Mr. Tim Barry reports

SILVER BULL PROVIDES UPDATE ON LEGACY NAFTA CLAIM AGAINST MEXICO AND MANAGEMENT CHANGES

Silver Bull Resources Inc. has provided an update regarding its legacy North American Free Trade Agreement (NAFTA) claim against Mexico.

On March 2, 2023, Silver Bull announced that it had filed with Mexico a notice of intent to initiate a legacy NAFTA claim under Annex 14-C of the United States-Mexico-Canada agreement to recover economic damages resulting from the illegal blockade of its Sierra Mojada project. Silver Bull has been unable to access the project since the illegal blockade commenced in September, 2019. Despite numerous demands and requests for action by the company, Mexican governmental agencies have allowed this unlawful behaviour to continue and, as such, failed to protect Silver Bull's investment. Silver Bull will be seeking to recover no less than $178-million (U.S.) in damages that it has suffered as a result of Mexico's breach of its NAFTA obligations.

In response to the filing of the notice of intent, Mexico invited Silver Bull to attend a meeting in Mexico City on May 30, 2023, with government officials to reach, if possible, an amicable solution. Silver Bull has confirmed that its representatives will attend the meeting and has noted to the government of Mexico that, if a settlement is not reached, it intends to file upon the expiry of the required cooling-off period, on June 2, 2023, with the International Centre for Settlement of Investment Disputes (ICSID) a request for arbitration, formally commencing the arbitration proceedings. ICSID is the world's leading institution devoted to international investment dispute settlement and its decisions are binding on states that are a party to the ICSID convention, as is Mexico.

Management changes

As a result of Silver Bull's focus on advancing its claims with Mexico, it announced today that it has engaged Erinn Broshko of Vancouver to oversee the arbitration proceedings. Mr. Broshko is a corporate lawyer with public company chief executive and private equity experience who has overseen ICSID arbitration claims on behalf of claimants.

In conjunction with the commencement of the arbitration by Silver Bull, Darren Klinck has stepped down as president of the company to focus his efforts as president of Arras Minerals Corp., a 2021 spinout of Silver Bull. Tim Barry has reassumed the position of president of Silver Bull, along with his current role as chief executive officer.

Mr. Barry commented, "After years of frustration as a result of Mexican governmental agencies allowing this illegal blockade to destroy the significant value in our Sierra Mojada project, we are confident in our prospects for success in the arbitration, and firm in our resolve to create value for our shareholders." Mr. Barry further noted, "We are pleased to welcome Erinn to our team as he brings a depth of arbitration management experience, and want to thank Darren for his excellent work and dedication over the last two years and wish him the best of luck as he continues in his senior leadership role with Arras Minerals."

We seek Safe Harbor.