Document:

Exhibit 10.2

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

SEQUENTIAL BRANDS GROUP, INC. (the “Company”),
and David Conn (including your successors, assigns, estate, heirs, executors and, administrators, which shall be collectively hereinafter
referred to as “you”) understand that your employment with the Company has terminated effective as of the date set
forth on the attached Schedule “A” (the “Termination Date”), and agree to the following (the “Agreement”)
in full and final resolution of all matters between them. Reference is made to your employment agreement dated January 6, 2020
by and between you and the Company (as amended, the “Employment Agreement”). Capitalized terms used in this Agreement
and not otherwise defined herein shall have the meaning set forth in the Employment Agreement.

 

		1.	Following receipt of this signed Agreement and expiration of
the revocation period set forth below and subject to your compliance with the terms of this Agreement, except as otherwise set
forth in this Section 1 of this Agreement, the Company will provide you with the payments, benefits and vesting acceleration in
accordance with Section 5(j)(ii) of the Employment Agreement as follows: (a) $600,000 per Section 5(j)(ii)(1) , which shall be
paid over the 6-month period following the Termination Date in accordance with the Company’s payroll practices and policies
then in effect; (b) acceleration of vesting of 10,000 unvested RSUs (the “Unvested RSUs”); and (c) the Medical Continuation
Benefits as set forth in Section 5(j)(ii)(4) of the Employment Agreement and Section 2 below. Further, you will be paid the Difference
of $60,000 (as set forth in the Second Amendment), which shall be paid over the 6-month period following the Termination Date in
accordance with the Company’s payroll practices and policies then in effect. Further, the four (4) unused but accrued vacation
days will be paid to you within thirty (30) days of the Termination Date. You acknowledge and agree that the Financial Target for
the year ending December 31, 2020, as approved by the Board, will not be met. As such, you acknowledge and agree that you are not
entitled to receive an Annual Bonus, or any Pro Rata Bonus, for the year ending December 31, 2020 and as such Section 5(j)(ii)(2)
of the Employment Agreement is null and void. For the avoidance of doubt, your outstanding PSUs, totaling 22,500 unvested PSUs
(the “Unvested PSUs”) shall be forfeited as of the Termination Date and you shall have no further rights with respect
thereto; provided that if a Change of Control occurs on or before the 60th day following the Termination Date, the PSUs that would
have vested on the date of the Change of Control had you been employed on that date, shall vest. You represent that you have no
equity or equity-type grants with respect to shares of the Company’s common stock (including, but not limited to, restricted
shares, restricted share units, performance share units or stock options) other than 2,552 shares of the Company’s common
stock currently held on your behalf in the Company’s account with Computershare, the Unvested RSUs and the Unvested PSUs.
For the avoidance of doubt the 2,552 shares of the Company’s common stock held on your behalf in the Company’s account
with Computershare, the 10,000 Unvested RSUs and 22,500 Unvested PSUs are the post 1-40 reverse-split amounts of your unvested
RSUs and unvested PSUs.

                                                                                                

                                                                                               Further, you acknowledge and confirm that you have resigned
as a member of the boards of directors of the Company and its subsidiaries effective as of October 27, 2020.

 

     

     

    

 

		2.	All of your benefits coverage (which includes your dependents) shall end as set forth on the attached
Schedule A. Note that under COBRA, you have the option to extend your health care coverage for up to eighteen months or any greater
period required by state law. To the extent that you elect under COBRA to extend certain benefits, the Company will credit your
COBRA account at ADP Totalsource for the full cost of such COBRA with respect to the Company’s group health insurance plans
in which you participated immediately prior to the Termination Date for you and your eligible dependents, as the case may be, until
the earliest of (a) you or your eligible dependents, as the case may be, cease to be eligible under COBRA and (b) twelve (12) months
following the Termination Date. After such period of time, you shall be responsible for paying for the entire premium for such
benefits directly. Further information regarding COBRA and the applicable forms shall be provided under separate cover. If you
have a Flexible Spending Account, you shall have ninety (90) days from your Termination Date to claim eligible expenses incurred
on or prior to your Termination Date; provided that you may have an opportunity to elect under COBRA to continue to make contributions
to your health Flexible Spending Account through the remainder of the calendar year in which the Termination Date occurs, in which
case (and provided you made such contributions) you would be able, for a period of ninety (90) days from the end of such calendar
year, to claim eligible expenses incurred through the end of such calendar year. Regardless of whether you sign this Agreement,
you will be paid out for the number of days of accrued, unused vacation set forth on the attached Schedule A.

 

		3.	Your ability to contribute to the Company’s 401(k) plan will cease effective the Termination
Date. Further information and important tax information will be provided under separate cover.

 

		4.	You agree to direct all prospective employers seeking employment references to contact in writing
the Human Resources Department, or such other person as the Company may designate from time to time. When contacted in such manner,
consistent with Company policy, the Company shall only provide your dates of employment and title to such prospective employers.

 

		5.	In consideration of the Company’s agreements set forth in this Agreement, subject to paragraph
8 below, you release and forever discharge the Company and its current and former subsidiaries and affiliates, the current and
former officers, directors, agents, and employees of each of the foregoing and the successors and assigns of each of the foregoing
(which shall be collectively hereinafter referred to as the “Representatives”) from any and all causes of action, claims,
demands, damages, liabilities, liens, costs and expenses (including without limitation attorneys’ fees) (collectively, “Claims”)
of every kind and nature whatsoever, whether known or unknown, related in any way to any acts, failures to act, omissions, facts
or circumstances occurring on or prior to the date of this Agreement, including but not limited to any and all Claims (a) arising
out of or in any way related to your employment with the Company and/or the termination of such employment, including without limitation
Claims in connection with the Employment Agreement or for additional salary, bonus, incentive, commission, benefits, expenses,
vacations, back pay or front pay; (b) in tort, including but not limited to wrongful or retaliatory discharge in violation of public
policy, emotional distress, slander, defamation, and interference with contractual relations; (c) in contract, whether express
or implied; (d) under any Company policy, procedure, benefit plan or other agreement; or (e) under any and all federal, state or
local laws or ordinances, including but not limited to Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
Act, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Employee Retirement Income Security Act (excluding
those involving vested benefits in the Company’s 401(k) plan), the Federal Family and Medical Leave Act, the Sarbanes-Oxley
Act, the New York State Human Rights Law, the New York Labor Law, the New York City Human Rights Law, the New Jersey Law Against
Discrimination, and the New Jersey Conscientious Employee Protection Act, the California Labor Code, The California Fair Employment
Practices Act, The California Unruh Civil Rights Act, The Illinois Human Rights Act, the Illinois Wage Payment and Collection Law,
The Illinois Equal Wage Act and the Illinois Minimum Wage Law for harassment or discrimination on the basis of any protected classification,
whistle blowing, or retaliation of any kind; or any other cause of action. You represent and warrant that you are the sole and
lawful owner of all right, title and interest in and to every Claim and other matter that you are releasing hereby and that no
other party has received any assignment or other right of substitution or subrogation to any such Claim or matter. You also represent
that you have the full power and authority to execute this Agreement on behalf of yourself and the other parties that may be included
in the definition of “you” above. However, notwithstanding the foregoing, you are not releasing, and for the avoidance
of doubt Claims do not include, your rights, if any (x) to payment of any authorized but unreimbursed business expenses incurred
prior to the termination of your employment with the Company or any of its subsidiaries in accordance with Section 4(e) of the
Employment Agreement, (y) as a shareholder of the Company and (z) to be indemnified pursuant to Section 8 of the Employment Agreement
or pursuant to any other agreements to which you may be entitled to indemnification.

 

     

     

    

 

		6.	You are not waiving any rights you may have to: (a) your own vested accrued employee benefits under
the Company’s health, welfare, or retirement benefit plans as of the Termination Date; (b) benefits and/or the right to seek
benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims which by law
cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.

 

Nothing in this Agreement prohibits
or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding
before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency enforcing federal,
state or local anti-discrimination laws. However, to the maximum extent permitted by law, you agree that if such an administrative
claim is made to such an anti-discrimination agency, you shall not be entitled to recover any individual monetary relief or other
individual remedies.

 

In addition, nothing in this
Agreement, including but not limited to the release of Claims nor the confidentiality and non-disparagement clauses, prohibits
you from: (1) reporting possible violations of U.S. law or regulations, including any possible securities laws violations, to any
governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission,
the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower
provisions of law or regulations in the U.S.; or (3) otherwise fully participating in any U.S. governmental whistleblower programs,
including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational Safety
and Health Administration or from receiving individual monetary awards or other individual relief by virtue of participating in
such whistleblower programs.

 

		7.	You understand, subject to the narrow limitations in paragraph 6 above, and agree that this Agreement
extinguishes all claims you may have against the Company and its Representatives, whether such claim is currently known or unknown,
vested or contingent, foreseen or unforeseen. You understand that if any fact concerning any matter covered by this Agreement is
found hereafter to be other than or different from the facts you now believe to be true, you expressly accept and assume that this
Agreement shall be and remain effective, notwithstanding such difference in the facts.

 

		8.	You affirm, by signing this Agreement, that you have no potential or actual claims against the
Company or its Representatives regarding any issues relating to or arising out of your employment, or the termination thereof (including,
without limitation, any workers’ compensation claims), and agree not to file any such actions in court against the Company
in any court, tribunal or other forum, except for any action which may be necessary to enforce the terms of this Agreement or a
challenge to the validity of the waiver under the ADEA. You further affirm that you have been paid and/or have received all compensation,
wages, bonuses, commissions, and/or benefits to which you may be entitled. You also affirm that you have been granted any leave
to which you were entitled under the Family and Medical Leave Act or related state or local leave or disability accommodation laws.
You further affirm that you have no known workplace injuries or occupational diseases and that you have not been retaliated against
for reporting any allegations of wrongdoing by the Company or its officers, including any allegations of corporate fraud.

 

     

     

    

 

		9.	Section 7(d) of the Employment Agreement is hereby incorporated by reference. To the extent of
any conflict or inconsistency between the provisions of this paragraph 9 and Section 7(d) of the Employment Agreement, Section
7(d) of the Employment Agreement shall govern. You agree that you shall immediately turn over to the Company any property, material,
documents and/or equipment furnished to and/or maintained by you, in whatever form of media (including in printed form or stored
magnetically, optically or electronically) in connection with your employment with the Company in accordance with Section 7(d)
of the Employment Agreement. You shall promptly submit to the Company a reimbursement request, with appropriate supporting documentation,
for any outstanding expenses that may be reimbursable under the Company’s regular policy. You shall promptly pay any expenses
that you incurred with respect to which the Company could be liable (e.g., expenses incurred on the Company’s corporate credit
card); if those expenses were properly incurred in connection with the Company’s business, you shall submit those expenses
with appropriate supporting documentation to the Company and the Company shall reimburse you therefor.

 

		10.	In accordance with Section 6 of the Employment Agreement, you agree that you will not disclose
or use for any purpose any trade secrets or proprietary or confidential information about the Company or its Representatives, whether
or not marked as being confidential and irrespective of the form of communication, including oral as well as written and electronic
communication, acquired by you during your employment; provided, however, that you shall not be held liable under federal or state
trade secret law or this or any other agreement for making a disclosure of a trade secret or other confidential information in
confidence to an attorney or government official for the purpose of investigating or reporting a suspected violation of law or
in a court filing under seal. As used in this Agreement, “confidential information” shall have the same meaning ascribed
to such term under Section 6 of the Employment Agreement.

 

		11.	You acknowledge that any agreements addressing Work for Hire, Confidentiality and Non-Disclosure,
Non-Competition, Non-Solicitation and/or Mutual Nondisparagement that you signed upon accepting or during employment with the Company
or its subsidiaries, including as set forth in Sections 6 and 7 of the Employment Agreement, are hereby incorporated by reference
and you hereby reaffirm your obligations as set forth in such agreements(s).

 

     

     

    

 

		12.	[Reserved].

 

		13.	[Reserved.]

 

		14.	You agree to reasonably cooperate with the Company, its subsidiaries and affiliates, and all of
its and their past and present subsidiaries, affiliates, predecessors, successors and assigns, their legal counsel and designees
regarding any current or future Claim, investigation (internal or otherwise), inquiry or litigation relating to this matter with
which you were involved or had knowledge or which occurred during your employment, with such assistance including, but not limited
to, meetings and other consultations, signing affidavits and documents that are factually accurate, attending depositions and providing
truthful testimony (in each case, without requiring a subpoena); provided, however, that the Company will reimburse you for your
reasonable expenses (including reasonable attorneys’ fees and travel expenses) actually incurred by you in connection with
such cooperation, and, to the extent that the you are required to spend substantial time on such matters and are not receiving
severance benefits pursuant to Section 5(j)(ii)(1) of the Employment Agreement while providing such cooperation, the Company shall
compensate you at an hourly rate based on your Base Salary as of the Termination Date.

 

		15.	You agree to notify the Company within a reasonable period of time should you learn of a subpoena
or other court order requiring your participation in any legal proceeding relating to or stemming from your employment with the
Company. “Reasonable period of time” means sufficiently in advance of the date on which you must respond to such subpoena
or other court order so that the Company can intervene to challenge or quash such subpoena or other court order.

 

		16.	You understand that if you should violate any provision of this Agreement, the Company may take
legal action to enforce the Agreement and may be entitled to any and all other equitable and legal remedies which may be available
to it including monetary damages. You acknowledge that your compliance with paragraphs 11 through 15 of this Agreement is necessary
to protect the business and goodwill of the Company, and that a breach may result in irreparable and continuing damage to the Company,
for which money damages may not provide adequate relief. Consequently, you agree that, in the event you breach, or threaten, or
attempt to breach these provisions of the Agreement, the Company may seek temporary restraining orders and preliminary or permanent
injunctions in order to prevent the occurrence of continuation of such harm and money damages insofar as they can be determined.
You acknowledge that these provisions are reasonably and properly required for the protection of the Company.

 

     

     

    

 

		17.	The parties acknowledge that this Agreement is not an admission on either of their parts. Accordingly,
this Agreement may not be admissible in any forum as an admission of any kind; provided that this sentence shall not prohibit either
party from admitting into evidence the terms of this Agreement for the sole purpose of enforcing such terms. The parties further
agree that questions regarding the interpretation of the language of the Agreement shall not be presumptively interpreted against
the drafter as the Agreement is a product of negotiations between the parties.

 

		18.	You acknowledge and understand that:

 

		(a)	the above-referenced consideration represents the total payments you will receive from the Company
in return for signing this Agreement and exceeds that to which you would otherwise be entitled;

 

		(b)	you shall no longer be considered an employee of the Company after the Termination Date, and therefore,
that the benefits of employment, other than those specifically referenced in this Agreement, will not be available after such date;

 

		(c)	you are not entitled to any additional payments under the Company’s policies, benefit or
commission plans, or any expressed or implied agreement with the Company other than as set forth in this Agreement;

 

		(d)	it is in exchange for the good and sufficient consideration provided in this Agreement that you
agree to the provisions herein; and

 

		(e)	you have received and agree to Schedule A attached hereto.

 

		19.	All employees in the Corporate division of the Company were eligible to be
selected for separation from employment as part of the Corporate division Fall 2020 Restructuring Program. Eligible employees were
selected for separation based on various reasons including, but not limited to, the elimination of certain positions due to the
transfer of certain functions to other divisions of the Company and attendant reductions to positions in the Company based on business
needs. You acknowledge receipt of the attached Schedule B which contains information regarding the job titles and ages of all eligible
employees selected and not selected for separation of employment as part of the restructuring.

 

     

     

    

 

		20.	You acknowledge that you have the right, and have been advised by the Company, to consult with
an attorney, and that you have done so to the extent you desired prior to executing this Agreement. You understand that you are
entitled to fully consider this Agreement for a period of up to forty-five (45) days. In the event you sign the Agreement prior
to the expiration of the time to consider this Agreement, the remaining time shall be waived. Further, this Agreement shall not
become effective or enforceable, nor shall any consideration be paid, until after both parties have signed it and eight days have
elapsed from you executing it, providing you have not revoked your Agreement in writing before that date as you may revoke this
Agreement for up to seven (7) days following its execution by sending written notice to the attention of Liz Nissen at the Company
and personally delivering it or postmarking it prior to the end of such seven (7) day period.

 

 

		21.	Should any provision of this Agreement be held to be illegal, void or unenforceable, such provision
shall be of no force and effect. However, the illegality or unenforceability of any such provision shall have no effect upon, and
shall not impair the enforceability of, any other provision of this Agreement.

 

		22.	This Agreement, the agreements evidencing any outstanding equity awards and the Employment Agreement
(collectively, for purposes of this paragraph 22, “Agreement”) contain the complete understanding between the Company
and you related to the subject matter hereto, and supersede all prior agreements and understandings between the Company and you
related to the subject matter of this Agreement. Each party agrees that it is not relying on any representations, whether written
or oral, not set forth in this Agreement, in determining to execute this Agreement. This Agreement may not be modified, changed
or altered by any oral promise or statement, nor shall any written modification of this Agreement be binding on the Company until
such modification is approved in writing by an officer of the Company. In signing this Agreement, the parties are not relying on
any fact, statement or assumption not set forth in this Agreement.

 

		23.	You may not assign any of your rights or obligations under this Agreement without obtaining the
express written consent of the Company. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit
of each party’s respective successors and permitted assigns. This Agreement is made under, and shall be governed by and construed
under, the laws of the State of New York, without reference to principles of choice of law that might call for application of the
substantive law of another jurisdiction. The federal and state courts located in New York County, New York, shall have sole and
exclusive jurisdiction over any dispute arising out of or relating to this Agreement, and each party hereby expressly consents
to the jurisdiction of such courts and waives any objection (whether on grounds of venue, residence, domicile, inconvenience of
forum or otherwise), to such a proceeding brought before such a court.

     

     

    

 

 

By signing below, the Company and you
indicate that they have carefully read and understood the terms of this Agreement and the attached Schedules, enter into this Agreement
knowingly, voluntarily and of their own free will, understand its terms and significance and intend to abide by its provisions
without exception.

 

	SEQUENTIAL BRANDS GROUP, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 		 
	 	 	 	Date	 
	 	 	 	 	 
		 		 
	David Conn	 	Date	 

 

     

     

    

 

Schedule A

 

 

 

Name: David Conn

 

Termination Date: October 30, 2020

 

 

Consideration subject to your compliance with the Agreement:

 

Payments specified in paragraph 1, less applicable withholdings

 

 

Benefits:

 

Last day of benefits coverage: October 30, 2020

 

Medical, Dental, Vision – October 31, 2020

401k – Termination Date – N/A

 

Note: Certain benefits such as health insurance may be continued
at your own expense pursuant to COBRA and state law.Exhibit 10.1

 

 

 

SUBSCRIPTION AGREEMENT FOR UNITS

SILVER BULL RESOURCES, INC.

THE UNITS BEING OFFERED FOR SALE MAY
ONLY BE PURCHASED BY ELIGIBLE PURCHASERS 

	
        IMPORTANT

        The following items in this Subscription Agreement
        have been completed (please initial each applicable box): 

        All Eligible Purchasers:

        o
        All Purchaser information, as applicable, in the boxes on pages 1 to 3 hereof.

        o
        Unless other arrangements acceptable to the Company have been made, a wire transfer (which includes
        any wire transfer fee) as outlined in Section 9 hereof.

        either

        o
        Appendix “I” – Canadian Investor Certificate (if the Purchaser is in Canada); if
        the Purchaser is an individual accredited investor, Appendix “I-A” – Risk Acknowledgment Form for Accredited
        Investors who are Individuals; if the Purchaser is a family, friend or business associate and an Ontario resident, Appendix “I-B”
        – Risk Acknowledgment Form for Ontario Family, Friend and Business Associate Investors; and if the Purchaser is a family,
        friend or business associate and a Saskatchewan resident, Appendix “I-C” - Risk Acknowledgment Form for Saskatchewan
        Family, Friend and Business Associate Investors.

        or

        o
        Appendix “II” – U.S. Investor Certificate (if the Purchaser is a U.S. Person or
        does not satisfy the conditions set out in Section 4.2(a)).

A completed
and executed copy of this Subscription Agreement, including the items required to be completed as set out above, must be delivered,
by no later than 4:00 p.m. (Vancouver time) on Friday, October, 16, 2020, to Silver Bull Resources, Inc., Suite 1610,
777 Dunsmuir Street, Vancouver, B.C. V7Y 1K4, Attention: Christopher Richards, Tel: 604-336-8093, Facsimile: 604-563-6004, Email:
crichards@silverbullresources.com.

 

    	  

    	 

    

 

	
        Subscription No.

         

         

         

         

 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT –
UNITS

 

TO:SILVER BULL RESOURCES, INC. (the “Company”)

 

The undersigned (the “Purchaser”),
on its own behalf, and, if applicable, on behalf of a principal for whom it is acting hereunder, hereby irrevocably subscribes
for and agrees to purchase from the Company the number of units of the Company (the “Units” and each individually,
a “Unit”) set forth below for the aggregate subscription price set forth below, representing a subscription
price of US$0.47 per Unit (the “Subscription Price”). Each Unit is comprised of one common share in the capital
of the Company (a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”).
Each Warrant shall entitle the holder thereof to acquire one common share (a “Warrant Share”) at a price of
US$0.59 until the fifth anniversary of the Closing Date (as defined herein). This subscription plus the attached terms and conditions
(the “Terms and Conditions”), each completed and executed Investor Certificate for Canadian Residents and the
exhibits and appendices attached hereto and thereto, are collectively referred to as the “Subscription Agreement”.
The Purchaser agrees to be bound by the Terms and Conditions including without limitation the terms, representations, warranties
and covenants set forth in the applicable schedules attached thereto and agrees that the Company may rely upon the covenants, representations
and warranties contained in this Subscription Agreement.

SUBSCRIPTION AND PURCHASER INFORMATION

Please print all information (other
than signatures), as applicable, in the space provided below.

	
         

         

                                                                              

        (Name of Purchaser - please print)

         

        By:                                                                                      

        Authorized Signature

         

                                                                              

        (Official Capacity or Title – please
        print)

         

         

        Please print name of individual
        whose signature appears above if different than the name of the purchaser printed above.

         

                                                                              

        (Address of Residence)

         

                                                                              

         

        _______________________________________

        (Purchaser’s E-mail)

        _______________________________________

        (Purchaser’s Telephone No.)
	 	
         

        Number of Units:____________________________

	
        Aggregate 

        Subscription Price: US$______________________

	
        If the person signing this
        subscription is not purchasing, nor deemed by applicable securities regulation to be purchasing, as principal and is signing as
        agent for one or more principals, complete the following for each such principal (attach additional pages if required):

         

         

                                                                              

        (Name of Principal)

         

                                                                              

        (Address of Residence)

         

        _______________________________________

        (Principal’s E-mail) 

         

        _______________________________________

        (Principal’s Telephone No.)

         

 

 

    	2  

    	 

    

 

The Company is hereby directed to issue and
register the certificates representing the Unit Shares and Warrants comprising the Units subscribed for, and deliver them, as follows:

 

	
        Registration Instructions:

        As above [_]
        or

         

                                                                              

        Name [Please Print]

         

                                                                              

        Account reference, if applicable

         

                                                                              

        Address

         

                                                                              

         
	 	
        Delivery Instructions:

        As above [_]
        or

         

                                                                              

        Account reference, if applicable

         

                                                                              

        Contact Name [Please Print]

         

                                                                              

        Address

         

                                                                              

        (Telephone Number)

 

Additional Purchaser Information

 

Present Ownership of Securities

 

The Purchaser either [check appropriate box]:

 

		[_]	does not own, directly or indirectly, or exercise control
or direction over, any common shares in the capital of the Company or securities convertible into common shares; or

 

		[_]	owns directly or indirectly, or exercises control or direction over,
________________ common shares and convertible securities entitling the Purchaser to acquire an additional ______________ common
shares.

 

 

 

Insider Status

 

The Purchaser either [check appropriate
box]:

 

		[_]	is an “Insider” of the Company as defined in the
Securities Act (British Columbia), namely: “Insider” means:

(a) a
director or an officer of the Company;

(b) a
director or an officer of a person that is itself an insider or subsidiary of the Company;

		(c)	a person that has beneficial ownership of, or control or direction over, directly or indirectly,
or a combination of beneficial ownership of, and control or director over, directly or indirectly, securities of the Company carrying
more than 10% of the voting rights attached to all of the Company’s outstanding securities, excluding, for the purpose of
the calculation of the percentage held, any securities held by the person as underwriter in the course of a distribution;

		(d)	the Company itself if it holds any of its own securities;

		(e)	a person designated as an insider under an order made under Section 3.2 of the Securities Act
(British Columbia); or

		(f)	a person that is in a prescribed class of persons.

		[_]	is not an “Insider” of the Company.

 

    	3  

    	 

    

 

SILVER BULL RESOURCES, INC. accepts
the subscription set forth above this ____ day of __________, 2020.

 

 

 

                                                                      

Authorized Signatory

 

 

 

 

 

 

    	4  

    	 

    

TERMS AND CONDITIONS

OF UNITS PRIVATE PLACEMENT

 

1.                  
Subscription

The Purchaser
hereby irrevocably subscribes for and agrees to purchase from the Company, that number of units (the “Units”
and each individually, a “Unit”) of the Company set forth on page 1 of this Subscription Agreement. Each
Unit is comprised of one common share in the capital of the Company (a “Unit Share”) and one half of one common
share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder thereof
to acquire one common share (a “Warrant Share”) at a price of US$0.59 per Warrant Share at any time on or before
4:00 p.m. (Vancouver time) on the fifth anniversary of the Closing Date (as defined below).
The Purchaser acknowledges that this subscription forms part of a larger offering by the Company of Units (the “Offering”).

 

2.                  
Conditions of Purchase

		2.1	The Purchaser acknowledges that the Company’s obligation to sell the Units to the Purchaser
is subject to, among other things, the conditions that:

		(a)	the Purchaser duly completes, executes and returns to the Company this subscription, together with
all documents required by applicable securities laws, the Toronto Stock Exchange (the “Exchange”) and the OTCQB
for delivery to the offices of the lawyers for the Company on behalf of the Purchaser, by no later than 4:00 p.m. (Vancouver time)
on Friday, October 16, 2020 to Silver Bull Resources, Inc., Suite 1610, 777 Dunsmuir Street, Vancouver, B.C. V7Y 1K4, Attention:
Christopher Richards, Facsimile: 604-563-6004, Email: crichards@silverbullresources.com, including, if the Purchaser is in Canada,
a duly completed and executed Appendix “I” – Canadian Investor Certificate and, if the Purchaser is an individual
accredited investor, Appendix “I-A” – Risk Acknowledgment Form for Accredited Investors who are Individuals or,
if the Purchaser is in the United States (as defined herein), is a U.S. Person (as defined herein), or is subscribing on behalf
of a U.S. Person, or does not otherwise satisfy the conditions set out in Section 4.2(a), a duly completed and executed Appendix
“II” – U.S. Investor Certificate;

		(b)	payment has been made by the Purchaser of the Subscription Price as set out in Section 9 hereof;

		(c)	the Company has accepted, in whole or in part, this Subscription Agreement, subject to Section
2.2;

		(d)	all necessary regulatory, Exchange and OTCQB approvals have been obtained by the Company prior
to the Closing (as defined below);

		(e)	the sale of the Units is exempt from the requirement to file a prospectus or registration statement
and the requirement to prepare and deliver an offering memorandum or similar document under any applicable statute relating to
the sale of the Units or upon the issuance of such orders, consents or approvals as may be required to permit such sale without
the requirement of filing a prospectus or registration statement or delivering an offering memorandum or similar document;

		(f)	all covenants, agreements and conditions contained in this Subscription Agreement to be performed
by the Purchaser have been performed or complied with in all material respects on or prior to the Closing; and

 

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		(g)	the representations, warranties and certifications of the Purchaser in this Subscription Agreement,
including in any appendices hereto or other document delivered to the Company in connection with the Purchaser’s subscription,
are true and correct when made and being true and correct at the Closing with the same force and effect as if they had been made
on and as of the Closing.

		2.2	The Purchaser acknowledges and agrees that the Company reserves the right, in its absolute discretion,
to reject this subscription for Units, in whole or in part, at any time prior to the time of Closing. If this subscription is rejected
in whole, any cheques or other forms of payment delivered to the Company representing the subscription amount will be promptly
returned to the Purchaser without interest or deduction. If this subscription is accepted only in part, a cheque representing any
refund of the subscription amount for that portion of the subscription for the Units which is not accepted will be promptly delivered
to the Purchaser without interest or deduction.

3.                  
Delivery

Delivery of the certificates representing the
Unit Shares and Warrants comprising the Units (the “Closing”) shall be completed at the offices of the Company’s
legal counsel, Blake, Cassels & Graydon LLP, located at Suite 2600, 595 Burrard Street, Vancouver, British Columbia, V7X 1L3
at 4:00 p.m. (Vancouver time) on Friday, November 20, 2020 (the “Closing Date”), or at such other places,
times or dates as may be determined by the Company.

 

4.                  
Purchaser’s Representations, Warranties and Covenants

The Purchaser (on its own behalf and,
if applicable, on behalf of each beneficial purchaser for whom the Purchaser is contracting hereunder) represents and warrants
to, and covenants with, the Company (and acknowledges that the Company is relying on such representations, warranties and covenants),
which representations, warranties and covenants shall survive the Closing, that as at the execution date of this Subscription Agreement
and the Closing Date:

		4.1	The Purchaser confirms that it:

		(a)	has such knowledge in financial and business affairs as to be capable of evaluating the merits
and risks of its investment in the Units;

		(b)	is capable of assessing the merits and risks (including the potential loss of its entire investment)
of the proposed investment in the Units;

		(c)	is aware of the characteristics of the Units and understands the risks relating to an investment
therein; and

		(d)	is able to bear the economic risk of loss of its investment in the Units.

		4.2	The Purchaser is a resident in the jurisdiction set forth in the “Address of Residence”
set out on page 1 of this Subscription Agreement and either:

		(a)	All of the following are met:

 

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		(i)	the Purchaser is not a “U.S. Person” (as that term is defined in Rule 902(k) of Regulation
S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “1933 Act”)
and, without limiting such definition, includes a natural person resident in the United States, a partnership or corporation organized
or incorporated under the laws of the United States, an estate of which any executor or administrator is a U.S. Person, a trust
of which any trustee is a U.S. Person, a partnership or corporation organized or incorporated under the laws of any foreign jurisdiction
by a U.S. Person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organized
or incorporated and owned by United States “Accredited Investors” who are not natural persons, estates or trusts) or
a person in the United States of America, its territories or possessions, any State of the United States or District of Columbia
(the “United States”), and is not purchasing the Units for the account of or benefit of a U.S. Person or a person
in the United States;

		(ii)	the Purchaser was not offered the Units in the United States;

		(iii)	the buy order for the Purchaser’s Units was not originated, and the Purchaser did not execute
or deliver this Subscription Agreement, in the United States;

		(iv)	the Purchaser has no intention to distribute either directly or indirectly any of the Units in
the United States and will not offer, sell or otherwise transfer, directly or indirectly, any of the Units (or any securities underlying
the Units or that may be issued in connection with the Units) or to, or for the account or benefit of, a U.S. Person or person
in the United States except pursuant to registration under the 1933 Act and the securities laws of all applicable states or
available exemptions therefrom; the Purchaser did not receive the offer to purchase the Units as a result of, nor will it engage
in, any “directed selling efforts” (as defined in Regulation S and, without limiting such definition, includes any
activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in
the United States for any of the Units or any of the securities underlying the Units); and

		(v)	the Purchaser is not purchasing the Units as part of any plan or scheme to evade the registration
provisions of the 1933 Act; or

		(b)	The conditions set forth in clause (a) above are not met, but one or more of the conditions set
forth on Appendix “II” are met and the Purchaser has completed a U.S. Investor Certificate in the form attached as
Appendix “II”.

		4.3	The Purchaser is aware that no prospectus or registration statement has been prepared or filed
by the Company with any securities commission or similar authority in connection with the offering of the Units contemplated hereby,
and that:

		(a)	the Purchaser may be restricted from using most of the civil remedies available under applicable
securities laws in Canada;

		(b)	the Purchaser may not receive information that would otherwise be required to be provided under
applicable securities laws and the Company is relieved from certain obligations that would otherwise be required to be given if
a prospectus were provided under applicable securities laws in connection with the Offering; and

		(c)	the issuance and sale of the Units to the Purchaser is subject to such sale being exempt from the
requirements of applicable securities laws as to the filing of a prospectus or registration statement.

 

 

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		4.4	The Purchaser, if in Canada, is purchasing the Units as principal and is:

		(a)	an “accredited investor” as defined in National Instrument 45-106 Prospectus Exemptions
(“NI 45-106”) and is not a person created or used solely to purchase or hold securities as an “accredited
investor” as defined in paragraph (m) of the aforesaid definition of “accredited investor”; or

		(b)	purchasing the Units at an acquisition cost to the Purchaser of not less than CDN$150,000 paid
in cash, the Purchaser is not an individual and the Purchaser was not created or used solely to purchase or hold securities in
reliance on the exemption from the dealer registration requirement or prospectus requirement available under Section 2.10 of NI
45-106;

and
(i) the Purchaser has duly completed Section I, II or III of, and executed and delivered to the Company, an Appendix “I”
– Canadian Investor Certificate, and (ii) if the Purchaser is an accredited investor
who is an individual, other than an individual who beneficially owns financial assets having an aggregate realizable value that,
before taxes but net of any related liabilities, exceeds CDN$5,000,000, has completed and executed, in duplicate, and delivered
one copy to the Company of, an Appendix “I-A” – Risk Acknowledgement Form for Accredited Investors who are Individuals.

		4.5	If the Purchaser is resident in an international jurisdiction other than the United States then:

		(a)	the Purchaser currently has knowledge and experience or has consulted the Purchaser’s own
counsel, accountant or investment advisor, with respect to the investment contemplated hereby and applicable securities laws in
the international jurisdiction in which the Purchaser resides which would apply to this subscription;

		(b)	the delivery of this Subscription Agreement, the acceptance of it by the Company and the issuance
of the Units to the Purchaser complies with all laws applicable to the Purchaser, including the laws of such Purchaser’s
jurisdiction of residence, and all other applicable laws, and will not cause the Company to become subject to, or require it to
comply with, any disclosure, prospectus, filing or reporting requirements under any applicable laws of the international jurisdiction.

		(c)	the Purchaser is purchasing the Units in compliance with or pursuant to exemptions from any prospectus,
registration or similar requirements under the applicable securities laws of the international jurisdiction in which the Purchaser
resides (and the Purchaser shall deliver to the Company such further particulars of such applicable securities laws or exemptions
and the Purchaser’s qualifications thereunder as the Company may request), and the purchase and sale of the Units does not
trigger any obligation to prepare and file a prospectus, registration statement or similar document, or any other report with respect
to such purchase and/or any registration on the part of the Company;

		(d)	the applicable securities laws of the international jurisdiction in which the Purchaser resides
do not require the Company to make any filings or seek any approvals of any kind whatsoever from any securities commission or regulatory
authority of any kind whatsoever in the jurisdiction of residence of the Purchaser;

		(e)	the Purchaser will, if requested by the Company, deliver to the Company a certificate or opinion
of local counsel from the international jurisdiction which will confirm the matters referred to in subparagraphs (a) through (d)
above to the satisfaction of the Company, acting reasonably; and

		(f)	the Purchaser will not sell or otherwise dispose of any of Units (or any securities underlying
the Units or that may be issued in connection with the Units) except in accordance with all applicable securities laws of the international
jurisdiction in which the Purchaser resides.

 

    	8  

    	 

    

 

 

		4.6	The Purchaser acknowledges that:

		(a)	no securities commission or similar regulatory authority has reviewed or passed on the merits of
the Units;

		(b)	there is no government or other insurance covering the Units;

		(c)	there are risks associated with the purchase of the Units;

		(d)	there are restrictions on the Purchaser’s ability to resell the Units (or any securities
underlying the Units or that may be issued in connection with the Units) and it is the responsibility of the Purchaser to find
out what those restrictions are and to comply with them before selling any of the Units (or any securities underlying the Units
or that may be issued in connection with the Units); and

		(e)	the Company has advised the Purchaser that the Company is relying on an exemption from the requirements
to provide the Purchaser with a prospectus or registration statement and to sell the Units through a person or company registered
to sell securities under applicable securities laws and, as a consequence of acquiring the Units pursuant to this exemption, certain
protections, rights and remedies provided by the applicable securities laws, including statutory rights of rescission or damages,
will not be available to the Purchaser.

		4.7	If the Purchaser has indicated that the Purchaser is a resident in a jurisdiction other than British
Columbia in the “Address of Residence” field set out on page 1 of this Subscription Agreement, the Purchaser certifies
that the Purchaser is not a resident in British Columbia and acknowledges that:

		(a)	the Purchaser is knowledgeable of, or has been independently advised as to, the Other Applicable
Securities Laws (as defined below);

		(b)	the Purchaser is purchasing the Units pursuant to exemptions from any prospectus, registration
or similar requirements under the Other Applicable Securities Laws, or, if such is not applicable, the Purchaser is permitted to
purchase the Units under the Other Applicable Securities Laws without the need to rely on exemptions; and

		(c)	the distribution of the Units to the Purchaser by the Company complies with all of the Other Applicable
Securities Laws.

For purposes hereof, “Other
Applicable Securities Laws” means, in respect of each and every offer and sale of the Units, the securities legislation
having application and the regulations, rules, orders, instruments, notices, directions, rulings and published policy statements
of the securities regulatory authorities having jurisdiction over the Purchaser and the Offering, other than the laws of British
Columbia which would apply to this subscription, if any.

		4.8	The Purchaser is a resident in the jurisdiction set forth in the “Address of Residence”
set out on page 1 of this Subscription Agreement and will comply with all applicable securities laws and with the policies
of the Exchange and the OTCQB concerning the purchase of, the holding of and the resale restrictions on the Units (or any securities
underlying the Units or that may be issued in connection with the Units).

		4.9	The Purchaser is aware that the offer made by this subscription (a) is irrevocable, and (b) requires
acceptance by the Company and the acceptance for filing thereof by the Exchange and will not become an agreement between the Purchaser
and the Company until accepted by the Company signing in the space above.

 

    	9  

    	 

    

 

 

		4.10	If an individual, the Purchaser has attained the age of majority and is legally competent to execute
and deliver this subscription and to take all actions required pursuant hereto and if a corporation, partnership or other entity,
the Purchaser has been duly incorporated, created or organized and validly exists under the laws of its jurisdiction of incorporation,
creation or organization and all necessary approvals by its directors and shareholders have been obtained for the execution and
delivery of this subscription.

		4.11	The execution and delivery of this Subscription Agreement and the performance and compliance with
the terms hereof will not result in any breach of, or be in conflict with, or constitute a default under, or create a state of
facts which after notice or lapse of time or both would constitute a default under, any term or provision of any constating documents,
by-laws or resolutions of the Purchaser or any indenture, contract, agreement (whether written or oral), instrument or other document
to which the Purchaser is a party or subject, or any judgment, decree, order, statute, rule or regulation applicable to the Purchaser.

		4.12	Upon acceptance of this subscription by the Company, this Subscription Agreement, including all
exhibits and appendices, will constitute a legal, valid and binding contract of purchase enforceable against the Purchaser in accordance
with its terms and will not violate or conflict with the terms of any restriction, agreement or undertaking respecting purchases
of securities by the Purchaser.

		4.13	The Purchaser’s purchase of the Units has not been made through or as a result of, the distribution
of the securities comprising the Units is not being accompanied by and the Purchaser is not aware of, any advertisement of the
securities in printed media of general and regular paid circulation, radio, television or electronically.

		4.14	No prospectus or offering memorandum within the meaning of applicable securities laws or any other
document purporting to describe the business and affairs of the Company has been delivered to the Purchaser in connection with
the Offering.

		4.15	No person has made to the Purchaser any written or oral representation;

		(a)	that any person will resell or repurchase any of the Units (or any securities underlying the Units
or that may be issued in connection with the Units);

		(b)	that any person will refund all or any part of purchase price of the Units;

		(c)	as to the future price or value of any of the Units; or

		(d)	that any of the Units (or any securities underlying the Units or that may be issued in connection
with the Units) will be listed and posted for trading on a stock exchange or marketplace or that application has been made to list
and post any of the Units (or any securities underlying the Units or that may be issued in connection with the Units) for trading
on a stock exchange or marketplace.

		4.16	None of the Units are being purchased by the Purchaser with knowledge of any material fact about
the Company that has not been generally disclosed to the public.

		4.17	In the case of a person signing this subscription as agent for a disclosed principal, each beneficial
Purchaser for whom the agent is purchasing, or is deemed under NI 45-106 to be purchasing, as principal, for its own account and
not for the benefit of any other person, and such person is duly authorized to enter into this Subscription Agreement and to execute
all documentation in connection with the purchase on behalf of each such beneficial Purchaser.

 

 

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		4.18	The funds representing the aggregate Subscription Price in respect of the Units which will be advanced
by or on behalf of the Purchaser to the Company hereunder do not represent proceeds of crime for the purposes of the Proceeds
of Crime (Money Laundering) and Terrorist Financing Act (Canada) (for the purposes of this Section 4.18 the “PCMLTFA”)
and the Purchaser acknowledges and agrees that the Company may be required by law to provide the securities regulators with a list
setting forth the identities of the beneficial purchasers of the Units, or disclosure pursuant to the PCMLTFA. Notwithstanding
that the Purchaser may be purchasing Units as agent on behalf of an undisclosed principal, the Purchaser agrees to provide, on
request, particulars as to the identity of such undisclosed principal as may be required by the Company in order to comply with
the foregoing. To the best of the Purchaser’s knowledge (a) none of the subscription funds provided by or on behalf of the
Purchaser (i) have been or will be derived directly or indirectly from or related to any activity that is deemed criminal under
the laws of Canada, the United States, or any other jurisdiction, or (ii) are being tendered on behalf of a person or entity who
has not been identified to the Purchaser and, (b) the Purchaser will promptly notify the Company if the Purchaser discovers that
any of such representations cease to be true, and shall provide the Company with appropriate information in connection therewith.

		4.19	The Purchaser is at arm’s-length within the meaning of Securities Laws (as defined herein)
of the Company.

		4.20	The Purchaser is not, with respect to the Company or any of its affiliates, a “control person”,
as defined under applicable securities laws, and the acquisition of the Units hereunder by the Purchaser will not result in the
Purchaser becoming a “control person”.

		4.21	The Purchaser has been advised to seek tax, investment and independent legal advice and any other
professional advice the Purchaser considers appropriate in connection with the Purchaser’s purchase of the Units and the
Purchaser confirms that the Purchaser has not relied on the Company or its legal counsel in any manner in connection with the Purchaser’s
purchase of the Units.

5.                  
Purchaser’s Acknowledgments

		5.1	The Purchaser acknowledges and agrees (on its own behalf and, if applicable, on behalf of each
beneficial purchaser for whom the Purchaser is contracting hereunder) with the Company (which acknowledgements and agreements shall
survive the Closing) that:

		(a)	This subscription forms part of the Offering.

		(b)	The Units are subject to resale restrictions under applicable Securities Laws (defined below) and
the Purchaser covenants that it will not resell the Units (or any securities underlying the Units or that may be issued in connection
with the Units), except in compliance with such laws and the Purchaser acknowledges that it is solely responsible (and the Company
is not in any way responsible) for such compliance. The Purchaser is advised to consult the Purchaser’s own legal advisors
in this regard. For purposes of this Agreement, “Securities Laws” means the Securities Act (British Columbia)
(the “B.C. Act”), the 1933 Act, and the rules and regulations promulgated thereunder and all orders, rulings,
published policy statements, notices, interpretation notes, directions and instruments thereunder and, if the Purchaser is not
resident in British Columbia, also means the Other Applicable Securities Laws.

		(c)	The Units are being offered for sale only on a “private placement” basis.

		(d)	In purchasing the Units, the Purchaser has relied solely upon publicly available information relating
to the Company and not upon any oral or written representation as to any fact or otherwise made by or on behalf of the Company
or any other person associated therewith, the decision to purchase the Units was made on the basis of publicly available information.

 

 

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		(e)	The Purchaser’s ability to transfer the Units (or any securities underlying the Units or
that may be issued in connection with the Units) is limited by, among other things, the Securities Laws and the policies of the
Exchange. In particular the Purchaser acknowledges having been informed that the Units (or any securities underlying the Units
or that may be issued in connection with the Units), are subject to resale restrictions under National Instrument 45-102 –
Resale of Securities (“NI 45-102”) and may not be sold or otherwise disposed of in Canada for a period
of four months from the date of distribution of the Units, unless a statutory exemption is available or a discretionary order is
obtained from the applicable Securities Commission allowing the earlier resale thereof, and may be subject to additional resale
restrictions if such sale or other disposition would be a “control distribution”, as that term is defined in NI 45-102.
If the Purchaser is not resident in Canada, additional resale restrictions may apply under the Other Applicable Securities Laws.
In addition, the policies of the Exchange may require that the Units (or any securities underlying the Units or that may be issued
in connection with the Units) not be sold or otherwise disposed of for a period of not less than four months from the Closing Date.

In addition to the foregoing, the
Purchaser acknowledges that (i) the Company is a “domestic issuer” for purposes of United States securities laws, (ii)
the Units (and any securities underlying the Units or that may be issued in connection with the Units) will constitute “restricted
securities” under the 1933 Act and (iii) certificates representing the Unit Shares and the Warrants comprising the Units
will bear legends in the forms set forth in Sections 6.2 and 6.3. Because the Company is a “domestic issuer” the Units
(and any securities underlying the Units or that may be issued in connection with the Units) will continue to be “restricted
securities” notwithstanding any resale pursuant to Regulation S. The U.S. restrictive legend set forth on any certificate
representing the Units (and any securities underlying the Units or that may be issued in connection with the Units) will not be
removed except in connection with (A) a resale of the Units (and any securities underlying the Units or that may be issued in connection
with the Units) pursuant to an effective registration statement under the 1933 Act, or (B) a resale of the Units (or any securities
underlying the Units or that may be issued in connection with the Units) pursuant to Rule 144 under the 1933 Act, in each case,
irrespective of the holding period set forth above under NI 45-102.

		(f)	The representations, warranties, covenants and acknowledgements of the Purchaser contained in this
Subscription Agreement, and in any appendices or other documents or materials executed and delivered by the Purchaser hereunder,
are made by the Purchaser with the intent that they may be relied upon by the Company and its professional advisors in determining
the Purchaser’s eligibility to purchase the Units. The Purchaser further agrees that by accepting the Units the Purchaser
shall be representing and warranting that the foregoing representations and warranties are true as at the Closing with the same
force and effect as if they had been made by the Purchaser at the Closing and that they shall survive the purchase by the Purchaser
of the Units and shall continue in full force and effect notwithstanding any subsequent disposition by the Purchaser of the Units
(or any securities underlying the Units or that may be issued in connection with the Units). The Purchaser hereby agrees to indemnify
and save harmless the Company and its directors, officers, employees, advisors, affiliates, shareholders and agents, and their
respective counsel, against all losses, claims, costs, expenses and damages or liabilities which any of them may suffer or incur
and which are caused by or arise from any inaccuracy in, breach or misrepresentation by the Purchaser of, any such representations,
warranties and covenants. The Purchaser undertakes to immediately notify the Company of any change in any statement or other information
relating to the Purchaser set forth herein or in an Investor Certificate, as the case may be, that takes place prior to the Closing
Date.

 

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		(g)	The sale and delivery of the Units to the Purchaser is conditional upon such sale being exempt
from the requirement to file a prospectus or registration statement or to prepare and deliver an offering memorandum or similar
document under any applicable statute relating to the sale of the Units or upon the issuance of such orders, consents or approvals
as may be required to permit such sale without the requirement of filing a prospectus or registration statement or preparing and
delivering an offering memorandum or similar document. The Purchaser further acknowledges and agrees that the Company may be required
to provide applicable securities regulatory authorities with a list setting forth the identities of the beneficial purchasers of
the Units and that the Purchaser will provide, on request, particulars as to the identity of such beneficial purchasers as may
be required by the Company in order to comply with the foregoing.

		(h)	The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal,
such agent acknowledge and consent to the fact that the Company is collecting the Purchaser’s, and, if applicable, such agent’s
personal information (as that term is defined under applicable privacy legislation, including, without limitation, the Personal
Information Protection and Electronic Documents Act (Canada) and any other applicable similar, replacement or supplemental
provincial or federal legislation or laws in effect from time to time), for the purpose of completing this Subscription Agreement.
The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledge
and consent to the Company retaining such personal information for as long as permitted or required by law or business practices.
The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent further acknowledges
and consents to the fact that the Company may be required by the Securities Laws, the rules and policies of any stock exchange
or the rules of the Investment Industry Regulatory Organization of Canada to provide regulatory authorities, stock exchanges or
marketplaces with any personal information provided by the Purchaser or, if applicable, such agent in this Subscription Agreement.
The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent represent and
warrant that it has the authority to provide the consents and acknowledgements set out in this Subsection 5.1(h). In addition
to the foregoing, the Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such
agent acknowledge and agree that the Company may use and disclose the Purchaser’s and, if applicable, such agent’s
personal information, and consents thereto, as follows:

		(i)	for internal use with respect to managing the relationships between and contractual obligations
of the Company and the Purchaser;

		(ii)	for use and disclosure for income tax related purposes, including without limitation, where required
by law, disclosure to the Canada Revenue Agency;

		(iii)	disclosure to stock exchanges, marketplaces and securities regulatory authorities and other regulatory
bodies having jurisdiction with respect to approval or acceptance for filing of the Offering, reports of trades and similar stock
exchange, marketplace or regulatory filings;

		(iv)	disclosure to a governmental or other authority to which the disclosure is required by court order
or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

		(v)	disclosure to professional advisers of the Company in connection with the performance of their
professional services;

 

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		(vi)	disclosure to any person where such disclosure is necessary for legitimate business reasons;

		(vii)	disclosure to a court determining the rights of the parties under this Subscription Agreement;
or

		(viii)	for use and disclosure as otherwise required or permitted by law.

		(i)	The Purchaser is aware of the characteristics of the Units and the risks relating to an investment
therein and agrees that the Purchaser must bear the economic risk of his, her or its investment in the Units.

		(j)	The Purchaser has such knowledge in financial and business affairs as to be capable of evaluating
the merits and risks of the Purchaser’s proposed investment in the Units.

		(k)	This subscription is conditional upon its acceptance by the Company and the Subscription Agreement
is conditional upon the acceptance of the Offering for filing by the Exchange.

		(l)	The Purchaser is aware that (i) the Company may complete additional financings in the future in
order to develop the Company’s business and to fund its ongoing development, (ii) there is no assurance that such financings
will be available and, if available, on reasonable terms, (iii) any such future financings may have a dilutive effect on the Company’s
securityholders, including the Purchaser, and (iv) if such future financings are not available, the Company may be unable to fund
its on-going development and the lack of capital resources may result in the failure of the Company’s business.

		(m)	A finder’s fee may be payable by the Company in connection with a purchaser introduced to
the Company and such person’s Subscription Agreement is accepted by the Company.

		(n)	The Purchaser is aware that the Offering is not subject to a minimum aggregate subscription amount,
and the Company may close the Offering for less than the maximum aggregate amount indicated or may increase the size of the Offering.

6.                  
Resale Restrictions and Legending of Securities

		6.1	In addition to the acknowledgements given in Article 5 hereof, the Purchaser acknowledges that
the Units (or any securities underlying the Units or that may be issued in connection with the Units) will be subject to statutory
and Exchange imposed resale restrictions.

		6.2	The Purchaser acknowledges that the Unit Shares and Warrants and, if any Warrants are exercised
prior to the expiry of the statutory or Exchange imposed resale restrictions, any Warrant Shares, will have attached to them an
ownership statement issued under a direct registration system or other electronic book-entry system, or on certificates that may
be issued, as applicable, legends setting out the resale restrictions under applicable securities legislation substantially in
the following forms and with the information completed:

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY [and for the Warrants: OR
ANY SECURITY ISSUED ON ITS EXERCISE] IN CANADA OR WITH A RESIDENT OF CANADA BEFORE [Insert the date that is four months and
one day after the Closing Date.]”

 

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“THE
SECURITIES [and for the Warrants: ISSUABLE ON THE EXERCISE OF THE WARRANTS] REPRESENTED BY THIS CERTIFICATE ARE LISTED ON
THE TORONTO STOCK EXCHANGE (THE “TSX”); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF THE
TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS ON THE TSX.”

		6.3	The Purchaser acknowledges that the Unit Shares, Warrants and Warrant Shares will have attached
to them an ownership statement issued under a direct registration system or other electronic book-entry system, or on certificates
that may be issued, as applicable, a legend (the “U.S. Legend”) setting out the resale restrictions under
applicable securities legislation in the United States substantially in the following form:

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF SILVER BULL
RESOURCES, INC. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)
TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE LOCAL
SECURITIES LAWS AND REGULATIONS, (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND
IN COMPLIANCE WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION
UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR
(E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES
LAWS, PROVIDED THAT, IN THE CASE OF (C), (D) OR (E), THE HOLDER HAS DELIVERED TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT
AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY AND THE REGISTRAR AND
TRANSFER AGENT TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933
ACT.”

		6.4	The Purchaser acknowledges that the Units are being offered pursuant to an exemption from the registration
requirements of the 1933 Act pursuant to Regulation S or Regulation D under the 1933 Act. The Purchaser further acknowledges that
the Units (or any securities underlying the Units or that may be issued in connection with the Units) have not been registered
under the 1933 Act or the securities laws of any State of the United States. The Units may not be offered or sold to a U.S. Person
or a person in the United States unless registered in accordance with United States federal securities laws and all applicable
state securities laws or exemptions from such requirements are available.

 

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		6.5	In the case of a sale of the Unit Shares or the Warrant Shares by the Purchaser made pursuant to
either (A) the provisions of Rule 144 of the 1933 Act; or (B) an effective registration statement under the 1933 Act, the Company
shall, at the Company’s own cost, use commercially reasonable efforts to cause the transfer agent to remove the U.S. Legend
and deliver unlegended share certificates to the Purchaser within three trading days following the delivery by the Purchaser to
the Company or the Company’s transfer agent of a share certificate endorsed with the U.S. Legend. If the Company’s
transfer agent fails to deliver an unlegended share certificate within such three trading day period, the Company will indemnify
the Purchaser for any damages and costs incurred as a result thereof, provided that: (i) such indemnity shall not extend to
any lost profits of the Purchaser; and (ii) the aggregate amount of such indemnity in respect of any one legend removal shall
not exceed US$1,000 per incident, and the aggregate amount of all such indemnities shall not exceed US$100,000. For greater clarity,
if, in the case of a sale pursuant to, and subject to satisfaction of the conditions required by, (A) or (B) above, the Company
or the Company’s transfer agent requires a legal opinion to remove the U.S. Legend from any certificates representing the
Unit Shares or the Warrant Shares as contemplated in this Section, the Company shall use commercially reasonable efforts to cause
its legal counsel to deliver such legal opinion at the Company’s expense.

		6.6	Within 60 days after the Closing Date, the Company will prepare and file with the United States
Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Resale Registration
Statement”) under the 1933 Act relating to the resale and, if applicable, the issuance of, Unit Shares and Warrant Shares
and any securities issued or then issuable upon any stock split, dividend or other distribution, capitalization or similar event
with respect to the foregoing. The Company shall use commercially reasonable efforts to (i) have the Resale Registration Statement
declared effective by the SEC within four months after the Closing Date, and (ii) maintain the effectiveness of the Registration
Statement for a period ending on the earlier of (A) the first anniversary of the expiry date of the Warrants, and (B) the first
date on which the Units and all Warrant Shares that have been or may be issued upon exercise of the Warrants (1) have been disposed
of by the holders thereof, or (2) may be sold pursuant to Rule 144 under the 1933 Act by persons who are not “affiliates”
of the Company (as defined in Rule 144) without being subject to the current public information requirements set forth in Rule
144(c).

		6.7	The Company shall use commercially reasonable efforts to obtain and maintain eligibility of its
common shares (“Common Shares”), including Unit Shares and Warrant Shares, to the deposit with, and book-entry
transfer through the facilities of, The Depository Trust & Clearing Corporation until the first anniversary of the expiry of
the Warrants. If the Common Shares, Unit Shares or Warrant Shares, fail to become or cease to be eligible as aforesaid, the Company
will indemnify the Purchaser therefrom. The aggregate amount of such indemnity in respect of any one claim shall not exceed US$
1,000 per incident, and the aggregate amount of all such indemnities shall not exceed US$ 100,000.

7.                  
Company’s Representations, Warranties and Covenants 

		7.1	The Company hereby represents and warrants to, and covenants with, the Purchaser, which representations,
warranties and covenants shall survive the Closing, that as at the execution date of this Subscription Agreement and the Closing
Date that:

		(a)	the Company is a valid and subsisting corporation duly incorporated and in good standing under
the Nevada Revised Statutes (Nevada) and each subsidiary representing 10% or more of the Company’s consolidated assets
or revenues (a “Material Subsidiary”) is a valid and subsisting corporation duly created and in good standing
under the laws of the jurisdictions in which it exists with respect to all acts necessary to maintain its corporate existence;

 

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		(b)	the authorized capital of the Company consists of 37,500,000 Common Shares, with a par value $0.01
per share, of which an aggregate of 29,542,365 Common Shares are issued and outstanding as of the date of this Agreement. As of
the date of this Agreement, and not including any Common Shares that may be issuable in connection with the Offering, an aggregate
of 2,043,750 Common Shares may be issued upon the exercise of outstanding options, warrants, convertible debts or any other arrangements,
obligations, contracts, understandings or other commitments of any character whatsoever giving any Person any right to subscribe
for or acquire any Common Shares by which the Company may be bound. The issuance and sale of the Units, Unit Shares, Warrants and
Warrant Shares will not obligate the Company to issue any Common Shares or other securities to any Person (other than Purchasers
under the Offering), and will not result in a right of any holder of the Company’s securities to adjust the exercise, conversion,
exchange or similar price of such securities;

		(c)	all of the issued and outstanding shares in the capital of each Material Subsidiary have been duly
authorized and validly issued, are fully paid and are directly or indirectly beneficially owned by the Company, free and clear
of any liens, none of the outstanding securities of any Material Subsidiary was issued in violation of the pre-emptive or similar
rights of any security holder of such subsidiary and there are no options, warrants, purchase rights, or other contracts or commitments
that could require the Company to sell, transfer or otherwise dispose of any securities of any Material Subsidiary, except as disclosed
in the Public Record (for the purposes hereof, “Public Record” means all documents containing information regarding
the Company, including the Company’s audited annual and unaudited interim financial statements for the last two financial
years (collectively the “Financial Statements”) filed by the Company with (i) various Canadian securities commissions
and available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com,
and (ii) the United States Securities and Exchange Commission and available on the Electronic Data Gathering and Retrieval (“EDGAR”)
website at https://www.sec.gov/edgar/);

		(d)	prior to the Closing, neither the Company nor any Material Subsidiary will have taken any steps
to terminate its existence, to amalgamate or merge into another corporation, to continue into any other jurisdiction or to otherwise
change its corporate existence and will not have received any notice or other communication from any person or governmental authority
indicating that there exists any situation which could result in the termination of its existence;

		(e)	the Company and each Material Subsidiary is not insolvent, and no acts or proceedings have been
taken by or against it in connection therewith, the Company has not received any notice in respect of, and the Company and each
Material Subsidiary is not in the course of, liquidation, winding-up, dissolution, bankruptcy or reorganization;

		(f)	the Company and each Material Subsidiary has all requisite corporate power and capacity to possess
its assets and to conduct its business as now carried on by it or proposed to be carried on by it;

		(g)	the Company and each Material Subsidiary is duly qualified and registered or licensed to carry
on business in the jurisdictions in which it is required to be so registered or licensed to carry on business or own property or
assets and, to the Company’s knowledge, is carrying on its business and owns its property and assets, in all material aspects,
in accordance with all applicable laws, regulations and other requirements and has not received any notice of a breach thereof
which would have a material adverse effect on the Company, except where it is in good faith attempting to remedy such breach or
contesting such notice;

		(h)	neither the Company nor any Material Subsidiary is a party to any actions, suits or proceedings
which could materially affect its business or financial condition, and no such actions, suits or proceedings have been threatened
or, to the Company’s knowledge, are pending, except as disclosed in the Public Record;

		(i)	the Company is the beneficial owner of the properties, business and assets or the interests in
the properties, business and assets disclosed in the Public Record, all agreements by which the Company holds an interest in a
property, business or asset are in good standing according to their terms except as disclosed in the Public Record or where any
such default would not have a material adverse effect on the Company;

 

    	17  

    	 

    

 

		(j)	since July 6, 2017, the Company has timely filed with the relevant authorities all documents required
to have been filed by it under the securities laws applicable to it, including, without limitation, all reports, schedules, forms,
statements and other documents required to be filed by the Company under the Securities Laws, the 1933 Act or the United States
Securities Exchange Act of 1934, as amended (the “1934 Act”) (such documents, schedules, forms and statements
collectively being the “Company Filings”). As of their respective dates, the Company Filings complied in all
material respects with the requirements of the applicable securities laws pertaining thereto;

		(k)	the Public Record and the representations contained in this Subscription Agreement are accurate
in all material respects and omit no fact, the omission of which would make the filings comprising the Public Record or such representations
misleading in light of the circumstances in which such statements or representations were made;

		(l)	there is no “material fact” or “material change” (as those terms are defined
in applicable Securities Laws) affecting the Company that has not been generally disclosed to the public (without restricting the
statutory definition of such terms, a “material fact” is a fact that would reasonably be expected to have a significant
effect on the market price or value of the Company’s securities and “material change” is a change (or a decision
to implement a change) in the business, operations or capital of the Company that would reasonably be expected to have a significant
effect on the market price or value of its securities);

		(m)	the Financial Statements accurately reflect the financial position of the Company as at the date
thereof and have been properly prepared in accordance with accounting principles generally accepted in the United States of America;

		(n)	no material adverse change in the Company’s financial position has taken place since the
date of the latest balance sheet contained in the Financial Statements, except as disclosed in the Public Record;

		(o)	all tax returns, reports, elections, remittances and payments of the Company and its Material Subsidiaries
required by applicable laws have been filed or made, except where the Company is contesting in good faith any re-assessments of
its taxes payable thereunder, and are true, complete and correct except where the failure to make such filing, election, or remittance
and payment shall not have a material adverse effect on the Company or its business;

		(p)	the Company has all requisite corporate power and authority to issue and sell the Units and to
execute, deliver and perform its obligations under this Subscription Agreement;

		(q)	the Company has complied, and will comply, with all applicable corporate and securities laws and
regulations in connection with the offer, sale and issuance of the Units;

		(r)	the execution and delivery of this Subscription Agreement, the offer, sale and issuance of the
Units, and the delivery of the certificates representing them, by the Company do not and will not conflict with and do not and
will not result in a breach of any of the terms, conditions or provisions of its constating documents or any agreement or instrument
to which the Company is a party;

 

    	18  

    	 

    

 

 

		(s)	this Subscription Agreement and the consummation of the transactions contemplated herein have been
duly authorized by all necessary corporate action on the part of the Company and, subject to acceptance by the Company, this Subscription
Agreement constitutes a valid obligation of the Company legally binding upon it and enforceable in accordance with its terms subject
to such limitations and prohibitions in applicable laws relating to bankruptcy, insolvency, liquidation, moratorium, reorganization,
arrangement or winding-up and other laws, rules and regulations of general application affecting the rights, powers, privileges,
remedies and interests of creditors generally;

		(t)	upon issue and delivery at the Closing, the Unit Shares comprising the Units will be validly issued
as fully paid and non-assessable and the Warrants will be validly issued and the certificates representing such Unit Shares and
Warrants will be validly delivered;

		(u)	at the Closing, the Warrant Shares will have been duly allotted and reserved for issuance and,
when issued upon the due exercise of the Warrants, will be duly issued as fully paid and non-assessable Common Shares;

		(v)	to the Company’s knowledge, neither the Company nor its subsidiaries, nor to the knowledge
of the Company, any director, officer, employee, consultant, representative or agent of the foregoing, has (i) violated any anti-bribery
or anti-corruption laws applicable to the Company and its subsidiaries, including but not limited to Canada’s Corruption
of Foreign Public Officials Act and the United States Foreign Corrupt Practices Act, or (ii) offered, paid, promised to pay, or
authorized the payment of any money, or offered, given, promised to give, or authorized the giving of anything of value, that goes
beyond what is reasonable and customary: (A) to any government official, whether directly or through any other person, for the
purpose of influencing any act or decision of a government official in his or her official capacity, inducing a government official
to do or omit to do any act in violation of his or her lawful duties, securing any improper advantage, inducing a government official
to influence or affect any act or decision of any governmental authority, or assisting any representative of the Company or its
subsidiaries in obtaining or retaining business for or with, or directing business to, any person; or (B) to any person in a manner
which would constitute or have the purpose or effect of public or commercial bribery, or the acceptance of or acquiescence in extortion,
kickbacks, or other unlawful or improper means of obtaining business or any improper advantage, and neither the Company nor its
subsidiaries nor to the knowledge of the Company, any director, officer, employee, consultant, representative or agent of foregoing,
has (i) conducted or initiated any review, audit, or internal investigation that concluded the Company, a subsidiary or any director,
officer, employee, consultant, representative or agent of the foregoing violated such laws or committed any material wrongdoing,
or (ii) made a voluntary, directed, or involuntary disclosure to any governmental authority responsible for enforcing anti-bribery
or anti-corruption laws, in each case with respect to any alleged act or omission arising under or relating to non-compliance with
any such laws, or received any notice, request, or citation from any person alleging non-compliance with any such laws;

		(w)	none of the Company, its affiliates, or, to the Company’s knowledge, any person acting on
their behalf (other than any finder, as to whose activities no representations or warranties are made) has engaged or will engage
in any form of “general solicitation” or “general advertising” (as those terms are used in Regulation D),
including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast
over radio or television, or other form of telecommunications, including electronic display, or any seminar or meeting whose attendees
have been invited by general solicitation or general advertising in the United States in connection with the Offering;

		(x)	none of the Company, its affiliates or, to the Company’s knowledge, any person acting on
its or their behalf (other than any finder, as to whose activities no representations or warranties are made) has made or will
make any “directed selling efforts” (as such term is defined in Regulation S under the 1933 Act) in the United States
with respect to the Offering and, without limiting such definition, “directed selling efforts” generally means any
activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in
the United States for any of the securities being offered and includes placing an advertisement in a publication “with a
general circulation in the United States” that refers to the offering of securities being made in reliance upon Regulation
S under the 1933 Act;

 

 

    	19  

    	 

    

 

 

		(y)	no order ceasing or suspending trading in the Units nor prohibiting sale of the Units has been
issued to, and is outstanding against, the Company or its directors, officers or promoters and, to the Company’s knowledge,
no investigations or proceedings for such purposes are pending or threatened;

		(z)	the Company will apply to, and use commercially reasonable efforts to obtain the listing of the
Unit Shares issuable under the Offering on, the Exchange;

		(aa)	the Company is a reporting issuer under Securities Laws in British Columbia, Alberta and Ontario,
and the Company is not in default in any material respect of any requirement of such Securities Laws;

		(bb)	the Common Shares are registered under section 12(g) of the 1934 Act and the Company is not in
default in any material respect of any requirement under the 1933 Act or the 1934 Act, and the Company has taken no action designed
to, or which is likely to have the effect of, terminating the registration of the Common Shares under the 1934 Act, nor has the
Company received any notification that the SEC is contemplating terminating such registration;

		(cc)	the Common Shares are listed for trading on the Exchange and trade on the OTCQB and the Company
is not in default in any material respect of any requirement of the Exchange or the OTCQB, and the Company has not received any
notice from the Exchange or the OTCQB to the effect that the Company is not in compliance with the listing or maintenance requirements
thereof;

		(dd)	the Company’s registrar and transfer agent for the Common Shares has been duly appointed;
and

		(ee)	there shall not be any consents, approvals, authorizations, orders or agreements of any stock exchanges,
securities commissions or similar authorities, governmental agencies or regulators, courts or any other persons which may be required
for the issuance of the Units and the delivery of certificates representing the Units to the Purchaser, not obtained and not in
effect on the date of delivery of such certificates;

		(ff)	it will reserve or set aside sufficient shares in its treasury to issue the Unit Shares and Warrant
Shares; and

		(gg)	no general solicitation or general advertising with respect to the sale of the Units offered hereby
or of any of the securities of the Company has been made or is being made in relation to or in conjunction with the distribution
pursuant to the Offering.

		7.2	The Company shall perform and carry out all of the acts and things to be completed by it as provided
in this Subscription Agreement.

    	20  

    	 

    

8.                  
General

		8.1	Time shall, in all respects, be of the essence hereof.

		8.2	The Purchaser authorizes the Company to complete or correct any errors or omissions in this Subscription
Agreement or of any Appendix to this Subscription Agreement, which are required to be completed and executed by the Purchaser and
delivered to the Company hereunder.

		8.3	Unless otherwise indicated, all dollar amounts and references to “$” or “CDN$”
are to Canadian dollars and references to “US$” are to United States dollars.

		8.4	The headings contained herein are for convenience only and shall not affect the meaning or interpretation
hereof.

		8.5	Except as expressly provided for in this Subscription Agreement and in the agreements, instruments
and other documents provided for, contemplated or incorporated herein, this Subscription Agreement constitutes the only agreement
between the parties with respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings.
This Subscription Agreement may be amended or modified in any respect by written instrument only.

		8.6	The terms and provisions of this Subscription Agreement shall be binding upon and enure to the
benefit of the Purchaser, the Company and their respective successors and assigns; provided that, except as herein provided, this
Subscription Agreement shall not be transferable or assignable by any party without the written consent of the other.

		8.7	This Subscription Agreement shall be governed by and construed in accordance with the laws of the
Province of British Columbia and the laws of Canada applicable therein and the parties hereto hereby irrevocably attorn to the
exclusive jurisdiction of the courts of the Province of British Columbia.

		8.8	This Subscription Agreement is intended to and shall take effect on the date of acceptance of the
subscription by the Company, notwithstanding its actual date of execution or delivery by any of the parties hereto, and shall be
dated for reference as of the date of such acceptance by the Company.

		8.9	The Company shall be entitled to rely on delivery of a facsimile or electronic copy of an executed
subscription and acceptance by the Company of such subscription shall be legally effective to create a valid and binding Agreement
between the Purchaser and the Company in accordance with the terms hereof.

		8.10	The Purchaser acknowledges and agrees that all costs incurred by the Purchaser (including any fees
and disbursements of counsel retained by the Purchaser) relating to the sale of the Units to the Purchaser shall be borne by the
Purchaser.

		8.11	The Purchaser acknowledges that the Purchaser has consented to and requested that all documents
evidencing or relating in any way to the issuance of the Units be drawn up in the English language only. Le soussigne reconnait
par les presentes avoir consenti et exige que tous les documents faisant foi ou se rapportant de quelque maniere a la vente des
titres offerts soient rediges en anglais seulement.

		8.12	Each of the parties hereto upon the request of the other parties hereto, whether before or after
the Closing, shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further
acts, deeds, documents, assignments, transfers, conveyances, powers of attorney and assurances as reasonably may be necessary or
desirable to complete, better evidence, or perfect the transactions contemplated herein.

 

    	21  

    	 

    

9.                  
Method of Payment

Payment for the Units
subscribed for (the “Subscription Amount”) must accompany this subscription and shall be paid by certified cheque,
bank draft or by wire transfer (which subscription amount shall include any wire transfer fees payable) to:

	
        United States Dollars

         

        Beneficiary bank:

        Beneficiary bank address:

         

        Transit #:

        Institution #:

        SWIFT:

         

        Beneficiary name:

         

         

        Beneficiary account:

         
	
         

         

        XXXXXXXXXX

        XXXXXXXXXXXXXXX.

        xxxxxxxxxxxxxxxxxxxxxxxxxx

        xxxxx

        xxx

        xxxxxxxxxxx

         

        xxxxxxxxxxxxxxxxxxxxxxxx

        xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

        xxxxxxxxxxxxxxxxxxxxxxxx

        xxxxxxxxxxxxxxxxx

 

10.              
Execution and Delivery

This Subscription Agreement may be executed
in any number of counterparts and may be delivered by facsimile or other electronic means, all of which when taken together and
so delivered shall be deemed to be one and the same original document.

 

 

 

    	22  

    	 

    

APPENDIX
“I”

CANADIAN INVESTOR CERTIFICATE

(TO BE COMPLETED BY ALL CANADIAN PURCHASERS)

Reference is made to the subscription
agreement between Silver Bull Resources, Inc. (the “Company”) and the undersigned (the “Purchaser”)
of which this Appendix “I” – Canadian Investor Certificate, once executed, forms a part (the “Subscription
Agreement”). Upon execution of this Investor Certificate by the Purchaser, this Investor Certificate shall be incorporated
into and form a part of the Subscription Agreement. For purposes hereof, certain definitions are included below for convenience.

In addition to the covenants, representations
and warranties contained in the Subscription Agreement, the undersigned Purchaser represents, warrants and certifies to the Company
that the Purchaser is purchasing as principal and qualifies to purchase under National Instrument 45-106 Prospectus Exemptions
(“NI 45-106”), or otherwise, by reason of the fact that the Purchaser falls into one or more of the subparagraphs
set out below, the Purchaser having initialled the applicable subparagraph or subparagraphs, and is:

		I.	If the Purchaser is not an individual, is subscribing for CDN$150,000
or more and is an entity not created or used solely to purchase or hold securities, please complete Section I – Minimum
CDN$150,000 Investment below.

		II.	If the Purchaser does not meet the requirements of Section I but
is an Accredited Investor, please make the appropriate selection under Section II –Accredited Investor below.

		III.	If none of the above applies, please make the appropriate selection
under Section III – Employees, Officers, Directors and Consultants or Section IV – Family, Friends
and Business Associates below.

I.       MINIMUM CDN$150,000
INVESTMENT

		(a)	A non-individual purchaser purchasing securities having an acquisition cost of not less than CDN$150,000
paid in cash and was not created or used solely to purchase or hold securities in reliance on the exemption from the dealer registration
requirement or prospectus requirement available under Section 2.10 of NI 45-106;

II.       Accredited
Investor

The Purchaser is an “Accredited
Investor” as such term is defined in NI 45-106, and as at the Closing, the Purchaser and any beneficial subscriber, as applicable,
falls within the following categories:

	_______	(a)	a Canadian financial institution, or a Schedule III bank;

	_______	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of
Canada Act (Canada);

	_______	(c)	a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the
voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;

	_______	(d)	a person registered under the securities legislation of a jurisdiction of Canada as an adviser
or dealer;

	_______	(e)	an individual registered under the securities legislation of a jurisdiction of Canada as a representative
of a person referred to in paragraph (d);

 

    	  

    	 

    

 

 

	_______	(e.1)	an individual formerly registered under the securities legislation of a jurisdiction of Canada,
other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities
Act (Ontario) or the Securities Act (Newfoundland and Labrador);

	_______	(f)	the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly
owned entity of the Government of Canada or a jurisdiction of Canada;

	_______	(g)	a municipality, public board or commission in Canada or a metropolitan community, school board,
the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board
in Québec;

	_______	(h)	a national, federal, state, provincial, territorial or municipal government of or in any foreign
jurisdiction, or an agency of that government;

	_______	(i)	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions
(Canada) or a pension commission or similar regulatory authority of a jurisdiction of Canada;

	_______	(j)	an individual who, either alone or with a spouse, beneficially owns, directly or indirectly, financial
assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds CDN$1,000,000[1]
[The Purchaser is required to complete the Risk Acknowledgement Form for Accredited Investors who are Individuals at Appendix
“I-A” hereto];

	_______	(j.1)	an individual who beneficially owns financial assets having an aggregate realizable value that,
before taxes but net of any related liabilities, exceeds CDN$5,000,0003;

	_______	(k)	an individual whose net income before taxes exceeded CDN$200,000 in each of the two most recent
calendar years or whose net income before taxes combined with that of a spouse exceeded CDN$300,000 in each of the two most recent
calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year[2]
[The Purchaser is required to complete the Risk Acknowledgement Form for Accredited Investors who are Individuals at Appendix “I-A”
hereto];

 

[1]
       For purposes of this certificate, (i) “financial assets” means cash, securities,
or any contract of insurance or deposit or evidence thereof that is not a security for the purposes of securities legislation,
and (ii) “related liabilities” means liabilities incurred or assumed for the purpose of financing the acquisition or
ownership of financial assets and liabilities that are secured by financial assets. If this category is being relied upon, a signed
risk acknowledgment form, Form 45-106F9, attached hereto as Appendix “I”, must be obtained by the seller and retained
for 8 years following the distribution. It will not be sufficient for a seller to accept standard representations in a subscription
agreement or an initial beside a category on Form 45-106F9 unless the seller has taken reasonable steps to verify the representations
made by the purchaser. Such steps would include: (i) reviewing the list of purchasers prior to the distribution to identify each
of the purchasers; (ii) understanding the criteria of the exemption and using background information and available knowledge of
the purchasers to verify that the criteria are met; and (iii) where additional information is required to confirm the criteria
of the exemption are met, following up with questions about the purchaser’s net income, financial assets or net assets, or
other questions to elicit details about the purchaser’s financial circumstances. If the seller still has concerns after asking
such questions, the seller may ask to see documentation that independently confirms the purchaser’s claims such as the most
recent financial statement for a corporate subscriber or the most recent tax return for an individual purchaser. The seller should
retain documentation to evidence the steps the seller has taken to verify the availability of the exemption.

[2]
       If this category is being relied upon, a signed risk acknowledgment form, Form 45-106F9,
attached hereto as Appendix “I”, must be obtained by the seller and retained for 8 years following the distribution.
It will not be sufficient for a seller to accept standard representations in a subscription agreement or an initial beside a category
on Form 45-106F9 unless the seller has taken reasonable steps to verify the representations made by the purchaser. Such steps would
include: (i) reviewing the list of purchasers prior to the distribution to identify each of the purchasers; (ii) understanding
the criteria of the exemption and using background information and available knowledge of the purchasers to verify that the criteria
are met; and (iii) where additional information is required to confirm the criteria of the exemption are met, following up with
questions about the purchaser’s net income, financial assets or net assets, or other questions to elicit details about the
purchaser’s financial circumstances. If the seller still has concerns after asking such questions, the seller may ask to
see documentation that independently confirms the purchaser’s claims such as the most recent financial statement for a corporate
subscriber or the most recent tax return for an individual purchaser. The seller should retain documentation to evidence the steps
the seller has taken to verify the availability of the exemption.

 

    	  

    	 

    

 

 

 

	_______	(l)	an individual3 who, either alone or with a spouse[3],
has net assets of at least CDN$5,000,000 [The Purchaser is required to complete the Risk Acknowledgement Form for Accredited
Investors who are Individuals at Appendix “I-A” hereto];

	_______	(m)	a person, other than an individual or investment fund, that has net assets of at least CDN$5,000,000
as shown on its most recently prepared financial statements and such person has not been created or used solely to purchase or
hold securities as an accredited investor;

Note: If you
fall within this category (m), please provide the most recently prepared financial statements confirming this category.

	_______	(n)	an investment fund that distributes or has distributed its securities only to;

	_______	(i)	a person that is or was an accredited investor at the time of the distribution;

	_______	(ii)	a person that acquires or acquired securities in the circumstances referred to in Sections 2.10
of NI 45-106 [Minimum amount investment], and 2.19 of NI 45-106 [Additional investment in investment funds], or

	_______	(iii)	a person described in paragraph (i) or (ii) that acquires or acquired securities under Section
2.18 of NI 45-106 [Investment fund reinvestment];

	_______	(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction
of Canada for which the regulator, or, in Québec, the securities regulatory authority has issued a receipt;

	_______	(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust
and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or foreign jurisdiction, acting
on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be;

	_______	(q)	a person acting on behalf of a fully managed account[4]
managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the
securities legislation of a jurisdiction of Canada or a foreign jurisdiction;

	_______	(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has
obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the
registered charity to give advice on the securities being traded[5];

 _______________________

 

[3]
       For purposes of this certificate, the term “spouse” means an individual who
(i) is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada)
from the other individual, (ii) is living with another individual in a marriage-like relationship, including a marriage-like relationship
between individuals of the same gender, or (iii) in Alberta, is an individual referred to in paragraph (i) or (ii) above, or is
an adult interdependent partner within the meaning of the Adult Interdependent Relationships Act (Alberta).

[4]
       A “fully managed account” means an account of a client for which a person
makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the
client’s express consent to a transaction.

[5]
       For the purposes of this certificate, an “eligibility adviser” means (a)
a person that is registered as an investment dealer and authorized to give advice with respect to the Purchased Securities; and
(b) in Saskatchewan or Manitoba, also means a lawyer who is a practising member in good standing with a law society of a jurisdiction
of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified
general accountants or management accountants control persons, and (c) has not acted for or been retained personally or otherwise
as an employee, executive officer, director, associate or partner of a person or company that has acted for or been retained by
the Issuer or any of its directors, executive officers, founders or control persons within the previous 12 months.in a jurisdiction
of Canada, provided that the lawyer or public accountant (i) does not have a professional, business or personal relationship with
the Issuer, or any of its directors, executive officers, founders or control persons, and (ii) has not acted for or been retained
personally or otherwise as an employee, executive officer, director, associate or partner of a person or company that has acted
for or been retained by the Issuer or any of its directors, executive officers, founders or control persons within the previous
12 months.

 

    	  

    	 

    

 

 

	_______	(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred
to in paragraphs (a) to (d) or paragraph (i) in form and function;

	_______	(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except
the voting securities required by law to be owned by directors, are persons that are accredited investors;

	_______	(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt
from registration as an adviser;

	_______	(v)	a person that is recognized or designated by the securities regulatory authority or, except in
Ontario and Québec, the regulator as an accredited investor; or

	_______	(w)	a trust established by an accredited investor for the benefit of the accredited investor’s
family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s
spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited
investor, of that accredited investor’s spouse or of that accredited investor’s former spouse.

III.       EMPLOYEES,
OFFICERS, DIRECTORS AND CONSULTANTS

	_______	(a)	an employee, executive officer, director or consultant of the Company;

	_______	(b)	an employee, executive officer, director or consultant of a related entity of the Company; or

	_______	(c)	a permitted assign of a person referred to in paragraphs (a) or (b).

IV.       FAMILY,
FRIENDS AND BUSINESS ASSOCIATES

The Purchaser is an “family,
friend or business associate” as such term is defined in NI 45-106, and as at the Closing, the Purchaser and any beneficial
subscriber, as applicable, falls within the following categories:

	_______	(a)	a director, executive officer or control person of the Company, or of an affiliate of the Company;

	_______	(b)	a spouse, parent, grandparent, brother, sister, grandchild or child of a director, executive officer
or control person of the Company or of an affiliate of the Company;

	_______	(c)	a parent, grandparent, brother, sister, grandchild or child of the spouse of a director, executive
officer or control person of the Company or of an affiliate of the Company;

	_______	(d)	a close personal friend[6]
of a director, executive officer or control person of the Company or of an affiliate of the Company;

____________________

 

[6]
       For the purposes of this certificate, a “close personal
friend” means an individual who has known the named director, executive officer, control person or founder well enough and
for a sufficient period of time to be in a position to assess the capabilities and trustworthiness of that person. The term “close
personal friend” can include a family member who is not already specifically identified in paragraphs (b), (c), (f) or (g)
if the family member otherwise meets the criteria described above. An individual’s relationship with the named director,
executive officer, control person or founder must be direct. An individual is not a “close personal friend” solely
because that individual is a relative, a member of the same club, organization, association or religious group, a co-worker, colleague
or associate at the same workplace, a client, customer, former client or former customer, a mere acquaintance, or connected through
some form of social media, such as Facebook, Twitter or LinkedIn.

 

    	  

    	 

    

 

 

 

 

	_______	(e)	a close business associate[7]
of a director, executive officer or control person of the Company or of an affiliate of the Company;

	_______	(f)	a founder of the Company or a spouse, parent, grandparent, brother, sister, grandchild, child,
close personal friend or close business associate of a founder of the Company;

	_______	(g)	a parent, grandparent, brother, sister, grandchild or child of a spouse of a founder of the Company;

	_______	(h)	a person of which a majority of the voting securities are beneficially owned by persons described
in paragraphs (a) to (g);

	_______	(i)	a person of which a majority of the directors are persons described in paragraphs (a) to (g);

	_______	(j)	a trust or estate of which all of the beneficiaries are persons described in paragraphs (a) to
(g); or

	_______	(k)	a trust or estate of which a majority of the trustees or executors are persons described in paragraphs
(a) to (g).

of which the relevant director, executive
officer, control person or founder of the Company or affiliate thereof referred to in paragraphs (b) to (k) above is:

State name: 

State the length (in years) of your relationship
with this person:___________________ 

Additional Instruction:
If the Subscriber qualifies under Category III and (1) is a resident of Ontario, it must also complete and sign Appendix “1-B”
attached hereto entitled “Form 45-106F12: Risk Acknowledgment Form for Family, Friend and Business Associate Investors”;
or (2) is a resident of Saskatchewan, it must also complete and sign Appendix “1-C” attached hereto entitled “Form
45-106F5: Risk Acknowledgement – Saskatchewan Close Personal Friends and Close Business Associates.”

 

________________________

[7]      For the purposes of this certificate, a “close business associate” means an individual who has had sufficient prior business dealings with the named director, executive officer, control person or founder to be in a position to assess the capabilities and trustworthiness of that person. An individual’s relationship with the named director, executive officer, control person or founder must be direct. An individual is not a “close business associate” solely because that individual is a member of the same club, organization, association or religious group, a co-worker, colleague or associate at the same workplace, a client, customer, former client or former customer, a mere acquaintance, or connected through some form of social media, such as Facebook, Twitter or LinkedIn.

 

    	 

    	 

    

The representations, warranties, statements
and certifications made in this Certificate are true and accurate as of the date of this Certificate and will be true and accurate
as of the Closing and the Purchaser acknowledges that this certificate is incorporated into and forms part of the subscription
agreement to which it is attached. If any such representation, warranty, statement or certification becomes untrue or inaccurate
prior to the Closing, the undersigned Purchaser shall give the Company immediate written notice thereof.

 

DATED               , 2020.

 

 

______________________________________

Name of Purchaser [Please
Print]

 

 

 

______________________________________

Signature of Purchaser or
Authorized Signatory of Purchaser

 

 

 

______________________________________

Name and Office of Authorized
Signatory of Purchaser [Please Print]

 

 

 

______________________________________

Address of Purchaser

 

 

 

 

    	 

    	 

    

Definitions

 

In this Investor Certificate, the following definitions are included
for convenience:

 

“affiliate” means an issuer connected with another
issuer because

 

(a)       one
of them is the subsidiary of the other, or

(b)       each
of them is controlled by the same person;

 

“director” means

 

		(a)	a member of the board of directors of a company or an individual who performs similar functions
for a company; and

		(b)	with respect to a person that is not a company, an individual who performs functions similar to
those of a director of a company;

 

“executive officer” means,
for an issuer, an individual who is

 

		(a)	a chair, vice-chair or president,

		(b)	a vice-president in charge of a principal business unit, division or function including sales,
finance or production, or

		(c)	performing a policy-making function in respect of the issuer;

 

“financial assets” means

 

(a)       cash,

(b)       securities,
or

		(c)	a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes
of securities legislation

 

“foreign jurisdiction” means
a country other than Canada or a political subdivision of a country other than Canada;

 

“jurisdiction” means a province
or territory of Canada except when used in the term foreign jurisdiction;

 

“permitted assign” means, for a person that is
an employee, executive officer, director or consultant of an issuer or of a related entity of the issuer,

 

		(a)	a trustee, custodian, or administrator acting on behalf of, or for
the benefit of the person,

		(b)	a holding entity of the person,

		(c)	a registered retirement savings plan or registered retirement income
fund of the person,

		(d)	a spouse of the person,

		(e)	a trustee, custodian, or administrator acting on behalf of, or for
the benefit of the spouse of the person,

		(f)	a holding entity of the spouse of the person, or

		(g)	a registered retirement savings plan or registered retirement income
fund of the spouse of the person;

 

“person” includes

 

(a)       an
individual,

(b)       a
corporation,

		(c)	a partnership, trust, fund and an association, syndicate, organization or other organized group
of persons, whether incorporated or not, and

 

 

 

    	  

    	 

    

 

 

		(d)	an individual or other person in that person’s capacity as a trustee, executor, administrator
or personal or other legal representative;

 

“related entity” means,
for an issuer, a person that controls or is controlled by the issuer or that is controlled by the same person that controls the
issuer;

 

“Schedule III bank” means an authorized foreign
bank named in Schedule III of the Bank Act (Canada);

 

“spouse” means, an individual
who,

 

		(a)	is married to another individual and is not living separate and apart within the meaning of the
Divorce Act (Canada), from the other individual;

		(b)	is living with another individual in a marriage-like relationship, including a marriage-like relationship
between individuals of the same gender; or

		(c)	in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent
partner within the meaning of the Adult Interdependent Relationships Act (Alberta);

 

“subsidiary” means an issuer
that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary; and

 

“voting security” means
any security which:

 

(a)       is
not a debt security; and

		(b)	carries a voting right either under all circumstances or under some circumstances that have occurred
and are continuing.

 

 

 

 

 

 

    	  

    	 

    

APPENDIX
“I-A”

 

(ALL INVESTORS WHO ARE INDIVIDUALS AND IN CANADA)

 

Form 45-106F9

 

Risk
Acknowledgement Form for Accredited Investors who are Individuals

 

	 WARNING!

This
investment
is risky.
Don’t
invest
unless
you can
afford
to lose
all the money
you pay
for this investment

 

 

 

 

	SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1. About your investment
	Type of securities: Units consisting of one common share in the capital of the Company and one half of one common share purchase warrant.	Issuer: Silver Bull Resources, Inc. (the “Company”)
	Purchased from: the Company
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2. Risk acknowledgement
	
         

         

        This
        investment
        is risky. Initial
        that you understand
        that:
	Your initials
	Risk of loss – You could lose your entire investment of US$                                     . [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk – You may not be able to sell your investment quickly – or at all.	 
	Lack of information – You may receive little or no information about your investment.	 
	Lack of advice – You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides
information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca.	 
	3. Accredited investor status
	You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in Section 6 is responsible for ensuring
that you meet the definition of accredited investor. That person, or the salesperson identified in Section 5, can help you if you have questions about whether you meet these criteria.	Your initials
	•  Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.)	 

 

 

 

    	  

    	 

    

 

 

 

	•  Your net income before taxes combined with your spouse’s was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year.	 
	•  Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.	 
	•  Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.)	 
	4. Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.
	First and last name (please print):
	Signature:	Date:
	SECTION 5 TO BE COMPLETED BY THE SALESPERSON
	5. Salesperson information
	[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer, a registrant or a person who is exempt from
the registration requirement.]
	First and last name of salesperson (please print):
	Telephone:	Email:
	Name of firm (if registered):
	SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	6. For more information about this investment
	
        For investment
        in a non-investment
        fund

         

        Silver Bull Resources, Inc., Suite 1610, 777 Dunsmuir Street,
        Vancouver, B.C., V7Y 1K4, Attention: Christopher Richards (Tel: (604) 336-8093, Facsimile: (604) 563-6004, Email: crichards@silverbullresources.com),
        http://www.silverbullresources.com

         

        For
        more information
        about prospectus
        exemptions,
        contact
        your local
        securities
        regulator.
        You can
        find
        contact
        information
        at www.securities-administrators.ca.

	 	 	 	 	 

 

Form
instructions:

1.
  The information
in Sections 1,
5 and 6 must
be completed
before the
purchaser
completes
and signs the
form.

2.
  The purchaser
must sign this
form. Each of the
purchaser
and the issuer
or selling security
holder
must receive
a copy of this
form signed
by the purchaser.
The issuer
or selling security
holder
is required
to keep a copy
of this form
for 8 years
after the
distribution.

 

 

    	  

    	 

    

APPENDIX “I-B”

 

(ONTARIO RESIDENTS ONLY)

Form 45-106F12

Risk Acknowledgement
Form for Family, Friend and Business Associate Investors

	
        WARNING!

        This investment is risky. Don’t
        invest unless you can afford to lose all the money you pay for this investment.

 

	SECTION 1 TO BE COMPLETED BY THE Company
	1.  About your investment
	Type of securities: Common Shares	Issuer: Silver Bull Resources, Inc. (the “Company”)
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2.  Risk acknowledgement
	This investment is risky. Initial that you understand that:	Your initials
	Risk of loss – You could lose your entire investment of $____________________. [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk – You may not be able to sell your investment quickly – or at all.	 
	Lack of information – You may receive little or no information about your investment. The information you receive may be limited to the information provided to you by the family member, friend or close business associate specified in section 3 of this form.	 
	3.  Family, friend or business associate status
	You must meet one of the following criteria to be able to make this investment. Initial the statement that applies to you:	Your initials

 

 

 

    	  

    	 

    

 

 

	
        A) You are:

        1)   
        [check all applicable boxes]

        ☐
        a director of the Company or an affiliate of the Company

        ☐
        an executive officer of the Company or an affiliate of the Company

        ☐
        a control person of the Company or an affiliate of the Company

        ☐
        a founder of the Company

        OR

        2)   
        [check all applicable boxes]

        ☐
        a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, (i) individuals
        listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1)
        above

        ☐
        a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are (i) individuals listed in (1)
        above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above

         

         

         
	 
	
        B)
        You are a family member of  [Instruction: Insert the name of the person who is your relative either directly or through
        his or her spouse], who holds the following position at the Company or an affiliate of the Company: 

        You are the 
        of that person or that person’s spouse. [Instruction: To qualify for this investment, you must be (a) the spouse of the
        person listed above or (b) the parent, grandparent, brother, sister, child or grandchild of that person or that person’s
        spouse].
	 
	
        C)
        You are a close personal friend of  [Instructions: Insert the name of your close personal friend], who holds
        the following position at the Company or an affiliate of the Company:.

        You have known
        that person for  years.
	 
	
        D)
        You are a close business associate of  [Instruction: Insert the name of your close business associate], who holds
        the following position at the Company or an affiliate of the Company: .

        You
        have known that person for  years.
	 
	4.  Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. You also confirm that you are eligible to make this investment because you are a family member, close personal friend or close business associate of the person identified in section 5 of this form.
	First and last name (please print):
	Signature:	Date:
	SECTION 5 TO BE COMPLETED BY PERSON WHO CLAIMS THE CLOSE PERSONAL RELATIONSHIP, IF APPLICABLE
	5.  Contact person of the Company or an affiliate of the Company
	
        [Instruction: To be completed by the
        director, executive officer, control person or founder with whom the purchaser has a close personal relationship indicated under
        sections 3B, C or D of this form.]

        By signing this form, you confirm that
        you have, or your spouse has, the following relationship with the purchaser: [check the box that applies]

        ☐
        family relationship as set out in section 3B of this form

        ☐
        close personal friendship as set out in section 3C of this form

        ☐
        close business associate relationship as set out in section 3D of this form

	First and last name of contact person (please print):
	Position with the Company or affiliate of the Company (director, executive officer, control person or founder):
	Telephone:	Email:
	Signature:	Date:
	   	 
	    

 

    	  

    	 

    

 

 

	SECTION 6 TO BE COMPLETED BY THE Company
	6. For more information about this investment
	
        Silver Bull Resources, Inc.

        Suite 1610 – 777 Dunsmuir Street,

        Vancouver, B.C., V7Y 1K4

        Attention: Christopher Richards

        Email: crichards@silverbullresources.com
        

        For more information
        about prospectus exemptions, contact your local securities regulator. You can find contact information at www.securities-administrators.ca.
        

	Signature of executive officer of the Company (other than the purchaser):	Date:
	 	 	 	 	 

Form instructions:

		1	This form does not mandate the use of a specific font size or style but the font must be legible.

		2.	The information in sections 1, 5 and 6 must be completed before the purchaser completes and
signs the form.

		3.	The purchaser, an executive officer who
is not the purchaser and, if applicable, the person who claims the close personal relationship to the purchaser must sign this
form. Each of the purchaser, contact person at the Company and the Company must receive a copy of this form signed by the purchaser.
The Company is required to keep a copy of this form for 8 years after the distribution.

		4.	The detailed relationships required to purchase
securities under this exemption are set out in section 2.5 of National Instrument 45-106 Prospectus and Registration Exemptions.
For guidance on the meaning of “close personal friend” and “close business associate”, please refer to
sections 2.7 and 2.8, respectively, of Companion Policy 45-106CP Prospectus and Registration Exemptions.

 

 

 

    	  

    	 

    

APPENDIX
“I-C”

 

(SASKATCHEWAN RESIDENTS ONLY)

 

	
        FORM 45-106F5

        Risk Acknowledgement
        - Saskatchewan Close Personal Friends and Close Business Associates

        I acknowledge that this is a risky investment:

        ·        
        I am investing entirely at my own risk.

        ·        
        No securities regulatory authority has evaluated or endorsed the merits of these securities.

        ·        
        The person selling me these securities is not registered with a securities regulatory authority
        and has no duty to tell me whether this investment is suitable for me.

        ·        
        I will not be able to sell these securities for 4 months.

        ·        
        I could lose all the money I invest.

        ·        
        I do not have a 2-day right to cancel my purchase of these securities or the statutory rights
        of action for misrepresentation I would have if I were purchasing the securities under a prospectus.

        I am investing $________________[total
        consideration] in total; this includes any amount I am obliged to pay in future.

        I am a close personal friend or close
        business associate of________________________________________[state name],

        who is a_____________________________________[state
        title - founder, director, executive officer or control person]

        of__________________________________________________[state
        name of Company or its affiliate – if an affiliate

        state “an affiliate of the Company”
        and give the Company’s name].

        I acknowledge that I am purchasing based
        on my close relationship with_____________________________[state name

        of founder, director, executive officer
        or control person] whom I know well enough and for a sufficient period of time to be able to assess her/his capabilities and
        trustworthiness.

        I acknowledge that this is a risky investment
        and that I could lose all the money I invest.

        

        Print name of Purchaser

        Sign 2 copies of this document. Keep
        one copy for your records.

         

	Date	 	Signature of Purchaser
	 	 	Print name of Purchaser
	Sign 2 copies of this document. Keep one copy for your records.

 

You are buying Exempt Market Securities

They are called exempt
market securities because two parts of securities law do not apply to them. If the Company wants to sell exempt market securities
to you:

		·	the Company does not have to give you a prospectus (a document that
describes the investment in detail and gives you some legal protections), and

		·	the securities do not have to be sold by an investment dealer registered with a securities regulatory
authority.

 

    	  

    	 

    

 

 

There are restrictions
on your ability to resell exempt market securities. Exempt market securities are more risky than other securities.

You may not receive any
written information about the Company or its business

If you have any questions
about the Company or its business, ask for written clarification before you purchase the securities. You should consult your own
professional advisers before investing in the securities.

You will not receive advice.

Unless you consult your own
professional advisors, you will not get professional advice about whether the investment is suitable for you.

For more information on the
exempt market, refer to the Saskatchewan Financial Services Commission’s website at http://www.sfsc.gov.sk.ca.

INSTRUCTION: THE PURCHASER
MUST SIGN 2 COPIES OF THIS FORM. THE PURCHASER AND THE Company MUST EACH RECEIVE A SIGNED COPY.

 

 

 

 

    	  

    	 

    

APPENDIX
“II”

U.S.
INVESTOR CERTIFICATE

(U.S.
INVESTORS)

Reference is made to the subscription agreement
between Silver Bull Resources, Inc. (the “Company”) and the undersigned (the “Purchaser”)
of which this Appendix “II” – U.S. Investor Certificate, once executed, forms a part (the “Subscription
Agreement”). Upon execution of this Investor Certificate by the Purchaser, this Investor Certificate shall be incorporated
into and form a part of the Subscription Agreement.

 

In addition to the covenants,
representations and warranties contained in the Subscription Agreement, the undersigned Purchaser represents, warrants and certifies
to the Company that the Purchaser is purchasing as principal, qualifies to purchase as an accredited investor pursuant to Regulation
D under the Securities Act of 1933 (“1933 Act”) and is not acquiring the securities being offered and sold pursuant
to the Subscription Agreement as part of any plan or scheme to evade the registration requirements of the 1933 Act. The undersigned
certifies as follows (check all that apply):

___________
I am a natural person (including an Individual Retirement Account (“IRA”) owned
by me) whose individual net worth, or joint net worth with my spouse, exceeds US$1,000,000. For purposes of this item, “net
worth” means the excess of total assets at fair market value (including personal and real property, but excluding the
estimated fair market value of a person’s primary home) over total liabilities. Total liabilities excludes any mortgage on
the primary home in an amount of up to the home’s estimated fair market value as long as the mortgage was incurred more than
60 days before the date the securities are purchased, but includes (i) any mortgage amount in excess of the home’s fair market
value and (ii) any mortgage amount that was borrowed during the 60-day period before the closing date for the sale of securities
for the purpose of investing in the securities.

____________
I am a natural person (including an IRA owned by me) who had individual income exceeding
US$200,000 in each of the last two calendar years and I have a reasonable expectation of reaching the same income level in the
current calendar year. 

____________
I am a natural person (including an IRA owned by me) who had joint income with my
spouse exceeding US$300,000 in each of the last two calendar years and I have a reasonable expectation of reaching the same income
level in the current calendar year.

____________
I am currently a director, executive officer or general partner of the Company, or a director, executive officer or general partner
of a general partner of the Company. For purposes of this item, “executive officer” means the president; any
vice president in charge of a principal business unit, division or function, such as sales, administration or finance; or any other
person or persons who perform(s) similar policymaking functions for the Company.

____________
The undersigned is a bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other
institution as defined in Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary capacity; any broker
or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended or any insurance company
as defined in Section 2(a)(13) of the 1933 Act; any investment company registered under the Investment Company Act of 1940 or a
business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the
United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan
established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of US$5,000,000; any employee benefit plan
within the meaning of the Title 1 of the United States Employee Retirement Income Security Act of 1974 if the investment decision
is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association,
insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of US$5,000,000
or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

 

    	  

    	 

    

 

____________
The undersigned is a private business development corporation as defined in Section 202(a)(22) of the United States
Investment Advisers Act of 1940.

____________
The undersigned is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended,
a corporation, a Massachusetts or similar business trust, limited liability company or a partnership, not formed for the specific
purpose of acquiring the securities offered, with total assets in excess of US$5,000,000.

____________
The undersigned is a trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the securities
offered, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters
that he or she is capable of evaluating the merits and risks of the prospective investment.

____________
The undersigned is a revocable trust (i) with total assets in excess of US$5,000,000, not formed for the specific purpose
of acquiring the securities offered, and whose trustee has such knowledge and experience in financial and business matters that
the trustee is capable of evaluating the merits and risks of the investment, (ii) whose the trustee or co-trustee is a bank, insurance
company, registered investment company, business development company, or small business investment company, or (iii) that may be
amended or revoked at any time by its settlors (creators), and each settlor is an “accredited investor” under the first
paragraph above.

____________
The undersigned is an entity in which all of the equity owners are accredited investors.

 

 

    	  

    	 

    

The representations, warranties, statements
and certifications made in this Certificate are true and accurate as of the date of this Certificate and will be true and accurate
as of the Closing and the Purchaser acknowledges that this certificate is incorporated into and forms part of the subscription
agreement to which it is attached. If any such representation, warranty, statement or certification becomes untrue or inaccurate
prior to the Closing, the undersigned Purchaser shall give the Company immediate written notice thereof.

 

DATED________, 2020.

 

 

_________________________________________

Name of Purchaser [Please
Print]

 

 

 

_________________________________________

Signature of Purchaser or
Authorized Signatory of Purchaser

 

 

 

_________________________________________

Name and Office of Authorized
Signatory of Purchaser [Please Print]

 

 

 

_________________________________________

Address of Purchaser

 

 

 

_________________________________________

Social Security Number of
Purchaser (If Purchaser is an individual)

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