# EDGAR Filing Document

**Accession Number:** 0001031093
**File Stem:** 0001079973-23-000352
**Filing Date:** 2023-3
**Character Count:** 90265
**Document Hash:** cb3e5cc23c68abd151b50c370cc154f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079973-23-000352.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001079973-23-000352

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SILVER BULL RESOURCES, INC.
- **CENTRAL INDEX KEY:** 0001031093
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 911766677
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33125
- **FILM NUMBER:** 23743559

**BUSINESS ADDRESS:**
- **STREET 1:** 777 DUNSMUIR STREET, SUITE 1610
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7Y 1K4
- **BUSINESS PHONE:** 604-687-5800

**MAIL ADDRESS:**
- **STREET 1:** 777 DUNSMUIR STREET, SUITE 1610
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7Y 1K4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METALLINE MINING CO
- **DATE OF NAME CHANGE:** 19991013

?xml version="1.0" encoding="ASCII"?

**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 January 31, 2023.** |
| ☐ | **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 1610** | **777 Dunsmuir Street, Suite 1610** |
| **Vancouver, B.C., Canada V7Y 1K4** | **Vancouver, B.C., Canada V7Y 1K4** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |
| Registrant's telephone number, including area code: **(604)-687-5800** | Registrant's telephone number, including area code: **(604)-687-5800** |
| Securities registered pursuant to Section 12(b) of the Act: **None** | 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 ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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 March 16, 2023, there were 35,847,960 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**

**<u>Page</u>**

---

| | |
|:---|:---|
| **[PART I – FINANCIAL INFORMATION](#a_001)** | **3** |
| &nbsp;&nbsp;&nbsp;[ITEM 1. FINANCIAL STATEMENTS.](#a_001) | 3 |
| &nbsp;&nbsp;&nbsp;[ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.](#a_002) | 17 |
| &nbsp;&nbsp;&nbsp;[ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.](#a_003) | 22 |
| &nbsp;&nbsp;&nbsp;[ITEM 4. CONTROLS AND PROCEDURES.](#a_003) | 22 |
| **[PART II – OTHER INFORMATION](#a_004)** | **23** |
| &nbsp;&nbsp;&nbsp;[ITEM 1. LEGAL PROCEEDINGS.](#a_004) | 23 |
| &nbsp;&nbsp;&nbsp;[ITEM 1A. RISK FACTORS.](#a_004) | 23 |
| &nbsp;&nbsp;&nbsp;[ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.](#a_004) | 23 |
| &nbsp;&nbsp;&nbsp;[ITEM 3. DEFAULTS UPON SENIOR SECURITIES.](#a_004) | 23 |
| &nbsp;&nbsp;&nbsp;[ITEM 4. MINE SAFETY DISCLOSURES.](#a_004) | 23 |
| &nbsp;&nbsp;&nbsp;[ITEM 5. OTHER INFORMATION.](#a_004) | 23 |
| &nbsp;&nbsp;&nbsp;[ITEM 6. EXHIBITS.](#a_005) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SIGNATURES](#a_006) | 25 |

---

[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 CONSOLIDATED BALANCE SHEETS** 

---

| | | |
|:---|:---|:---|
|  | <br>**January 31,**<br> **2023** | <br>**October 31,**<br> **2022** |
|  | (Unaudited) |  |
| ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (Note 14) | $745808 | $886728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 3334 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits | 37495 | 49537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from related party (Note 6) | 10882 | 23196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 797519 | 962295 |
| &nbsp;&nbsp;&nbsp;Value-added tax receivable, net of allowance for uncollectible taxes of $483,025 and $449,219, respectively (Note 7) | 128070 | 127036 |
| &nbsp;&nbsp;&nbsp;Office and mining equipment, net (Note 8) | 139896 | 143568 |
| &nbsp;&nbsp;&nbsp;Property concessions (Note 9) | 5004386 | 5019927 |
| TOTAL ASSETS | $6069871 | $6252826 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $240302 | $159585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and expenses | 205468 | 179607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 4000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 449770 | 342192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan payable (Note 10) | 44944 | 43959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 494714 | 386151 |
| &nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES (Note 15) |  |  |
| &nbsp;&nbsp;&nbsp;STOCKHOLDERS' EQUITY (Notes 5, 11, 12 and 13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 150,000,000 shares authorized, <br>35,055,652 shares issued and outstanding | 2418415 | 2418415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 140804660 | 140750310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (137740166) | (137394298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | 92248 | 92248 |
| Total Stockholders' Equity | 5575157 | 5866675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $6069871 | $6252826 |

---

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

**SILVER BULL RESOURCES, INC.**

**(AN EXPLORATION STAGE COMPANY)**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended January 31,** | **Three Months Ended January 31,** |
|  | **2023** | **2022** |
| REVENUES | $—  | $—  |
| EXPLORATION AND PROPERTY HOLDING COSTS |  |  |
| &nbsp;&nbsp;&nbsp;Exploration and property holding costs | 117205 | 108288 |
| &nbsp;&nbsp;&nbsp;Concessions impairment (Note 9) | 15541 | —  |
| &nbsp;&nbsp;&nbsp;Depreciation (Note 8) | 3672 | 5243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPLORATION AND PROPERTY HOLDING COSTS | 136418 | 113531 |
| GENERAL AND ADMINISTRATIVE EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;Personnel | 88774 | 92135 |
| &nbsp;&nbsp;&nbsp;Office and administrative | 34512 | 34848 |
| &nbsp;&nbsp;&nbsp;Professional services | 46964 | 58747 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 33826 | 18916 |
| &nbsp;&nbsp;&nbsp;Provision for uncollectible value-added taxes (Note 7) | 8326 | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL GENERAL AND ADMINISTRATIVE EXPENSES | 212402 | 211081 |
| LOSS FROM OPERATIONS | (348820) | (324612) |
| OTHER INCOME (EXPENSES) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 6794 | 6 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction loss | (2842) | (4393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER INCOME (EXPENSES) | 3952 | (4387) |
| LOSS BEFORE INCOME TAXES | (344868) | (328999) |
| INCOME TAX EXPENSE | (1000) | (1000) |
| NET AND COMPREHENSIVE LOSS | $(345868) | $(329999) |
| BASIC AND DILUTED NET LOSS PER COMMON SHARE | $(0.01) | $(0.01) |
| BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING  | 33055652 | 33547838 |

---

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

 **SILVER BULL RESOURCES, INC.**

**(AN EXPLORATION STAGE COMPANY)**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Number of Shares** | **Amount** | <br>**Additional**<br> **Paid-in Capital**  | <br>**Accumulated**<br> **Deficit** | <br>**Other** <br> **Comprehensive Income** | <br>**Total** <br> **Equity** |
| **Three months ended January 31, 2023** |  |  |  |  |  |  |
| Balance, October 31, 2022 | 35055652 | $2418415 | $140750310 | $(137394298) | $92248 | $5866675 |
| Stock option activity as follows: |  |  |  |  |  |  |
| - Stock-based compensation for options issued to directors, officers, employees and advisors (Note 12) |  | —  | 54350 | —  | —  | 54350 |
| Net loss for the three-month period ended January 31, 2023 |  | —  | —  | (345868) | —  | (345868) |
| Balance, January 31, 2023 | 35055652 | $2418415 | $140804660 | $(137740166) | $92248 | $5575157 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Number of Shares** | **Amount** | <br>**Additional** <br> **Paid-in Capital**  | <br>**Accumulated**<br> **Deficit** | <br>**Other** <br> **Comprehensive Income** | <br>**Total** <br> **Equity** |
| **Three months ended January 31, 2022** |  |  |  |  |  |  |
| Balance, October 31, 2021 | 33547838 | $2413337 | $139803515 | $(134226099) | $92248 | $8083001 |
| Stock option activity as follows: |  |  |  |  |  |  |
| Net loss for the three-month period ended January 31, 2022 |  | —  | —  | (329999) | —  | (329999) |
| Balance, January 31, 2022 | 35547838 | $2418415 | $139803515 | $(134556098) | $92248 | $7753002 |

---

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

 **SILVER BULL RESOURCES, INC.**

**(AN EXPLORATION STAGE COMPANY)**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br> **January 31,** | **Three Months Ended** <br> **January 31,** |
|  | **2023** | **2022** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(345868) | $(329999) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 3672 | 5243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concessions impairment | 15541 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for uncollectible value-added taxes | 8326 | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction (gain) loss | (497) | 37606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options issued for compensation (Note 12) | 54350 | —  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value-added tax receivable | (2714) | (6289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (492) | (9665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits | 12291 | 110143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from related party (Note 6) | 12314 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 90817 | (285534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and expenses | 10340 | 35423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (140920) | (435637) |
| CASH FLOWS FROM INVESTING ACTIVITY: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments | —  | 469484 |
| &nbsp;&nbsp;&nbsp;Net cash provided by investing activity | —  | 469484 |
| CASH FLOWS FROM FINANCING ACTIVITY: |  |  |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activity | —  | —  |
| &nbsp;&nbsp;&nbsp;Effect of exchange rates on cash and cash equivalents | —  | (7018) |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | (140920) | 26829 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents beginning of period | 886728 | 189607 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents end of period | $745808 | $216436 |

---

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

**SILVER BULL RESOURCES, INC.**

**(AN EXPLORATION STAGE COMPANY)**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)**

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |
|  | **2023** | **2022** |
| SUPPLEMENTAL CASH FLOW DISCLOSURES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $—  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | —  | —  |

---

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

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

Silver Bull Resources, Inc. (the "Company") was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company's name was changed to Metalline Mining Company. On April 21, 2011, the Company's name was changed to Silver Bull Resources, Inc. The Company's fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects.

The Company has been engaged in the business of mineral exploration. The Company currently owns a number of property concessions located in Coahuila, Mexico (collectively known as the "Sierra Mojada Property"). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. ("Minera Metalin") and Minas de Coahuila SBR S.A. de C.V. ("Minas").

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

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

<u>Illegal Blockade of Sierra Mojada Property</u>

The Company's efforts and expenditures have been concentrated on the exploration of properties, principally with respect to the Sierra Mojada Property located in Coahuila, Mexico.

On June 1, 2018, the Company and its subsidiaries Minera Metalin and Contratistas de Sierra Mojada S.A. de C.V. entered into an earn-in option agreement (the "South32 Option Agreement") with South32 International Investment Holdings Pty Ltd ("South32"), a wholly-owned subsidiary of South32 Limited (ASX/JSE/LSE: S32), whereby South32 was able to obtain an option to purchase 70% of the shares of Minera Metalin (the "South32 Option").

On October 11, 2019, the Company and its subsidiary Minera Metalin issued a notice of force majeure to South32 pursuant to the South32 Option Agreement. Due to an illegal blockade by a cooperative of local miners called Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. ("Mineros Norteños"), the Company halted all work on the Sierra Mojada Property. The notice of force majeure was issued because the Company and its subsidiary Minera Metalin was unable to perform their obligations under the South32 Option Agreement due to the blockade. Pursuant to the South32 Option Agreement, any time period provided for in the South32 Option Agreement was to be generally extended by a period equal to the period of delay caused by the event of force majeure.

On August 31, 2022, due to the ongoing blockade of the site, the South32 Option Agreement was mutually terminated by South32 and the Company.

On March 2, 2023, the Company filed a Notice of Intent with Mexico's Directorate General of Foreign Investment to initiate a legacy NAFTA claim under Annex 14-C of the United States-Mexico-Canada Agreement to recover economic damages resulting from the illegal blockade of the Sierra Mojada Property by Mineros Norteños ("NAFTA Notice of Intent"). The Company has been unable to access the project since the illegal blockade commenced in September 2019. Despite numerous demands and requests for action by the Company, Mexican governmental agencies have allowed this unlawful behaviour to continue and, as such, failed to protect the Company's investment.

<u>Arras Minerals Corp. Spin-Off</u>

On August 12, 2020, the Company entered into an option agreement (the "Beskauga Option Agreement") with Copperbelt AG, a corporation existing under the laws of Switzerland ("Copperbelt Parent"), and Dostyk LLP, an entity existing under the laws of Kazakhstan and a wholly-owned subsidiary of Copperbelt (the "Copperbelt Sub," and together with Copperbelt Parent, "Copperbelt"), pursuant to which the Company has the exclusive right and option to acquire Copperbelt's right, title and 100% interest in the Beskauga property located in Kazakhstan (the "Beskauga Property"), which consists of the Beskauga Main project (the "Beskauga Main Project") and the Beskauga South project (the "Beskauga South Project," and together the Beskauga Main Project, the "Beskauga Project"). The transaction contemplated by the Beskauga Option Agreement closed on January 26, 2021.

On February 5, 2021, Arras Minerals Corp. ("Arras") was incorporated in British Columbia, Canada, as a wholly-owned subsidiary of the Company. On March 19, 2021, pursuant to an asset purchase agreement with Arras, the Company transferred its right, title and interest in and to the Beskauga Option Agreement, among other things, to Arras in exchange for 36,000,000 common shares of Arras. On September 24, 2021, the Company distributed to its shareholders one Arras common share for each Silver Bull share held by such shareholders, or 34,547,838 Arras shares in total. Upon completion of the distribution, the Company retained 1,452,162 Arras common shares as a strategic investment and Arras became a stand-alone company.

<u>Exploration Stage</u>

The Company 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, and despite the fact that the Company commenced extraction of mineral resources at the Sierra Mojada Property, the Company remains an exploration stage company, as defined by the SEC.

Beginning 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.

<u>Going Concern</u>

Since its inception in November 1993, the Company has not generated revenue and has incurred an accumulated deficit of $137,740,000. Accordingly, the Company has not generated cash flows from operations, and 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 January 31, 2023, the Company had cash and cash equivalents of approximately $746,000. Based on the Company's limited cash and cash equivalents, and history of losses, there is substantial doubt as to whether the Company's existing cash resources are sufficient to enable the Company to continue its operations for the next 12 months as a going concern. Management plans to pursue possible financing and strategic options including, but not limited to, obtaining additional equity financing, and the exercising of warrants by warrantholders. However, there is no assurance that the Company will be successful in pursuing these plans.

These interim condensed consolidated financial 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.

**NOTE 2 – BASIS OF PRESENTATION**

The Company's interim condensed consolidated financial 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 normally 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, 2022 was derived from the audited consolidated financial statements. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2022.

All figures are in United States dollars unless otherwise noted.

The 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 normal recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company's interim condensed consolidated financial statements. Accordingly, operating results for the three months ended January 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2023 or any future period.

**NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES** 

The significant accounting policies are defined in the Company's Annual Report on Form 10-K for the year ended October 31, 2022 filed with the SEC on January 26, 2023.

Other recent accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a significant impact on the Company's present or future consolidated financial statements.

**NOTE 4 – SOUTH32 OPTION AGREEMENT** 

On June 1, 2018, the Company and its subsidiaries Minera Metalin and Contratistas de Sierra Mojada S.A. de C.V. entered into the South32 Option Agreement with South32, a wholly-owned subsidiary of South32 Limited (ASX/JSE/LSE: S32), whereby South32 was able to obtain an option to purchase 70% of the shares of Minera Metalin.

On October 11, 2019, the Company and its subsidiary Minera Metalin issued a notice of force majeure to South32 pursuant to the South32 Option Agreement. Due to a 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 of the blockade's impact on the ability of the Company and its subsidiary Minera Metalin to perform their obligations under the South32 Option Agreement. Pursuant to the South32 Option Agreement, any time period provided for in the South32 Option Agreement was to be generally extended by a period equal to the period of delay caused by the event of force majeure.

On August 31, 2022, the South32 Option Agreement was mutually terminated by South32 and the Company. No portion of the equity value of the Company has been classified as temporary equity as the South32 Option has no intrinsic value. South32 paid $518,000 to the Company as a final payment for the exploration costs incurred by the Company during the blockade and the Company released South32 from all of claims as of the date of termination.

As of March 16, 2023, the blockade by Mineros Norteños at, on and around the Sierra Mojada Property is ongoing.

**NOTE 5 – NET LOSS PER SHARE**

The Company had stock options and warrants outstanding at January 31, 2023 and 2022 that upon exercise were issuable into 5,165,039 and 2,015,039 shares of the Company's common stock, respectively. They were not included in the calculation of loss per share because they would have been anti-dilutive.

**NOTE 6 – DUE FROM RELATED PARTY**

As of January 31, 2023, due from related party consists of $10,882 (October 31, 2022 - $23,196) due from Arras for shared employees' salaries and office expenses. This amount is non-interest bearing and is to be repaid on demand.

**NOTE 7 – VALUE-ADDED TAX RECEIVABLE**

Value-added tax ("VAT") receivable relates to VAT paid in Mexico. The Company estimates that net VAT of $128,070 (October 31, 2022 - $127,036) will be received and believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts. While the Company continues to pursue recovery from the Mexican government, the outcomes and process for recovering VAT can be lengthy and unpredictable based on the continued failure to recover the VAT receivable and a recent preliminary unfavorable ruling from the Mexican tax authority, which the Company is in the process of challenging. The allowance for uncollectible VAT was estimated by management based upon 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.

A summary of the changes in the allowance for uncollectible VAT for the three months ended January 31, 2023 is as follows:

---

| | |
|:---|:---|
| Allowance for uncollectible VAT – October 31, 2022 | $449219 |
| Provision for VAT receivable allowance | 8326 |
| Foreign currency translation adjustment | 25480 |
| Allowance for uncollectible VAT – January 31, 2023 | $483025 |

---

**NOTE 8 – OFFICE AND MINING EQUIPMENT**

The following is a summary of the Company's office and mining equipment at January 31, 2023 and October 31, 2022, respectively:

---

| | | |
|:---|:---|:---|
|  | **January 31,**<br>**2023** | **October 31,**<br>**2022** |
| Mining equipment | $396153 | $396153 |
| Vehicles | 92873 | 92873 |
| Buildings and structures | 185724 | 185724 |
| Computer equipment and software | 74236 | 74236 |
| Well equipment | 39637 | 39637 |
| Office equipment | 47597 | 47597 |
|  | 836220 | 836220 |
| Less: Accumulated depreciation | (696324) | (692652) |
| Office and mining equipment, net | $139896 | $143568 |

---

**NOTE 9 – PROPERTY CONCESSIONS** 

The following is a summary of the Company's property concessions for the Sierra Mojada Property as at January 31, 2023 and October 31, 202:

---

| | |
|:---|:---|
| Property concessions – October 31, 2022 | $5019927 |
| Impairment | (15541) |
| Property concessions – January 31, 2023 | $5004386 |

---

During the three months ended January 31, 2023, the Company decided to withdraw certain concessions' applications in Sierra Mojada, Mexico. As a result, the Company no longer has the right to these property concessions and the value in use is $nil. Accordingly, the Company has written off the capitalized property concession balance related to these concessions of $15,541 in accordance with level 3 of the fair value hierarchy.

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

**NOTE 10 – LOAN PAYABLE** 

In June 2020, the Company received $29,531 ($CDN 40,000) in the form of a Canada Emergency Business Account ("CEBA") loan. CEBA is part of the economic assistance program launched by the Government of Canada to ensure that businesses have access to capital during the COVID-19 pandemic that can only be used to pay non-deferrable operating expenses. During the period from receipt of the CEBA loan to December 31, 2022 (the "Initial Term"), no interest will be charged on the principal amount outstanding. If at least $CDN 30,000 is repaid on or before the end of the Initial Term, the remaining $CDN 10,000 of principal will be forgiven pursuant to the terms of the CEBA loan. During the period from January 1, 2023 to December 31, 2025 (the "Extended Term"), if any portion of the loan remains outstanding, interest will be payable monthly at a rate of 5% per annum on the outstanding principal balance.

In January 2021, the Company received an additional $15,615 ($CDN 20,000) CEBA loan. Fifty percent (50%) of the additional loan is forgivable if repaid by December 31, 2022. The loan accrues no interest before the end of the Initial Term, and thereafter converts to a three-year term loan with a 5% annual interest rate. Any portion of the loan is repayable without penalty at any time prior to December 31, 2025. The total CEBA loan amount stands at $CDN 60,000 with $CDN 20,000 forgivable if repaid by December 31, 2022. In January 2022, the repayment deadline for CEBA loan to qualify for loan forgiveness had been extended to December 31, 2023.

The balance of the CEBA loan is fully repayable on or before the end of the Extended Term, if not repaid on or before the end of the Initial Term. The Company anticipates repaying the CEBA loan prior to the Initial Term date. An income will be recognized in the period when the CEBA loan is forgiven.

---

| | |
|:---|:---|
| Loan payable – October 31, 2022 | $43959 |
| Foreign currency translation adjustment | 985 |
| Loan payable – January 31, 2023 | $44944 |

---

**NOTE 11 – COMMON STOCK**

No shares of common share stock were issued during the three months ended January 31, 2023 and 2022.

**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 equal to the closing market price of the Company's stock at the date of grant, have a graded vesting schedule over two years and have a contractual term of five years.

No options were granted to exercised during the three months ended January 31, 2023 and 2022.

The following is a summary of stock option activity for the three months ended January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Options** | **Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual Life (Years)** | **Aggregate Intrinsic Value** |
| Outstanding at October 31, 2022 | 3193750 | $0.25 | 4.25 | $—  |
| Outstanding at January 31, 2023 | 3193750 | 0.25 | 4.00 | —  |
| Exercisable at January 31, 2023 | 1093750 | $0.28 | 3.89 | $—  |

---

The Company recognized stock-based compensation costs for stock options of $54,350 and $nil for the three months ended January 31, 2023 and 2022, respectively. As of January 31, 2023, there was $75,961 of total unrecognized compensation expense.

Summarized information about stock options outstanding and exercisable at January 31, 2023 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Options Outstanding** | **Options Outstanding** | **Options Outstanding** | **Options Outstanding** | **Options Exercisable** | **Options Exercisable** |
| **Exercise Price** | **Number Outstanding** | **Weighted Average Remaining Contractual Life (Years)** | **Weighted Average Exercise Price** | **Number Exercisable** | **Weighted Average Exercise Price** |
| $0.24 | 3150000 | 4.05 | $0.24 | 1050000 | $0.24 |
| 1.29 | 43750 | 0.05 | 1.29 | 43750 | 1.29 |

---

**NOTE 13 – WARRANTS**

A summary of warrant activity for the three months ended January 31, 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrants** | **Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual Life (Years)** | **Aggregate Intrinsic Value** |
| Outstanding and exercisable at October 31, 2022 | 1971289 | $0.59 | 2.99 | $—  |
| Outstanding and exercisable at January 31, 2023\* | 1971289 | 0.59 | 2.74 | —  |

---

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

No warrants were issued or exercised during the three months ended January 31, 2023 or 2022.

Summarized information about warrants outstanding and exercisable at January 31, 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Warrants Outstanding and Exercisable** | **Warrants Outstanding and Exercisable** | **Warrants Outstanding and Exercisable** | **Warrants Outstanding and Exercisable** |
| **Exercise Price** | **Number**<br> **Outstanding**  | **Weighted Average Remaining Contractual Life (Years)** | **Weighted Average Exercise Price** |
| $0.59 | 1971289 | 2.74 | $0.59 |

---

**NOTE 14 – FINANCIAL INSTRUMENTS**

<u>Fair Value Measurements</u>

All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are 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 payable, due from related party and loan payable.

The carrying amounts of cash and cash equivalents, accounts payable and due from related party approximate fair value at January 31, 2023 and October 31, 2022 due to the short maturities of these financial instruments. Loan payable is classified as Level 2 in the fair value hierarchy.

<u>Credit Risk</u>

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 liquidity of funds and ensure that counterparties demonstrate acceptable levels of creditworthiness.

The Company maintains its U.S. dollar and Canadian dollar cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings. Cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation ("CDIC") for up to $CDN 100,000. Certain Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they relate to U.S. dollar deposits held in Canadian financial institutions. As of January 31, 2023, and October 31, 2022, the Company's cash and cash equivalent balances held in Canadian financial institutions included $646,005 and $802,761, respectively, which was not insured by the CDIC. The Company has not experienced any losses on such accounts, and management believes that using major financial institutions with high credit ratings mitigates the credit risk to cash and cash equivalents.

The Company also maintains cash in bank accounts in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of January 31, 2023, and October 31, 2022, the U.S. dollar equivalent balance for these accounts was $24,897 and $10,702, respectively.

As at January 31, 2023 and October 31, 2022, cash and cash equivalents consist of guaranteed investment certificates of $377,828 and $369,551, respectively, held in bank accounts.

<u>Liquidity Risk</u> 

Liquidity risk is the risk that the Company will encounter difficulty in satisfying its financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating investing and financing activities. As at January 31, 2023, the Company had working capital of $302,805 and cash and cash equivalents of $745,808 and is exposed to significant liquidity risk at this time. Furthermore, as the Company is in the exploration stage, it will periodically have to raise funds to continue operations and intends to raise further financing through equity offerings.

Accounts payable and accrued liabilities are non-interest-bearing and are normally settled on 30-day terms.

<u>Interest Rate Risk</u>

The Company holds substantially all of its cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the three months ended January 31, 2023, a 1% decrease in interest rates would have resulted in a reduction of approximately $1,699 in interest income for the period.

<u>Foreign Currency Exchange Risk</u>

Certain purchases of 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.

Based on the net exposures as at January 31, 2023, a 5% depreciation or appreciation of the $CDN and $MXN against the US dollar would result in an increase and decrease, respectively, of approximately $6,000 in the Company's net income.

**NOTE 15 – COMMITMENTS AND CONTINGENCIES**

<u>Compliance with Environmental Regulations</u>

The Company's exploration activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties but also the effect of such 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.

<u>Property Concessions in Mexico</u>

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.

<u>Royalty</u>

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.

<u>Litigation and Claims</u>

*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 consolidated financial statements with respect to this claim.

*Notice of Intent under the North American Free Trade Agreement ("NAFTA")*

On March 2, 2023, the Company filed a Notice of Intent with Mexico's Directorate General of Foreign Investment to initiate a legacy NAFTA claim under Annex 14-C of the United States-Mexico-Canada Agreement to recover economic damages resulting from the illegal blockade of the Sierra Mojada Property by Mineros Norteños (Note 1).

*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 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 a 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 consolidated financial statements with respect to this claim.

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

**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 Three Months Ended** |
|  | **January 31,** | **January 31,** |
|  | **2023** | **2022** |
| Net loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $(190000) | (213000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | (156000) | (117000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(346000) | (330000) |

---

The following table details the allocation of assets included in the accompanying balance sheet at January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Canada** | **Mexico** | **Total** |
| Cash and cash equivalents | $721000 | $25000 | $746000 |
| Other receivables | 3000 | —  | 3000 |
| Prepaid expenses and deposits | 33000 | 5000 | 38000 |
| Due from related party | 11000 | —  | 11000 |
| Value-added tax receivable, net | —  | 128000 | 128000 |
| Office and mining equipment, net | —  | 140000 | 140000 |
| Property concessions | —  | 5004000 | 5004000 |
|  | $768000 | $5302000 | $6070000 |

---

The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Canada** | **Mexico** | **Total** |
| Cash and cash equivalents | $876000 | $11000 | $887000 |
| Value-added tax receivable, net | —  | 127000 | 127000 |
| Other receivables | 3000 | —  | 3000 |
| Prepaid expenses and deposits | 45000 | 4000 | 49000 |
| Due from related party | 23000 | —  | 23000 |
| Office and mining equipment, net | —  | 144000 | 144000 |
| Property concessions | —  | 5020000 | 5020000 |
|  | $947000 | $5306000 | $6253000 |

---

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.

**NOTE 17 – SUBSEQUENT EVENT**

On February 18, 2023, 43,750 stock options with an exercise price of $1.29 ($CDN 1.72) per share expired.

On March 2, 2023, the Company granted stock options to acquire 150,000 shares of common stock with an exercise price of $CDN 0.195 per share.

On March 9, 2023, the Company issued 792,308 shares of common stock at an average of $0.14 per share of common stock as payment of bonuses.

---

| | |
|:---|:---|
| **ITEM 2.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.** |

---

When using the 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 10-K for the fiscal year ended October 31, 2022.

***Cautionary Statement Regarding Forward-Looking Statements***

This Quarterly Report on Form 10-Q includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the U.S. Private Securities Litigation Reform Act of 1995, and "forward-looking information" 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 we make regarding:

* The sufficiency of the Company's existing cash
resources to enable it to continue operations for the next 12 months as a going concern;

* The prospects of a claim process, or award, under NAFTA;

* Prospects of entering the development or production stage
with respect to any of the Company's projects;

* Plans at the Sierra Mojada Project in 2023 and beyond;

* Whether any part of the Sierra Mojada Project will ever
be confirmed or converted into "proven or probable mineral reserves" as defined under Item 1300 of Regulation S-K;

* The requirement of additional power supplies for the
Sierra Mojada Project if a mining operation is determined to be feasible;

* The Company's ability to obtain and hold additional
concessions in the Sierra Mojada Project areas;

* Whether the Company will be required to obtain additional
surface rights if a mining operation is determined to be feasible;

* The possible impact on the Company's operations
of the blockade by a cooperative of miners on the Sierra Mojada Property;

* The potential acquisition of additional mineral properties
or property concessions;

* Testing of the impact of the fine bubble flotation test
work on the recovery of minerals and initial rough concentrate grade;

* The impact of recent accounting pronouncements on financial
position, results of operations or cash flows and disclosures;

* The impact of changes to current state or federal laws
and regulations on estimated capital expenditures, the economics of a particular project and/or activities;

* The ability to raise additional capital and/or pursue
additional strategic options, and the potential impact on the business, financial condition and results of operations of doing so or
not;

* The impact of changing foreign currency exchange rates
on the Company's financial condition;

* The impairment of concessions and likelihood of further
impairment of other long-lived assets;

* Whether using major financial institutions with high
credit ratings mitigates credit risk;

* The impact of changing economic conditions on interest
rates;

* Expectations regarding future recovery of value-added
taxes ("VAT") paid in Mexico; and

* The merits of any claims in connection with, and the expected timing of any,
ongoing legal proceedings.

These statements are 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. Such statements are subject to a number of assumptions, risks and uncertainties, and the actual results could differ from those expressed or implied in these forward-looking statements as a result of the factors described under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2022, including without limitation, risks associated with the following:

* The ability to obtain additional financial resources
on acceptable terms to (i) fund the Company's NAFTA claim (ii) maintain its property concessions in Mexico and (iii) maintain general
and administrative expenditures at acceptable levels;

* The ability to acquire additional mineral properties
or property concessions;

* The
 ability of the Company to maintain its assets in Mexico given the performance of the Mexican
 government at various levels, including those described in PART II, ITEM 1A RISK FACTORS;

* Worldwide economic and political events affecting (i)
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;

* The amount and nature of future capital and exploration
expenditures;

* Volatility in the Company's stock price;

* The inability to obtain required permits;

* Competitive factors, including exploration-related competition;

* Timing of receipt and maintenance of government approvals;

* Unanticipated title issues;

* Changes in tax laws;

* Changes in regulatory frameworks or regulations affecting
our activities;

* The ability to retain key management, consultants and
experts necessary to successfully operate and grow the business; and

* 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.

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

**All forward-looking statements speak only 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.**

***Cautionary Note Regarding Exploration Stage Companies***

Silver 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, 2022.

**Business Overview**

Silver 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.

On August 12, 2020, the Company entered into an option agreement (the "Beskauga Option Agreement") with Copperbelt AG, a corporation existing under the laws of Switzerland ("Copperbelt Parent"), and Dostyk LLP, an entity existing under the laws of Kazakhstan and a wholly-owned subsidiary of Copperbelt Parent (the "Copperbelt Sub," and together with Copperbelt Parent, "Copperbelt"), pursuant to which it had the exclusive right and option (the "Beskauga Option") to acquire Copperbelt's right, title and 100% interest in the Beskauga property located in Kazakhstan (the "Beskauga Property"), which consists of the Beskauga Main project (the "Beskauga Main Project") and the Beskauga South project (the "Beskauga South Project," and together the Beskauga Main Project, the "Beskauga Project"). The transaction contemplated by the Beskauga Option Agreement closed on January 26, 2021.

On February 5, 2021, Arras Minerals Corp. ("Arras") was incorporated in British Columbia, Canada, as a wholly-owned subsidiary of Silver Bull. On March 19, 2021, pursuant to an asset purchase agreement with Arras, the Company transferred its right, title and interest in and to the Beskauga Option Agreement, among other things, to Arras in exchange for 36,000,000 common shares of Arras. On September 24, 2021, Silver Bull distributed to its shareholders one Arras common share for each Silver Bull share held by such shareholders, or 34,547,838 Arras common shares in total (the "Distribution"), and Arras became a stand-alone company.

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.

**Recent Developments**

Commencement of Legacy North American Free Trade Agreement ("NAFTA") Claim

On March 2, 2023, the Company filed the NAFTA Notice of Intent. The Company has been unable to access the project since the illegal blockade commenced in September 2019. Despite numerous demands and requests for action by the Company, Mexican governmental agencies have allowed this unlawful behaviour to continue and, as such, failed to protect the Company's investment. Silver Bull will be seeking to recover no less than US$178 million in damages that it has suffered as a result of Mexico's breach of its NAFTA obligations.

**Properties Concessions and Outlook**

Sierra Mojada Property

The focus of the Company for the remainder of the 2023 calendar year is to continue the claim process under NAFTA in relation to the blockade at the Sierra Mojada Property.

**Results** **of Operations**

<u>Three Months Ended January 31, 2023 and January 31, 2022</u>

For the three months ended January 31, 2023, we experienced a net loss of $346,000, or approximately $0.01 per share, compared to a net loss of $330,000, or approximately $0.01 per share, during the comparable period last year. The $16,000 increase in net loss was primarily due to a $22,000 increase in exploration and property holding costs, which was offset by $4,000 in other income compared to $4,000 in other expense compared to the same period last year as described below.

**Exploration and Property Holding Costs**

Exploration and property holding costs increased $22,000 to $136,000 for the three months ended January 31, 2023, compared to $114,000 for the comparable period last year. This increase was mainly due to a $16,000 concessions' impairment as a result the Company's decision to withdraw certain concessions' applications and write off the capitalized property concession balance for the three months ended January 31, 2023.

**General and Administrative Expenses**

The Company recorded general and administrative expenses of $212,000 for the three months ended January 31, 2023 as compared to $211,000 for the comparable period last year. The $1,000 increase was mainly the result of a $15,000 increase in directors' fees and a $2,000 increase in the provision for uncollectible VAT, which was offset by a $3,000 decrease in personnel costs and an $12,000 decrease in professional services as described below.

Stock-based compensation was a factor in the fluctuations in general and administrative expenses. The Company recorded $53,000 in stock-based compensation included in general and administrative expense for the three months ended January 31, 2023 compared to $nil for the comparable period last year as a result of no stock options were granted and vested to employees, directors and consultants.

Personnel costs decreased $3,000 to $89,000 for the three months ended January 31, 2023 as compared to $92,000 for the comparable period last year. This decrease was mainly due to a $44,000 decrease in salaries due to revised agreements with the Company's management in January 2022, which was offset by a $41,000 increase in stock-based compensation compared to the same period last year.

Office and administrative costs of $35,000 for the three months ended January 31, 2023 were similar to the $35,000 in such costs for the comparable period last year.

Professional fees decreased $12,000 to $47,000 for the three months ended January 31, 2023 compared to $59,000 for the comparable period last year. This decrease was mainly due to a $14,000 decrease in legal fees, which was offset by a $2,000 increase in accounting fees.

Directors' fees increased $15,000 to $34,000 for the three months ended January 31, 2023 as compared to $19,000 for the comparable period last year. This increase was primarily due to a $12,000 increase in stock-based compensation and a $3,000 increase in directors fee compensation as a result of revised chairman fees compared to the same period last year.

We recorded a $8,000 provision for uncollectible VAT for the three months ended January 31, 2023 as compared to a $6,000 provision for uncollectible VAT in the comparable period last year. The allowance for uncollectible VAT was estimated by management based upon a number of factors, including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions.

**Other Income (Expenses)**

We recorded other income of $4,000 for the three months ended January 31, 2023 as compared to other expenses of $4,000 for the comparable period last year. The significant factors contributing to other income was $6,000 in interest income for the three months ended January 31, 2023. The significant factors contributing to other expense was a $4,000 foreign currency transaction loss for the comparable period last year.

**Material Changes in Financial Condition; Liquidity and Capital Resources**

<u>Cash Flows</u>

During the three months ended January 31, 2023, we primarily utilized cash and cash equivalents to fund general and administrative expenses and exploration activities at the Sierra Mojada Property. As a result of the exploration activities and general and administrative expenses, cash and cash equivalents decreased from $887,000 at October 31, 2022 to $746,000 at January 31, 2023.

Cash flows used in operating activities for the three months ended January 31, 2023 were $141,000, as compared to $436,000 for the comparable period in 2022. This decrease was mainly due to the decreased general and administrative expenses and the timing of certain payments.

Cash flows provided by investing activities for the three months ended January 31, 2023 were $nil. Cash flows provided by investing activities for the three months ended January 31, 2022 were proceeds of $470,000 from the sale of 600,000 Arras common shares at a price of $CDN 1.00 per share.

Cash flows provided by financing activities for the three months ended January 31, 2023 and 2022 were $nil.

<u>Capital Resources</u>

As of January 31, 2023, the Company had cash and cash equivalents of $746,000, as compared to cash and cash equivalents of $887,000 as of October 31, 2022. The decrease in liquidity and working capital were primarily the result of the exploration activities at the Sierra Mojada Property and general and administrative expenses.

Since the Company's inception in November 1993, it has not generated revenue and have incurred an accumulative deficit of $137,740,000. Accordingly, Silver Bull has not generated cash flows from operations, and since inception has relied primarily upon proceeds from private placements and registered direct offerings of the Company's equity securities, warrant exercises, sale of investments, and funding from South32 as the primary sources of financing to fund our operations. Based on the Company's limited cash and cash equivalents, and history of losses, there is substantial doubt as to whether its existing cash resources are sufficient to enable it to continue operations for the next 12 months as a going concern. Management plans to pursue possible financing and strategic options, include, but are not limited to, obtaining additional equity financing and the exercise of warrants by warrantholders. However, there is no assurance that the Company will be successful in pursuing these plans.

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

<u>Capital Requirements and Liquidity; Need for Additional Funding</u>

The Company's management and board 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 the Sierra Mojada Property, as discussed below.

The aforementioned NAFTA claim process will require the Company to incur significant expense and devote significant resources. Outcomes in NAFTA arbitration and the process for recovering funds, even if there is a successful outcome in NAFTA arbitration, can be lengthy and unpredictable. Furthermore, there is a risk that the Company will be unable to secure the necessary funding to advance its claim.

In January 2023, Silver Bull's board of directors approved a calendar year 2023 budget of $0.3 million for the Sierra Mojada Property and $0.7 million for general and administrative expenses for calendar year 2022. The focus of the Company's 2023 calendar year program at the Sierra Mojada Property will be to maintain its property concessions in Mexico. As of February 28, 2023, the Company had approximately $0.7 million in cash and cash equivalents. To maintain the Sierra Mojada Property and NAFTA claim ultimately will require the Company to raise additional capital, identify other sources of funding or identify another strategic partner.

Management will continue to evaluate the Company's 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 determined that additional financial resources are unavailable or available on terms that management determine are unacceptable. However, it may not be possible to reduce costs, and even if management is successful in reducing costs, the Company still may not be able to continue operations for the next 12 months as a going concern. If the Company is unable to fund future operations by obtaining additional financial resources, including an equity offering or other strategic transaction, management do not expect to have sufficient available cash and cash equivalents to continue the Company's operations for the next 12 months as a going concern.

**Criti** **cal Accounting Policies** 

The critical accounting policies are defined in our Annual Report on Form 10-K for the year ended October 31, 2022 filed with the SEC on January 26, 2023.

Other recent accounting pronouncements issued by the FASB (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.

---

| | |
|:---|:---|
| **ITEM 3.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 4.** | **CONTROLS AND PROCEDURES**. |

---

(a) **Evaluation of Disclosure 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 (as defined in Rule 13a-15(e) under the Exchange Act) as of January 31, 2023. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective as of January 31, 2023.

The Company's disclosure controls and procedures are designed to ensure that information required to be disclosed in its reports filed or 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.

(b) **Changes in Internal Control over Financial Reporting** 

During the quarter ended January 31, 2023, 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.

**PART II – OTHER INFORMATION**

---

| | |
|:---|:---|
| **ITEM 1.** | **LEGAL PROCEEDINGS.** |

---

See Note 15 – 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.

---

| | |
|:---|:---|
| **ITEM 1A.** | **RISK FACTORS.** |

---

The risk factor outlined below should be considered along with the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended October 31, 2022.

***The Company has litigation risk with respect to its legacy North American Free Trade Agreement ("NAFTA") claim under the United States-Mexico-Canada Agreement and other possible proceedings.***

The Company is currently, and may in the future become, subject to litigation, arbitration or proceedings with other parties. On March 2 2023, the Company filed a Notice of Intent with Mexico's Directorate General of Foreign Investment to initiate a legacy NAFTA claim under Annex 14-C of the United States-Mexico-Canada Agreement to recover economic damages resulting from the illegal blockade of the Sierra Mojada Project by Mineros Norteños. If decided adversely to us, these legal proceedings, or others that could be brought against the Company in the future, could have a material adverse effect on our financial position or prospects. While the Company believes its legacy NAFTA claim is valid, litigation matters are inherently uncertain and there is no guarantee that the Company will be successful in its assessment, or that the likely outcome of this matter will be consistent with the ultimate resolution of the matter. The NAFTA claim process will require the Company to incur significant expense, devote significant resources, and may generate adverse publicity, which could materially, and possibly adversely, affect its business. The Company's inability to enforce its rights and the enforcement of rights on a prejudicial basis by foreign courts or arbitral panels could have an adverse effect on the Company's outlook. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable. Furthermore, there is a risk that the Company will be unable to secure the necessary funding to advance its claim.

---

| | |
|:---|:---|
| **ITEM 2.** | **UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.** |

---

<u>Recent Sales of Unregistered Securities</u>

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

<u>Purchases of Equity Securities by the Company and Affiliated Purchasers</u>

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

---

| | |
|:---|:---|
| **ITEM 3.** | **DEFAULTS UPON SENIOR SECURITIES.** |

---

None.

---

| | |
|:---|:---|
| **ITEM 4.** | **MINE SAFETY DISCLOSURES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 5.** | **OTHER INFORMATION.** |

---

None

---

| | |
|:---|:---|
| **ITEM 6.** | **EXHIBITS.** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
| <br>**Exhibit Number** |<br>**Exhibit Description** | **Form** | **Date** | **Exhibit** | <br>**Filed/ Furnished Herewith** |
| 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](ex31x1.htm) |  |  |  | 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](ex31x2.htm) |  |  |  | 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](ex32x1.htm) |  |  |  | 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](ex32x2.htm) |  |  |  | XX |
| 101.INS\* | Inline XBRL Instance Document |  |  |  | X |
| 101.SCH\* | Inline XBRL Schema Document |  |  |  | X |
| 101.CAL\* | Inline XBRL Calculation Linkbase Document |  |  |  | X |
| <br> 101.DEF\* | <br> Inline XBRL Definition Linkbase Document |  |  |  | <br> X |
| 101.LAB\* | Inline 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<br>|
| + | Indicates a management contract or compensatory plan, contract or arrangement. |

---

\* The following financial information from Silver Bull Resources, Inc.'s Quarterly Report on Form 10-Q for the three months ended January 31, 2023, is formatted in XBRL (Extensible Business Reporting Language): Interim Condensed Consolidated Balance Sheets, Interim Condensed Consolidated Statements of Operations and Comprehensive Loss, Interim Condensed Consolidated Statements of Stockholders' Equity, Interim Condensed Consolidated Statements of Cash Flows.

**SIGNATURES**

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

SILVER BULL RESOURCES, INC.

---

| | | |
|:---|:---|:---|
| Dated: March 17, 2023 | By: | /s/ Timothy Barry |
|  |  | Timothy Barry |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer)<br>|
| Dated: March 17, 2023 | By: | /s/ Christopher Richards |
|  |  | Christopher Richards |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

Exhibit 31.1

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

I, Timothy Barry, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Silver Bull Resources, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: March 17, 2023 | By: | /s/ Timothy Barry |
|  |  | Timothy Barry, Chief Executive Officer<br> (Principal Executive Officer)<br>|

---

## Exhibit 31.2

Exhibit 31.2

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

I, Christopher Richards, certify that:

1. I have reviewed this Quarterly Report on Form
 10-Q of Silver Bull Resources, Inc.;

2. Based on my knowledge, this report does not
 contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were
 made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements,
 and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations and cash flows of the registrant as of, and
 for, the periods presented in this report;

4. The registrant's other certifying officer
 and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
 reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated
 subsidiaries, is made known to us by others within those entities, particularly during the
 period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting
 and the preparation of financial statements for external purposes in accordance with generally
 accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the
 effectiveness of the disclosure controls and procedures, as of the end of the period covered
 by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in
 the registrant's internal control over financial reporting that occurred during the
 registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
 in the case of an annual report) that has materially affected, or is reasonably likely to
 materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer
 and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process,
 summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: March 17, 2023 | By: | /s/ Christopher Richards |
|  |  | Christopher Richards, Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer)<br>|

---

## Exhibit 32.1

Exhibit 32.1

**CERTIFICATION OF CEO PURSUANT TO 18 U.S.C. SECTION 1350,<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Silver Bull Resources, Inc. (the "Company") does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the quarterly period ended January 31, 2023 (the "Report") that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

---

| | | |
|:---|:---|:---|
| Dated: March 17, 2023 | By: | /s/ Timothy Barry |
|  |  | Timothy Barry, Chief Executive Officer<br> (Principal Executive Officer) |

---

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code). It shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. Section 78r) or otherwise subject to the liability of that section. It shall also not be deemed incorporated by reference into any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.

## Exhibit 32.2

Exhibit 32.2

**CERTIFICATION OF CFO PURSUANT TO 18 U.S.C. SECTION 1350,<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Silver Bull Resources, Inc. (the "Company") does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the quarterly period ended January 31, 2023 (the "Report") that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

---

| | | |
|:---|:---|:---|
| Dated: March 17, 2023 | By: | /s/ Christopher Richards |
|  |  | Christopher Richards, Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) |

---

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code). It shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. Section 78r) or otherwise subject to the liability of that section. It shall also not be deemed incorporated by reference into any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.