Mr. Tim Barry reports

SILVER BULL PROVIDES UPDATE ON ITS ARBITRATION CASE AGAINST MEXICO

The hearing for Silver Bull Resources Inc.'s arbitration case against the United States of Mexico will commence on Oct. 6, 2025, in Washington, D.C., and will conclude no later than Oct. 11, 2025.

As reported in Silver Bull's June 29, 2023, news release, the company commenced international arbitration proceedings against Mexico under the United States-Mexico-Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA). The arbitration has been initiated under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States process, which falls under the auspices of the World Bank's International Centre for Settlement of Investment Disputes (ICSID), to which Mexico is a signatory.

The arbitration arises from Mexico's refusal to take action with respect to the illegal blockade of Silver Bull's Sierra Mojada project, which commenced in September, 2019, and continues today.

Silver Bull is represented in these proceedings by Boies Schiller Flexner LLP (BSF), a leading international law firm with extensive experience in investor-state arbitration and is financially supported by Bench Walk Advisors LLC via a litigation funding agreement for up to $9.5-million (U.S.) to finance the case and the running of the company.

The management of Silver Bull is confident in its legal position and looks forward to presenting its case at the upcoming hearing in Washington, D.C. On completion of the hearing, it is customary for an arbitration tribunal to deliver its findings within approximately six months following the hearing, although this timing may vary.

Background to the claim

Silver Bull officially notified Mexico on March 2, 2023, of its intention to initiate an arbitration owing to Mexico's breaches of NAFTA by unlawfully expropriating Silver Bull's investments without compensation, failing to provide Silver Bull and its investments with fair and equitable treatment or full protection and security, and not upholding NAFTA's national treatment standard.

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

Despite repeated demands and requests for action by the company, Mexico's governmental agencies have allowed the unlawful blockade to continue to this day, thereby failing to protect Silver Bull's investment.

The Sierra Mojada deposit: Silver Bull's only asset is the Sierra Mojada deposit located in Coahuila, Mexico. Sierra Mojada is an open pittable oxide deposit with a National Instrument 43-101-compliant measured and indicated global mineral resource of 70.4 million tonnes grading 3.4 per cent zinc and 38.6 grams per tonne silver for 5.35 billion pounds of contained zinc and 87.4 million ounces of contained silver. Included within the global mineral resource is a measured and indicated high-grade zinc zone of 13.5 million tonnes with an average grade of 11.2 per cent zinc at a 6-per-cent cut-off, for 3,336 million pounds of contained zinc, and a measured and indicated high-grade silver zone of 15.2 million tonnes with an average grade of 114.9 g/t silver at a 50 g/t cut-off for 56.3 million contained ounces of silver. Mineralization remains open in the east, west and northerly directions.