended July 31, 2025, compared to $86,000 for the comparable period last year. This increase was mainly $63,000 concession impairment costs which was offset by the reduced activities at Sierra Mojada Property ~~Holding~~in ~~Costs~~the three months ended July 31, 2025. During the three months ended July 31, 2025, the Company recorded a contra expense of $31,000 in exploration and property holding costs compared to $35,000 in the same period last year, which is comprised of funds from the Funding Agreement.

~~Exploration~~General and ~~property~~Administrative holding costs decreased by $15,000 to $10,000 for the three months ended April 30, 2025, compared to $25,000 for the comparable period last year. This decrease was mainly due to a $16,000 decrease in exploration and property holding costs in the three months ended April 30, 2025 due to the reduced activities at Sierra Mojada Property. During the three months ended April 30, 2025, the Company recorded a contra expense of $31,000 in exploration and property holding costs compared to $31,000 in the same period last year, which is comprised of funds from the Funding Agreement.Expenses

~~General~~The Company recorded $16,000 general and ~~Administrative~~administrative expenses ~~Expenses~~in the three months ended July 31, 2025 compared $46,000 general and administrative recovery in the same period last year as described below.

~~General~~Stock-based compensation was a factor in the fluctuations in general and administrative expenses. ~~decreased by~~The ~~$18,000~~Company torecorded $126,000 in stock-based compensation included in general and administrative expense for the three months ended ~~April~~July 3031, 2025 ~~from~~compared to $3018,000 in stock-based compensation for the ~~same~~comparable period last year as a ~~described~~result ~~below~~of stock options were granted and vested to employees, directors and consultants. There were no options granted during the three months ended July 31, 2025 and 2024.

~~Stock-based~~Personnel ~~compensation~~costs ~~was~~increased aby ~~factor in the fluctuations in general and administrative expenses. The Company recorded~~ $678,000 into ~~stock-based compensation included in general and administrative~~$60,000 ~~expense~~ for the three months ended ~~April~~July 3031, 2025 as compared to $18,000 inrecovery ~~stock-based compensation~~ for the comparable period last year. This increase was mainly asdue ato ~~result~~an of$84,000 ~~stock~~reduction ~~options~~in ~~were~~the ~~granted~~accrued ~~and~~vacation ~~vested~~liability toin ~~employees,~~the ~~directors~~three ~~and~~months ~~consultants.~~ended ~~There~~July ~~were~~31, no2024, ~~options~~which ~~granted~~was ~~during~~offset ~~the~~by a $6,000 decrease ~~three~~in ~~months~~stock-based ~~ended~~compensation ~~April~~compared ~~30,~~to ~~2025~~the ~~and~~same ~~2024~~period last year.

~~Personnel~~Office and administrative costs decreased by $128,000 to $6656,000 for the three months ended ~~April~~July 3031, 2025 as compared to $7864,000 for the comparable period last year. This decrease was ~~mainly~~ primarily due to a ~~$6,000~~decreased ~~decrease~~travel ~~in stock-based compensation and a $4,000 decrease in accrued vacation compared to the same period last year~~costs.

~~Office~~Professional ~~and~~fees ~~administrative~~decreased ~~costs~~by of$5,000 to $6416,000 for the three months ended ~~April~~July 3031, 2025 ~~were~~compared ~~similar~~ to ~~the~~ $6221,000 for the comparable period last year. This decrease was mainly due to decreases in ~~such~~legal ~~costs~~fees ~~for~~compared to the ~~comparable~~same period last year.

~~Professional~~ Directors’ fees decreased by $305,000 to $2124,000 for the three months ended ~~April~~July 3031, 2025 as compared to $5129,000 for the comparable period last year. This decrease was ~~mainly~~primarily due to ~~decreases~~a $5,000 decrease in ~~legal~~stock-based ~~fees~~compensation ~~related~~compared to the ~~annual meeting in the~~ same period last year.

~~Directors’ fees~~The ~~decreased~~Company byrecorded a $61,000 toprovision ~~$24,000~~for uncollectible VAT for the three months ended ~~April~~July 3031, 2025 as compared to a $306,000 ~~for~~recovery of uncollectible VAT in the comparable period last year. ~~This~~The ~~decrease~~allowance for uncollectible VAT was ~~primarily~~estimated ~~due~~by tomanagement based upon a ~~$6,000~~number ~~decrease~~of infactors, ~~stock-based~~including ~~compensation~~the ~~compared~~length toof time the ~~same~~returns have ~~period~~been ~~last~~outstanding, ~~year~~responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions.

The Company recorded a $2,000 provision for uncollectible VAT for the three months ended April 30, 2025 as compared to a $10,000 recovery of 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.25

25During the three months ended July 31, 2025, the Company recorded a contra expense of $140,000 in general and administrative expenses compared to $135,000 in the same period last year, which is comprised of funds from the Funding Agreement. Bench Walk is funding the Company’s legal, tribunal and external expert costs and defined corporate operating expenses. This is a nonrecourse agreement, and the Company has no obligation to repay any funds received under the agreement. In the event of a favorable outcome, Bench Walk would recover disbursed funding as part of their investment return.

During the three months ended ~~April~~July 3031, 2025, the Arbitration ~~Company~~lawyers ~~recorded~~incurred ~~a contra expense of~~ $~~165~~886,000 in ~~general~~legal ~~and~~costs ~~administrative expenses~~ compared to $~~181~~843,000 in the same period last year,. ~~which~~All ~~is comprised~~ of ~~funds~~which ~~from~~was ~~the~~paid ~~Funding~~by ~~Agreement.~~ Bench ~~Walk is funding the Company’s legal, tribunal and external expert~~ costs and defined corporate operating expenses. This is a nonrecourse agreement, and the Company has no obligation to repay any funds received under the agreement. In the event of a favorable outcome, Bench Walk ~~would recover disbursed funding as part of their investment return~~directly.

~~During~~Other ~~the~~(Expenses) ~~three~~Income ~~months ended April 30, 2025, the Arbitration lawyers incurred $494,000 in legal costs compared to $431,000 in the same period last year. All of which was paid by Bench Walk directly.~~

~~Other~~The ~~(Expenses)~~Company ~~Income~~recorded other expenses of $249,000 for the three months ended July 31, 2025 as compared to other income of $61,000 for the comparable period last year. The significant factor contributing to other expenses in the three months ended July 31, 2025 was a $241,000 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 April 30, 2025 to July 31, 2025 and a $12,000 foreign currency transaction expense, which was offset by a $3,000 interest income. 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~~Nine ~~Company~~Months ~~recorded~~Ended ~~other~~July expenses of $49,000 for the three months ended April 30, 2025 as compared to other income of $37,000 for the comparable period last year. The significant factor contributing to other expenses in the three months ended April 30, 2025 was a $37,000 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 January 31, 2025 ~~to April 30, 2025~~ and ~~a $15,000 foreign currency transaction~~July ~~expense~~31, ~~which was offset by a $3,000 interest income. The significant factor contributing to other income in the three months ended April 30,~~ 2024 ~~was $18,000 interest income and $16,000 gain from sale of equipment.~~

~~Six~~For ~~Months~~the ~~Ended~~nine ~~April~~months 30ended July 31, 2025, the Company had a net loss of $578,000, or approximately $0.01 per share, compared to a net loss of $191,000, or approximately $nil per share, during the comparable period last year. The $387,000 increase in net loss was primarily due to a $53,000 increase in exploration and ~~April~~property holding 30costs and a $349,000 increase in other expenses, which was offset by a $15,000 decrease in general and administrative expenses ~~2024~~as described below.

~~For~~Exploration the six months ended April 30, 2025, the Company had a net loss of $173,000, or approximately $nil per share, compared to a net loss of $212,000, or approximately $nil per share, during the comparable period last year. The $39,000 decrease in net loss was primarily due to a $3,000 decrease in exploration and ~~property~~Property ~~holding~~Holding ~~costs and a $77,000 decrease in general and administrative expenses, which was offset by a $39,000 increase in other expenses, as described below.~~Costs

Exploration and property holding costs increased $53,000 to $224,000 for the nine months ended July 31, 2025, compared to $171,000 for the comparable period last year. This increase was mainly due to $63,000 concession impairment costs, which was offset by $53,000 decrease in exploration and property holding costs due to reduced activities at Sierra Mojada Property ~~Holding~~in ~~Costs~~the nine months ended July 31, 2025. During the nine months ended July 31, 2025, the Company recorded a contra expense of $99,000 in exploration and property holding costs compared to $142,000 in the same period last year, which is comprised of funds from the Funding Agreement.

~~Exploration~~General and ~~property~~Administrative holding costs decreased $3,000 to $82,000 for the six months ended April 30, 2025, compared to $85,000 for the comparable period last year. This decrease was mainly due to a $41,000 decrease in exploration and property holding costs, which was offset by a $39,000 decrease in reimbursement from Bench Walk pursuant to the litigation Funding Agreement in the six months ended April 30, 2025.Expenses

General and ~~Administrative~~administrative ~~Expenses~~expenses decreased by $15,000 to $59,000 in the nine months ended July 31, 2025 from $74,000 in the same period last year as described below.

~~General~~Stock-based compensation was a factor in the fluctuations in general and administrative expenses. ~~decreased by~~The ~~$77,000~~Company torecorded $4327,000 in stock-based compensation included in general and administrative expense for the ~~six~~nine months ended ~~April~~July 3031, 2025 ~~from~~compared to $~~120~~97,000 infor the ~~same~~comparable period last year as ~~described~~a ~~below~~result of stock options were granted and vested to employees, directors and consultants in the nine months ended July 31, 2025.

~~Stock-based~~Personnel ~~compensation~~costs ~~was~~increased ~~a factor in the fluctuations in general and administrative expenses. The Company recorded~~ $2033,000 into ~~stock-based compensation included in general and~~$192,000 ~~administrative expense~~ for the ~~six~~nine months ended ~~April~~July 3031, 2025 as compared to $78159,000 for the comparable period last year. asThis increase was mainly due to a $84,000 reduction ~~result~~in ofthe accrued vacation ~~stock~~liability ~~options~~in ~~were~~the ~~granted~~nine ~~and~~months ~~vested~~ended toJuly ~~employees~~31, ~~directors~~2024, ~~and~~which ~~consultants~~was offset by a $41,000 decrease in ~~the~~stock-based ~~six~~compensation ~~months~~compared ~~ended~~to ~~April~~the ~~30,~~same period ~~2025~~last year.

~~Personnel~~Office and administrative costs decreased $4633,000 to $~~131~~156,000 for the ~~six~~nine months ended ~~April~~July 3031, 2025 as compared to $~~177~~189,000 for the comparable period last year. This decrease was ~~mainly~~ primarily due to ~~a $35,000~~decreased ~~decrease~~travel incosts ~~stock-based compensation~~ and ashareholder ~~$9,000~~relations ~~decrease in vacation accrued vacation compared to the same period last year~~costs.

Office and administrative costs decreased $24,000 to $101,000 for the six months ended April 30, 2025 as compared to $125,000 for the comparable period last year. This decrease was primarily due to decreased travel costs and shareholder relations costs.26

Professional fees decreased $5763,000 to $6479,000 for the ~~six~~nine months ended ~~April~~July 3031, 2025 compared to $~~121~~142,000 for the comparable period last year. This decrease was mainly due to a $3949,000 decrease in legal costs related to the annual meeting in the same period last year and a $11,000 decrease in other costs related to compensation analysis.

26Directors’ fees decreased $29,000 to $76,000 for the nine months ended July 31, 2025 as compared to $105,000 for the comparable period last year. This decrease was primarily due to a $29,000 decrease in stock-based compensation compared to the same period last year.

~~Directors’ fees~~The ~~decreased~~Company ~~$24,000~~recorded toa $525,000 provision for uncollectible VAT for the ~~six~~nine months ended ~~April~~July 3031, 2025 as compared to a $7610,000 ~~for~~recovery of uncollectible VAT in the comparable period last year. ~~This~~The ~~decrease~~allowance for uncollectible taxes was ~~primarily~~estimated ~~due~~by tomanagement based upon a ~~$24,000~~number ~~decrease~~of infactors, ~~stock-based~~including ~~compensation~~the ~~compared~~length toof time the ~~same~~returns have ~~period~~been ~~last~~outstanding, ~~year~~responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions.

~~The~~During the nine months ended July 31, 2025, the Company recorded a ~~$4,000~~contra ~~recovery~~expense of ~~uncollectible VAT~~$449,000 ~~for~~in the ~~six~~general ~~months~~and ~~ended~~administrative ~~April~~expenses ~~30, 2025 as~~ compared to a $4511,000 ~~recovery~~in the same period last year, which is comprised of ~~uncollectible~~funds ~~VAT~~from inthe Litigation Funding Agreement. Bench Walk is funding the ~~comparable~~Company’s ~~period~~legal, ~~last~~tribunal ~~year.~~and ~~The~~external ~~allowance~~expert ~~for~~costs ~~uncollectible~~and ~~taxes~~defined ~~was~~corporate ~~estimated~~operating byexpenses. ~~management~~This ~~based~~is ~~upon~~ a ~~number~~nonrecourse ~~of factors~~agreement, ~~including~~and the ~~length~~Company ofhas ~~time~~no ~~the~~obligation ~~returns~~to ~~have~~repay ~~been~~any ~~outstanding,~~funds ~~responses~~ received ~~from~~under ~~tax~~the ~~authorities,~~agreement. ~~general~~In ~~economic~~the ~~conditions~~event inof ~~Mexico~~a ~~and~~favorable ~~estimated~~outcome, ~~net~~Bench ~~recovery~~Walk ~~after~~would recover disbursed funding as part ~~commissions~~of their investment return.

During the ~~six~~nine months ended ~~April~~July 3031, 2025, the ~~Company~~ ~~recorded~~Arbitration alawyers ~~contra~~incurred ~~expense of~~ $~~309~~2,038,000 in ~~the~~legal ~~general~~costs ~~and administrative expenses~~ compared to $~~376~~1,240,000 in the same period last year~~, which is comprised of funds from the Litigation Funding Agreement~~. ~~Bench~~All Walk is funding the Company’s legal, tribunal and external expert costs and defined corporate operating expenses. This is a nonrecourse agreement, and the Company has no obligation to repay any funds received under the agreement. In the event of awhich ~~favorable~~were ~~outcome,~~paid by Bench Walk ~~would recover disbursed funding as part of their investment return~~directly.

~~During~~Other ~~the~~(Expenses) ~~six~~Income ~~months ended April 30, 2025, the Arbitration lawyers incurred $1,347,000 in legal costs compared to $636,000 in the same period last year. All of which were paid by Bench Walk directly.~~

~~Other~~The ~~Expenses~~Company recorded other expenses of $294,000 for the nine months ended July 31, 2025 as compared to other income of 55,000 for the comparable period last year. The significant factor contributing to other expenses in the nine months ended July 31, 2025 was a $284,000 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, 2024 to July 31, 2025 and a $20,000 foreign currency transaction expense, which was offset by a $10,000 interest income. The significant 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, 2024.

~~The~~Material ~~Company~~Changes recorded other expenses of $45,000 for the six months ended April 30, 2025 as compared to other expenses of $6,000 for the comparable period last year. The significant factor contributing to other expenses in ~~the~~Financial ~~six~~Condition; ~~months ended April 30, 2025 was a $44,000 expense~~Liquidity ~~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, 2024 to April 30, 2025~~ and aCapital $8,000 foreign currency transaction expense, which was offset by a $7,000 interest income. The significant factor contributing to other expenses in the six months ended April 30, 2024 was a $66,000 expense from change in fair value of the warrant derivative liability, which was offset by $21,000 interest income, a $9,000 foreign currency transaction income and a $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.Resources

~~Material~~Litigation ~~Changes~~Funding ~~in Financial Condition; Liquidity and Capital Resources~~Agreement

~~Litigation~~As noted above, pursuant to the Funding Agreement, Bench Walk is providing up to an aggregate of $9.5 million to fund legal costs and other expenses incurred by the Company in connection with the Claim, including an amount for reasonably incurred day-to-day operating expenses of the Company. During the nine months ended July 31, 2025, the Company received funding of $600,000 as reimbursement of corporate operating costs incurred.

AsThe ~~noted above, pursuant~~Company toagreed ~~the~~that ~~Funding Agreement,~~ Bench Walk isshall ~~paying~~be upentitled to anreceive ~~aggregate~~a share of ~~$9.5 million~~any toproceeds ~~fund~~arising ~~legal~~from ~~costs~~the ~~and~~Claim ~~other~~(the ~~expenses~~“Claim ~~incurred~~Proceeds”) byof ~~the~~up ~~Company~~to in3.5x ~~connection~~Bench ~~with~~Walk’s ~~the~~capital ~~Claim~~outlay (or, ~~including~~if angreater, ~~amount~~a ~~for~~return ~~reasonably~~of ~~incurred~~1.0x ~~day-to-day~~Bench ~~operating~~Walk’s ~~expenses~~capital outlay plus 30% of the ~~Company.~~Claim ~~During~~Proceeds). ~~the~~The ~~six~~actual ~~months~~return ~~ended~~to ~~April~~Bench ~~30,~~Walk ~~2025,~~may ~~the~~be ~~Company~~lower ~~received~~than ~~funding~~the offoregoing ~~$200,000~~amounts asdepending ~~reimbursement~~on ofhow ~~corporate~~quickly ~~operating~~the ~~costs~~Claim ~~incurred~~is resolved.

The Company agreed that Bench Walk shall be entitled to receive a share of any proceeds arising from the Claim (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 the Claim Proceeds). The actual return to Bench Walk may be lower than the foregoing amounts depending on how quickly the Claim is resolved.27

Cash Flows

During the ~~six~~nine months ended ~~April~~July 3031, 2025, ~~cash~~ cash and cash equivalents were primarily utilized to fund general and administrative expenses. In addition, the Company received $~~200~~600,000 from Bench Walk. As a result of ~~the~~arbitration ~~exploration~~funding ~~activities~~from ~~and~~Bench ~~general and administrative expenses~~Walk, which was partially offset by ~~arbitration~~the ~~funding~~exploration activities ~~from~~and ~~Bench~~general ~~Walk~~and administrative expenses, cash and cash equivalents ~~decreased~~increased from $546,000 at October 31, 2024 to $~~375~~706,000 at ~~April~~July 3031, 2025.

Cash flows ~~used~~provided inby operating activities for the ~~six~~nine months ended ~~April~~July 3031, 2025 were $~~176~~78,000. Cash flows used in operating activities for the ~~six~~nine months ended ~~April~~July 3031, 2024 were $~~547~~691,000. This decrease in cash used was mainly due to the timing of certain payments and the timing of the accounts receivable collection.

27Cash flows used in investing activities for the nine months ended July 31, 2025 were $nil. Cash flows provided by investing activities for the nine months ended July 31, 2024 were proceeds of $16,000 from the sale of equipment, which was offset by $1,000 purchase of equipment.

Cash flows ~~used~~provided by ~~investing~~financing activities for the ~~six~~nine months ended ~~April~~July 3031, 2025 were ~~$nil.~~net ~~Cash~~proceeds ~~flows~~of ~~provided~~$82,000 byfrom ~~investing~~the ~~activities~~exercise ~~for~~of ~~the~~245,000 ~~six~~warrants ~~months~~at ~~ended~~an ~~April~~exercise ~~30,~~price ~~2024~~of ~~were~~$0.59 per ~~proceeds~~warrant, net of $~~16,000~~0.25 ~~from~~per warrant paid to Arras as per the ~~sale~~terms of ~~equipment,~~the ~~which~~Distribution. ~~was~~In ~~offset~~the bycomparative $1period,~~000~~ ~~purchase~~the Company repaid the payable portion of ~~equipment~~the CEBA loan in the amount of $29,000.

~~Cash~~Capital flows used by financing activities for the six months ended April 30, 2025 were net proceeds of $6,000 from the exercise of 21,500 warrants at an exercise price of $0.59 per warrant, net of $0.25 per warrant paid to Arras as per the terms of the Distribution. In the comparative period, the Company repaid the payable portion of the CEBA loan in the amount of $29,000.Resources

~~Capital~~As ~~Resources~~of July 31, 2025, the Company had cash and cash equivalents of $706,000, as compared to cash and cash equivalents of $546,000 as of October 31, 2024. The increase in liquidity and working capital were primarily the result of the Arbitration funding, proceeds from warrant exercise, increased accounts payable and accrued liabilities, decreased accounts receivable and decreased general and administrative expenses during the nine months ended July 31, 2025.

AsSince ~~of April 30, 2025,~~ the Company’s ~~had~~inception ~~cash~~in November ~~and~~1993, ~~cash~~it ~~equivalents~~has ofnot ~~$375,000,~~generated asrevenue ~~compared~~and tohas ~~cash~~incurred ~~and~~an ~~cash~~accumulated ~~equivalents~~deficit of $~~546~~139,392,000. asAccordingly, ofthe ~~October~~Company has ~~31,~~ not ~~2024.~~generated ~~The~~cash ~~decrease~~flows infrom ~~liquidity~~operations, and ~~working~~since ~~capital~~inception ~~were~~has relied primarily ~~the~~upon ~~result~~proceeds offrom ~~increased~~private ~~accounts~~placements ~~receivable,~~and ~~which was offset by~~registered ~~the~~ direct ~~Arbitration~~offerings ~~funding~~of ~~during~~its ~~the~~equity ~~six~~securities, ~~months~~warrant ~~ended April 30~~exercises, ~~2025,~~the ~~increased~~sale ~~accounts~~of ~~payable~~investments and ~~accrued~~funding ~~liabilities~~from ~~and~~Bench ~~expenses,~~Walk and ~~decreased~~ ~~general~~South32 ~~and administrative expenses and payments during~~ as the ~~six~~primary ~~months~~sources ~~ended~~of ~~April~~financing ~~30,~~to ~~2025.~~fund operations

~~Since~~Despite the arbitration finance in place, based on the Company’s ~~inception in~~constrained ~~November~~cash ~~1993,~~and itcash ~~has~~equivalents, ~~not~~and ~~generated~~history ~~revenue~~of ~~and~~losses, ~~has~~there ~~incurred~~exists ana ~~accumulated~~certain ~~deficit~~level of ~~$138,987,000~~uncertainty regarding the company’s ability to sustain its operation over the next 12 months as a going concern. ~~Accordingly,~~While the Company entered into a Funding ~~has~~Agreement ~~not~~aimed ~~generated~~at ~~cash~~covering ~~flows~~arbitration ~~from~~legal ~~operations,~~costs and ~~since~~certain ~~inception~~other ~~has~~costs, ~~relied~~supplemental ~~primarily~~fundraising ~~upon~~will ~~proceeds~~be ~~from~~essential ~~private~~to ~~placements~~meet ~~and~~more extensive ~~registered~~operational ~~direct~~demands. ~~offerings~~Management ofplans ~~its~~to ~~equity~~pursue ~~securities~~possible financing and strategic options, ~~warrant~~including, ~~exercises~~but not limited to, obtaining additional equity financing, and the ~~sale~~exercising of ~~investments~~warrants ~~and~~by ~~funding~~warrantholders. ~~from~~Management ~~Bench~~has ~~Walk~~successfully pursued these options previously and believes ~~South32~~that asthey alleviate the ~~primary~~substantial ~~sources~~doubt ofthat ~~financing~~the toCompany ~~fund~~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.

~~Despite~~Any future ~~the~~additional ~~arbitration~~financing ~~finance~~ in ~~place, based on~~ the ~~Company’s~~near ~~constrained~~term ~~cash~~will ~~and~~likely ~~cash~~be ~~equivalents,~~in ~~and~~the ~~history~~form of ~~losses,~~the ~~there~~issuance ~~exists a certain level~~ of ~~uncertainty~~equity regarding the company’s ability to sustain its operation over the next 12 months as a going concern. While the Company entered into a Funding Agreement aimed at covering arbitration legal costs and certain other costssecurities, ~~supplemental~~which ~~fundraising~~ will beresult ~~essential~~in dilution to ~~meet~~Silver ~~more~~Bull’s ~~extensive operational~~existing ~~demands~~shareholders. ~~Management plans to pursue possible financing and strategic options~~Moreover, ~~including,~~the ~~but~~Company ~~not~~may ~~limited~~incur ~~to,~~significant ~~obtaining~~fees ~~additional equity~~and ~~financing,~~expenses ~~and~~in the ~~exercising~~pursuit of ~~warrants~~a ~~by warrantholders. Management has successfully pursued these options previously and believes~~financing ~~that~~or ~~they~~other ~~alleviate~~strategic ~~the~~transaction, ~~substantial~~which ~~doubt~~will ~~that~~increase the ~~Company~~rate ~~can~~at ~~continue~~which its ~~operations~~cash ~~for~~and ~~the~~cash ~~next~~equivalents 12are ~~months as a going concern~~depleted. ~~However, there is no assurance that the Company will be successful in pursuing these plans.~~

~~Any future~~Capital ~~additional~~Requirements 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 ~~expenses~~Liquidity; inNeed ~~the pursuit of a financing~~for orAdditional ~~other strategic transaction, which will increase the rate at which its cash and cash equivalents are depleted.~~Funding

~~Capital~~The ~~Requirements~~Company’s management and ~~Liquidity;~~board ~~Need~~of directors monitor overall 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 costs and planned expenditures, including for ~~Additional~~the ~~Funding~~Sierra Mojada Property, as discussed below.

The ~~Company’s management~~aforementioned ~~and~~Arbitration ~~board~~process ofwill ~~directors~~require the ~~monitor~~Company ~~overall~~to ~~costs,~~incur ~~expenses,~~significant ~~and~~expense ~~financial resources~~ and, ifdevote ~~necessary,~~significant ~~will~~resources. ~~adjust~~The ~~planned~~outcome ~~operational expenditures~~of inthe anArbitration ~~attempt~~claim toand ~~ensure that~~ the ~~Company~~process ~~has~~for ~~sufficient~~recovering funds, ~~operating~~even ~~capital.~~if ~~Management~~there ~~continues~~is toa ~~evaluate~~successful ~~the Company’s costs and planned expenditures~~outcome, ~~including~~can ~~for~~be ~~the~~lengthy ~~Sierra~~and ~~Mojada Property, as discussed below~~unpredictable.

~~The~~If ~~aforementioned~~the ~~Arbitration~~blockade ~~process~~is ~~will~~resolved, and exploration ~~require~~ of the Sierra Mojada project is restarted, the Company towill ~~incur~~require significant ~~expense~~amounts ~~and~~of ~~devote~~additional ~~significant~~capital. ~~resources~~As of August 30, 2025, the Company had approximately $0.6 million in cash and cash equivalents. The ~~outcome~~continued exploration of the ~~Arbitration~~Sierra ~~claim~~Mojada ~~and~~Property ultimately would require the ~~process for~~Company ~~recovering~~to ~~funds,~~raise ~~even~~additional ifcapital, ~~there~~identify isother asources ~~successful~~of ~~outcome~~funding, ~~can~~identify bea ~~lengthy~~strategic ~~and~~partner or ~~unpredictable~~other strategic alternatives.

If the blockade is resolved, and exploration of the Sierra Mojada project is restarted, the Company will require significant amounts of additional capital. As of May 31, 2025, the Company had approximately $0.5 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.28

28The 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 unacceptable. 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.

~~The Company~~Critical ~~will~~Accounting ~~continue~~Policies 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 unacceptable. 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~~The critical accounting policies are defined in ~~Accounting~~the ~~Policies~~Company’s Annual Report on Form 10-K for the year ended October 31, 2024 filed with the SEC on January 28, 2025.

~~The~~Other recent ~~critical~~ accounting ~~policies~~pronouncements ~~are~~issued ~~defined in~~by the ~~Company’s~~Financial ~~Annual~~Accounting ~~Report~~Standards onBoard ~~Form~~(including ~~10-K~~its ~~for~~Emerging Issues Task Force) and the SEC ~~year~~did ~~ended~~not ~~October~~or ~~31,~~are ~~2024~~not ~~filed~~expected ~~with~~to ~~the~~have ~~SEC~~a material impact on ~~January~~the ~~28,~~Company’s ~~2025~~present or future consolidated financial statements.

~~Other recent~~ITEM ~~accounting~~3. ~~pronouncements~~QUANTITATIVE ~~issued~~AND byQUALITATIVE ~~the~~DISCLOSURES ~~Financial~~ABOUT ~~Accounting~~MARKET ~~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 statements~~RISK.

~~ITEM~~Not 3applicable. ~~QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.~~

~~Not~~ITEM ~~applicable~~4. CONTROLS AND PROCEDURES.

~~ITEM~~(a) 4.Evaluation ~~CONTROLS~~of ~~AND~~Disclosure ~~PROCEDURES~~Controls and Procedures.

Under 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 (aas defined in Rule 13a-15(e) ~~Evaluation~~under the Exchange Act) as of ~~Disclosure~~July ~~Controls~~31, 2025. Based on that evaluation, the Company’s Chief Executive Officer and ~~Procedures~~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, 2025.

~~Under~~The ~~the~~Company’s ~~supervision~~disclosure controls and ~~with the participation~~procedures ofare ~~the~~designed ~~Company’s~~to ~~Chief~~ensure ~~Executive~~that ~~Officer~~information ~~and~~required ~~Chief~~to ~~Financial~~be ~~Officer,~~disclosed ~~management~~in ~~has~~its ~~carried~~reports ~~out~~filed anor ~~evaluation~~submitted ofunder the ~~effectiveness~~Exchange Act is recorded, ofprocessed, summarized and reported within the ~~design~~time ~~and~~periods ~~operation~~specified ofin the ~~Company~~SEC’s ~~disclosure~~rules and forms. Disclosure controls and procedures include, ~~(as~~without ~~defined~~limitation, incontrols ~~Rule~~and ~~13a-15(e)~~procedures ~~under~~designed ~~the~~to ~~Exchange Act)~~ensure asthat ofinformation ~~April~~required ~~30,~~to ~~2025.~~be ~~Based~~disclosed onin ~~that~~its ~~evaluation,~~reports filed or submitted under the ~~Company’s~~Exchange ~~Chief~~Act ~~Executive~~is ~~Officer~~accumulated and ~~Chief~~communicated ~~Financial~~to ~~Officer~~management, ~~concluded that~~including the ~~Company’s~~principal ~~disclosure~~executive ~~controls~~officer and ~~procedures~~principal financial (officer, as ~~defined~~appropriate, into ~~Rule~~allow ~~13a-15(e)~~timely ~~under~~decisions ~~the~~regarding ~~Exchange~~required ~~Act) were effective as of April 30, 2025~~disclosure.

~~The~~(b) ~~Company’s~~Changes ~~disclosure controls and procedures are designed to ensure that information required to be disclosed~~ in ~~its~~Internal ~~reports~~Control ~~filed~~over orFinancial submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in its reports filed or submitted under the Exchange Act is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.Reporting

~~(b)~~During ~~Changes~~the quarter ended July 31, 2025, there have not been any changes in ~~Internal~~the ~~Control~~Company’s internal control over ~~Financial~~financial ~~Reporting~~reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

During the quarter ended April 30, 2025, 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.29

29PART II – OTHER INFORMATION

~~PART~~ITEM II1. –LEGAL ~~OTHER INFORMATION~~PROCEEDINGS.

~~ITEM~~See Note 15 – Commitments and Contingencies to the Company’s financial statements (Part I, Item 1. ~~LEGAL~~of ~~PROCEEDINGS~~this Quarterly Report on Form 10-Q) for information regarding legal proceedings in which it is involved.

~~See~~ITEM ~~Note~~1A. 15RISK ~~– 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~~FACTORS.

~~ITEM~~There ~~1A.~~have ~~RISK~~been ~~FACTORS~~no material changes from the risk factors included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2024.

~~There~~ITEM ~~have~~2. ~~been~~UNREGISTERED noSALES ~~material~~OF ~~changes~~EQUITY ~~from~~SECURITIES ~~the risk~~AND ~~factors~~USE ~~included~~OF ~~in the Company’s Annual Report on Form 10-K for the year ended October 31, 2024~~PROCEEDS.

~~ITEM~~Recent 2.Sales ~~UNREGISTERED~~of ~~SALES~~Unregistered ~~OF EQUITY SECURITIES AND USE OF PROCEEDS.~~Securities

~~Recent~~No ~~Sales~~sales of ~~Unregistered~~unregistered ~~Securities~~equity securities occurred during the period covered by this report.

NoPurchases ~~sales~~ of ~~unregistered~~Equity ~~equity~~Securities ~~securities occurred~~by ~~during~~ the ~~period~~Company and ~~covered~~Affiliated ~~by this report.~~Purchasers

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

NoITEM ~~purchases~~3. ofDEFAULTS ~~equity~~UPON ~~securities~~SENIOR ~~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~~SECURITIES.

~~ITEM 3~~None. ~~DEFAULTS UPON SENIOR SECURITIES.~~

~~None~~ITEM 4. MINE SAFETY DISCLOSURES.

~~ITEM~~Not 4applicable. ~~MINE SAFETY DISCLOSURES.~~

~~Not~~ITEM ~~applicable~~5. OTHER INFORMATION.

~~ITEM~~During 5.the ~~OTHER~~fiscal ~~INFORMATION~~quarter ended July 31, 2025, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.

~~During the fiscal quarter ended April~~ 30, 2025, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K.

30ITEM 6. EXHIBITS.

ITEM 6. EXHIBITS.

		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	10-Q	03/13/2025	10.1

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

		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	10-Q	03/13/2025	10.1
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.

X* ~~Filed~~The ~~herewith~~following XXfinancial ~~Furnished~~information ~~herewith~~from +Silver ~~Indicates~~Bull aResources, ~~management~~Inc.’s ~~contract~~Quarterly orReport ~~compensatory~~on ~~plan~~Form 10-Q for the nine months ended July 31, ~~contract~~2025, oris ~~arrangement~~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.

* The following financial information from Silver Bull Resources, Inc.’s Quarterly Report on Form 10-Q for the six months ended April 30, 2025, 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.31

31SIGNATURES

~~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.

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

	SILVER BULL RESOURCES, INC.
Dated: September 11, 2025	By:	/s/ Timothy Barry
Dated: June 12, 2025	By:	/s/ Timothy Barry
		Timothy Barry
		President and Chief Executive Officer
		(Principal Executive Officer)
Dated: June 12, 2025	By:	/s/ Christopher Richards
Dated: September 11, 2025	By:	/s/ Christopher Richards
		Christopher Richards
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

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